<SEC-DOCUMENT>0001554855-24-000207.txt : 20240328
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<ACCEPTANCE-DATETIME>20240327185149
ACCESSION NUMBER:		0001554855-24-000207
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		204
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240328
DATE AS OF CHANGE:		20240327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENARIS SA
		CENTRAL INDEX KEY:			0001190723
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31518
		FILM NUMBER:		24792589

	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
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</ix:header></div><div><div id="Duyxis5inxrajkqdl86fjdp" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 4pt 0pt 0pt; text-align: center; text-indent: 36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 18pt; font-weight: bold;">UNITED STATES</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 18pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</span></p>
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<p style="margin: 12pt 0pt 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 18pt; font-weight: bold;">FORM <ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentType" id="Tag57">20-F</ix:nonNumeric></span></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; line-height: 4pt; margin: 12pt 216pt 0pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(Mark One)</span></p>
<p style="margin: 0pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><span style="font-family: Wingdings; font-size: 12pt;"><span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentRegistrationStatement" id="Tag52" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></span><span style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">Registration statement pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">12(b) or 12(g) of the Securities Exchange Act of 1934</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">or </span></p>
<p style="margin: 12pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><span style="font-family: Wingdings; font-size: 12pt;"><span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentAnnualReport" id="Tag62" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric></span></span><span style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">Annual report pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">13 or 15(d) of the Securities Exchange Act of 1934</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">for the fiscal year ended </span><ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentPeriodEndDate" id="Tag3359" format="ixt:date-monthname-day-year-en">December&#160;31, 2023</ix:nonNumeric></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">or </span></p>
<p style="margin: 12pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><span style="font-family: Wingdings; font-size: 12pt;"><span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentTransitionReport" id="Tag61" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></span><span style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">Transition report pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">13 or 15(d) of the Securities Exchange Act of 1934</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">or </span></p>
<p style="margin: 12pt 0pt 0pt 24.5pt; text-indent: -24.5pt;"><span style="font-family: Wingdings; font-size: 12pt;"><span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentShellCompanyReport" id="Tag56" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></span><span style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">Shell company report pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">13 or 15(d) of the Securities Exchange Act of 1934</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Commission file number: <ix:nonNumeric contextRef="D20231231_3" name="dei:EntityFileNumber" id="Tag53">001-31518</ix:nonNumeric></span></p>
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<p style="margin: 12pt 0pt 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 24pt; font-weight: bold;"><span style="-sec-ix-hidden:Tag3406">TENARIS S.A.</span> </span></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(Exact name of Registrant as specified in its charter)</span></p>
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<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">N/A</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;">(Translation of Registrant&#8217;s name into English)</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20231231_3" name="dei:EntityIncorporationStateCountryCode" id="Tag76" format="ixt-sec:edgarprovcountryen">Grand Duchy of Luxembourg</ix:nonNumeric></span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;">(Jurisdiction of incorporation or organization)</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><ix:nonNumeric contextRef="D20231231_3" name="dei:EntityAddressAddressLine1" id="Tag3366"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">26</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Boulevard Royal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">loor</span></ix:nonNumeric></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20231231_3" name="dei:EntityAddressPostalZipCode" id="Tag77">L-2449</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonNumeric contextRef="D20231231_3" name="dei:EntityAddressCityOrTown" id="Tag67">Luxembourg</ix:nonNumeric></span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;">(Address of principal <span style="-sec-ix-hidden:Tag3397">executive offices</span>)</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><ix:nonNumeric contextRef="D20231231_BusinessContactMember" name="dei:ContactPersonnelName" id="Tag64"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Javier </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cayzac</span></ix:nonNumeric></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><ix:nonNumeric contextRef="D20231231_BusinessContactMember" name="dei:EntityAddressAddressLine1" id="Tag74"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">26, Boulevard Royal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">loor</span></ix:nonNumeric></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20231231_BusinessContactMember" name="dei:EntityAddressPostalZipCode" id="Tag55">L-2449</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonNumeric contextRef="D20231231_BusinessContactMember" name="dei:EntityAddressCityOrTown" id="Tag3358">Luxembourg</ix:nonNumeric></span></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Tel. + <ix:nonNumeric contextRef="D20231231_BusinessContactMember" name="dei:CityAreaCode" id="Tag71">(352)</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span><ix:nonNumeric contextRef="D20231231_BusinessContactMember" name="dei:LocalPhoneNumber" id="Tag68"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">26 47 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">89 78</span></ix:nonNumeric></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Fax. + </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(352)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">26 47 89 79</span></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">e-mail: investors@tenaris.com</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;">(Name, Telephone, E-Mail and/or Facsimile number and <span style="-sec-ix-hidden:Tag3399">Address of Company</span> Contact Person)</span></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; line-height: 4pt; margin: 12pt 216pt 0pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Securities registered or to be registered pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">12(b) of the Act: </span></p>
<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&#160;</span></p>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;">Title of Each Class</span></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; line-height: 1pt; margin: 1pt 0pt 0pt; padding-top: 1pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#160;</span></p> </th>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold;">Name of Each Exchange On Which Registered</span></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; line-height: 1pt; margin: 1pt 0pt 0pt; padding-top: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">&#160;</span></p> </th> </tr> </thead>
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<p style="margin: 5pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20231231_AmericanDepositarySharesMember" name="dei:Security12bTitle" id="Tag73">American Depositary Shares</ix:nonNumeric></span></p> </td>
<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20231231_AmericanDepositarySharesMember" name="dei:SecurityExchangeName" id="Tag69" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></span></p> </td> </tr>
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<p style="margin: 5pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20231231_OrdinarySharesMember" name="dei:Security12bTitle" id="Tag3357">Ordinary Shares, par value $1.00 per share</ix:nonNumeric></span></p> </td>
<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonNumeric contextRef="D20231231_OrdinarySharesMember" name="dei:SecurityExchangeName" id="Tag3361" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric>*</span></p> </td> </tr> </tbody> </table>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; line-height: 4pt; margin: 12pt 216pt 0pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span></p>
<p style="margin: 12pt 0pt 0pt 12.25pt; text-indent: -12.25pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">*</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Ordinary shares of Tenaris S.A. are not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">directly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">listed for trading but only in connection with the registration of American Depositary Shares which are evidenced by American Depositary Receipts.</span></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; line-height: 4pt; margin: 12pt 216pt 0pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Securities registered or to be registered pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">12(g) of the Act:</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">None</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Securities for which there is a reporting obligation pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">15(d) of the Act:</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">None</span></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; line-height: 4pt; margin: 12pt 216pt 0pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span></p>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report.</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="border-left: none; border-right: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20231231" name="dei:EntityCommonStockSharesOutstanding" unitRef="Shares" id="Tag70" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">**</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> ordinary shares, par value $1.00 per share</span></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; line-height: 4pt; margin: 12pt 216pt 0pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span></p>
<p style="margin: 12pt 0pt 0pt 12.25pt; text-indent: -12.25pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">**</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Includes <ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="dei:EntityCommonStockSharesOutstanding" unitRef="Shares" id="Tag3370" decimals="0" format="ixt:num-dot-decimal">12,648,091</ix:nonFraction> treasury shares, as of December 31, 2023.</span></p>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 1pt; line-height: 4pt; margin: 12pt 216pt 0pt; padding-bottom: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt;">&#160;</span></p>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Yes</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<ix:nonNumeric contextRef="D20231231_3" name="dei:EntityWellKnownSeasonedIssuer" id="Tag72" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">No</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span></p>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">13 or 15(d) of the Securities Exchange Act of 1934.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Yes</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<ix:nonNumeric contextRef="D20231231_3" name="dei:EntityVoluntaryFilers" id="Tag75" format="ixt-sec:yesnoballotbox">&#9744;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">No</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span> <span style="font-family: Wingdings; font-size: 10pt;">&#61560;</span></p>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Note &#8211; checking the box above will not relieve any registrant required to file reports pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.</span></p>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate by check mark whether the registrant (1)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">has filed all reports required to be filed by Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">has been subject to such filing requirements for the past 90 days</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Yes</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<ix:nonNumeric contextRef="D20231231_3" name="dei:EntityCurrentReportingStatus" id="Tag66" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">No</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span></p>
<p style="margin: 12pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Yes</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<ix:nonNumeric contextRef="D20231231_3" name="dei:EntityInteractiveDataCurrent" id="Tag63" format="ixt-sec:yesnoballotbox">&#9746;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">No</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span></p>
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<p style="margin: 12pt 0pt 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Rule 12b-2 of the Exchange Act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 0.5pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 0.5pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonNumeric contextRef="D20231231_3" name="dei:EntityFilerCategory" id="Tag58" format="ixt-sec:entityfilercategoryen">Large accelerated filer</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61560;</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Accelerated Filer</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span></p> </td>
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<p style="margin: 0pt 0pt 1pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-accelerated filer</span> <span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span> <span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: top; width: 38.08%;">
<p style="text-align: right; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Emerging growth company</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<ix:nonNumeric contextRef="D20231231_3" name="dei:EntityEmergingGrowthCompany" id="Tag60" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p> </td> </tr> </tbody> </table>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Sect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ion 13(a) of the Exchange Act.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160; </span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span></p>
<p style="margin: 0pt;">&#160;</p>
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160; <ix:nonNumeric contextRef="D20231231_3" name="dei:IcfrAuditorAttestationFlag" id="Tag59" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric></span></p>
<p style="margin: 12pt 0pt 5pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160; </span><span style="font-family: Wingdings; font-size: 10pt;"><ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentFinStmtErrorCorrectionFlag" id="Tag54" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p>
<p style="margin: 12pt 0pt 5pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b).</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61472;</span><span style="font-family: Wingdings; font-size: 10pt;"><span>&#61608;</span></span></p>
<p style="margin: 12pt 0pt 5pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>
<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 0.5pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 0.5pt;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">U.S.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GAAP</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonNumeric contextRef="D20231231_3" name="dei:DocumentAccountingStandard" id="Tag65">International Financial Reporting Standards</ix:nonNumeric> as issued by the International Accounting Standards Board</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61560;</span></p> </td>
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<p style="margin: 0pt 0pt 1pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span></p> </td> </tr> </tbody> </table>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If &#8220;Other&#8221; has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Item 17</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Item 18</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: Wingdings; font-size: 10pt;">&#61608;</span></p>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">12b-2 of the Exchange Act).</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Yes</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;<ix:nonNumeric contextRef="D20231231_3" name="dei:EntityShellCompany" id="Tag51" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">No</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span> <span style="font-family: Wingdings; font-size: 10pt;">&#61560;</span></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Please send copies of notices and communications from the Securities and Exchange Commission to:</span></p>
<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
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<td style="vertical-align: middle; width: 46%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; width: 46%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </td> </tr>
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<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Diego</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">. P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">arise</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Mitrani, Caballero &amp; Ruiz Moreno Abogados</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Bouchard</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">68</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">0, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Floor</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(C1106</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">BJ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">) Buenos Aires, Argentina</span></p>
<p style="margin: 0pt 0pt 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(54 11) 4590-8600</span></p> </td>
<td style="vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Patrick S. Brown, Esq.</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Sullivan &amp; Cromwell LLP</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">1888 Century Park East</span></p>
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Los Angeles, California 90067-1725</span></p>
<p style="margin: 0pt; text-align: center;"> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(310) 712-6600</span></p> </td> </tr> </tbody> </table>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 0.75pt; line-height: 1pt; margin: 10pt 0pt 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 4pt;">&#160;</span></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; line-height: 1pt; margin: 1pt 0pt 0pt; padding-top: 1pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 4pt;">&#160;</span></p>
<p style="margin: 0pt;"><br/></p>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div id="Dgi7t49qwagaulf2mv0y3d" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style=" margin: 0pt; text-align: center; "><img src="img09cbb1ae391f4fe080a1.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Graphics"/></p>
<p style="margin:0pt"><br/></p>
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<tbody>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>1</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div id="D6rghahchfvfmf40v3kq419" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;">
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: none;">TABLE OF CONTENTS</span></p>
<table id="TOC" cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-left: 0.1px; height: 725px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td id="BM_BRN1_2122024122842546" style="height: 10px; font-family: 'Frutiger 45 Light';"><a href="#BRN1_2122024122842546">LETTER FROM THE CHAIRMAN</a></td>
<td class="bmpageno" id="BMP_BRN1_2122024122842546" style="text-align: center; height: 10px; font-family: 'Frutiger 45 Light';">5</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN2_2122024122935417" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN2_2122024122935417">CERTAIN DEFINED TERMS</a></td>
<td class="bmpageno" id="BMP_BRN2_2122024122935417" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">7</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN3_2122024123020644" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN3_2122024123020644">PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION</a></td>
<td class="bmpageno" id="BMP_BRN3_2122024123020644" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">8</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN4_2122024123056629" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN4_2122024123056629">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</a></td>
<td class="bmpageno" id="BMP_BRN4_2122024123056629" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">9</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN5_2122024123153964" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN5_2122024123153964">CONSOLIDATED MANAGEMENT REPORT</a></td>
<td class="bmpageno" id="BMP_BRN5_2122024123153964" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">10</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN6_2122024123220806" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN6_2122024123220806">Key Information</a></td>
<td class="bmpageno" id="BMP_BRN6_2122024123220806" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">10</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN7_2122024123247240" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN7_2122024123247240">Risk Factors </a></td>
<td class="bmpageno" id="BMP_BRN7_2122024123247240" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">10</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN8_2122024123415940" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN8_2122024123415940">Information on the Company</a></td>
<td class="bmpageno" id="BMP_BRN8_2122024123415940" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">26</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN9_2122024123446388" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN9_2122024123446388">Overview</a></td>
<td class="bmpageno" id="BMP_BRN9_2122024123446388" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">26</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN10_212202412354881" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN10_212202412354881">History and Development of the Company</a></td>
<td class="bmpageno" id="BMP_BRN10_212202412354881" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">27</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN11_2122024123526801" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN11_2122024123526801">Business Overview</a></td>
<td class="bmpageno" id="BMP_BRN11_2122024123526801" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">28</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN12_212202412379763" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN12_212202412379763">Organizational Structure and Subsidiaries</a></td>
<td class="bmpageno" id="BMP_BRN12_212202412379763" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">56</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN13_2122024124022640" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN13_2122024124022640">Operating and Financial Review and Prospects</a></td>
<td class="bmpageno" id="BMP_BRN13_2122024124022640" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">59</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN14_2122024124042789" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN14_2122024124042789">Overview</a></td>
<td class="bmpageno" id="BMP_BRN14_2122024124042789" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">59</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN15_2122024124113398" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN15_2122024124113398">Operating Results</a></td>
<td class="bmpageno" id="BMP_BRN15_2122024124113398" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">64</td> </tr>
<tr style="height: 10px;">
<td id="BM_BRN16_2122024124136448" style="padding: 0px 0px 0px 15px; height: 10px; font-family: 'Frutiger 45 Light';"><a href="#BRN16_2122024124136448">Liquidity and Capital Resources</a></td>
<td class="bmpageno" id="BMP_BRN16_2122024124136448" style="text-align: center; height: 10px; font-family: 'Frutiger 45 Light';">70</td> </tr>
<tr style="height: 10px;">
<td id="BM_BRN17_2122024124227572" style="padding: 0px 0px 0px 15px; height: 10px; font-family: 'Frutiger 45 Light';"><a href="#BRN17_2122024124227572">Trend Information</a></td>
<td class="bmpageno" id="BMP_BRN17_2122024124227572" style="text-align: center; height: 10px; font-family: 'Frutiger 45 Light';">73</td> </tr>
<tr style="height: 10px;">
<td id="BM_BRN18_212202412436187" style="padding: 0px 0px 0px 15px; height: 10px; font-family: 'Frutiger 45 Light';"><a href="#BRN18_212202412436187">Critical Accounting Estimates</a></td>
<td class="bmpageno" id="BMP_BRN18_212202412436187" style="text-align: center; height: 10px; font-family: 'Frutiger 45 Light';">76</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN19_2122024124357581" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN19_2122024124357581">Directors, Senior Management and Employees</a></td>
<td class="bmpageno" id="BMP_BRN19_2122024124357581" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">78</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN20_212202413510533" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN20_212202413510533">Directors and Senior Management</a></td>
<td class="bmpageno" id="BMP_BRN20_212202413510533" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">78</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN21_212202413628220" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN21_212202413628220">Compensation</a></td>
<td class="bmpageno" id="BMP_BRN21_212202413628220" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">84</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN22_212202413711661" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN22_212202413711661">Board Practices</a></td>
<td class="bmpageno" id="BMP_BRN22_212202413711661" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">85</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN23_212202413825324" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN23_212202413825324">Employees</a></td>
<td class="bmpageno" id="BMP_BRN23_212202413825324" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">87</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN24_212202413851118" style="padding: 0px 0px 0px 15px; height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN24_212202413851118">Share Ownership</a></td>
<td class="bmpageno" id="BMP_BRN24_212202413851118" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">88</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN25_212202413925245" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN25_212202413925245">Major Shareholders and Related Party Transactions</a></td>
<td class="bmpageno" id="BMP_BRN25_212202413925245" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">88</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN26_212202413956785" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN26_212202413956785">Major Shareholders</a></td>
<td class="bmpageno" id="BMP_BRN26_212202413956785" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">88</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN27_2122024131049177" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN27_2122024131049177">Related Party Transactions</a></td>
<td class="bmpageno" id="BMP_BRN27_2122024131049177" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">89</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN28_2122024131125901" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN28_2122024131125901">Financial Information</a></td>
<td class="bmpageno" id="BMP_BRN28_2122024131125901" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">91</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN29_2122024131245393" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN29_2122024131245393">Consolidated Statements and Other Financial Information</a></td>
<td class="bmpageno" id="BMP_BRN29_2122024131245393" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">91</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN30_2122024131415407" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN30_2122024131415407">The Offer and Listing</a></td>
<td class="bmpageno" id="BMP_BRN30_2122024131415407" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">92</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN31_2122024131445567" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN31_2122024131445567">Offer and Listing Details</a></td>
<td class="bmpageno" id="BMP_BRN31_2122024131445567" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">92</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN32_212202413154625" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN32_212202413154625">Additional Information</a></td>
<td class="bmpageno" id="BMP_BRN32_212202413154625" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">92</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN33_212202413152925" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN33_212202413152925">Exchange Controls</a></td>
<td class="bmpageno" id="BMP_BRN33_212202413152925" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">92</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN34_2122024131551868" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN34_2122024131551868">Taxation</a></td>
<td class="bmpageno" id="BMP_BRN34_2122024131551868" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">92</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN35_2122024131848850" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN35_2122024131848850">Documents on Display</a></td>
<td class="bmpageno" id="BMP_BRN35_2122024131848850" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">98</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN36_2122024131945336" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN36_2122024131945336">Quantitative and Qualitative Disclosure about Market Risk</a></td>
<td class="bmpageno" id="BMP_BRN36_2122024131945336" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">99</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN37_212202413202776" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN37_212202413202776">Description of Securities Other Than Equity Securities</a></td>
<td class="bmpageno" id="BMP_BRN37_212202413202776" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">102</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN38_212202413202026" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN38_212202413202026">American Depositary Shares</a></td>
<td class="bmpageno" id="BMP_BRN38_212202413202026" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">102</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN39_2122024132041769" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN39_2122024132041769">Controls and Procedures</a></td>
<td class="bmpageno" id="BMP_BRN39_2122024132041769" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">103</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN40_212202413219185" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN40_212202413219185">Audit Committee Financial Expert</a></td>
<td class="bmpageno" id="BMP_BRN40_212202413219185" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">104</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN41_2122024132215378" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN41_2122024132215378">Code of Ethics</a></td>
<td class="bmpageno" id="BMP_BRN41_2122024132215378" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">104</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN42_212202413223734" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN42_212202413223734">Principal Accountant Fees and Services</a></td>
<td class="bmpageno" id="BMP_BRN42_212202413223734" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">104</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN43_2122024132256313" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN43_2122024132256313">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</a></td>
<td class="bmpageno" id="BMP_BRN43_2122024132256313" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">105</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN44_2122024132313609" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN44_2122024132313609">Change in Registrant&#8217;s Certifying Accountant</a></td>
<td class="bmpageno" id="BMP_BRN44_2122024132313609" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">108</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN45_2122024132331346" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN45_2122024132331346">Corporate Governance Statement</a></td>
<td class="bmpageno" id="BMP_BRN45_2122024132331346" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">109</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN46_212202413241329" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN46_212202413241329">Corporate Governance</a></td>
<td class="bmpageno" id="BMP_BRN46_212202413241329" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">109</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN47_2122024132420324" style="height: 15px; padding: 0px 0px 0px 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN47_2122024132420324">Summary of differences with NYSE standards </a></td>
<td class="bmpageno" id="BMP_BRN47_2122024132420324" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">116</td> </tr>
<tr style="height: 15px;">
<td id="BM_BRN48_212202413263149" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#BRN48_212202413263149">Cybersecurity</a></td>
<td class="bmpageno" id="BMP_BRN48_212202413263149" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">119</td> </tr>
<tr style="height: 15px;">
<td id="BM_Btt4_272202411131714" style="height: 15px; font-family: 'Frutiger 45 Light';"><a href="#Btt4_272202411131714">Financial Statements</a></td>
<td class="bmpageno" id="BMP_Btt4_272202411131714" style="text-align: center; height: 15px; font-family: 'Frutiger 45 Light';">120</td> </tr>
<tr style="height: 10px;">
<td id="BM_BRN51_212202414032447" style="height: 10px; padding: 0px; font-family: 'Frutiger 45 Light';"><a href="#BRN51_212202414032447">EXHIBITS</a></td>
<td class="bmpageno" id="BMP_BRN51_212202414032447" style="text-align: center; height: 10px; font-family: 'Frutiger 45 Light';">121</td> </tr> </tbody> </table>
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>2</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table style="width: 100%; margin-left: 0.1px; height: 28px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 17px;">
<td style="width: 78.2093%; height: 17px;">
<p style="margin: 0in 0in 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', 'serif';"><br/></p> </td>
<td style="width: 21.7907%; height: 28px; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #666666 !important;" rowspan="2"><img src="img485eaad191c7494ab74c.jpg" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #666666 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><i style="mso-bidi-font-style: normal;"><span><span style="color: #000000; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Annual Report 2023</span></span></i></span></td> </tr> </tbody> </table>
<p style="margin: 0pt;"><br/></p>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: none;">FORM 20-F CROSS REFERENCE GUIDE</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 753px; width: 100%;" width="100%">
<tbody>
<tr style="height: 12px; background: #f2f2f2;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px; background: #f2f2f2; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; background: #f2f2f2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-weight: bold;">Item</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px; background: #f2f2f2; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-weight: bold;">Item in Form 20-F</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px; background: #f2f2f2; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-weight: bold;">Cross-reference to consolidated management report</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-weight: bold;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-style: italic; font-weight: bold;">Part I</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 42%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-style: italic; font-weight: bold;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 1</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Identity of Directors , Senior Management and Advisors</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 2</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Offer Statistics and Expected Timetable</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 3</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Key Information</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Key Information</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">3.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">[Reserved] </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">3.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Capitalization and Indebtedness</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">3.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Reasons for the Offer and Use of Proceeds</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">3.D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Risk Factors</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Key Information - Risk Factors</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 4</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">4.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">History and Development of the Company</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company - History and Development of the Company</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">4.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Business Overview</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company - Business Overview</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">4.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Organizational Structure and Subsidiaries</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company - Organizational Structure and Subsidiaries</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">4.D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Property, Plant and Equipment</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company - Business Overview</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 4A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Unresolved Staff Comments</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 5</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Operating and Financial Review and Prospects</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Operating and Financial Review and Prospects - Overview</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">5.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Operating Results</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Operating and Financial Review and Prospects - Operating Results</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">5.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Liquidity and Capital Resources</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Operating and Financial Review and Prospects - Liquidity and Capital Resources</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">5.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Research and Developments, Patents and Licenses, Etc.</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company - Business Overview</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">5.D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Trend Information</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Operating and Financial Review and Prospects - Trend Information</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">5.E</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Critical Accounting Estimates</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Operating and Financial Review and Prospects - Critical Accounting Estimates</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 6</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors, Senior Management and Employees</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors, Senior Management and Employees</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">6.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors and Senior Management</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors, Senior Management and Employees - Directors and Senior Management</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">6.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Compensation</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors, Senior Management and Employees - Compensation</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">6.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Board Practices</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors, Senior Management and Employees - Board Practices</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">6.D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Employees</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors, Senior Management and Employees - Employees</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">6.E</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Share Ownership</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Directors, Senior Management and Employees - Share Ownership</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">6.F</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 7</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Major Shareholders and Related Party Transactions</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Major Shareholders and Related Party Transactions</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">7.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Major Shareholders</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Major Shareholders and Related Party Transactions - Major Shareholders</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">7.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Related Party Transactions</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Major Shareholders and Related Party Transactions - Related Party Transactions</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">7.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Interest of Experts and Counsel</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 8</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Financial Information</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Financial Information</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">8.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Consolidated Statements and Other Financial Information</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Financial Information - Consolidated Statements and Other Financial Information</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">8.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Significant Changes</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 9</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">The Offer and Listing</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">The Offer and Listing</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">9.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Offer and Listing Details</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">The Offer and Listing - Offer and Listing Details</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">9.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Plan of Distribution</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">9.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Markets</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">The Offer and Listing - Offer and Listing Details</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">9.D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Selling Shareholders</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">9.E</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Dilution</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">9.F</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Expenses of the Issue</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 10</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Additional Information</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Additional Information</span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Corporate Governance Statement</span></p> </td> </tr> </tbody> </table>
<p style="page-break-after: avoid;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: none;">&#160;</span></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>3</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<p style="page-break-after: avoid;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: none;">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 656px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 8%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 42%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Share Capital</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Memorandum and Articles of Association</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Corporate Governance Statement - Corporate Governance</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Material Contracts</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Information on the Company - Business Overview</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Exchange Controls</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Additional Information - Exchange Controls</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.E</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Taxation</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Additional Information - Taxation</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.F</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Dividends and Paying Agents</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.G</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Statement by Experts</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.H</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Documents on Display</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Additional Information - Documents on Display</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.I</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Subsidiary Information</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">10.J</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Annual Report to Security Holders</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 11</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Quantitative and Qualitative Disclosure about Market Risk</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Quantitative and Qualitative Disclosure about Market Risk</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 12</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Description of Securities Other Than Equity Securities</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Description of Securities Other Than Equity Securities</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">12.A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Debt Securities</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">12.B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Warrants and Rights</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">12.C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Other Securities</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">12.D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">American Depositary Shares</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Description of Securities Other Than Equity Securities - American Depositary Shares</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-style: italic; font-weight: bold;">Part II</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-style: italic; font-weight: bold;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 13</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Defaults, Dividend Arrearages and Delinquencies</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 14</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Material Modifications to the Rights of Security Holders and Use of Products</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 15</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Controls and Procedures</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Controls and Procedures</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">[Reserved] </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16A</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Audit Committee Financial Expert</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Audit Committee Financial Expert</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16B</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Code of Ethics</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Code of Ethics</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16C</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Principal Accountant Fees and Services</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Principal Accountant Fees and Services</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16D</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Exemption from the Listing Standards for Audit Committee</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16E</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16F</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Change in Registrant's Certifying Accountant</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Change in Registrant's Certifying Accountant</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16G</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Corporate Governance</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Corporate Governance Statement</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16H</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Mine Safety Disclosure</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16I</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">None - Not applicable</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 16K</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Cybersecurity</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Cybersecurity</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-style: italic; font-weight: bold;">Part III</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt; font-style: italic; font-weight: bold;">&#160;</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 17</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Financial Statements</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Financial Statements</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 18</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Financial Statements</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Financial Statements</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Item 19</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Exhibits</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8.5pt;">Exhibits</span></p> </td> </tr> </tbody> </table>
<p style="page-break-after: avoid;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: none;">&#160;</span></p>
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<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>4</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div id="D9jmxdfy8wxblrvcmvtijd" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
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<tr style="height: 10px;">
<td style="width: 80%; height: 10px; font-family: 'Frutiger 45 Light';"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<div style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN1_2122024122842546" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">LETTER FROM THE CHAIRMAN</span></a></div>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2023 has been an outstanding year for Tenaris with record financial results under most metrics: net sales of $14.9 billion, EBITDA of $4.9 billion, net income of $4.0 billion, operating cash flow of $4.4 billion. As a global supplier of pipes to the energy industry, we have developed a unique presence&#160;in the most challenging developments in the oil and gas industry, serving its most important players. </span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With these results and net cash of $3.4 billion in our balance sheet, we are increasing returns to shareholders. We are proposing to increase our annual dividend to 60 cents per share. Together with the share buyback program we initiated in November, this would imply an 8% yield to shareholders for the year at current prices.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have extended the perimeter of our operations through a series of acquisitions. In Saudi Arabia, we increased our stake in GPC to gain a controlling position in this large diameter welded pipe mill that produces conductor casing and large diameter line pipe. With the acquisition of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Shawcor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe coating business, we are strengthening our line pipe business, especially for offshore line pipe, where </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Shawcor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has a leading position in anti-corrosive and insulation coatings. In the United States, we increased the flexibility and overall capacity of our US industrial system by acquiring additional heat treatment and threading facilities. Each of these integrations to our global industrial system enhances our capacity to serve our wide customer base with a growing range of products and services.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our globally integrated industrial and supply chain systems produced and shipped over four million tons of pipes to customers around the world last year. Many of these pipes are delivered directly to our customer operations in the field under our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service program that&#160;now serves over 500 rigs worldwide. </span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under this program, which requires investment in working capital, service yard infrastructure, logistics and digital systems, we are enhancing customer intimacy and differentiation, adding services to simplify customer operations and reduce on-site labor&#160;requirements. With our Rig Direct<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#174;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;program, which now incorporates our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">RunReady<sup>TM</sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;service, we are reducing inventories in North America and transforming the supply chain. We are also extending our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service to other regions around the world.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the U.S. and Canada, we have strengthened our positioning among large operators. We were recently awarded a long-term agreement by ExxonMobil to serve their unconventional operations in the United States which confirms the preference that large operators are giving to our industrial footprint, specialized products and supply service. We are now serving the ten largest operators in the country, who have maintained a stable level of operations even as the overall rig count in the U.S. has declined.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our sales for offshore operations and projects grew more than 50% during the year. In Guyana, where the development of prolific deepwater reserves is transforming the country, we are serving ExxonMobil&#8217;s operations under a long-term contract, while in Brazil we are supplying Petrobras with a wide range of products for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Buzios</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> development. We are also supplying a number of offshore gas pipeline projects around the world. </span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our sales are growing in the Middle East, where we have increased our local content and presence. In Saudi Arabia, Aramco, while postponing some of offshore oil expansion plans, is expanding its conventional and unconventional gas drilling activity. We are supplying premium seamless OCTG following a tender awarded to replenish depleted stocks and are ramping up deliveries of conductor and surface casing from our local welded pipe subsidiaries. The growth in gas drilling activity will also provide valuable opportunities for sales of line pipe as Aramco proceeds with its master gas pipeline program.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We recently inaugurated a new industrial complex in Abu Dhabi, along with officials from ADNOC and the Ministry of Industry and Advanced Technology. This includes a new premium threading facility, training facilities and an expanded service yard, which will support the Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service we are providing to ADNOC under our long-term agreement, and contribute to industrial development in the Emirates. </span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our industrial system, operating at a high level through the year, has performed well in supporting our global positioning. In relation to safety, however, we had three fatalities in our operations after four years with none. We deeply regret the loss of life and are reinforcing our preventive actions with a particular focus on the activities of contractors working in our system. </span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We made a significant advance in our decarbonization program, when, after a $200 million investment, we successfully put into operation our first wind farm in Argentina. The Buena Ventura wind farm now supplies&#160;100 MW of power, through the interconnected grid, to our industrial facilities in Campana, meeting close to 50% of its total electric power requirements and contributing to a lower <span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">energy&#160;</span>costs. We are&#160;now moving forward with a similar investment to build a second wind farm.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our community education programs, which reach 10,500 students, are also enjoying success in improving education standards and outcomes. The Roberto Rocca Technical School in Campana, in its tenth year, was nominated as one of the top ten schools in the world for innovation. Its students, who benefit from the school&#8217;s inclusive approach, comfortably outperform the national private school average in subjects like </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Maths</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Over 90% of those graduating from the school have entered university and many have additionally obtained attractive job placements while furthering their education.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As we look forward to 2024, Tenaris, with its extended global reach, enhanced competitive differentiation and exceptional financial position, is well placed to strengthen its positioning around the world. The current favorable market conditions in the Middle East and offshore, are expected to continue through the year while, in the Americas, we are consolidating a solid position ready to seize further opportunities as they arise.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Around&#160;the world, demand for primary energy is growing and will continue to grow to meet the needs of developing countries. The energy transition is advancing with increasing levels of investment in clean energy and decarbonization of supply chains. Continued investment in oil and gas will also be required for many more years to accompany this transition and secure affordable energy for all.</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I would like to give a special thanks to our employees, without whose continuous efforts and commitment, our many achievements during 2023 would not have been possible. I would also like to thank our customers, shareholders and suppliers for the confidence they continue to place in us. </span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sincerely,</span></p>
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<td style="border-bottom: 1pt solid #000000; width: 17%; height: 17px; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> /s/Paolo Rocca</span></td>
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<td style="height: 17px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; text-decoration: none; font-weight: normal; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Paolo</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;font-style: normal; ;text-decoration: none; ;font-weight: normal; ;color: black;">Rocca</span></span></td>
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<td style="height: 10px; text-align: start; text-indent: 0px;"><span style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; text-align: start; text-indent: 0px;"><span style="text-align: start; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; text-decoration: none; font-weight: normal; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">March 27, 202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; text-decoration: none; font-weight: normal; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">4</span></span></td>
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<div style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN2_2122024122935417" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">CERTAIN DEFINED TERMS</span></a></div>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Unless otherwise specified or if the context so requires:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">References in this annual report to &#8220;the Company&#8221; are exclusively to Tenaris S.A., a Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">soci&#233;t&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.&#160;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">References in this annual report to &#8220;Tenaris&#8221;, &#8220;we&#8221;, &#8220;us&#8221; or &#8220;our&#8221; are to Tenaris S.A. and its consolidated subsidiaries. See &#8220;II</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accounting Polic</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A. Basis of presentation&#8221; and &#8220;II</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accounting Polic</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> B. Group accounting&#8221; to our audited consolidated financial statements included in this annual report.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">References in this annual report to &#8220;San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221; are to San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A., a Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">soci&#233;t&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the Company&#8217;s controlling shareholder.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hares&#8221; refers to ordinary shares, par value $1.00, of the Company.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;ADSs&#8221; refers to the American Depositary Shares, which are evidenced by American Depositary Receipts, and represent two </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> each.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;OCTG&#8221; refers to oil country tubular goods. See &#8220;Information on the Company &#8211; Business Overview &#8211; Our Products&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;tons&#8221; refers to metric tons; one metric ton is equal to 1,000 kilograms, 2,204.62 pounds, or 1.102 U.S. (short) tons.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;billion&#8221; refers to one thousand million, or 1,000,000,000.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;U.S. dollars&#8221;, &#8220;US$&#8221;, &#8220;USD&#8221; or &#8220;$&#8221; each refe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rs to the United States dollar.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;EUR&#8221; refers to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Euro.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;ARS&#8221; refers to the Argentine peso.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;BRL&#8221; refers to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brazilian real.</span></li> </ul>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<div style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN3_2122024123020644" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">PRESENTATION OF CERTAIN FINANCIAL AND OTHER INFORMATION</span></a></div>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting Principles</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We prepare our consolidated financial statements in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">accordance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with International Financial Reporting Standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or &#8220;IFRS Accounting Standards&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as issued by the International Accounting Standards Board</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IASB</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adopted by the European Union. IFRS differs in certain significant </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">spects from generally accepted accounting principles in the United States, commonly referred to as U.S. GAAP.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additionally, this annual report includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">certain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-IFRS alternative performance measures such as EBITDA, Net cash/debt position and Free Cash Flow. See Exhibit 15.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for more details on these alternative performance measures.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We publish consolidated financial statements presented in increments of a thousand U.S. dollars. This annual report includes our audited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated statements of financial position as of 31 December 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for each of the three years in the period ended 31 December 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Rounding</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain monetary amounts, percentages and other figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.</span> </p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Internet Website is Not Part of this Annual Report</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We maintain an Internet website at www.tenaris.com. Information contained in or otherwise accessible through our Internet website is not a part of this annual report. All references in this annual report to this Internet site are inactive textual references to these URLs, or &#8220;uniform resource locators&#8221; and are for informational reference only. We assume no responsibility for the information contained on our Internet website.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Industry Data</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">Unless otherwise indicated, industry data and statistics (including historical information, estimates or forecasts) in this annual report are contained in or derived from internal or industry sources believed by Tenaris to be reliable. Industry data and statistics are inherently predictive and are not necessarily reflective of actual industry conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. In addition, the value of comparisons of statistics for different markets is limited by many factors, including that (i)</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">the markets are defined differently, (ii)</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">the underlying information was gathered by different methods and (iii)</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">different assumptions were applied in compiling the data. Such data and statistics have not been independently verified, and the Company makes no representation as to the accuracy or completeness of such data or any assumptions relied upon therein.</span><br/></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>8</span></span></td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<div style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN4_2122024123056629" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</span></a></div>
<p style="margin: 6pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This annual report and any other oral or written statements made by us to the public may contain &#8220;forward-looking statements&#8221; within the meaning of and subject to the &#8220;safe harbor&#8221; provisions of the Private Securities Litigation Reform Act of 1995. This annual report contains forward-looking statements, including with respect to certain of our plans and current goals and expectations relating to Tenaris&#8217;s future financial condition and performance.</span></p>
<p style="margin: 12pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sections of this annual report that by their nature contain forward-looking statements include,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> but are not limited to, &#8220;Key Information&#8221;, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Infor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mation on the Company&#8221;, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Operating and Financial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Review and Prospects&#8221;, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Fi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nancial Information&#8221; and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Quantitative and Qualitative Disclosure About Market Risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.&#160;</span></p>
<p style="margin: 12pt 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We use words </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and terms </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such as &#8220;aim&#8221;, &#8220;will likely result&#8221;, &#8220;will continue&#8221;, &#8220;contemplate&#8221;, &#8220;seek to&#8221;, &#8220;future&#8221;, &#8220;objective&#8221;, &#8220;goal&#8221;, &#8220;should&#8221;, &#8220;will pursue&#8221;, &#8220;anticipate&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;project&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;, &#8220;believe&#8221; and words and terms of similar substance to identify forward-looking statements, but they are not the only way we identify such statements. All forward-looking statements are management&#8217;s present expectations of future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors include the risks related to our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and industry </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">discussed under &#8220;Key Information &#8211; Risk Factors&#8221;,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> including</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> among them, the following:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our ability to implement our business strategy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and to adapt it adequately to the energy transition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our ability </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to grow through acquisitions, joint ventures and other investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, or integrate newly acquired businesses or assets;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our ability to provide value added</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> products and services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and price such products and services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with our strategy;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trends in the levels of investment in oil and gas exploration and drilling worldwide;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the competitive environment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or level of consolidation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in our business and our industry;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the impact of climate change legislation, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increasing regulatory requirements and extensive technology and market changes aimed at transitioning to a lower-carbon economy and reducing greenhouse gas (&#8220;GHG&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the physical risks resulting from climate change, including </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">natural disasters, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increased severity of extreme weather events</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, chronic climate changes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and long-te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rm shifts in weather patterns;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our ability to absorb cost increases and to secure supplies of essential raw materials and energy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our ability to adjust fixed and semi-fixed costs to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fluctuations in product demand;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the impact of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the world&#8217;s economy on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the energy sector in general, or our business and operations;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">general macroeconomic</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">changes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">high inflation rates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, infla</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tion</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> containment measures and foreign exchange measures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as well as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">international conflicts, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">public health</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">epidemics </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and other </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">political, social, or economic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conditions and developments in the countries in which we operate or distribute pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> including developments in connection with the Russia-Ukraine </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Middle East </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">armed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conflict</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 6pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">changes to applicable laws and regulations, including the imposition of tariffs or quotas or other trade barrier</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="margin: 12pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">By their nature, certain disclosures relating to these and other risks are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or other occurrences or developments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that may affect our financial condition and results of operations could differ materially from those that have been estimated. You should not place undue reliance on forward-looking statements, which speak only as of the date of this annual report. Except as required by law, we are not under any obligation, and expressly disclaim any obligation to, update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.</span><br/></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<div style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN5_2122024123153964" class="customBookmark"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">CONSOLIDATED </span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">MANAGEMENT REPORT</span></a></div>
<div style="margin: 0pt 0pt 12pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN6_2122024123220806" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Key Information</span></a></div>
<div style="margin: 0pt 0pt 12pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN7_2122024123247240" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk Factors</span> </a></div>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">You should carefully consider the risks and uncertainties described below, together with all other information contained in this annual report, before making any investment decision. Any of these risks and uncertainties could have a material adverse effect on our business, revenues, financial condition and results of operations, which could in turn affect the price of shares and ADSs.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Relating to Our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Business and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Industry</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Sales and profitability </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may fall</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> as a result of downturns in the international price of oil and gas and other </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">factors and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">circumstances affecting the oil and gas industry</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are a global steel pipe manufacturer with a strong focus on manufacturing products and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">providing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related services for the oil and gas industry. The oil and gas industry is a major consumer of steel pipe products worldwide, particularly for products manufactured under high quality standards and demanding specifications. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, length </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and drilling conditions of these wells. The level of exploration, development and production activities of, and the corresponding capital spending by, oil and gas companies, including national oil companies, depends primarily on current and expected future prices of oil and natural gas and is sensitive to the industry&#8217;s view of future economic growth and the resulting impact on demand for oil and natural gas. Several factors, such as the supply and demand for oil and gas, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">development and availability of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">new drilling technology</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, political and global economic conditions, and government regulations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> affect these prices. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Among others, the following factors have had or are likely to have an impact on oil and gas prices:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">drilling technology has allowed producers in the United States and Canada to increase production from their reserves of tight oil and shale gas in response to changes in market conditions more rapidly than in the past;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidation in the oil and gas industry is likely to impact prices, with 2023 marking a year of rapid consolidation in the U.S. oil and gas industry. In October 2023, ExxonMobil </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;Exxon&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">agreed to acquire Pioneer Natural Resources for $60 billion, a transaction that would make Exxon the largest operator in the Permian Basin, the highest producing oil field in the United States; Chevron followed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">suit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by striking a deal to acquire Hess in a $53 billion transaction that would provide the company with access to reserves in Guyana. Upstream operators such as Diamondback Energy, Permian Resources, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ovintiv</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have also </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">announced</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> acquisitions in recent months to expand their North American footprint and shale inventory;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">overnment initiatives to reduce</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GHG emissions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the introduction of a carbon tax</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or carbon-pricing systems (such as the EU Carbon Border Adjustment Mechanism), the adopt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ion of &#8220;cap-and-trade&#8221; systems </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such as the EU Emissions Trading System </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;ETS&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or other measures to promote the use of renewable energy sources</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> electric vehicles,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are also expected to affect oil and gas prices. For more information on risks relating to climate change regulations, see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry - Climate change legislation and increasing regulatory requirements aimed at transitioning to a lower-carbon economy may reduce demand for our products and services and result in unexpected capital expenditures and costs, and negatively affect our reputation.&#8221;</span></li> </ul>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">When the price of oil and gas falls, oil and gas companies generally reduce spending on production and exploration activities and, accordingly, make fewer purchases of steel pipe products. Major oil-and gas-producing nations and companies have frequently collaborated to balance the supply (and thus the price) of oil in the international markets. A major vehicle for this collaboration has been </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Organization of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petroleum Exporting Countries (&#8220;OPEC&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) and many of our customers are state-owned companies in member countries of OPEC, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plays</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a significant role in trying to counter falling prices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as was the case</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 2020</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> when the industry was hit by the effects of the COVID-19 pandemic.</span></p>
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<p style="margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Climate change legislation and increasing regulatory requirements aimed at transitioning to a lower-carbon economy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">may</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> reduce demand for our products and services and result in unexpected capital expenditures and costs, and negatively affect our reputation</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 11pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">There is an increased attention on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GHG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions and climate change from different sectors of society. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Paris Agreement, adopted at the 2015 United Nations Climate Conference, sets out the global framework to limit the rising temperature of the planet and to strengthen the countries&#8217; ability to deal with the effects of climate change. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EU ETS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">signaled a major EU energy policy to combat global warming based on a &#8220;cap &amp; trade&#8221; program, and the European Green Deal, launched in 2019, focuses on adopting the required policies and measures aimed at reaching zero GHG emissions in Europe by 2050.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The EU taxonomy classification system, which establishes a list of environmentally sustainable economic activities, is designed to help the EU scale up sustainable investment and implement the European Green Deal.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">More recently, the EU adopted the Corporate Sustainability Reporting Directive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;CSRD&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which requires European large </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and medium </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies and listed issuers to disclose information on their risks and opportunities arising from social and environmental issues, and on the impacts of their activities on people and the environment (which, in the case of the Company, will apply with respect to its 2024 annual report). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the United States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the U.S. Inflation Reduction Act of 2022 calls for a reduction of carbon </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">emissions by roughly 40% by 2030.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Also, in response to an increasing investor focus and reliance on climate and Environmental, Social and Governance (&#8220;ESG&#8221;) related disclosure and investment, the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) adopted, in March 2024, climate-related disclosure rules that will require registrants, including Tenaris from fiscal year 2025, to significantly expand the climate-related disclosures in their periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements. Other countries are introducing or considering similar measures or regulations, which aim at lowering emissions or which enhance disclosure of climate-related matters, including carbon emissions. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If there is no meaningful progress in lowering emissions in the years ahead, there is an increased likelihood of abrupt policy interventions as governments attempt to meet their environmental goals by adopting policy, legal, technology and market changes in the transition to a low-carbon global economy. </span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We provide products and services to the oil and gas industry, which accounts, directly and indirectly</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for a significant portion of GHG emissions. Existing and future legislation and regulations related to GHG emissions (such as increased pricing of GHG emissions and enhanced emissions-reporting obligations) and climate change, as well as government initiatives to promote the use of alternative energy sources and substitute existing products and services with lower emissions options (with many jurisdictions implementing tax advantages and other subsidies to promote the development of renewable energy sources, or even requiring minimum thresholds for power generation from renewable sources) may significantly curtail demand for and production of fossil fuels, such as oil and natural gas. These initiatives, together with the growing social awareness regarding climate change and other environmental matters, have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">resulted in increased investor and consumer demand for renewable energy and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">additional compliance requirements for fossil energy projects, which are likely to become more stringent over time and to result in substantial increases in costs for the oil and natural gas industry, potentially leading to write-offs and early retirement of existing assets. Furthermore, ongoing technological developments in the renewable energy industry are making renewable energy increasingly competitive with fossil-fuels. If this trend continues, energy demand could shift increasingly towards </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">more </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">environmentally sustainable sources such as hydroelectrical, solar, wind and other renewable energies, which would, in turn, reduce demand for oil and natural gas, thus negatively affecting demand for our products and services and, ultimately, our future results of operations. In addition, adoption of new climate change legislation in the countries in which Tenaris operates could result in incremental operating costs (such as incremental compliance costs and increased insurance premiums) and unexpected capital expenditures and, eventually, affect our competitiveness</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and reduce our market share. Also</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, shifts in customer preferences and failure to respond to shareholders&#8217; demand for climate-related measures and environmental standards could harm our reputation, adversely affect the ability or willingness of our customers or suppliers to do business with us, negatively impact workforce management and planning, erode stakeholder support and restrict or reduce access to financial resources.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on Tenaris&#8217;s climate change initiatives, please see &#8220;Operating and Financial Review and Prospects &#8211; Overview &#8211; Climate Change&#8221;.</span></p>
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<p style="margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The physical risks resulting from climate change, including extreme weather conditions and shifts in weather patterns, ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> in the past and may in the future adversely affect our operations and financial results</span></p>
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<p style="margin: 2pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our business has been, and in the future could be, affected by severe weather in areas where we operate, which could materially affect our operations and financial results. Extreme weather conditions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and natural disasters </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as hurricanes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> extreme wind,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">looding</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or coastal storm surges </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have resulted, and may in the future result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the shutdown of our facilities, evacuation of our employees</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">activity disruptions at our clients</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> well-sites or in our supply chain. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> severe freeze in the United States and Mexico </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in early 2021, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">caused gas and power shortages in Texas, resulting in additional costs and production </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disruptions and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">losses.</span></p>
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<p style="margin: 2pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hronic climate changes, such as changes in precipitation patterns</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> average temperatures and sea levels</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> may result in increased operating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">costs o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">expenditures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> due to supply shortages or damage to facilities, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">higher</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> insurance premiums or reduced availability of insurance, decreases in revenue derived from lower production capacity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and write-offs or early retirement of assets, all of which could adversely affect our financial condition, results of operations and cash flows.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> climate change initiatives, please see &#8220;Operating and Financial Review and Prospects &#8211; Overview &#8211; Climate Change&#8221;.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Competition in the global market for steel pipe products may cause us to lose market share and hurt our sales and profitability</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The global market for steel pipe products is highly competitive, with the primary competitive factors being price, quality, service and technology. In recent years, substantial investments have been made, especially in China but also in the United States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the Middle East</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, to increase production capacity of seamless steel pipe products, and as a result there is significant excess production capacity, particularly for &#8220;commodity&#8221; or standard product grades. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Production capacity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> more specialized product grades has also increased. At the same time, the high cost and long lead times required to develop the most complex projects, particularly deepwater projects, led to a slowdown in new developments in a context of low and more volatile oil prices. Despite our efforts to develop products and services that differentiate us from our competitors, reduced demand for steel pipe products from these complex projects means that the competitive environment is expected to remain intense in the coming years and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">effective competitive differentiation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, together with our ability to vertically integrate and to provide value added services, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">will be key success factor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In addition, there is a risk of unfairly traded steel pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">imports</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in markets in which Tenaris produces and sells its products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and we can give no assurance with respect to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> application of antidumping duties and tariffs or the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> effectiveness of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any such measures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 12pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our sales may be affected as a result of antidumping and countervailing duty proceedings or by the imposition of other import restrictions or local content requiremen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ts</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Because of the global nature of our operations, we export and import products from several countries and, in many jurisdictions, we supplement domestic production with imported products. We import OCTG from Argentina and Mexico to complement our significant and growing production in the United States. From time to time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> local producers seek the imposition of import restrictions or the initiation of antidumping or countervailing duty proceedings. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in October 2021, the U.S. Department of Commerce (&#8220;DOC&#8221;) initiated antidumping duty investigations of OCTG imports from Argentina, Mexico, and Russia and countervailing duty investigations of OCTG imports from Russia and South Korea, which resulted in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determination by the International Trade Commission (&#8220;ITC&#8221;), issued in October 2022,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that the imports under investigation caused injury to the U.S. OCTG industry, bringing the investigation phase to a conclusion. Although Tenaris and other parties have appealed the agencies&#8217; determinations from the investigation to the Court of International Trade, Tenaris is required to pay antidumping duty deposits </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">while the order is in effect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on this matter, please refer to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">note 27 &#8220;Contingencies, commitments and restrictions to the distribution of profits&#8221; to our audited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inancial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> included in this annual report.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Antidumping or co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">untervailing duty proceedings,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> any resulting penalties or any other form of import restriction have in the past impeded, and may in the future restrict, our access to important export markets for our products, thereby adversely impacting our sales or limiting our opportunities for growth.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, several jurisdictions have begun to impose or expand local content requirements. For example, in recent years Saudi Arabia has implemented various measures aimed at increasing local content particularly from suppliers to state-owned companies such as Saudi Arabian Oil Company (&#8220;Saudi Aramco&#8221;) and we can expect that measures favoring the development of local production will increase as Saudi Arabia seeks to create employment opportunities for its citizens and diversify its economy away from its dependence on oil and gas production. Other countries, such as Brazil, Ecuado</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r, Indonesia,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nigeria</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the United Arab Emirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, have also put in place significant local content requirements. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Other mechanisms, such as Europe&#8217;s Carbon Border Adjustment Mechanism (&#8220;CBAM"), could have a similar impact. For more information</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry - The cost of complying with environmental regulations and potential environmental and product liabilities may increase our operating costs and negatively impact our business, financial condition, results of operations and prospects&#8221;. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If countries impose or expand local content </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">requirements or put in place regulations limiting our ability to import certain products, our competitive position could be negatively affected. Therefore, if any of these risks materialize, we may not continue to compete effectively against existing or potential producers and preserve our current shares of geographic or product markets, and increased competition may have a material impact on the pricing of our products and services, which could in turn adversely affect our revenues, profitability and financial condition.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our sales may also be affected as a result of other international trade regulations</span></p>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The shipment of goods and services across international borders subjects us to extensive trade laws and regulations. Our import and export activities are governed by customs laws and regulations in each of the countries where we operate. Moreover, the European Union, the United States and other countries control the import and export of certain goods and services and impose related import and export recordkeeping and reporting obligations. Those governments have also imposed economic sanctions against certain countries, persons and other entities, such as sanctions that restrict or prohibit transactions involving Iran, Syria, Venezuela and Russia or their citizens or companies. For more information on the impact on our business of the sanctions on Russia as a result of the armed conflict in Ukraine, see &#8220;Risks Relating to Our Business and Industry &#8211; An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations&#8221;. Similarly, we are subject to the U.S. anti-boycott laws. Trade laws and regulations are complex and frequently changing, and they may be enacted, amended, enforced or interpreted in a manner that could materially impact our operations. For example, in March 2018, under Section 232 of the Trade Expansion Act of 1962 (&#8220;Section 232&#8221;), the United States imposed a 25% tariff on steel articles imported from all countries, with the exemption of Canada and Mexico, as member states of the USMCA, and imports of steel tubes from Australia, Argentina, Brazil and South Korea (the latter three with specific quotas per product). The U.S. government has granted successive exemptions on imports from Italy, Mexico, Romania and Argentina, of steel billets to be used at our Bay City mill, with the latest being granted in December 2023 for the import of 200,000 tons from Argentina, Italy and Romania. Exemptions are granted only for a one-year term and future requests might not be granted, thus adversely affecting our operations or revenues. On October 31, 2021, the United States and the EU reached an agreement whereby Section 232 tariffs were replaced with tariff-rate quotas for steel melted and poured in Europe starting on January 1, 2022, and steel products imported from the EU for a period of two calendar years (i.e., until 31 December 2023) without the need to reapply. This agreement allows Tenaris to import, through December 31, 2023, up to 299,376 tons of billets from Italy and Romania without paying the 25% annual tariff. On December 28, 2023, the United States renewed this agreement allowing Tenaris to import, through December 31, 2025, up to 419,749 tons of billets from Italy and Romania per year without paying the 25% tariff. There is no guarantee that additional tariffs on steel exports to the U.S. market will not be reimposed in the future. Failure to comply with applicable trade regulations could also result in criminal and civil penalties and sanctions.</span></p>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Increases in the cost of raw materials, energy and other costs, limitations or disruptions to the supply of raw materials and energy, and price mismatches between raw materials and our products may hurt our profitability</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The manufacture of seamless steel pipe products requires substantial amounts of steelmaking raw materials and energy; welded steel pipe products, in turn, are processed from steel coils and plates. The availability and pricing of a significant portion of the raw materials and energy we require are subject to supply and demand conditions, which can be volatile, and to tariffs and other government regulations, which can affect continuity of supply and prices. In addition, disruptions, restrictions or limited availability of energy resources in markets where we have significant operations could lead to higher costs of production and eventually to production cutbacks at our facilities in such markets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in early 2021 we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> suffered gas and power shortages in Texas caused by a severe freeze affecting the United States and Mexico, which resulted in additional costs and production losses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Also, the Russian invasion of Ukraine in 2022, resulted in a spike in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">European energy costs.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, in early 2024, we experienced some delays in the delivery times to our customers in relation to orders that had to be diverted because of the ongoing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shipping crisis </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the Red Sea.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At any given time, we may be unable to obtain an adequate supply of critical raw materials with price and other terms acceptable to us. The availability and prices of raw materials may also be negatively affected by new laws and regulations, including import controls, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sanctions and other trade restrictions, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocation by suppliers, interruptions in production, accidents or natural disasters,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">armed conflicts, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">chronic climate change,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> changes in exchange rates, worldwide price fluctuations, and the availability and cost of transportation. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further information related to the impact on our business of the armed conflict in Ukraine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Key Information &#8211; Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Risks Relating to Our Business and Industry </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Raw material </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and energy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prices could also be affected by the introduction of carbon prices or taxes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, or as a result of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> changes in production processes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, such as an increased use of metal scrap, adopted by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> steelmaking companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> seeking to reduce </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">carbon</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">emissions. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we may not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">be able to recover, partially or fully, increased costs of raw materials and energy through increased selling prices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our products, or it may take an extended period of time to do so, and limited availability could force us to curtail production, which could adversely affect our sales and profitability.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our results of ope</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">rations and financial condition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> could be adversely affected by low levels of capacity utilization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> or failure to retain qualified workforce</span></p>
<p style="margin: 2pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Like other manufacturers of steel-related products, we have fixed and semi-fixed costs (e.g., labor and other operating and maintenance costs) that cannot adjust rapidly to fluctuations in product demand for several reasons, including operational constraints and regulatory restrictions.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If demand for our products falls significantly, or if we are unable to operate due to, for example, governmental measures or unavailability of workforce, these costs may adversely affect our profitability and financial condition. For example, in response to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the abrupt and steep</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">downturn of the oil and gas industry resulting from the oil c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">risis and the COVID-19 pandemic in 2020,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we were required to implement cost-containment measures and liquidity preservation initiatives, including</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reduction of our operating activities in several jurisdictions,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">temporary closure of facilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the United States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and review of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">capital expenditure plans. Temporary suspensions of operations or closure of facilities generally lead to layoffs of employees, as was our case during the oil crisis and the COVID-19 pandemic, which may in turn give rise to labor conflicts and impact operations. Cost containment measures may also affect profitability and result in charges for asset impairments. In </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">turn</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in times of economic growth and high </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">demand</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we may not be able to retain qualified workforce or hire additional employees soon enough. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example, during the post-pandemic recovery period, when we brought production at our Bay City mill to full capacity, we faced some difficulties in hiring skilled workers. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Moreover, certain consequences of climate change, such as shifts in customer preferences, stigmatization of our industry or failure to respond to shareholder demand</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for climate-related measures could negatively impact workforce management and planning, adversely affecting employee attraction and retention.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have significant operations in various countries, including Argentina, Brazil, Canada, China, Co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lombia, Indonesia, Italy,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mexico, Nigeria, Romania, Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the United Arab Emirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the United States, and we sell our products and services throughout the world. Therefore, like other companies with worldwide operations, our business and operations have been, and could in the future be, affected from time to time to varying degrees by political, economic, social and public health developments and changes in laws and regulations. These developments and changes may include, among others, nationalization, expropriation or forced divestiture of assets; restrictions on production, imports and exports; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">antidumping or countervailing duties; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">travel, transportation or trade bans; interruptions in the supply of essential energy inputs;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currency</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exchange and/or transfer restrictions, inability or increasing difficulties to repatriate income or capital or to make contract payments; inflation; devaluation; war or other </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">armed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> conflicts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(including the Russia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-Ukraine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> armed conflict and regional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conflicts in the Middle East and Africa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; civil unrest and local security concerns, including high incidences of crime and violence involving drug trafficking organizations that threaten the safe operation of our facilities and operations; direct and indirect price controls; tax increases </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(including retroactive) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">changes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the interpretation, application or enforcement of tax laws and other claims or challenges; cancellation of contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rights; and delays or denials of governmental approvals. Both the likelihood of such occurrences and their overall impact upon us vary greatly from country to country and are not predictable. Realization of these risks could have an adverse impact on the results of operations and financial condition of our subsidiaries located in the affected country and, depending on their materiality, on the results of operations and financial condition of Tenaris as a whole.</span> </p>
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<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">More specifically, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina and Mexico are countries in which we have significant operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and relevant risks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our busin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ess and operations in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> may be materially and adversely affected by economic, political, social, fiscal and regulatory developments, including the following:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Macroeconomic and political conditions in Argentina may adversely affect our business and operations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In December 2023, a new administration, led by President Javier </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Milei</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, took office in Argentina and announced a series of emergency measures to address the current critical economic situation with the objective </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">improving the macroeconomic situation and opening the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Argentine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> economy.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Certain measures were challenged in court by affected sectors. In addition, the new administration is struggling to get Congress&#8217;s approval for most of its reform proposals. It is uncertain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> extent </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Argentine government will </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">be able to implement its program, which requires major structural reforms, or adopt the announced measures, marked by a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> majority in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Congress unwilling to endorse and support the new government&#8217;s reforms, heightened conflict between the national government and provincial governors, court decisions setting aside some of the governmental measures, resistance by social and union leaders and general social and political unrest. Adverse economic and political conditions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">could cause a drop in demand for our products in the domestic market, adversely affecting our operations and financial results. Similarly, they could also negatively impact the business and operations of our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">customers (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oil and gas companies operating in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and consequently our revenues and profitability.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our business and operations in Argentina may be adversely affected by high inflation or by the measures that may be adopted by the government to address inflation. In particular, increases in services and labor costs could affect cost-competitiveness and margins, negatively </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impacting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our results of operations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An economic environment characterized by</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">high </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inflation could undermine Argentina&#8217;s foreign competitiveness in international markets and negatively affect economic activity and employment levels. Argentine inflation rate volatility makes it impossible to estimate with reasonable certainty the extent to which our activity levels and results of operations could be affected in the future. In addition, an increased level of labor demands in response to spiraling inflation could trigger higher levels of labor conflict</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and eventually result in strikes or work stoppages</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> involving our operations or those of our suppliers and customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Any such disruption of operations could have an adverse effect on our operations and financial results.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Other events that may have an adverse effect on our operations and financial results include increased taxes,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currency devaluation,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exchange controls, restrictions on capital flows and export and import taxes or restrictions.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Between September 2019 and December 2023, the Argentine government imposed significant restrictions on foreign exchange transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; however, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">new administration </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">certain restrictions and other changes to such regulations are expected</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t the date of this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the application of existing foreign exchange regulations remains uncertain,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the scope and timing of upcoming changes. Currently, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentine companies are required to repatriate export proceeds from sales of goods and services (including U.S. dollars obtained through advance payment and pre-financing facilities) and convert such proceeds into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ARS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at the official exchange rate. As from December 13, 2023, up to 20% of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate. This percentage has changed and is expected to change over time.<span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sovereign bonds were issued to pay imports of goods cleared and services rendered on or prior to December 12, 2023, but such bonds cover only a portion </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">total import debts. Import payments for services rendered and goods cleared after December 12, 2023, do not require government approval but cannot be paid in advance or at sight and are subject to deferred payment schedules. In addition, import payments are subject to import taxes that significantly increase prices of imported goods and services.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentine companies must </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">still </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">obtain prior Central Bank authorization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which is rarely</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (if ever)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> granted, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to access the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">make dividend payments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For additional information on current Argentine exchange controls and restrictions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> see &#8220;Additional Information &#8211; Exchange Controls &#8211; Argentina&#8221; and note 29 &#8220;Foreign exchange control measures in Argentina&#8221; of our audited consolidated financial statements included in this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The existing measures limit the ability of Argentine companies to obtain foreign currency and make certain payments and distributions out of Argentina at the official exchange rate. If control systems are maintained or are tightened, our operations could be adversely affected. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Given that the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">volatil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> uncertain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> environment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> remains as of the date of this annual report, additional regulations or restrictions could further restrict our ability to access the official foreign exchange market, expose us to the risk of losses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arising from fluctuations in the exchange rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> between the ARS and the USD</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cause</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> disruptions to our operations due to lack of imported raw materials and other inputs, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">affect our ability to finance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and even carry out</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">major</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investments in Argentina, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and/</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or impair our ability to convert and transfer outside the country funds generated by Argentine subsidiaries to pay dividends or royalties or make other offshore payments.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In recent years, our operations in Argentina experienced constraints in their electricity and natural gas supply requirements on many occasions. Shortages of energy and natural gas in Argentina have led in the past (and could lead in the future) to production cutbacks negatively affecting our revenues and profitability; we could also face increased costs when using</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> alternative sources of energy.</span></li> </ul>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="line-height: 1.2; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Mexico, our business could be materially and adversely affected by economic, political, social, fiscal and regulatory developments, including the fo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">llowing:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Mexican government exercises significant influence over the Mexican economy and, therefore, governmental actions concerning the economy and state-owned enterprises could have a significant impact on Mexico&#8217;s private sector and on our Mexican-related operations. </span></li>
<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We maintain a strong, longstanding relationship with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petr&#243;leos</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexicanos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;Pemex&#8221;), one of the world&#8217;s largest crude oil and condensates producers and one of our largest customers. Over the past several months, Pemex has delayed payments beyond the agreed-upon due dates, resulting in a significant credit exposure to Pemex, which represented approximately 20% of our overall credit exposure as of December 31, 2023. Historically we have not had any material write-offs due to uncollectible accounts receivable relating to this customer. Although we are in continuous conversations and Pemex is making partial payments on a periodic basis, at this stage we cannot predict whether or not our exposure to Pemex will be reduced, or the timing for any such reduction. If we are not able to reduce our exposure to Pemex and Pemex defaults on its payments, our revenues and profitability would be adversely affected.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our Mexican operations could also be affected by criminal violence, primarily due to the activities of drug cartels and related organized crime </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which has been increasing in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> over the last years</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Although the Mexican government has implemented various security measures and has strengthened its military and police forces, drug-related crime continues to exist in Mexico. Our business may be materially and adversely affected by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">these activities, their possible escalation and the violence associated with them.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the last few years, the Mexican government made various attempts to modify rules and regulations governing the energy market in Mexico with potential impact on energy supply and its cost. Since December 2018, the Mexican government has introduced numerous changes to electricity regulations, including a March 2021 amendment to the Energy Industry Law (&#8220;LIE&#8221;), and a bill to reform the Constitution, filed in October 2021 but then rejected by the Mexican Congress, which would have practically nationalized the electricity industry. These changes are part of Mr. L&#243;pez Obrador&#8217;s crusade against the previous administration&#8217;s 2013 energy reform and seek to grant priority to Mexico&#8217;s state-owned electric power generation and distribution company (&#8220;CFE&#8221;), over private generators in the supply of electric power to the Mexican market and mandate a revision of power generation and transaction agreements between CFE and independent electric power suppliers. The intended reforms were challenged in court by certain members of the Senate and by affected companies, many of which sought and obtained injunctive relief. In January 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Supreme Court ruled against the constitutionality of certain provisions of the LIE reform. In response, the Mexican President announced a new proposal for an ambitious constitutional reform, which covers a wide range of topics, including energy matters, with the intention of granting state-owned companies, particularly CFE and Pemex, priority over private companies on electricity dispatch. Uncertainty remains as to whether this new constitutional reform will be approved or if any new reforms will be introduced to the energy market rules and regulations, particularly in the context of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> upcoming presidential elections. Any such new amendment or measures could negatively affect the operations of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acero</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de Mexico S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. de C.V. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), the power plant in which Tenaris holds a 22% equity interest and which supplies electricity for most of our Mexican operations. At this stage, we cannot assess the potential effects of any new governmental initiative on the Mexican economy in general, and particularly on our local operations and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consequently, on the results of operations and financial conditions of our businesses in Mexico.</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the past, our operations in Mexico were disrupted due to union-led stoppages resulting from an internal dispute within the local union. Although our Mexican operations have not experienced any further disruptions caused by employee stoppages since 2020, we cannot assure that further disruptions will not occur in the future. Any future stoppage, strike, disruption of operations or new collective bargaining agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> could result in lost sales and could increase our costs, thereby affecting our results of operations.</span></li> </ul>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In February</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 2022, Russia launched a military </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">attack on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Ukraine. In response, the United States, the European Union and the United Kingdom, among other countries, have imposed a wave of sanctions against certain Russian institutions, companies and citizens. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Russian Government</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has retaliated by banning airlines from its airspace and has ordered economic counter measures, including restrictions on residents transferring foreign currency abroad. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">It has been two years since the conflict began and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> resolution </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and timing thereof </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">still </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">remains </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">uncertain. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Russia is a major supplier of oil and gas in Europe and worldwide, and Russia and Ukraine are both major global suppliers of internationally traded steelmaking raw material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and semi-finished steel products. As a result of the armed conflict and related sanctions, energy and commodity prices spiked upwards and foreign trade transactions involving Russian and Ukrainian counterparties have been severely affected. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A long-standing</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conflict makes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it hard to predict how energy and commodity prices will </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continue to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">behave as higher prices and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">possible</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shortages of energy and raw materials used in our steelmaking operations (including natural gas and electric energy, particularly in Europe, steel scrap, pig iron, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">direct reduced iron (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">DRI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, hot briquetted iron (&#8220;HBI&#8221;), ferroalloys, steel bars, coils and plates) would result in higher production costs and potential plant stoppages, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">affecting our profitability and results of operations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s a result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">existing or future </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">economic sanctions imposed on Russia, we or our contractors (including shipping companies) may not be able to continue purchasing products from, or making payments to, Ukrainian or Russian suppliers or counterparties; and we may not be able to promptly procure such raw materials from other suppliers, or we may be required to purchase raw materials at increased prices. </span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have suspended any sales to Russian customers or purchases from Russian suppliers that would breach applicable sanctions, and we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have closed our representative office in Moscow</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Furthermore</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in March 2022, we recorded an impairment in the amount of approximately $14.9 million, fully impairing our investment in our joint ve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nture in Russia with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Other ongoing armed conflicts, including the Middle East conflict and the ongoing shipping crisis in the Red Sea, may disrupt our operations, increase our costs, and adversely affect our delivery times.</span></p>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If we do not successfully implement our business strategy, our ability to grow, our competitive position and our sales and profitability may suffer</span></p>
<p style="margin: 2pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We plan to continue implementing our business strategy of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidating our position as a leading global supplier of integrated product and service solutions to the energy and other industries and adapting to the energy transition through reducing the carbon emissions in our operations and developing and supplying products and services for low-carbon energy applications</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as well as continuing to pursue strategic investment opportunities. Any of the components of our overall business strategy could cost more than anticipated (including as a result of increasing regulatory requirements aimed at transitioning to a lower-carbon economy), may not be successfully implemented or could be delayed or abandoned. For example, we may fail to create sufficient differentiation in our Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services to compensate the added costs of providing such services, or fail to find suitable investment opportunities, including acquisition targets that enable us to continue to grow and maintain or improve our competitive position. </span></p>
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<p style="margin: 2pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, acquisitions may be subject to challenges or investigations by governmental authorities, including antitrust and consumer-protection authorities. The costs of complying with authorization or investigation procedures may be significant. Also, antitrust authorities are looking very closely at the effects of acquisitions and may deny authorizations, impose conditions that may result in significant costs or deprive Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the advantages and expected synergies of acquisitions, or initiate investigation upon challenges brought by third parties. Challenges to acquisitions or other investments, and failure to obtain, or conditions imposed for the granting of, authorizations may </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prevent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or delay transactions, which could have an adverse effect on our financial condition and results of operations.</span></p>
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<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Even if we successfully implement our business strategy, it may not yield the expected results, or decisions by our joint venture partners may frustrate our initiatives. For example, we were forced to terminate our joint venture with JFE Holdings Inc. (&#8220;JFE&#8221;) with respect to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> K.K. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) as a result of JFE&#8217;s unilateral decision to close down operations at one of its steel complexes. For further information on the termination of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joint venture, please refer to note 36 &#8220;Termination of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joint venture&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our audited consolidated financial statements included in this annual report.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Future acquisitions, strategic partnerships and capital investments may not perform in accordance with expectations or may disrupt our operations and hurt our profits</span></p>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">One element of our business strategy is to identify and pursue growth-enhancing strategic opportunities. As part of that strategy, we regularly make significant capital investments and acquire interests in, or businesses of, various companies.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consistent with our growth strategy, we intend to continue considering strategic acquisitions, investments and partnerships from time to time to expand our operations and establish a local presence in our markets. We must necessarily base any assessment of potential acquisitions, joint ventures and capital investments on assumptions with respect to timing, profitability, market and customer behavior and other matters that may subsequently prove to be incorrect. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example, we negotiated the terms for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our $1.0 billion</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> acquisition of IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tubulars Inc. (&#8220;IPSCO&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in early 2019 based on assumptions made at that time, but due to the length of the antitrust review process, we were able to complete the acquisition only in 2020 under materially worse market circumstances. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our past or future acquisitions, significant investments and alliances may not perform in accordance with our expectations and could adversely affect our operations and profitability. In addition, new demands on our existing organization and personnel resulting from the integration of new acquisitions could disrupt our operations and adversely affect our operations and profitability. Moreover, as part of future </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquisitions, we may acquire assets that are unrelated to our business, and we may not be able to integrate these assets or sell them under favorable terms and conditions.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example, in November 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> completed the acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Corp</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oration&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) pipe coating business unit. The acquired business includes nine plants located in Canada, Mexico, Norway, Indonesia, the United Arab Emirates and the United States, and several mobile concrete plants. The business also includes world-class R&amp;D facilities in Toronto and Norway and a wide </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">intellectual property </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">product portfolio. The integration of the newly acquired business is expected to present particular challenges considering that the acquired business operations are spread over many jurisdictions, the acquisition results in the addition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nearly 2,800</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> employees to our workforce, and existing systems and processes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">need to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> be integrated into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">those of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 12pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Disruptions to our manufacturing processes could adversely </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">impact</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> our operations, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">affect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">customer servi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ce levels </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">reputation, or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">expose us to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> liability </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, consequently, adversely affect our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">financial results</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our steel pipe manufacturing processes depend on the operation of critical steelmaking equipment, such as electric arc furnaces</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;EAF&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, continuous casters, rolling mills, heat treatment and various operations that support them, such as our power generation facilities. Despite the investments we make to maintain critical production equipment, such equipment may incur downtime as a result of unanticipated failures or other events, such as fires, explosions, floods,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> earthquakes,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accidents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and severe weather conditions.</span></p>
<p style="margin: 2pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Similarly, natural disasters or severe weather conditions, including those related to climate</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">change</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> could significantly damage our production facilities and general infrastructure or affect the normal course of business. For example, our Mexican production facility located in Veracruz is located in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a region prone </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to earthquakes, and our Bay City facility in Texas, United States is located in an area prone to strong winds and hurricanes, and occasional floods. More generally, changing weather patterns and climatic conditions in recent years have added to the unpredictability and frequency of natural disasters</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on the risks associated with climate-change, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ee &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Key Information &#8211; Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Risks Relating to Our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Business and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Industry</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The physical risks resulting from c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">limate change, including extreme weather conditions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and shifts in weather pattern</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the past and may in the future adversely affect our operations and financial results&#8221;.</span></p>
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<p style="line-height: 1.2; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our operations may also be adversely affected as a result of work stoppages or other labor conflicts. In the past, our operations in Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">were disrupted due to union-led stoppages resulting from an internal dispute within the local union. Although our Mexican operations have not experienced any further disruptions caused by employee stoppages since 2020, we cannot assure that further disruptions will not occur in the future. In addition, in some of the countries in which we have significant production facilities (e.g., Argentina and Brazil), significant inflationary pressures and higher tax burdens could increase labor demands and could eventually generate higher levels of labor conflicts, which may result in operational disruptions.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, epidemics and other public health crises may disrupt our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as was the case during 2020 as a result of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">COVID-19 outbreak </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> some of our facilities or production lines were closed or shutdown.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 1.2; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Some of the previously described emergency situations could result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and in some cases ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> resulted,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in damage to property, delays in production or shipments and death or injury to persons.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="line-height: 1.2; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any of the foregoing could </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">expose us to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> liability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and affect our reputation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. To the extent that lost production or delays in shipments cannot be compensated for by unaffected facilities, such events could have an adverse effect on our profitability and financial condition. Additionally, we do not carry business interruption insurance, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the insurance we maintain for property damage and general liability may not be adequate or available to protect us under such events</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its coverage may be limited, or the amount of our insurance may be less than the related loss. For more information on our insurance coverage</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> see &#8220;Information on the Company &#8211; Business overview </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Insurance&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">We may be required to record a significant charge to earnings if we must reassess our goodwill or other assets as a result of changes in assumptions underlying the carrying value of certain assets, particularly as a consequence of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">deteriorating market conditions</span> </p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful life, including goodwill, are subject to impairment test</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s following IAS 36</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Impairment test</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in impairment charges</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Impairment charges</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the last three years </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shown below:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In December 2021, we recorded a charge of $57 million in connection with the expected termination of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joint venture.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In March 2022, i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n light of the armed conflict in Ukraine and the designation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> controlling shareholder as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">person </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">subject to</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EU and UK sanctions,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we recorded an impairment in the amount of approximately $14.9 million, fully impairing our investment in our joint venture in Russia with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">everstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on Tenaris&#8217;s operations involving Russia, see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">September</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, mainly due to the lower expectations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> steel demand and market steel prices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Brazil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, together with a worsened global macroeconomic situation that derived in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increase in discount rates, we wrote down our investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usinas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sider&#250;rgicas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de Minas Gerais S.A.(&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by $19.1 million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and in September 2023, we recorded a net loss of $25.5 million, related to the participation increase in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 13.08pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In December 2022, in the presence of impairment indicators, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> conducted impairment tests</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reviewed the values of certain idle assets in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and recorded</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> impairment charges of $76.7 million.</span></li> </ul> </div><div id="Dolht4eckvnkadbf4gb9sf6" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, goodwill amounted to $1,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million corresponding mainly ($920 million) to the acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Company (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) in 2007 and is allocated to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> cash generating units (&#8220;C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on impairment charges, please refer to note 5 &#8220;Impairment charge&#8221;,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">note 8 &#8220;Equity in earnings of non-consolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">companies&#8221; and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">note 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Investments in non-consolidated companies&#8221;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">audited consolidated financial statements included in this annual report.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Our results of operations and financial condition could be adversely affected by movemen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ts in exchange rates</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a global company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we manufacture and sell products throughout the world and a portion of our business is carried out in currencies other than the U.S. dollar, which is the Company&#8217;s functional and presentation currency. As a result, we are exposed to foreign exchange rate risk. Changes in currency values and foreign exchange regulations could adversely affect our financial condition and results of operations. For information on our foreign exchange rate risk, please see &#8220;Quantitative and Qualitative Disclosure About Market Risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Foreign Exchange Rate Risk&#8221;.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Changes in applicable tax regulations and resolutions of tax disputes could negatively affect our financial results</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are subject to tax laws in numerous foreign jurisdictions where we operate. The integrated nature of our worldwide operations can produce conflicting claims from revenue authorities in different countries as to the profits to be taxed in the individual countries, including disputes relating to transfer pricing. Most of the jurisdictions in which we operate have double tax treaties with foreign jurisdictions, which provide a framework for mitigating the impact of double taxation on our results. However, mechanisms developed to resolve such conflicting claims are largely untried and can be expected to be very lengthy.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In recent years, tax authorities around the world have increased their scrutiny of companies&#8217; tax filings and have become more rigid in exercising any discretion they may have. As part of this, in 2015, the Organization for Economic Co-operation and Development (&#8220;OECD&#8221;) proposed a number of tax law changes under its Base Erosion and Profit Shifting (&#8220;BEPS&#8221;) Action Plans to address issues of transparency, coherence and substance. Most of the countries in which we operate have already implemented those changes within their own domestic tax legislations.</span>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2019, the OECD launched a new initiative on behalf of the G20 under the format of a two pillars solution: Pillar One, aimed at minimizing profit shifting by working towards a global tax framework that ensures that corporate income taxes are paid where consumption takes place, and Pillar Two, aimed at introducing a global standard on minimum taxation, both combined with new tax dispute resolution processes. This project achieved OECD political consensus in October 2021. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">etailed principles on Pillar One are still under discussion. </span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In December 2021, the OECD released the Pillar Two model rules (the Global Anti-Base Erosion rules, or &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) to reform international corporate taxation. Following Pillar Two OECD&#8217;s initiative, the European Union adopted in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from January 1, 2024.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On December 20, 2023, the Luxembourg Parliament approved the Pillar Two law transposing the EU Pillar Two Directive into domestic legislation. The law </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">takes effect beginning in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fiscal years starting on or after December 31, 2023.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is within the scope of the rules, and therefore will be required to calculate its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> effective tax rate per jurisdiction and the 15% minimum rate, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">beginning in fiscal year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2024.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is in the process of assessing its exposure to the Pillar Two legislation and testing its situation under the OECD transitional safe harbor rules and expects no major impact</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> from the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> top-up tax due to the application of one or more of the transitional safe harbor rules.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Due to the complexities in applying the legislation and calculating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> income, the quantitative impact of the legislation is not yet reasonably estimable.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At the EU level, the European Commission adopted in 2016 its Anti-Tax Avoidance Directive (&#8220;ATAD&#8221;), later updated, modified and expanded by ATAD 2, which seeks to prevent tax avoidance by companies and to ensure that companies pay appropriate taxes in the markets where profits are effectively made and business is effectively performed. In addition, the European Commission drafted a directive aiming to avoid the use of shell entities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">TAD 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which, if approved and adopted by all EU members, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is expected to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> become effective </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2024.&#160;</span></p>
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<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Changes to tax laws and regulations in the countries where we operate require us to continually assess our organizational structure and could lead to increased risk of international tax disputes.</span></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our interpretation and application of the tax laws could differ from that of the relevant governmental taxing authority, which could result in the payment of additional taxes, penalties or interest, negatively affecting our profitability and financial condition. Significant uncertainties remain in relation to the potential adoption of the new regulations that might result from evolving initiatives like those launched by the OECD and the EU in relation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to international taxation that could impact negatively our financial condition, results of operations and cash flows.</span></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">If we do not comply with laws and regulations designed to combat corruption in countries in which we sell our products, we could become subject to governmental investigations, fines, penalties or other sanctions and to private lawsuits and our sales and profitability could suffer</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We operate and conduct business globally, including in certain countries known to experience high levels of corruption. Although we are committed to conducting business in a legal and ethical manner in compliance with local and international statutory requirements and standards applicable to our business, there is a risk that our employees, representatives, associates, affiliates, or other persons may take actions that violate applicable laws and regulations that generally prohibit offering or making of improper payments to any individual, including to government officials, for the purpose of obtaining a benefit or undue advantage or keeping business, as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">stated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the U.S. Foreign Corrupt Practices Act (&#8220;FCPA&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and other anti-corruption laws adopted by the main countries in which we operate, which impose strict criminal liability on companies for corrupt practices undertaken by their employees or representatives. In addition, we cannot give any assurance that we will detect all illegal activity that may have been conducted in the past at any acquired business.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Investigations by government authorities may occupy considerable management time and attention, weaken company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompliance culture and result in significant expenditures, fines, penalties or other sanctions, as well as private lawsuits. For information on matters related to the Company Business Conduct Compliance Program, please refer to our website on the matter </span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://www.tenaris.com/en/sustainability/governance-and-ethics/</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For example, upon learning that Brazilian, Italian and Swiss authorities were investigating whether certain payments were made prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petr&#243;leo</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brasileiro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;Petrobras&#8221;) and whether any such payments were intended to benefit Confab Industrial S.A. (&#8220;Confab&#8221;), the Audit Committee of the Company's </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors engaged external counsel in connection with the Company&#8217;s review of these matters. In addition, the Company voluntarily notified the SEC and the U.S. Department of Justice (&#8220;DOJ&#8221;) in October 2016. The Company conducted, with the assistance of external counsel, an internal investigation and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">found no evidence corroborating any involvement by the Company or its directors, officers or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">resolved the investigation by the SEC and the DOJ informed that it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the Company neither admit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> nor denie</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the SEC&#8217;s findings and on June 24, 2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;a civil penalty to conclude the matter.</span></p>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For information on matters related to the Petrobras-related proceedings and claims, please see</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> note 27 &#8220;Contingencies, commitments and restrictions of profits&#8221; to ou</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> audited c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial st</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">atements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in this annual report.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The cost of complying with environmental regulations and potential environmental and product liabilities may increase our operating costs and negatively impact our business, financial condition, resu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">lts of operations and prospects</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are subject to a wide range of local,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> state,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> provincial and national laws, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">local and international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">regulations, permit requirements and decrees relating to the protection of human health and the environment, including laws and regulations relating to hazardous materials and radioactive materials and environmental protection governing air emissions, water discharges and waste management. Laws and regulations protecting the environment have become increasingly complex and more stringent and expensive to implement in recent years. Additionally, international environmental requirements vary. While standards in the European Union, Canada, and Japan are generally comparable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(or more stringent than) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. standards, other nations, particularly developing nations, including China, have substantially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fewer or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">less</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rigorous</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> requirements that may give competitors in such nations a competitive advantage. It is possible that any international agreement to regulate emissions may provide exemptions and lesser standards for developing nations. In such case, we may be at a competitive disadvantage relative to competitors having more or all of their product</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ion in such developing nations.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Environmental laws and regulations may, in some cases, impose strict liability rendering a person liable for damages to natural resources or threats to public health and safety without regard to negligence or fault. Some environmental laws provide for joint and several strict liability for remediation of spills and releases of hazardous substances. These laws and regulations may expose us to liability for the conduct of or conditions caused by others or for acts that were in compliance with all applicable laws a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t the time they were performed.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Compliance with applicable requirements and the adoption of new requirements could have a material adverse effect on our consolidated financial condition, results of operations or cash flows. The costs and ultimate impact of complying with environmental laws and regulations are not always clearly known or determinable since regulations under some of these laws have not yet been promulgated or are undergoing revision. The expenditures necessary to remain in compliance with these laws and regulations, including site or other remediation costs, or costs incurred as a result of potential violations of environmental laws could have a material adverse effect on our financial condition and profitability. While we incur and will continue to incur expenditures to comply with applicable laws and regulations, there always remains a risk that environmental incidents or accidents may occur that may negatively affect ou</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r reputation or our operations.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The European CBAM aims at promoting emissions reductions worldwide by subjecting the import of certain products, including steel, from countries outside of the European Union to a carbon levy linked to the carbon price payable for goods produced in EU countries. CBAM entered into application in its transitional phase, on October 1, 2023, with the first reporting period for importers ending January 31, 2024. Starting on January 1, 2026, CBAM will enter into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">full </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">force and importers will need to obtain an authorization to import goods covered by CBAM, make annual statements on the quantity of goods imported into the EU and their embedded GHG emissions and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> CBAM certificates to cover their declared emissions.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our oil and gas casing, tubing and line pipe products are sold primarily for use in oil and gas drilling, gathering, transportation, processing and power generation facilities, which are subject to inherent risks, including well failures, line pipe leaks, blowouts, bursts and fires, that could result in death, personal injury, property damage, environmental pollution or loss of production. Any of these hazards and risks can result in environmental liabilities, personal injury claims and property damage fr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">om the release of hydrocarbons.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Defects in specialty tubing products could result in death, personal injury, property damage, environmental pollution, damage to equipment and fa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cilities or loss of production.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We normally warrant the oilfield products and specialty tubing products we sell or distribute in accordance with customer specifications, but as we pursue our business strategy of providing customers with additional services, such as Rig Direct&#174;, we may be required to warrant that the goods we sell and services we provide are fit for their intended purpose. Actual or claimed defects in our products may give rise to claims against us for losses suffered by our customers and expose us to claims for damages. The insurance we maintain will not be available in cases of gross negligence or willful misconduct, in other cases may not be adequate or available to protect us in the event of a claim, its coverage may be limited, canceled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or otherwise terminated, or the amount of our insurance may be less than the related impact on enterprise value after a loss. Similarly, our sales of tubes and components for the automotive industry subject us to potential product liability risks that could extend to being held liable for the costs of the recall of automobiles sold by car manufacturers and their distributors.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Limitations on our ability to protect our intellectual property rights, including our trade secrets, could cause a loss in revenue and an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">y competitive advantage we hold&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Some of our products or services, and the processes we use to produce or provide them, have been granted patent protection, have patent applications pending, or are trade secrets. Our business may be adversely affected if our patents are unenforceable, the claims allowed under our patents are not sufficient to protect our technology, our patent applications are denied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or our trade secrets are not adequately protected. Our competitors may be able to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">independently </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">develop technology that is similar to ours without infringing on our patents or gaining access to our trade secrets, which could adversely affect our financial condition, results of operations and cash flows.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Cyberattacks could have a material adverse impact on our bus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">iness and results of operation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">s</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We rely heavily on information systems to conduct our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and digital technologies have an increasingly significant role across our business. Although we devote significant resources to protect our systems and data and we continually monitor and evaluate the actual or potential impact of external developments and available information on threats and security incidents, we have experienced and will continue to experience varying degrees of cyber incidents in the normal conduct of our business, which may occasionally include sophisticated cybersecurity threats such as unauthorized access to data and systems, loss or destruction of data, computer viruses or other malicious code, phishing, ransomware, spoofing, cyberattacks and/or cybersecurity risks arising from service providers. These threats often arise from numerous sources, not all of which are within our control, such as fraud or malice from third parties, including fraud involving business email compromises, failures of computer servers or other accidental technological failures, electrical or telecommunication outages or other damage to our property or assets.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cybersecurity threats represent one of the most significant risks for most businesses.</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cyberattack attempts continued to increase throughout 2023. In particular, Microsoft has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reported</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that the manufacturing</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sector</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was the industry most subject to ransomware attacks in 2023. Experts agree that cyberattacks are increasing in sophistication and frequency and call for a global response to cybersecurity threats, and regulators are placing increased focus on cybersecurity and its effects.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cyber ecosystem risk is becoming more problematic. According to the World Economic Forum&#8217;s 2024 Global Cybersecurity Outlook, the gap between organizations that are cyber resilient and those that are fighting to survive is widening at an alarming rate and this phenomenon is particularly alarming in light of the interconnected nature of the cyber ecosystem. According to data set forth in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eport, 41% of the organizations that suffered a material incident in the past </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">twelve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> months attributed the incidents to a third party, and 54% of the organizations have insufficient visibility into the vulnerabilities of their supply chain.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, emerging technologies, like generative artificial intelligence (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">AI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), which are becoming available more widely and faster, are expected to exacerbate cyber resilience challenges. Approximately half of executives surveyed at the World Economic Forum&#8217;s annual meeting on cybersecurity stated that advances in adversarial capabilities (phishing, malware, deepfakes) present the most concerning impact of generative AI on cyber and fewer than one in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ten </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">respondents believe that in the next two years generative AI will give the advantage to defenders over attackers.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we continue</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">improving </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cybersecurity controls, processes and procedures to monitor, detect, evaluate and respond to hacking, malware infection, cybersecurity compromise and other risks. In addition, we continued with cybersecurity awareness and ethical phishing campaigns aimed at protecting us against cyberthreats, and tailored cybersecurity training programs addressed to our executives and employees.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Given the rapidly evolving nature of cyberthreats, there can be no assurance that the systems we have designed to prevent or limit the effects of cyber incidents or attacks will be adequate, and such incidents or attacks could have a material adverse impact on our systems. While we attempt to mitigate these risks, we remain vulnerable to additional known or unknown threats, including theft, misplacement or loss of data, programming errors, employee errors and/or dishonest behavior that could potentially lead to the compromising of sensitive information, improper use of our systems or networks, as well as unauthorized access, use, disclosure, modification or destruction of such information, systems and/or networks. If our systems for protecting against cybersecurity risks are circumvented or breached, this could also result in disruptions to our business operations (including but not limited to, defective products, production downtimes or loss of productivity), access to our financial reporting systems, the loss of access to critical data or systems, misuse or corruption of critical data and proprietary information (including our intellectual property and customer data), as well as</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">damage to our reputation with our customers and the market, failure to meet customer requirements, customer dissatisfaction and/or</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">regulatory fines and penalties (including for inadequate protection of personal data and/or failure to notify the competent authorities for such breach), damages and harm to the environment and people, or</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other financial costs and losses. In addition, given that cybersecurity threats continue to evolve, we will be required to devote additional resources in the future to enhance our protective measures or to investigate and/or remediate any cybersecurity vulnerabilities.</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, although we periodically consider cyber insurance coverage options, we do not currently maintain cybersecurity insurance, and the insurance we carry for</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">property damage and general liability may not be adequate or available to protect us from damages derived from cyberthreats or coverage may be limited.</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Moreover, any investigation of a cyberattack would take time before completion, during which we would not necessarily know the extent of the actual or potential harm or how best to remediate it, and certain errors or actions could be repeated or compounded before duly discovered and remediated (all or any of which could further increase the costs and consequences arising out of such cyberattack).</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8239;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, failure to adequately and timely monitor and evaluate our hardware and software systems and applications to prevent or manage technology obsolescence risks may result in increased costs, increased operational risk of service failure, loss of technology competitiveness and reputation.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on cybersecurity, please refer to &#8220;Cybersecurity&#8221;.</span></p>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Relating to the Structure of the Company </span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The Company&#8217;s dividend payments depend on the results of operations and financial condition of its subsidiaries and could be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">restric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ted by legal, contractual or o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ther limitations or tax changes</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is a holding company and conducts all its operations through subsidiaries. Dividends or other intercompany transfers of funds from those subsidiaries are the Company&#8217;s primary source of funds to pay its expenses, debt service and dividends and to repurchase shares or ADSs.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The ability of the Company&#8217;s subsidiaries to pay dividends and make other payments to us will depend on their results of operations and financial condition. If earnings and cash flows of the Company&#8217;s operating subsidiaries are substantially reduced, the Company may not be in a position to meet its operational needs or to pay dividends. In addition, such dividends and other payments could be restricted by applicable corporate and other laws and regulations, including those imposing foreign exchange controls or restrictions on the repatriation of capital or the making of dividend payments, and agreements and c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ommitments of such subsidiaries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For information concerning potential restrictions on our ability to collect dividends from certain subsidiaries, see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Key Information &#8211; Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Risks Relating to Our Business and Industry &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221; and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Financial Information &#8211; Consolidated Statements and Other Financial Information &#8211; Dividend Policy&#8221;.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160;&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s ability to pay dividends to shareholders is subject to legal and other requirements and restrictions in effect at the holding company level. For example, the Company may only pay dividends out of net profits, retained earnings and distributable reserves and premiums, each as defined and calculated in accordance with Luxembourg law and regulations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the Company&#8217;s dividend distributions (which are currently imputed to a special tax reserve and are therefore not subject to Luxembourg withholding tax) may be subject to Luxembourg withholding tax if current Luxembourg tax law were to change.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">The Company&#8217;s controlling shareholder may be able to take actions that do not reflect the will or best </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">interests of other shareholders</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span dir="ltr" style="line-height: inherit;">As of December 31, 2023, San Faustin beneficially owned 60.45% of the Company&#8217;s issued share capital. San Faustin&#8217;s share percentage ownership will increase if the cancellation of the shares repurchased by the Company under its share buyback program is approved at the upcoming extraordinary general meeting of shareholders, scheduled to be held on April 30, 2024. Rocca &amp; Partners Stichting Administratiekantoor Aandelen San Faustin (&#8220;RP STAK&#8221;) holds voting rights in San Faustin sufficient to control San Faustin. As a result, RP STAK is indirectly able to elect a substantial majority of the members of the Company&#8217;s board of directors and has the power to determine the outcome of most actions requiring shareholder approval, including, subject to the requirements of Luxembourg law, the payment of dividends. The decisions of the controlling shareholder may not reflect the will or best interest of other shareholders. In addition, the Company&#8217;s articles of association permit the Company&#8217;s board of directors to waive, limit or suppress preemptive rights in certain cases. Accordingly, the Company&#8217;s controlling shareholder may cause its board of directors to approve in certain cases an issuance of shares for consideration without preemptive rights, thereby diluting the minority interest in the Company. See &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to shares and ADSs &#8211; Holders of shares and ADSs in the United States may not be able to exercise preemptive rights in certain cases&#8221;.&#160;</span></span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risks Relating to shares and ADSs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Holders of shares or ADSs may not have access to as much information about </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> as they would in the case of a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">domestic issuer</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160; &#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">There may be less publicly available information about </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> than is regularly published by or about </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">domestic issuers. Also, corporate and securities regulations governing Luxembourg companies may not be as extensive as those in effect in other jurisdictions and U.S. securities regulations applicable to foreign private issuers, such as the Company, differ in certain respects from those applicable to U.S. domestic issuers. Furthermore, IFRS, the accounting standards in accordance with which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> prepare</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consolidated financial statements, differ in certain material aspects from U.S. GAAP.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For a summary of the significant ways in which the Company&#8217;s corporate governance practices differ from the corporate governance standards required for domestic companies by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">New York Stock Exchange (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NYSE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, see</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Corporate Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Summary of differences with NYSE standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights afforded to shareholders</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain shareholders&#8217; rights under Luxembourg law, including the rights to participate and vote at general meetings of shareholders, to include items on the agenda for the general meetings of shareholders, to receive dividends and distributions, to bring actions, to examine our books and records and to exercise appraisal rights may not be available to holders of ADSs, or may be subject to restrictions and special procedures for their exercise, as holders of ADSs only have those rights that are expressly granted to them in the deposit agreement. Deutsche Bank Trust Company Americas, as depositary under the ADS deposit agreement, or the Depositary, through its custodian agent, is the registered shareholder of the deposited shares underlying the ADSs, and therefore only the Depositary can exercise the shareholders&#8217; rights in connection with the deposited shares. For example, if </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> make</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a distribution in the form of securities, the Depositary is allowed, at its discretion, to sell the right to acquire those securities on your behalf and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">instead distribute the net proceeds to you. Also, under certain circumstances, such as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> failure to provide the Depositary with voting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> materials</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on a timely basis, you may not be able to vote at general meetings of shareholders by giving instructions to the Depositary. If the Depositary does not receive voting instructions from the holder of ADSs by the prescribed deadline, or the instructions are not in proper form, then the Depositary shall deem such holder of ADSs to have instructed the Depositary to vote the underlying shares represented by ADSs in favor of any proposals or recommendations of the Company (including any recommendation by the Company to vote such underlying shares on any given issue in accordance with the majority shareholder vote on that issue), for which purposes the Depositary shall issue a proxy to a person appointed by the Company to vote such underlying shares represented by ADSs in favor of any proposals or recommendations of the Company. Under the ADS deposit agreement, no instruction shall be deemed given and no proxy shall be given with respect to any matter as to which the Company informs the Depositary that (i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it does not wish such proxy given, (ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it has knowledge that substantial opposition exists with respect to the action to be taken at the meeting, or (iii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the matter materially and adversely affects the rights of the holders of ADSs. </span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Holders of shares and ADSs in the United States may not be able to exercise preemptive rights in certain cases</span></p>
<p style="margin: 5pt 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to Luxembourg corporate law, existing shareholders of the Company are generally entitled to preferential subscription rights (preemptive rights) in the event of capital increases and issues of shares against cash contributions. Under the Company&#8217;s articles of association, the board of directors has been authorized to waive, limit or suppress such preemptive subscription rights. Notwithstanding the waiver of any preemptive subscription rights, any issuance of shares for cash within the limits of the authorized share capi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tal shall be subject to the pre</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">emptive subscription rights of existing shareholders, except (i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any issuance of shares (including without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into shares) against a contribution other than in cash; and (ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any issuance of shares (including by way of free shares or at discount), up to an amount of 1.5% of the issued share capital of the Company, to directors, officers, agents, employees of the Company, its direct or indirect subsidiaries or its affiliates (or, collectively, th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eneficiaries), including without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares or similar instruments convertible or exchangeable into shares, issued for the purpose of compensation or incentiv</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e of the b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eneficiaries or in relation thereto (which the board of directors shall be authorized to issue upon such terms and conditions as it deems fit).</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For further details, see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Corporate Governance Statement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Corporate Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Holders of ADSs in the United States may, in any event, not be able to exercise any preemptive rights, if granted, for shares underlying their ADSs unless additional shares and ADSs are registered under the U.S. Securities Act of 1933, as amended, (&#8220;Securities Act&#8221;), with respect to those rights, or an exemption from the registration requirements of the Securities Act is available. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> intend</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to evaluate, at the time of any rights offering, the costs and potential liabilities associated with the exercise by holders of shares and ADSs of the preemptive rights for shares, and any other factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consider</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> appropriate at the time, and then to make a decision as to whether to register additional shares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may decide not to register any additional shares, requiring a sale by the Depositary of the holders&#8217; rights and a distribution of the proceeds thereof. Should the Depositary not be permitted or otherwise be unable to sell preemptive rights, the rights may be allowed to lapse with no consideration to be received by the holders of the ADSs.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;">&#160; &#160;&#160;</p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">It may be difficult to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">obtain or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">enforce judgments against </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> outside Luxembourg</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160; &#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">soci&#233;t&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> organized under the laws of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Grand Duchy of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Luxembourg, and most of its assets are located in other jurisdictions. Furthermore, most of the Company&#8217;s directors and officers reside in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> jurisdictions. As a result, investors may </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">not be able</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to effect service of process upon </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> directors or officers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Investors may also not be able to enforce against </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> directors or officers in the investors&#8217; domestic courts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> judgments predicated upon the civil liability provisions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> domestic laws of the investors&#8217; home countries. Likewise, it may be difficult for investors not domiciled in Luxembourg to bring an original action in a Luxembourg court predicated upon the civil liability provisions of other securities laws, including U.S. federal securities laws, against the Company, its directors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> officers. There is also uncertainty with regard to the enforceability of original actions of civil liabilities predicated upon the civil liability provisions of securities laws, including U.S. federal securities laws, outside the jurisdiction where such judgments have been rendered; and enforceability will be subject to compliance with procedural requirements under applicable local law, including the condition that the judgment does not violate the public policy of the applicable jurisdiction.</span></p>
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<div style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN8_2122024123415940" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Information on the Company</span></a></div>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the world&#8217;s energy industry and other industrial applications. Our customers include most of the world&#8217;s leading oil &amp; gas companies, and we operate an integrated network of steel pipe manufacturing, research, finishing and service facilities with industrial operations in the Americas, Europe, the Middle East, Asia and Africa.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Although our operations are focused on serving the oil &amp; gas industry, we also supply pipes and tubular components for non-energy applications</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. We</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> develop</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and supply</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> products and services for low-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arbon energy applications such as geothermal wells, waste-to-energy (bioenergy) power plants, hydrogen storage and transportation, and carbon capture and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">storage</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;">&#160;&#160;</p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Through an integrated global network of R&amp;D, manufacturing, and service facilities, and a team of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 people worldwide, we work with our customers to meet their needs in a timely manner, observing the highest levels of produ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ct performance and reliability.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<div style="margin: 0pt 0pt 12pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN10_212202412354881" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">History and Development of the Company</span></a></div>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">The Company</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">soci&#233;t&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">organized under the laws of the Grand Duchy of Luxembourg established on December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">17, 2001. The Company&#8217;s registered office is located at 26 Boulevard Royal, 4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Floor, L-2449, Luxembourg.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Its agent for U.S. federal securities law purposes is Tenaris Global Services (U.S.A.) Corporation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;TEUS&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, located at 2200 West Loop South, Suite 800, Houston, TX 77027.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Tenaris</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris began with th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e formation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the sole Argentine producer of seamless steel pipe products, by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> predecessor in Argentina in 1948. We grew organically in Argentina and then, in the early 1990s, began to evolve beyond this initial base into a global business through a series of strategic investments. As of the date of this annual report, our investments include controlling interests in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> several manufacturing companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A., an Argentine welded steel pipe manufacturer;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the sole Mexican producer of seamless steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.p.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a leading Italian producer of seamless steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab, the leading Brazilian producer of welded steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Algoma Tubes Inc.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">AlgomaTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Canadian producer of seamless </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and welded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S.C. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Silcotub</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Silcotub</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a leading Romanian producer of seamless steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Maverick</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tube Corporation (&#8220;Maverick&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a U.S. producer of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seamless and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">welded steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aribe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Ltda. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aribe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), a welded</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mill producing OCTG products including finishing of welded and seamless pipes, line pipe products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and couplings in Colombia;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a North American manufacturer of premium connection products for oil and gas drilling production;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">PT Seamless Pipe Indonesia Jaya </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SPIJ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an Indonesian OCTG processing business with heat treatment and premium connection threading facilities;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris Qingdao Steel Pipes Ltd. (&#8220;Tenaris Qingdao&#8221;), a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hinese producer of premium joints</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">couplings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and tubular components for airbags</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pipe Coaters Nigeria Ltd. (&#8220;Pipe Coaters&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> leading company in the Nigerian coating industry;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris Bay City</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Inc. (&#8220;Tenaris Bay City&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a state-of-the-art seamle</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ss pip</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e mill in Bay City, Texas;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Saudi Steel Pipe Company (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a Saudi produce</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r of welded steel pipe products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a North American manufacturer of seamless and welded steel pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; </span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baogang</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baotou</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Steel Pipes, Ltd.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;TBSP&#8221;), a Chinese company that owns a premium connection threading facility in Baotou, China, in which we have a 60% interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></li>
<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Global Pipe Company (&#8220;GPC&#8221;), a Saudi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which manufactures longitudinal submerged arc welded (&#8220;LSAW&#8221;) pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li> </ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>27</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<ul>
<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Bredero</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Shaw International BV (&#8220;BSIBV&#8221;) and its subsidiaries, which hold the pipe coating business recently acquired from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sucker rod</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;businesses in various countries.</span></li> </ul>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n addition, we own a 50% participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> B.V. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), a Dutch company that holds a network of specialized procurement companies, with our affiliate Ternium S.A. (&#8220;Ternium&#8221;) holding the remaining 50%.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also own strategic interests in:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ternium, one of the leading flat steel producers of the Americas with operating facilities in Mexico, Brazil, Argentina, Colombia, the southern United States and Central America;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span><br/></li>
<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> electric power plant in Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have established a global network of pipe finishing, distribution and service facilities with a direct presence in most major oil and gas markets and a global network of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R&amp;D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> centers.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For information on Tenaris&#8217;s principal capital expenditures and divestitures, see &#8220;Information on the Company &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Business Overview &#8211; Capital Expenditure Program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<div style="margin: 0pt 0pt 12pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN11_2122024123526801" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Overview</span></a></div>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our business strategy is to consolidate our position as a leading global supplier of integrated product and service solutions to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> energy and other industries and to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">adapt to the energy transition through reducing the carbon emissions in our operations and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on developing and supplying products and services for low-carbon energy applications by:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.43pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pursuing strategic investment opportunities in order to further strengthen our presence in local and global markets;</span></li> </ul>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.43pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">expanding our comprehensive range of products and developing new products designed to meet the needs of customers operati</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ng in challenging environments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including low carbon energy applications, such as hydrogen and carbon capture and storage;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.43pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enhancing our offer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of technical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, digital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">supply chain integration </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">services designed to enable customers to optimize </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">well planning and integrity, simplify operations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and reduce overall operating costs; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.43pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">securing an adequate supply of production inputs and reducing the manufacturing costs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and carbon intensity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of our core products.</span></li> </ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>28</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Pursuing strategic investment opportunities and alliances</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a solid record of growth through strategic investments and acquisitions. We pursue selective strategic investments and acquisitions as a means to expand our operations and presence in select markets, enhance our global </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">competitive position and capitalize on potential operational synergies. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2023, for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> example</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completed the construction of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a wind farm in Argentina at a cost of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">200</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is expected to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reduce Tenaris&#8217;s CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions in that country by 15</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons per year and supply close to 50% of the energy requirements at the integrated seamless pipe mill in Campana, Argentina.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors approved</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an investment plan to build a second wind farm in Argentina at a cost of approximately $214 million, which would supply a further 30% of the current energy requirements of the facilities in Campana and reduce the CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions a further 102,500 tons per year. This investment is expected to be completed during 2025.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SSPC completed the acquisition of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">22.3% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">interest in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GPC from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Erndtebruecker</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Eisenwerk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a German company that owned </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">35% interest in GPC, for a purchase price of $6.3 million paid in cash. SSPC already owned</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35% interest in GPC,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> following </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completion of this transaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> SSPC holds </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">57.3% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aggregate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">interest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GPC</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we began to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidate its balances and results of operations since May 2023.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab completed the acquisition of 11.0 million ordinary shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for approximately BRL110 million (approximately $23 million) in cash</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increasing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; share capital to 3.96%.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n Italian subsidiary of the Company acquired all of the assets and related rights, duties, liabilities and contracts of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mediterranean </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S.r.l.&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) anticorrosion coating division</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, renamed &#8220;Tenaris Coating&#8221;,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for EUR9.0 million (approximately $9.8 million).</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> U.S. subsidiary of the Company acquired all of the assets and related rights, duties, liabilities and contracts of Republic Tube</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> OCTG pipe processing facility in Houston, Texas </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$90.5 million.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">One </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the Company&#8217;s subsidiaries acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> from</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 100% of the shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">BSIBV,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which holds </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe coating business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Shawcor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $182.6 million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, subject to a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> customary price adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our track record on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the ac</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">quisition </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is described above </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;History and Develo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pment of the Company &#8211; Tenaris&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Expanding our range of products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> including the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">development of new products for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">energy transition</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have developed an extensive range of high-value products suitable for most of our customers&#8217; operations using our network of specialized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R&amp;D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facilities and by investing in our manufacturing facilities. As our customers expand their operations, we seek to supply high-value products that reduce costs and enable them to operate safely in challenging environments, including those for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">low-carbon</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> applications </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">associated with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the energy transition.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As suppliers of tubular products and services to the energy industry, the energy transition currently underway provides an important opportunity to develop new products and services for potentially fast-growing segments like hydrogen transportation and storage, carbon capture and s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">torage</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;CCS&#8221;) and geothermal installations. We have developed a range of technologies that are particularly suited for use in hydrogen storage and transportation, where we are seeing growth in demand for large, high-pressure vessels used in the build out of hydrogen refueling stations for heavy-duty vehicles and buses in Europe and California. We are also seeing increasing interest from customers for developing CCS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and geothermal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> projects.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Enhancing our offer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> of technical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, digital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">supply chain integration</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> services - Rig Direct<span style="font-size: 8pt; line-height: inherit;"><sup>&#174;</sup></span> - and extending their global deployment</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We continue to enhance our offer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Rig Direct<span style="font-size: 8pt; line-height: inherit;"><sup>&#174;</sup></span> services and extend their deployment worldwide. For many years, we have provided these services, managing customer inventories and directly supplying pipes to their rigs on a just-in-time basis, complemented by technical advice and assistance on the selection of materials and their use in the field, in markets like Mexico and Argentina. In response to changes in market conditions and the increased focus of customers on reducing costs and improving the efficiency of their operations, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the extent and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">deployment of our Rig Direct&#174; services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has been</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> extended throughout North America and in other markets around the world (e.g.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Colombia, North Sea, Romania</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rab </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and now include digital and more extensive supply chain integration services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Through the provision of Rig Direct<span style="font-size: 8pt; line-height: inherit;"><sup>&#174;</sup></span> services, we seek to integrate our operations with those of our customers using digital technologies to shorten the supply chain and simplify operational and administrative processes, as well as technical services for well planning and well integrity, to reduce costs, improve safety and minimize environmental impact. They are also intended to differentiate us from our competitors and further strengthen our relationships with customers worldwide </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> long-term agreements.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe coating business unit, with nine plants located in Canada, Mexico, Norway, Indonesia, the United Arab Emirates and the United States, and several mobile concrete plants, and of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> anticorrosion coating division is expected to complement Tenaris&#8217;s products and solutions providing greater capabilities and specialization in end-to-end concrete weight, anti-corrosion, and flow assurance coating solutions for offshore and onshore pipelines.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Securing inputs for our manufacturing operations</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We seek to secure our existing sources of raw material and energy inputs, and to gain access to new sources of low-cost inputs which can help us maintain or reduce the cost of manufacturing our core products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reduce the carbon emissions intensity of our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> over the long term. We aim to achieve a vertically integrated value chain for our production. To this end, we purchase most of our supplies through </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a specialized procurement company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ownership</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of which</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we share with Ternium. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> offers us integral procurement solutions, supplier sourcing activities; category organized purchasing; suppliers&#8217; performance administra</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tion; and inventory management.</span></p>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Competitive Strengths</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We believe our main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> competitive strengths include:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our global production, commercial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">distribution </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and service </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">capabilities, offering a full product range with flexible supply options backed up by local service capabilities in important oil and gas producing and indus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trial regions around the world;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our ability to develop, design and manufacture tec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hnologically advanced products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and provide value-added services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our solid and diversified customer base and historic relationships with major international oil and gas companies around the world, and our strong and stable market shares in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> most of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the countries in which we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> have manufacturing operations;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our proximity to our customers;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our human resources around the world with their diverse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> knowledge and skills;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our low-cost operations, primarily at state-of-the-art, strategically located production facilities with favorable access to raw materials, energy and labor, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a solid track-record of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> operating experience; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our strong financial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> condition.</span></li> </ul>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Business Segments</span></p>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has one major business segment, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which is also t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he reportable operating segment.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All other business activities and operating segments that are not required to be separately reported, are disclosed in the &#8220;Others&#8221; segment. </span></p>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the energy industry, particularly casing and tubing used in oil and gas drilling operations, and line pipe used in the transportation and processing of oil and gas, but also other industrial applications. Our production processes include the production of steel and its transformation into tubular products. Business activities included in this segment are mainly dependent on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">worldwide </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oil and gas industry, as this industry is a major consumer of steel pipe products. Demand for steel pipe products </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and services f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rom the energy industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of such wells. Major oil and gas companies are beginning to adapt their strategies and increase their investments in renewable energies to address the energy transition while maintaining their capability to mee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t market demand for oil and gas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and reducing the emissions from their operations. As the energy transition advances, demand for our products and services from low-carbon energy applications, such as geothermal, hydrogen and carbon capture and storage, is expected to increase while demand for oil and gas applications may decrease.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales made through local subsidiaries.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Others</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> segment include</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> all other business activities and operating segments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the production and s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ale</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of sucker rods, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plumbing and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">construction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> applications</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, coiled tubing used in oil and gas extraction activities, oil and gas services including fracking and coiled tubing services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the recently acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">coating business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> others, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the sale of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy and raw materials that exceed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">internal requirements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on our business segments, see &#8220;II C. Accounting Policies &#8211; Segment information&#8221; to our audited consolidated financial statements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in this annual report.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Our Products</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our principal finished products are seamless and welded steel casing and tubing, line pipe and various other mechanical and structural steel pipes for different uses. Casing and tubing are also known as oil country tubular goods </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OCTG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. We manufacture our steel pipe products in a wide range of specifications, which vary in diameter, length, thickness, finishing, steel grades, coating, threading and coupling. For </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">more</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> complex applications, including high pressure and high temperature applications, seamless steel pipes are usually specified and, for some standard applications, welde</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d steel pipes can also be used.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In addition to oil and gas applications, many of our products can also be used in low-carbon energy applications, such as geothermal, hydrogen and carbon capture and storage.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Casing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Steel casing is used to sustain the walls of oil and gas w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ells during and after drilling.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tubing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Steel tubing is used to conduct crude oil and natural gas to the surface after drilling has been</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> completed.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Line pipe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Steel line pipe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> used to transport crude oil and natural gas from wells to refineries, storage tanks and lo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ading and distribution centers.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Mechanical and structural pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mechanical and structural pipes are used by general industry for various applications, including the transportation of other forms of gas a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nd liquids under high pressure.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Cold-drawn pipe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The cold-drawing process permits the production of pipes with the diameter and wall thickness required for use in boilers, superheaters, condensers, heat exchangers, automobile production and several</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> other industrial applications.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Premium joints and couplings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Premium joints and couplings are specially designed connections used to join lengths of steel casing and tubing for use in high temperature or high pressure environments. A significant portion of our steel casing and tubing products are supplied with premium joints and couplings. We own an extensive range of premium connections, and following the integration of the premium connections business of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we have marketed our premium connection products under the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">TenarisHydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> brand name. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we hold licensing rights to manufacture and sell the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Atlas Bradford</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> range of premium connections outside the United States and we own the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ultra</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221; and &#8220;TORQ&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> range</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of premium connections.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Coiled tubing.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Coiled tubing is used for oil and gas drilling and well work</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">overs and for subsea pipelines.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">roducts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> and services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also manufacture sucker rods used in oil extraction activities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plumbing and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">construction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> applications, oilfield / hydraulic fracturing service</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">coating services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which are expected to be enhanced following our recent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> acqui</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and we engage in other activities, such as the sale of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy and raw materials that exceed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inter</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nal requirements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Production Process and Facilities</span></p>
<p style="margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We operate relatively low-cost production facilities, which we believe is the result of:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">state-of-the-art, strategically located plants;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">favorable access to high quality raw materials, energy and labor at competitive costs;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operating history of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">almost</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0 years, which translates into solid industrial know-how;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">constant benchmarking and best-practices sharing among the different facilities;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increasing specialization of each of our facilities in specific product ranges; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">extensive use of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">digital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">technolog</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in our production processes.</span></li> </ul>
<p style="margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our seamless pipes production </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and processing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">facilities are located in North and South America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Asia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ur welded pipes production facilities are located in North and South America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also produce steel bars in the United States, Mexico, Argentina, Italy and Romania using the scrap-based electric arc furnace process that results in relatively low carbon emissions compared to primary steelmaking processes. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to our pipe threading and finishing facilities at our integrated pipe production facilities, we have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and/or pipe accessory threading facilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">manufacture</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in accordance with the specifications of the American Petroleum Institute </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">API</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and premium joints in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Canada, China,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Ecuador, Indonesia, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Kazakhstan, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Nigeria, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Saudi Arabia, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited Kingdom and the United States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and a new premium OCTG threading facility in Abu Dhabi, U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rab Emirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We produce couplings in Argentina, China, Colombia, Indonesia, Mexico and Romania, and pipe fittings in Mexico.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we have sucker rods production facilities in Argentina, Brazil, Mexico, Romania, and the United States and a coiled tubing production facility in the United States.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> We also have a global network of pipe coating plants in United States, Canada</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mexico, Norway, Indonesia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">United Arab Emirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Brazil, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Nigeria, Italy and Colombia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>32</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="break-after: avoid; line-height: 1.2;;margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows our aggregate installed production capacity of seamless and welded steel pipes and steel bars at the dates indicated as well as the aggregate actual production vol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">umes for the periods indicated.</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> At</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">ended</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">31, </span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="background-color: #fffcfc; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 70%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">Thousands of tons</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Steel Bars</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 24pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Effective Capacity (annual) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(1)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,485 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,485 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,485 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-indent: 24pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Actual Production </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,726 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,746 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,141 </span></p> </td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Tubes &#8211; Seamless</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-indent: 24pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Effective Capacity (annual) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(1)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,677 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,937 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,937 </span></p> </td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 24pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Actual Production </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,188 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,347 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 2,736 </span></p> </td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Tubes &#8211; Welded</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 24pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Effective Capacity (annual) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; vertical-align: super; line-height: inherit;">(1)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,190 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,977 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,778 </span></p> </td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-indent: 24pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Actual Production </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 953 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 527 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 237 </span></p> </td> </tr> </tbody> </table>
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<td colspan="2"><sub><span style="line-height: inherit;"><span style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(1)</span></span></span></sub><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;&#160;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Effective annual production capacity is calculated based on standard productivity of production lines, theoretical product mix allocations, the maximum number of possible working shifts and a continued flow of supp</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">lies to the production process.</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>In 2023 the calculation of annual production capacity was<span style="line-height: inherit;">&#160;</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">revised</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>and comparative figures were restated to adapt them to the new methodology.</span></td> </tr> </tbody> </table>
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<p style="line-height: 1.2; margin: 0pt 0pt 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">capacity of seamless </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tubes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">decreased due to the closure of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTube</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">apacity of welded tubes increased due to the consolidation of GPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Production Facilities &#8211; Tubes</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">North America</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we have a fully integrated seamless pipe manufacturing facility, a threading pla</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nt and a pipe fittings facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the United States, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">one steel shop, two seamless pipe rolling mills, four welded pipe manufacturing f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acilities and f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> threading plants; and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Canada</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> an integrated facility with capacity for seamless and welded pipes plus a threading plant. </span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Mexico</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Mexico, our fully integrated seamless pipe manufacturing facility is located near the major exploration and drilling operations of Pemex, about 13 kilometers from the port of Veracruz on the Gulf of Mexico. Situated on an area of 650 hectares, the plant includes two state-of-the-art seamless pipe mills and has an installed annual production capacity of approximately 1,230,000 tons of seamless steel pipes (with an outside diameter </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">range of 2 to 20 inches) and 1,20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0,000 tons of steel bars. The plant is served by two highways and a railroad and is close to the port of Veracruz, which reduces transportation costs and facilitates product shipments to export markets.</span></p>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Veracruz facility comprises:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a steel shop, including an electric arc furnace, refining equipment, vacuum degassing, five-strand continuous caster and a cooling bed;</span> <br/></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a multi-stand pipe mill, including a rotary furnace, direct piercing equipment, mandrel mill with retained mandrel, sizing mill and a cooling bed;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a premium quality finishing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">PQF</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> technology mill (2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 7 inches), including a rotary furnace, direct piercing equipment, mandrel mill with retained mandrel, sizing mill and a cooling bed;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a pilger pipe mill, including a rotary furnace, direct piercing equipment, a reheating furnace, sizing mill and a cooling bed;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">six finishing lines, including heat treatment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lines</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, upsetting machines and threading and inspection equipment;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a cold-drawing mill; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 10pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">automotive components production </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">center</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Veracruz, located near our fully integrated seamless pipe manufacturing facility, we have a threading plant, which produces premi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">um connections and accessories.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to the Veracruz facilities, we operate a manufacturing facility near Monterrey in the state of Nuevo Le&#243;n, Mexico, for the production of weldable pipe fittings. This facility has an annual production capacit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">y of approximately 15,000 tons.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">United States</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the United States we have the f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ollowing production facilities:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Koppel, Pennsylvania</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquired in 2020, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the facility</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">located on an area of 89 hectares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and consists of a steel shop </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with an annual production capacity of approximately 430,000 tons</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of steel bars and a heat treatment line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> This facility supplies steel bars </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">both</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our Bay City and Ambridge </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seamless pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rolling mills.</span> </p>
<p style="margin: 10pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Bay City, Texas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Our 1.2 million square f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t greenfield seamless mill</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">located on an area of 552 hectares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The facility is the result of an investment of $1.8 billion and includes a state-of-the-art rolling </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ill wit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h a capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">757</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons per year (with an outside diameter range of 4 &#189; to 9 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">/</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches), as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">heat treatment line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a finishing line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a logistics center.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Bay City facility comprises:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a retained mandrel mill PQF;</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a fully automated intermediate warehouse;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a heat treatment line; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a finishing line.</span></li> </ul>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Ambridge, Pennsylvania</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> seamless rolling mill located on an area of 19 hectares,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a capacity of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pproximately 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">57</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons per year (with an outside diameter rang</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through 5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">).</span></p>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table> </div><div id="Dssjldf6z64f276mn6u4w88" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Hickman, Arkansas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> This facility, which is our main U.S. welded production facility and covers an area of 78 hectares, processes steel coils to produce ele</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ctric resistance welded (&#8220;ERW&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> OCTG and line pipe with an outside diameter range from 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 16 inches and has an annual production capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,104</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons. It includes:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a plant comprising two </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">welding lines</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> producing 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through 5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches API products with two finishing lines and two heat treatment lines;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a plant comprising of a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">welding line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> producing 6 through 16 inches API products </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a finishing line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a coating facility coating sizes up to 16 inches.</span></li> </ul>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Blytheville, Arkansas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: Located 2.5 miles from our Hickman facility; this facility produces ERW OCTG and performs finishing operations including heat treatment, inspection, upsetting and threading. The facility has f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> lines: one welding line </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">producing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 4 &#189; inches outside diameter pipe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with an annual production capacity of approximately 200,000 tons</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; one </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eat </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reatment line, one inspection line and one threading line for pipes between 2 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 5 &#189; inches outside diameter.</span></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Conroe, Texas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: Located in an area of approximately 26 hectares north of Houston, Texas and has a capability of processing pipes with an outside diameter from 4 &#189; to 8 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches. The plant has four production lines: one ERW welding line with a capacity of approximately 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">22</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons; one heat treatment line, one inspection line and one threading line.</span></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Baytown, Texas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Located in an area of approximately 25 hectares east of Houston, Texas the facility heat-treats and finishes OCTG. The facility has six lines: one heat treatment, and one inspection line with outside diameter capability from 4 &#189; to 7 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches and four </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hreading lines capable of processing pipes 4 &#189; to 13 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches outside diameter with a capacity of 220,000 tons.&#160;</span></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Wilder, Kentucky:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Located near the natural gas deposits of the Marcellus Shale, this 113 hectares facility produces both ERW casing and line pipe from 7 to 16 inches outside diameter. The facility has two lines: one welding line with annual capacity of 360,000 tons; and one finishing line. Additionally this facility has a coating line. This facility is currently idle.</span></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we have facilities for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">heat treatment, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">threading and finishing pipes in Houston, Texas and Brookfield, Ohio.</span> </p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Canada</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Canada, we have a manufacturing facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> located</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in an area of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">45</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> hectares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Sault Ste. Marie, near the mouth of Lake Superior in the province of Ontario. The facility includes a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seamless pipe hot rolling mill (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">retained mandrel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mill and stretch reducing mill)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a welded pipe ERW mill, a heat treatme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nt line, three finishing lines (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">one with threaders for A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">PI and semi-premium connections)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">remium threading line.</span></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For seamless, the effective annual production capacity is 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">71</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons with an outside diameter range of 3 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to 9 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inches. We mainly use steel bars produced by our facilities in Romania, Italy, Mexico, Argentina and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">United States.</span></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For welded, the effective an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nual production capacity is 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">000 tons. The outside diameter range of the line is from 4 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to 12 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inches. The facility includes a slitter, which cuts the master coils into the required dimensions for each </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outside diameter</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The line </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">commenced operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the second half of 2022 as part of an investment plan to repo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our industrial footprint </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> strengthen the competitiveness and domestic production capabilities of the Canadian market.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we have a threading facility in Nisku, Alberta, near the center of Western Canadian drilling area. The facility has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">twelve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> computer numerical control (&#8220;CNC&#8221;) lathes dedicated to premium connections and accessories, including related repairs.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>35</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">South America</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we have a fully integrated seamless pipe facility. In addition, we have welded pipe manufacturing facilities in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina, Brazil and Colombia.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Argentina</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our principal manufacturing facility in South America is a fully integrated plant o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n the banks of the Paran&#225; river, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">near the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">city</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Campana, approximately 80 kilometers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> north from the c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ity of Buenos Aires, Argentina. Situated on over 300 hectares, the plant includes a state-of-the-art seamless pipe facility and has an effective annual production capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">794</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons of seamless steel pipe (with an outside diameter range of 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 10</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches) an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d 1,300,000 tons of steel bars.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Campana facility comprises:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.28pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">DRI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> production plant;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.28pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a steel shop with two production lines, each including an electric arc furnace, refining equipment, four-strand conti</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nuous caster and a cooling bed;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.28pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two continuous mandrel mills, each including a rotary furnace, direct piercing equipment and a cooling bed and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> one of them</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> also inc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">luding a stretch reducing mill;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.28pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seven finishing lines, including heat treatment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lines</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, upsetting machines, threading and inspection eq</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">uipment and make-up facilities;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.28pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a cold-drawing mill; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.28pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a port on the Paran&#225; river for the supply of raw materials and the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shipment of finished products.</span></li> </ul>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our local</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">electric en</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ergy requirements are satisfied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through purchases in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the local market and by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a 35 megawatts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">power generating plant located within </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Campana </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">since </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">October 2023, from our new wind farm, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">required an investment of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately $200 million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and is able to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">supply close to 50% of the energy requirements at the integrated seamless pipe mill in Campana, Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The new wind farm is expected to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reduce Tenaris&#8217;s CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 7pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions in that country by 15</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons per year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 1, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> approved an investment plan to build a second wind farm in Argentina at a cost of approximately $214 million, which would supply a further 30% of the current energy requirements of the facilities in Campana and reduce the CO</span><span style="font-size: 7pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: sub; line-height: inherit;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions by a further 102,500 tons per year. This investment is expected to be completed during 2025.&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to our main integrated seamless pipe facility, we also have two welded pipe manufacturing facilities in Argentina. One is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> located at Valent&#237;n </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Alsina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> south </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the city of Buenos Aires. This</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility includes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ERW</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">submerged arc welding (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SAW</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rolling mills with one spiral line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a coating line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The facility processes steel coils and plates to produce welded steel pipes with an outside diameter range of 4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 5.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to 80 inches, which are used for the conveying of fluids at low, medium and high pressure and for mechanical and structural purposes. The facility has an annual product</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ion capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">620</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ns. The other welded facility,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> located at Villa </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Constituc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i&#243;n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the province of Santa Fe,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has an annual production capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">123</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons of welded pipes with an outside diameter range of 1 to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 1pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Brazil</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Brazil, we have the Confab welded pipe manufacturing facility, located in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pindamonhangaba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Moreira Cesar, 160 kilometers northeast from the city of S&#227;o Paulo. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sites have a combined area of around 150 hectares and include an ERW rolling mill, a SAW longitudinal rolling mill as well as pipe finishing and coating lines. The facility processes steel coils and plates to produce welded steel pipes with an outside diameter range from 5 1&#8260;2 to 48 inches for various applications, including OCTG and Line Pipe for oil, petrochemical and gas applications. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> weld-on connectors for conductor casings, the facility also supplies anticorrosive coating made of extruded polyethylene or polypropylene, external fusion bonded epoxy, thermal insulation, concrete weight coating and paint for internal pipe coating. The facility has an annual production capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">654</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Colombia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> and Ecuador</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Colombia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aribe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> welded</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pipe manufacturing facility in Cartagena, on an area of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hectares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with an estimated annual ERW production capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">105</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons. The facility also includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a state-of-the-art finishing plant for seamless pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with a</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">total estimated annual </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">finishing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">capacity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of approximately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">25</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0,000 tons</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> produces OCTG and line pipe products </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with an outside diameter range of 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and includes</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ERW </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mills</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, one heat treatment line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, one slotting line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and three threading lines, including premium connections capacity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Inspection lines and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">materials testing laboratories </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">complete the production facility. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A 2 to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inches diameter multilayer coating facility complements our line pipe production facilities.</span><br/></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we have a coupling shop with</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nspection and finishing line</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The shop </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> an estimated annual production capacity of 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3 million pieces, including API and premium threads.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Ecuador</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we have a threading and finishing facility with an annual capacity of 35,000 tons, and a service center which is designed to support our Rig</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> strategy, both situated in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Machachi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Europe</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Europe, we have several seamless pipe manufacturing facilities in Italy and one in Romania</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prem</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ium connection threading facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">United Kingdom</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Italy</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our principal manufacturing facility in Europe is an integrated plant located in the town of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the industrial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">area</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Bergamo, about 40 kilometers from Milan in northern Italy. Situated on an area of 150 hectares, the plant includes a state-of-the-art seamless pipe mill and has an annual production capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">766</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons of seamless steel pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with an outside diameter range of 5.7 to 28 inches, mainly from carbon, low alloy and high alloy steels for diverse applications. The facility also includes a steel shop with a capacity of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 935,000 tons of steel bars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for processing at our facilities in Italy and elsewhere.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility comprises:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a steel shop, including an electric arc furnace, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">three</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ladle furnaces, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> vacuum degassing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> two continuous casters with their own cooling beds;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a retained mandrel mill with two in-line-high-productivity finishing lines including one heat treatment;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a rotary expander with a finishing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">line including a heat </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">treatment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two premium connection threading lines</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also have a production facility, located in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Arcore</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, about 25 kilometers from Milan in northern Italy. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Arcore</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility, which covers an area of approximately 26 hectares and comprises a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Diescher</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mill with associated finishing lines. Production is concentrated in heavy-wall mechanical pipes with an outside diameter range of 1.89 to 8.62 inches. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Arcore</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility has an annual production capacity of approximately 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">44</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e main facility mentioned above, we also have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Costa </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Volpino</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">comprises a cold-drawing mill and an auto components facility producing cold-drawn carbon, low alloy and high alloy steel pipes with an outside diameter range of 0.47 to 15 inches, mainly for automotive, mechanical and machinery companies in Europe. The Costa </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Volpino</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility has an annual production capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">55</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">facility at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sabbio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">manufactures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> gas cylinders with an annual production capacity of approximately 14,000 tons or 270,000 pieces, and a large vessels pla</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nt inside the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a production capacity of around </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2,500</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">finished </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pieces per year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">newly acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility located in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Villamarzana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, comprising land, anticorrosion equipment and utilities. This facility is located approximately 200 kilometers from our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plant and is close to the main Adriatic ports used for our exports. The facility covers an area of approximately 5 hectares and covers the full range of anticorrosion solutions for the oil and gas industry. </span></li> </ul>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In order to reduce the cost of electrical energy at our operations in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a gas-fired, combined heat and power station wit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h a capacity of 120 megawatts in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our operations in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consume a share of the power generated at the power station</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sufficient capacity to meet almost the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">entire </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">electric power requirements of these operations. The additional energy needed to cover </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consumption peaks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the excess energy produced are purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and sold to the market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> while heat is sold for district heating.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Romania</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a seamless steel pipe manufacturing facility in northwest Romania,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on an area of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">37</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> hectares,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> located in the city of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Zalau</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 530 kilometers from Bucharest. The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> seamless</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility includes a hot rolling mill and has an annual production capacity of approximately 25</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seamless pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The plant produces carbon and alloy steel tubes with an outside diameter range of 0.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 6.26 inches for hot rolled tubes and 0.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 4.72 inches for cold drawn tubes.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a steelmaking facility in southern Romania,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on an area of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">19</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> hectares,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> located in the city of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Calarasi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with an an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nual steelmaking capacity of 620</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000 tons, supplying steel bars for European operations as well as to other rolling mills in our industrial system.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The industrial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">facilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Romania comprise:</span></p>
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<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.82pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a steel shop including an electric arc furnace, a ladle furnace and a continuous caster;</span></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.82pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a floating mandrel mill;</span></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.82pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">four finishing lines, including heat treatment lines, upsetting machine, line pipe, threading, make-up and inspection equipment facilities;</span></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.82pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a coupling shop;</span></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.82pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an accessories line;</span></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.82pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a cold-drawing plant with finishing area; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.97pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">automotive and hydraulic cylinders components&#8217; production machinery.</span></li> </ul>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">United Kingdom</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a premium line threading facility, located in Aberdeen, in the northern United Kingdom. The facility covers an area of 2 hectares. Production is concentrated in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">corrosion resistant alloys (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CRA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> grade, local accessories </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">original equipment manufacturing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and a hub to service customers working in the North Sea region. The facility has an annual production capacity of approximately 24,000 pieces, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a production range of 2 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: super; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8260;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 20 inches.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Asia Pacific, Middle East and Africa</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Asia Pacific, Middle East and Africa, we have two welded pipe manufacturing facilities in Saudi Arabia. We also have threading facilities in Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">United Arab Emirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, China, Indonesia, Kazakhstan and Nigeria, and premium joints and couplings facilities in China and Nigeria.</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Saudi Arabia</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a controlling participation in SSPC, a welded steel pipe producer, which operates five production lines and produces welded pipes for the local oil &amp; gas industry (OCTG and line pipe) and for the industrial and construction sectors. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The facility is situated in Dammam, Saudi Arabia on a surface of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">100</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> hectares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Annual capacity is 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0,000 tons covering a diameter range from &#189; to 20 inches. We also have a threading facility for the production of premium joints and accessories in Saudi Arabia, with an annual production capacity of 120,000 tons.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SSPC holds a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">57.3% interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in GPC, a company established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with an annual capacity of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> approximately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">213</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,000</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tons.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">United Arab Emirate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">s&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the United Arab Emirates, we have a new state-of-the-art threading facility in Abu Dhabi, on an area of approximately 20 hectares, with an annual </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">finishing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> capacity of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">70,000 tons. Tenaris&#8217;s facility is the first local OCTG threading facility of its scale in the United Arab Emirates that can cater to Abu Dhabi National Oil Company&#8217;s (&#8220;ADNOC&#8221;) premium technology demand.</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">China</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We own a facility for the production of premium joints and couplings in Qingdao, on the east coast of China. The facility has an annual production capacity of approximately 40,000 tons of premium joints. Additionally, we have a facility that produces components for the local automotive industry.</span></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, under our agreement with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baogang</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Steel Pipes (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baogang</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">operate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">TBSP, which owns </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> steel pipe premium connection threading plant to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">produce OCTG products in Baotou, China</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with an annual capacity of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">45,000</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tons. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenari</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s holds 60% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of TBSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baogang</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">owns the remaining 40%.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Indonesia</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e hold 89.17% of SPIJ, an OCTG processing business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> situated in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cilegon</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Indonesia,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with heat treatment, premium connection threading facilities, coupling shop and a quality-testing laboratory, including an ultrasonic testing machine, which has an annual processing capacity of approximately 120,000 tons. We also have a premium joints accessories threading facility in the state of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Batam</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Kazakhstan</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e have a premium threading facility in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Aktau,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Kazakhstan. Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> state-of-the-art facility has the capacity to produce 45,000 tons of OCTG annually for threading seamless pipes and gas-tight premium connections to serve the local market.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Nigeria</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have a facility dedicated to the production of premium joints and couplings located in Onne</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Nigeria</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">comprises a threading facility for both API and premium connections with an annual production capacity of approximately 40,000 tons, inspection facilities and a stockyard. In addition, we own a 40% participation in Pipe Coaters, a leading company in the Nigerian pipe coating industry, located in Onne, which supplies a wide variety of products and services for the oil and gas industry, such as internal, anticorrosion, concrete and thermal insulation coatings for onshore and offshore (including deepwater) applications.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Production Facilities &#8211; Others</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have facilities for the manufactur</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of sucker rods in Villa Mercedes (San Luis, Argentina), Moreira Cesar (S&#227;o Paulo, Brazil), Veracruz (Mexico), Campina (Romania) and Conroe (Texas, United States). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our total annual manufacturing capacity of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sucker rods is a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pproximately 3.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million units.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we have equipment to provide oil and gas services, including fracking and coiled tubing services.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In the first half of 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plan to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> invest $65 million to double our service capacity by incorporating new equipment and developing a new operating base.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Italy, we have the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Piombino</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility, which covers an area of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">67 hectares and comprises a hot-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dip galvanizing line and associated finishing facilities. Production is focused </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> small diameter seamless pipe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> finishing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> construction and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plumbing applications in the domestic ma</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rket, such as residential water, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">gas transport</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and firefighting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Piombino</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility has an annual production capacity of approximately 100,000 tons.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, we have specialized facilities in the Houston area producing coiled tubing and umbilical tubing:</span></p>
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<li style="font-family: Symbol; font-size: 8pt; margin: 0pt 0pt 12pt 8.68pt; padding-left: 19.67pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A coiled tubing facility of approximately 150,000 square feet of manufacturing space on 4 hectares. The plant consists of two mills and coating operations capable of producing coiled tubing products in various grades, sizes and wall thicknesses. A new continuous heat treatment line has been recently installed.</span> <br/></li>
<li style="font-family: Symbol; font-size: 8pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.68pt; padding-left: 19.67pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An umbilical tubing facility of approximately 85,000 square feet of manufacturing space on 6 hectares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">While this </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">facility is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">currently idle, it has the capacity to produce s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tainless or carbon steel tubing in various grades, sizes and wall thickness.</span></li> </ul>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In November 2023, we acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe coating business unit, with nine plants located in Canada (Edmonton, Alberta), Mexico (Veracruz), Norway (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Orkanger</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), Indonesia (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Batam</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> City), the United Arab Emirates (Ras Al Khaimah) and the United States (Channelview, Texas), and several mobile concrete plants, which complement Tenaris&#8217;s global industrial footprint. The business also includes world-class R&amp;D facilities in Toronto and Norway and a wide intellectual property product portfolio.</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sales and Marketing</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Net Sales</span></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our total net sales amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">14</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">869</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">11</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">763</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2022</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$6,521 million in 2021</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For further information on our net sales see &#8220;Operating and Financial Review and Prospects &#8211; Results of Operations&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows our net sales by business segment for the periods indicated therein:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Tubes</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 14,185 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 11,133 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 5,994 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">92%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Others</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 684 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">5%</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 630 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">5%</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 528 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">8%</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 5.4px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 14,869 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 11,763 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 6,521 </span></p> </td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">100%</span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Tubes</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table indicates, for our Tubes business segment, net sales by geographic region:</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="6" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </span></p> </td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Tubes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">- North America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 7,572 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">53%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 6,796 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">61%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,240 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">54%</span></p> </td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">- South America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,067 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">22%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 2,213 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">20%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 1,051 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">18%</span></p> </td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">- Europe</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 1,055 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">7%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 867 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">8%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 622 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">10%</span></p> </td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">- Asia Pacific, Middle East &amp; Africa</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 2,491 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">18%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 1,257 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">11%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 1,081 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">18%</span></p> </td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Total Tubes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 14,185 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 11,133 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 5,994 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">100%</span></p> </td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">North America</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales to customers in North America accounted for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 53</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of our sales of tubular products and services in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">compared to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">61</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have significant sales and production facilities in each of the United States, Canada and Mexico, where we provide customers with an integrated product and service offering based on local production capabilities supported by our global industrial system. In the past few years, we have extended our integrated product and service model, which we call Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span>, throughout North America, and we operate a seamless pipe mill at Bay City, Texas, which is strategically located to serve the Eagle Ford and Permian regions. On January 2, 2020, we acquired IPSCO, a U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> seamless and welded pipe producer, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and, in September 2023, we acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Republic Tube&#8217;s OCGT</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe processing facility in Houston with heat treatment and threading operations, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">further strengthen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our local production capabilities and capacity to provide Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services in the United States. Under Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span>, we manage the whole supply chain from the mill to the rig for customers under long-term agreements, integrating mill production with customer drilling programs, reducing overall inventory levels and simplifying operational </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and administrative </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">processes. We first introduced the Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> model to Pemex in Mexico in 1994, and since then we have supplied them with pipes on a just-in-time basis. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Today, we supply a large majority of our U.S. and Canadian customers for OCTG products with Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services.</span><br/></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales to our oil and gas customers in the United States and Canada are highly sensitive to oil prices and regional natural gas prices. Over the past fifteen years, the drilling of productive shale gas and tight oil reserves, made possible by new drilling technology, has transformed drilling activity and oil and gas production in the United States and Canada. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The United States has gone from being the largest global importer of oil to the largest global producer of crude oil and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">LNG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. U.S. crude oil production has increased from 5.6 million b/d in 2011 to 13.3 million b/d at the end of 2013 and has been the largest contributor to meeting growth in global oil demand during this period as well as bring</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the United States close to becoming a net exporter. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This rapid increase in production, however, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contributed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, at times,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to an excess of supply in the global oil market and consequent fall in the price of oil. In 2020, the impact of the COVID-19 pandemic led to a sudden and substantial reduction in global oil demand in the first half of 2020 and a collapse in oil prices. Global oil demand and prices have now effectively recovered, along with economic activity, as COVID-19 vaccination programs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rolled out, and OPEC and other producer countries, including Russia, implemented production cuts to lower supply below demand and reduce inventory levels. At the same time, U.S. shale producers </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">restrained investments in response to the post COVID-19 recovery of oil prices as they face financial market pressures to increase returns to shareholders and limit investments in production growth.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Similarly, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">natural gas production has risen rapidly over the past decade and the United States</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">became a net exporter of natural gas for the first time in 2017 and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in 2023 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">bec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">me </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the largest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exporter of LNG to global markets. In Canada, there has been a similar shift towards drilling of shale gas and tight oil reserves.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">drop</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in oil prices with the onset of the COVID-19 pandemic in the first half of 2020 resulted in a collapse in U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> drilling activity, with the number of active rigs falling to the lowest level recorded in over 40 years. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Crude oil production also fell back to 11.3 million b/d in each of 2020 and 2021, from 12.3 million b/d in 2019. However, si</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nce then, there </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a steady recovery in U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> drilling activity through 2021 and 2022 with the number of active rigs plateauing below pre-pandemic levels at the end of 2022. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">however, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">drilling activity decline</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d moderately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the second half</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the year</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reflecting lower oil prices compared to the levels reached in 2022, while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">North American natural gas prices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">also declined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> due to increasing production</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">low level of demand in the winter heating season</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and capacity limits on LNG exports</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The level of drilling activity in North America, and consequently demand for our products and services, could also be affected by actions taken by the governments of the region to accelerate the energy transition by reducing demand for oil and gas and restricting drilling activity.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2020, demand for, and sales of, our OCTG products in the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Canada collapsed along with drilling activity. As a result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we closed down many of our facilities in the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and, we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dismantled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our Prudential welded pipe mill in Calgary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Canada</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> integrate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> welded pipe production at our seamless pipe mill in Sault Ste</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Marie, Ontario. Towards the end of 2020, demand </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and sales of OCTG in the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Canada began a recovery which continued throughout 2021 and 2022. During this recovery </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">period </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we reopened many of the facilities we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">had </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shut down in 2020 and brought production at our Bay City mill to full capacity. A particular feature of this recovery was the exceptional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">price levels for hot rolled coil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the North American market which made the production of welded pipes uneconomic throughout 2021 and delayed the restart of U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> welded pipe production into 2022. The ramp up of production capacity in the United States was further affected by difficulties in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hiring</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">qualified workforce</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the post-COVID economy. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023, despite the slowdown in drilling activity, demand and consumption of OCTG products remained close to the levels seen in 2022, as average OCTG consumption per rig increased along with drilling efficiencies. </span></p>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2018, the U.S. government introduced</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ection 232</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tariffs and quotas on the imports of steel products, including steel pipes, with the objective of strengthening domestic production capacity utilization and investment. The proportion of the OCTG market supplied by imports initially declined from around 60% prior to the imposition of tariffs and quotas to around 40% at the end of 2018</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CTG imports</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsequently rose </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to around 50% during the recovery from the pandemic when U.S. production was constrained </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">but</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has fallen to 40% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during 2023 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as distributors reacted to a rise in inventory levels by cutting back on OCTG import purchases.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="background-color: #ffffff; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="background-color: #ffffff; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On October 27, 2021, the DOC initiated antidumping duty investigations on OCTG imports from Argentina, Mexico, and Russia and countervailing duty investigations of OCTG from Russia and South Korea. On</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">October 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 2022, the ITC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that the imports under investigation caused injury to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OCTG industry.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris and other parties have appealed the agency determinations from the investigation to the Court of International Trade. In addition, in response to a request from the Government of Argentina, the World Trade Organization (&#8220;WTO&#8221;) established a panel of experts to consider whether the DOC&#8217;s antidumping order applicable to Argentina is consistent with the international obligations of the United States.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a result of the investigation,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unless overturned on appeal, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is required to pay antidumping duties </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at a rate of 78.30% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for imports </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and 44.93%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for imports</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) while the order is in effect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has been paying antidumping duty deposits since</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">May 11, 2022, reflecting the amount of such deposits in its costs. The deposit rates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> be reset periodically based on the results of the administrative review process. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">It is possible that, through the periodic review process, the deposits may be either returned to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in whole or in part, or may be increased.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our sales in the United States are also affected by the level of investment of oil and gas companies in exploration and production in offshore projects.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Oil and gas drilling in Canada is subject to strong seasonality, with the peak drilling season in Western Canada being during the winter months when the ground is frozen. During the spring, as the ice melts, drilling activity is severely restricted by the difficulty of moving equipment in muddy terrain.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On June 30, 2021, Canada initiated an antidumping investigation on OCTG from Mexico. A full investigation was conducted and on January 26, 2022, the Canadian International Trade Tribunal found that Mexican imports were not injuring the Canadian OCTG industry and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">closed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the inquiry without imposing any duties.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Mexico, we have enjoyed a long and mutually beneficial relationship with Pemex, the Mexican state-owned oil company, and one of the world&#8217;s largest crude oil and condensate producers. In 1994, we began supplying Pemex with Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services. At the end of 2022, we renewed our long-term agreement with Pemex for an additional three-year period.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At the end of 2013,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexico reformed its constitution to allow increased private and foreign investment in the energy industry, including through participation in profit and production sharing contracts and licenses, and Pemex has been transformed into a state-owned production company but ceased to have a monopoly on production. In the last few years, the Mexican government made various attempts to modify rules and regulations governing the energy market in Mexico with potential impact on the energy supply and its cost. Recently, the Mexican President announced a new proposal for an ambitious constitutional reform, which covers a wide range of topics, including energy matters, with the intention of granting state-owned enterprises, particularly CFE and Pemex, priority over private companies on electricity dispatch. Pemex is charged with reversing production declines and in response, has been delaying payments to suppliers, including Tenaris. For more information on the proposed reform to the energy market in Mexico and our credit exposure to Pemex, see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221;.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Drilling activity in Mexico and demand for our OCTG products dropped only slightly in 2020 as the country was protected from lower oil prices by a price hedging program. Over the past t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hree</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> years, drilling activity in Mexico has increased moderately as the Mexican government and Pemex implemented measures to reverse production decline while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">some </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investments pursuant to the energy reform process </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are being</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> implemented cautiously.</span> </p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">South America</span></p>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales to customers in South America accounted for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">22</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of our sales of tubular products and services in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our largest market in South America is Argentina. We also have significant sales in Brazil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Colombia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Guyana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. We have manufacturing subsidiaries in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina, Brazil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Colombia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Ecuador</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, while in Guyana, we provide in-country services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our sales in South America are sensitive to the international price of oil and its impact on the drilling activity of participants in the oil and gas sectors, as well as to general economic conditions in these countries. In addition, sales in Argentina, as well as export sales from our manufacturing facilities in Argentina, are affected by governmental actions and policies, such as the taxation of oil and gas exports, measures affecting gas </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and gasoline </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prices in the domestic market and other matters affecting the investment climate.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales in Brazil are also affected by governmental actions and policies and their consequences, such as measures relating to the taxation and ownership of oil and gas production activities and the operations of Petrobras. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information, please see &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; Adverse economic or political </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ability and financial condition&#8221;.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A principal component of our marketing strategy in South American markets is the establishment of long-term supply agreements and Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services with national and international oil and gas companies operating in those markets. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Argentina, we have a significant share of the market for OCTG products. We have longstanding business relationships with YPF S.A. (&#8220;YPF&#8221;), the Argentine state-controlled company, and with other operators in the oil and gas sector. We strengthened our relationship with YPF in 2013 through a long-term agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was renewed for an additional five-year term at the beginning of 2022, under which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provid</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services with the objective of reducing YPF&#8217;s operational costs as it aims to increase production through investments in Argentina&#8217;s shale oil and gas reserves. Drilling activity fell significantly during 2019 after </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> electoral process in Argentina. In 2020, our sales were affected by ongoing uncertainties regarding the energy policies that would be adopted by the incoming government as well as the onset of the COVID-19 pandemic. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Activity </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recovered during the last three years. The principal restraint on further increases in activity, particularly in the Vaca </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Muerta</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shale play, is the lack of pipeline capacity for exporting oil and for transporting gas to the main consumption centers in Buenos Aires. New pipeline infrastructure is being installed; the first phase of a new gas pipeline and two oil export pipelines were completed in 2023 and further pipeline infrastructure is expected over the next years. We reactivated our welded pipe mill in Valentin </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Alsina</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, province of Buenos Aires, to supply pipes for the pipelines already constructed and supplemented deliveries with welded pipes from our mill in Brazil.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Brazil, we have a longstanding business relationship with Petrobras. We supply Petrobras with casing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and tubing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(including premium connections) and line pipe products, many of which are produced in our Brazilian welded pipe facility, for both offshore and onshore applications. More recently, we have increased the sale of imported seamless products to Petrobras for offshore use, including the supply of seamless casing with premium connections, accessories and Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services for use in the pre-salt area and seamless line pipe for use in offshore risers. With the development of Brazil&#8217;s deepwater pre-salt complex, our mix of products sold in Brazil has evolved from one including mainly line pipe for onshore pipeline projects to one which includes large diameter conductor and surface casing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, intermediate and production casing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and line pipe for use in deepwater applications. In 2020, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the onset of the COVID-19 pandemic and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">collapse in oil prices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Petrobras reduced its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onshore drilling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> operations to focus on pre-salt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> offshore developments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2022 and particularly in 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, offshore drilling </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">activity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as a result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the development of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Buzios</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and other pre-salt fields by Petrobras as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investments by major oil companies. Consumption of OCTG products in Brazil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">been</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at a relatively low level </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for several years</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as Petrobras reduced its investments in response to budgetary constraints, concentrating on developing its most productive reserves in the pre-salt fields, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">doubled in 2023 and is expected to remain at a similar level in 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Demand for line pipe for pipeline projects also declined to very low levels with only one major project implemented in the past seven years, but </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">line pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">demand is expected to pick up in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2024 with a major offshore pipeline </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">authorized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In response to market-opening measures and the attractiveness of the deepwater reserves, major oil companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> their investments in Brazil, while Petrobras is focusing investments in world class assets in deepwater.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Colombia, we have established a leading position in the market for OCTG products since 2006, following our acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">TuboCaribe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a welded pipe manufacturing facility located in Cartagena. Although </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was deeply affected by low oil prices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">between 2014 and 2016</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has grown over the past decade as the country encouraged investment in its hydrocarbon industry and opened its national oil company to private investment. In 2020, the pandemic-related collapse in oil prices resulted in a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">drop </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of drilling activity which recovered in 2021 and 2022. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, however, drilling activity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has been</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> affected as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> new government introduc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> policies aimed at reducing exploration activity while local protests and security concerns increas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at some drilling locations. Our principal customer in Colombia is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ecopetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ecopetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which we supply Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In 2022 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we renewed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ecopetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for two years</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Guyana and neighboring Suriname, offshore drilling activity has been increasing rapidly over the past </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">few</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> years following the discovery of large, cost competitive oil reserves. We are supplying casing for many of the exploration wells and, at the end of 2021, we were awarded a 10-year contract to supply large and medium diameter casing with</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span>-alike services to the </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">main </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">deepwater offshore development projects in the </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Starbroek</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> block.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">These developments are transforming the Guyana economy and are yielding a significant new source of oil to global markets.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also have sales in Ecuador, supplying </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petroamazonas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ecuador S.A., which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">merged with EP </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">PetroEcuador</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the national oil company, as well as private operators. To increase local content, we have established a local OCTG threading facility in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Machachi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We were present in the Venezuelan OCTG market for many years and we maintained business relationships with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petr&#243;leos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de Venezuela S.A. and the joint venture operators in the oil and gas sector until the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">imposition of economic sanctions by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Office of Foreign Assets Control (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">OFAC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Additionally, we maintained business relationships with Chevron in Venezuela until April 22, 2020, when their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sanctions l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">icense expired. Our sales in Venezuela declined to low levels in 2020, with no sales in 2021 and 2022. Recently, Chevron has been authorized to resume </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">certain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> lead</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">limited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">resumption of sales in Venezuela </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">but uncertainty remains about the course of future sanctions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Europe</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales to customers in Europe accounted for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of our sales of tubular products and services in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our single largest country market in Europe is Italy. The market for steel pipes in Italy (as in much of the European Union) is affected by general industrial production trends, especially in the mechanical and automotive industry, and by investment in power generation, petrochemical and oil refining facilities. Sales to the mechanical and automotive industries and for HPI and power generation projects in Italy and the rest of Europe in 2020 were affected by lower prices reflecting increased competitive pressures, but volumes were relatively stable. In 2021, activity and our sales increased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n 2022, although activity was affected by the Russian invasion, our sales increased as prices rose to compensate higher costs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, while in 2023, although activity declined, our sales remained stable reflecting a change in the competitive environment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Europe we also have significant sales to the oil and gas sector, particularly in the North Sea. Demand from this market is affected by oil and gas prices in the international markets and their consequent impact on oil and gas drilling activities in the North Sea and other areas, like Romania. In addition, we ceased sales to Russia that would breach applicable sanctions imposed by the U.S.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EU </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">following the Russian invasion of Ukraine.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Sales in the North Sea rose during 2023 as drilling and gas pipeline construction activity increased.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Europe is also a region which we expect will be at the forefront of developments in low-carbon energy, including hydrogen storage and transportation, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CCS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, geothermal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and waste-to-energy power generation. We are participating in these market segments where we expect to see growth in sales in the coming years.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Asia Pacific, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Middle East and Africa</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales to customers in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Asia Pacific,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Middle East and Africa accounted for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">18</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of our sales of tubular products and services in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">18</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our largest single country markets in the region are Saudi Arabia and the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rab </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In Saudi Arabia, in response to policies that have been implemented to diversify the economy and increase local manufacturing, we have developed a substantial local manufacturing presence, first through the establishment of local premium threading facilities, and, more recently, through the acquisition of controlling participations in two welded pipe producers. In January 2019, we acquired 47.8% of SSPC, a listed ERW steel pipe producer. With the acquisition of SSPC, we also acquired a 35% share interest in GPC, a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. In May 2023, we increased our participation in GPC to 57.3% when the German shareholder in GPC decided to exit. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2022, we entered</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> into</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a long-term agreement with Saudi Aramco for the supply of seamless OCTG products that prioritizes local production where possible.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In 2023, we entered into a similar long-term agreement for LSAW OCTG products, while we also have medium-term supply agreements with Saudi Aramco for ERW OCTG and line pipe products.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rab </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we inaugurated an industrial complex with a newly-constructed premium threading facility, dedicated training facilities and an expanded service yard in February 2024. This followed the award, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n August 2019</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a long-term agreement with Rig Direct<span style="font-size: 8pt;"><sup>&#174;</sup></span> conditions, valued at $1.9 billion, to supply </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately half of the OCTG requirements of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ADNOC in Abu Dhabi over the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> following</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> five to seven years.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a wide</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ranging presence in the rest of the region, with industrial facilities in Indonesia, China, Kazakhstan and Nigeria and service centers in various additional countries.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our sales in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">this region</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> remain sensitive to international prices of oil and gas and their impact on drilling activities as well as to the production policies pursued by OPEC, and, more recently, OPEC+ countries, many of whose members are located in this region. In the past few years, oil and gas producing countries in the Middle East, led by Saudi Arabia, have increased investments to develop gas reserves to fuel regional gas-based industrial development, which have positively affected their consumption of premium OCTG products. Saudi Arabia, in particular, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is pursuing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> strong growth in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conventional and unconventional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> gas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">drilling activity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> main national oil companies in the Gulf have also increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investments to add oil and LNG production capacity as they seek to accelerate the monetization of their oil and gas reserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, although Saudi Arabia recently announced that it would curtail its oil production capacity expansion plans</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">N</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">orth </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Africa, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">there have been significant discoveries and development of offshore gas reserves in the Mediterranean in recent years and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">international oil companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the region. In sub-Saharan Africa, after several years of limited investments, international oil companies began to increase their</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exploration and production in offshore projects in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the Caspian region, major oil companies operating in Kazakhstan and Azerbaijan increased their investments and drilling activity following </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> recovery of oil prices in 2017. In 2020 and 2021, however, our sales were affected by the impact of the COVID-19 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pandemic</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on the operations of our customers and the impact on drilling activity of adherence to the production cuts agreed by the OPEC+ countries in response to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> collapse of oil demand due to the pandemic. Since then, drilling activity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and our sales have remained at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">low level</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the past few years, uprisings affected drilling activity in countries such as Syria, Libya and Yemen. In addition, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for a number of years</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, U.S. and E.U. sanctions have affected production and exports in Iran. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Indonesia and other markets in South East Asia and Oceania</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> drilling activity, particularly offshore drilling activity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, is mainly affected by demand and prices for natural gas and LNG. The region is a major producer of natural gas and LNG particularly for the energy-hungry economies of China and North</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">East Asia.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our sales in China are concentrated on premium OCTG products used in oil and gas drilling activities. Over the past </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">15 years</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, China has significantly reduced its imports of OCTG products as local producers compete ferociously in an oversupplied market. We continue, however, to seek new markets in niche applications and in 2016 we opened a components facility for processing pipes for use in airbags for automobiles, which we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recently</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> expand</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the second time. In 2020, we established a joint venture with Baotou Steel, a major domestic supplier of seamless pipes to the onshore oil and gas fields, for the construction of a premium threading facility located within our partner&#8217;s steelmaking facilities in Inner Mongolia. The new facility, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">finishes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipes produced mainly by our joint venture partner, began production during the first quarter of 2022. Our participation in the joint venture is 60%. During 2022,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Baotou Steel and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baosteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> International Group (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baosteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> merge</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> their sea</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mless pipe businesses, but at the end of 2023, this merger was reversed, and we are resuming operations with our original joint venture partner.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Japan, our former subsidiary, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, competed against other domestic producers. </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In November 2022 we entered into a definitive wrap-up agreement with JFE to terminate our joint venture and cease </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; operations.</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The market for steel pipe products in Japan is mostly industrial and depends on general factors affecting domestic investment, including production activity. With the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">closure of manufacturing and production operations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in June 2022, we have largely ceased to serve this market. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our sales in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">greater region</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> could be adversely affected by political and other events in the region, such as armed conflicts, terrorist attacks and social unrest, which could materially impact the operations of companies active in the region&#8217;s oil and gas industry. Our sales in the region can also be affected by the levels of inventories held by the principal national oil companies and their effect on purchasing requirements. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information, please see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales in the region </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">declined to a low level in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2021 as a result of various factors, including the slowdown in investments in drilling activity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as a result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the pandemic and reduction in oil demand and prices and ongoing inventory reductions at some of the region&#8217;s largest consumers </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabia and the United Arab Emirates. In 2022, our sales in the region </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">began to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recover</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> marginally while in 2023 our sales benefited from a strong recovery in activity and inventory shortages</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e expect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> will increase further in 2024 led by Saudi Arabia where we won a major tender to help Saudi Aramco to replenish inventory levels.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Others</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our other products and services include sucker rods used in oil extraction activities, oil and gas services, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">namely</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fracking and coiled tubing services in Argentina, sales of pipe for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plumbing applications</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> from our Italian </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Piombino</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mill, coiled tubes used in oil and gas extraction activities, and sales of raw materials and energy that exceed our internal requirements. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 30, 2023, we acquired the pipe coating business from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which has nine pipe coating facilities and two R&amp;D centers around the world, and is a global leader in anti-corrosion and insulation coating for offshore pipelines. The acquired plants are located close to our coating plants in Argentina, Brazil, the United States, Italy and Saudi Arabia and are largely complementary to our operations. Since December 1, 2023, we started to report the sales and results of the newly acquired business in the &#8220;Others&#8221; segment, because most of the coating service from such business is performed on third party pipes. Sales and results of pipe coating services on Tenaris&#8217;s own tubes are reported in our &#8220;Tubes&#8221; segment.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net sales of other products and services amounted to 5% of total net sales in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2022, we closed down our Brazilian industrial equipment business and, in 2021, we sold our Geneva mill (pipes for construction activities) in the United States as well as a small Saudi equipment manufacturing and erection business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we acquired during our SSPC acquisition.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;">&#160; &#160;</p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Competition</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The global market for steel pipe products is highly competitive. Seamless steel pipe products, which are used extensively in the energy industry particularly for offshore, high pressure, high stress, corrosive and other complex applications, are produced in specialized mills using round steel billets and specially produced ingots. Welded steel pipe products are produced in mills which process steel coils and plates into steel pipes. Steel companies that manufacture steel coils and other steel products but do not operate specialized seamless steel mills are generally not competitors in the market for seamless steel pipe products, although they often produce welded steel pipes or sell steel coils and plates used to produce welded steel pipes.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The production of steel pipe products following the stringent requirements of major oil and gas companies operating in offshore and other complex operations requires the development of specific skills and significant investments in manufacturing facilities. By contrast, steel pipe products for standard applications can be produced in most seamless pipe mills worldwide and sometimes compete with welded pipe products for such applications including OCTG applications. Welded pipe, however, is not generally considered a satisfactory substitute for seamless steel pipe in high-pressure or high-stress applications. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Over the past two decades, substantial investments have been made, especially in China but also in other regions around the world, to increase production capacity of seamless steel pipe products. Production capacity for more specialized product grades has also increased. With the downturn between 2014 and 2016 in the price of oil and demand for tubes for oil and gas drilling, the overcapacity in steel pipe and seamless steel pipe production worldwide became acute, extending beyond commodity grades. This situation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accentuated by the prospect of an accelerated energy transition. Effective competitive differentiation and industry capacity closures will be key factors for Tenaris.</span></p> </div><div id="D4wwvw2et90peafgquuj8xa" style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;">
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our principal competitors in steel pipe markets worldwide are described below.</span></p>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a French company, has mills in Brazil, China, and the United States. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has a strong presence in the U.S. and Brazilian markets for OCTG and line pipe products and the Brazilian market for industrial products, as well as a significant market share in the international market with customers primarily in the Middle East, Africa and Asia Pacific. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an important competitor in the international OCTG market, particularly for high-value premium joint products, where it operates a technology partnership for VAM</span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#174;</span></sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> premium connections with Nippon Steel Corporation (&#8220;NSC&#8221;). Prior to the collapse in oil prices in 2014 to 2016, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increased its production capacity by building mills in Brazil (jointly with NSC) and Youngstown, Ohio, acquiring tubular businesses in the United States and Saudi Arabia, and acquiring a Chinese seamless steel producer. Since then, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has carried out two major financial restructuring processes and is now emerging as a financially stable company with a reduced industrial perimeter under new management and owners. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n the second </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial restructuring</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec&#8217;s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">creditors, including Apollo, a private equity house, assumed effective control. Under the same restructuring, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> close</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its German mills during 2023 and invest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> EUR100 million in its Brazilian mills to enable the transfer of its specialized products for oil and gas customers from Germany to Brazil. On March 12, 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> announced that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ArcelorMittal S.A. (&#8220;ArcelorMittal&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">had agreed to acquire Apollo&#8217;s entire shareholding (28.4% of voting rights and 27.5% of the share capital) and that ArcelorMittal would become its reference shareholder.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. Steel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Corporation (&#8220;U.S. Steel&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a large U.S. steel manufacturer, has long been a significant player in the U.S. market for seamless OCTG and line pipe. During the pandemic-induced downturn, it closed its large diameter seamless pipe mill in Lorain and the welded pipe facilities it acquired from Lone Star in 2008 to focus its pipe business on its medium range seamless pipe mill in Fairfield, Alabama where it also constructed an EAF steel mill to have a fully integrated facility.&#160; In December 2023, U.S. Steel and NSC announced that they had entered into a definitive agreement pursuant to which NSC will acquire U.S. Steel; the transaction remains subject to approval by U.S. Steel&#8217;s shareholders and regulatory approvals.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Japanese companies NSC and, to a lesser extent, JFE together enjoy a significant share of the international market, having established strong positions in markets in the Far East and the Middle East. They are internationally recognized for their supply of high-alloy grade pipe products. Over the previous decade, NSC had increased its capacity to serve international markets through the construction with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of a new seamless pipe mill in Brazil, and further strengthened its ties with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through participating in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2016 capital increase and combining their respective Brazilian operations. As part of the latest financial restructuring of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, NSC relinquished its participation in the Brazilian operation and ceded its reference shareholder position in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In 2022, NSC, as part of a general restructuring of its steelmaking operations, closed one of its three seamless pipe production mills and announced the closure of its large diameter welded pipe mill and its exit from the large diameter welded line pipe market. However, in December 2023, U.S. Steel and NSC announced that they had entered into a definitive agreement pursuant to which NSC would acquire U.S. Steel (including its steel pipe operations); the transaction remains subject to approval by U.S. Steel&#8217;s shareholders and regulatory approvals.</span></li> </ul>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Over the past two decades, TMK, a Russian company, led the consolidation of the Russian steel pipe industry, invested to modernize and expand its production capacity in Russia and expanded internationally through acquisitions into Eastern Europe and the United States. TMK also expanded in the Middle East through the acquisition of a controlling interest in Gulf International Pipe Industry LLC, a welded pipe producer in Oman. More recently, however, TMK adopted a strategy of monetizing its international assets by reducing its participation in Gulf International Pipe and selling IPSCO to Tenaris, as well as strengthening its position in its domestic market by acquiring </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Chelpipe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the second Russian producer of seamless pipes in 2021. In 2022, following the Russian invasion of Ukraine, the American Petroleum Institute (&#8220;API&#8221;) withdrew its license for products produced in TMK&#8217;s mills in Russia. Russian producers or their controlling shareholders are now subject to U.S., EU and UK sanctions, among others, and are now largely prevented from competing in several markets.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the Middle East, particularly in Saudi Arabia, which has implemented policies to encourage local production for its oil and gas industry, several pipe mills were established, including a seamless pipe mill built by Jubail Energy Services Company (&#8220;JESCO&#8221;), a company established with majority participation from a state-backed industrial development company, and a seamless pipe mill originally built by a joint venture of ArcelorMittal and local shareholders (&#8220;AMTJ&#8221;). These local players have been strengthening their capabilities and are taking an increasing share of the pipes supplied to Saudi Aramco as well as exporting to other countries in the Middle East and the rest of the world. In 2021, JESCO and AMTJ, who were both operating with losses, combined their operations at the behest of the Saudi Public Investment Fund.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Over the past two decades, Chinese producers increased production capacity substantially and strongly increased their exports of steel pipe products around the world. Due to unfair trading practices, many countries, including the United States, the European Union, Canada, Mexico and Colombia, have imposed anti-dumping restrictions on Chinese imports to those regions. In 2009, the largest Chinese producer of seamless steel pipes, Tianjin Pipe (Group) Corporation Limited (&#8220;TPCO&#8221;), announced a plan to build a new seamless pipe facility in the United States in Corpus Christi, Texas; heat treatment and pipe finishing facilities were constructed but steelmaking and hot rolling facilities have not been completed. As part of a financial restructuring, a 51% shareholding in TPCO was sold to Shanghai Electric Group and has now been sold on to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Citic</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group Corporation Ltd. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Citic</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), a state-owned conglomerate. Although producers from China compete primarily in the &#8220;commodity&#8221; sector of the market, several of these producers, including </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Baosteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and TPCO, have developed and are selling more sophisticated products, particularly in the domestic market.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Although the tubes and pipes business in the United States and Canada has experienced significant consolidation over the years, many new players have built pipe mills in the United States. These include, in addition to TPCO, Boomerang LLC, a company formed by a former Maverick executive that opened a welded pipe mill in Liberty, Texas, now known as PTC Liberty Tubulars and part of the PTC Alliance; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Benteler</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A.G. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Benteler</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), a European seamless pipe producer that built a new seamless pipe mill in Louisiana, which opened in September 2015; and a plethora of welded pipe mills established by subsidiaries of foreign pipe producers, such as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SeAH</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Steel (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SeAH</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), of Korea and JSW Group (&#8220;JSW&#8221;), of India. North American pipe producers, including U.S. Steel, are largely focused on supplying the U.S. and Canadian markets, where they have their production facilities.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Korean welded pipe producers, who have a limited domestic market, have targeted the U.S. market for standard applications. They have gained a significant market position, despite the application of anti-dumping duties for unfair trading practices and being subject to Section 232 quotas. One of them, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SeAH</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, has acquired and built local welded pipe production facilities in the United States.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Benteler</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubos</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Reunidos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. of Spain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubos</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Reunidos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Voest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Alpine A.G. of Austria</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Voest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Alpine&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> each have a significant presence in the European market for seamless steel pipes for industrial applications. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Voest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Alpine also has a relevant presence in the U.S. and Canadian OCTG markets and some other international OCTG markets. In 2016, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubos</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Reunidos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> opened an OCTG threading facility targeting international markets, including the United States.</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ArcelorMittal has seamless pipe mills in Romania and South Africa as well as a 33.3% participation as technical partner in AMTPJ in Saudi Arabia. It also has a number of welded pipe mills in North America and Europe, supplying the industrial and automotive sectors. On March 12, 2024, ArcelorMittal announced that it had agreed to acquire 28.4% of the voting rights (representing a 27.5% of the share capital) in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vallourec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, expecting to become its reference shareholder.</span></li> </ul>
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<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Producers of steel pipe products can maintain strong competitive positions in markets where they have their pipe manufacturing facilities due to logistical and other advantages that permit them to offer value-added services and maintain strong relationships with domestic customers, particularly in the oil and gas sectors. Our subsidiaries have established strong ties with major consumers of steel pipe products in their home markets, reinforced by Rig Direct<span style="font-size: 8pt; line-height: inherit;"><sup>&#174;</sup></span> services, as discussed above.</span></p>
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<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Capital Expenditure Program</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, our capital expenditures, including investments at our plants and information systems (&#8220;IT&#8221;), amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">19</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">378</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">240</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Of all capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xpenditures made during</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">57</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">invested in tangible assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">346</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">214</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023, we focused on improvements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> environmental </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impact in line with our target of reducing carbon emissions intensity by 30% by 2030, compared to a 2018 baseline</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> enhancing efficiency in our industrial plants, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">improving </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">automation and digitalization of our processes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and increasing product differentiation. </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The major highlights of our capital spending program during 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> included: </span></p>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completion </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our first</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> wind farm in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the upgrade of the Koppel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steel shop </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xhaust </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">umes system, to reduce emissions and improve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ea</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">afety condition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the mill</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ongoing and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">expected to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">be completed in 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the construction of a new </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hreading line, service center and offices in Abu Dhabi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consolidating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> position in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">country</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the revamping and upgrade of our existing lines to improve the standards of industrial efficiency, including the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eat </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reatment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> capacity increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility in Italy, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oupling </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hops in Argentina, Mexico and Colombia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investments in connection with our differentiation strategy, including to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increase capacity on special steel grades </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mills</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">automation of existing lines in our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Conroe and Koppel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) facilities;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">offices redesign project</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> aligning workspace to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> new way of working.</span></li> </ul>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Investments in information systems and other intangible assets totaled $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">48</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2 million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $26 million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As planned, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our 2023 IT </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">capital expendi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ture program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">focused on:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">perational continuity, with an increased investment i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n updating</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> infrastructure to mitigate the effects of obsolescence;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ndustrial infrastructure and cybersecurity, continuing with our multi-year program to strengthen cybersecurity and mitigate risks </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our operational technology, with particular focus on our Veracruz, Campana and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Zalau</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mills;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncreased efficiency and productivity in our business cycle,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> including through</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> standardization of our manufacturing execution systems in the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allowing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> multi-site industrial landscape to operate as a single plant) and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">through</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> continuous advancement on our new production programming and scheduling system (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SIP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) in Mexico and Romania</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span>&#160;</li> </ul>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have completed the technological integration of the IPSCO facilities, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our investment portfolio for 2024 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is expected to focus on IT synchronization of newly acquired businesses.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capital expenditures<span style="line-height: inherit;">&#160;</span>are expected to<span style="line-height: inherit;">&#160;</span>increase to around $700<span style="line-height: inherit;">&#160;</span>million in 2024. Around 30% of our<span style="line-height: inherit;">&#160;</span>capex,<span style="line-height: inherit;">&#160;</span>will be directed<span style="line-height: inherit;">&#160;</span>to projects that<span style="line-height: inherit;">&#160;</span>are expected to<span style="line-height: inherit;">&#160;</span>contribute to our 2030 target for reducing the carbon emission intensity of our operations<span style="line-height: inherit;">&#160;</span>and other environmental objectives. In<span style="line-height: inherit;">&#160;</span>particular,<span style="line-height: inherit;">&#160;</span>our<span style="line-height: inherit;">&#160;</span>investment program for 2024 includes:<span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;</span></span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>48</span></span></td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the construction of a second wind farm in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the revamping and upgrade of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lectric </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rc </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urnace </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with energy efficient</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#174; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">echnology</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completion of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">upgrade of the Koppel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">teelmaking </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xhaust </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">umes system, to reduce emissions and improve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the mill&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ea</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">th and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">afety condition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the revamping and upgrade of our existing lines to improve the standards of industrial efficiency, including the revamping of 20&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">medium tubes mill</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> finishing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ine in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Italy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the increase of capacity in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oupling </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hops in Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">upgrading </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dopeless</span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#174;</span></sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> production capabilities i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Italy and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Silcotub</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, R</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mania; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span>&#160;</li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; page-break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ffices redesign project aligning workspace to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> new way of working.</span>&#160;</li> </ul>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Raw Materials and Energy </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The majority of our seamless steel pipe products are manufactured in integrated steelmaking operations using the electric arc furnace route, with the principal raw materials being steel scrap, DRI, HBI, pig iro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n and ferroalloys. In Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we produce our own DRI from iron ore using natural gas as a reductant. Our integrated steelmaking operations consume significant quantities of electric energy, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mostly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">purchased from the local </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">electricity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s, though in part sourced from our own renewable, natural gas and therm</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">al</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-electric power production</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our welded steel pipe products are processed from pu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rchased steel coils and plates.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he weight of the different stee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lmaking raw materials and steel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> vary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with the proportion </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of seamless and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> welded pipes in the total production mix and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> among the different production facilities in our industrial system, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as well as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the specifications of the final product</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s and ot</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">her factors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n average, in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steel scrap, pig iron, HBI and DRI represent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">23</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of our steel pipe products&#8217; costs, while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steel in the form of billets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> coils</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or plates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> represent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">17</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%, with direct energy accounting for approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The above</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> raw material </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inputs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are subject to price volatility caused by supply, political and economic situations, financial variables and other unpredictable factors. For further information on price volatility, see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Business and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Industry &#8211; Increases in the cost of raw materials, energy and other costs, limitations or disruptions to the supply of raw materials and energy, and price mismatches between raw materials and our products may hurt our profitability&#8221;. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The costs of steelmaking raw materials and of steel coils and plates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">creased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on average in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">compared</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">were subject to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> high lev</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">els of volatility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> during 2022</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as they were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">affected by the Russian-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ukraine </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">armed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> conflict</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and the sanctions being imposed on Russian individuals, companies and institutions. They </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">return</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to more stable levels in 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For more i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nformation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> see</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Steel scrap, pig iron and HB</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">I</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Steel scrap, pig iron and HBI for our steelmaking operations are sourced from local, regional and international suppliers. In Argentina we produce our own DRI and source ferrous scrap domestically through a wholly owned scrap collecting and processing subsidiary. In Italy we purchase pig iron and ferrous scrap from local and regional markets. In Mexico we import our pig iron and HBI requirements and purchase scrap from domestic and international markets. In Romania we source ferrous scrap mainly from the domestic market and we import pig iron. In the United States, we source scrap from the local market to supply our steelmaking facility, and also source pig iron from international markets.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">International prices for steel scrap, pig iron and HBI can vary substantially in accordance with supply and demand conditions.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Annual scrap prices decreased slightly in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As a reference, prices for Scrap Shredded U.S. East Coast, published by Platts, averaged $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">376</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ton in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">29</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ton in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> averaged $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">441</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ton</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Scrap prices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">had </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">spiked </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">following </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Russian invasion of Ukraine </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">both</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> countries a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re significant </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exporters of semi-finished steel and pig iron.</span> </p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">New</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> decarbonization </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">efforts, including new regulation impacting the oil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> industry</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, as well as t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he increasing preference of EAF over BF has supported prices and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">this trend</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is expected </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> continue as scrap </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">availability </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">becomes increasingly scarce.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Brazil </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the largest pig iron supplier to the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tates</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">because</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> supply from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Russia and Ukrain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">decreased significantly</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As global econom</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ic</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> growth began to decelerate, prices decreased during the second half of 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This decrease is attributed also to more availability as supply chains have rebalanced and, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contrary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to scrap, decarbonization </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">efforts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are resulting in decreased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">demand for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pig iron. Prices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> remain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> relatively stable during 2023, reaching levels around $400 per ton in early 2024.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Iron ore</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We consume iron ore in the form of pellets for production of DRI in Arge</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ntina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consumption of iron ore during 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was approximately 97</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> thousand tons, supplied by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vale International S.A. and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Samarco</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Minera&#231;&#227;o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. from Brazil, and Iron Ore Company (&#8220;IOC&#8221;) from Canada. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Annual iron</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ore prices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">remained stable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in comparison to 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, but remain at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">high</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> levels </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">compared to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> historical averages. As a reference, prices for IODEX 62% Fe Index, published by Platts, averaged $120 per ton in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $120 per ton in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in comparison to $1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;per ton in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">After reaching $136 per ton in December 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">iron ore prices have fallen back to $125 per ton in February 2024.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pellet premiums price averaged $45 per ton in 2023, and $72 per ton in 2022, while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> averaged $60 per ton in 2021</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The DRI pellet market started with a supply squeeze in 2022 as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ukrainian exports were affected by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conflict</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and India imposed heavy export </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tariffs. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the second half of 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the market suffered from weak demand ma</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inly by European and Asian purchasers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023 p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">decreased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as India removed the export tariffs, and demand from Europe remain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> weak</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> throughout the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Round steel bars</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We mainly satisfy our steel bars and ingots requirements with materials produced in our steelmaking facilities in Argentina, Italy, Mexico, Romania and the United States. We complement this internal supply with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> limited</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> purchases of steel bars and ingots from third parties as required, and particularly for use in our seamless steel pipe facilities in Canada and the United States and to supplement production from our steel shop in Mexico.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Canada, we mainly source our steel bars requirements from our integrated facilities in Argentina, Italy, Mexico, Romania and United States. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the United States, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we own </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> steel shop facility in Koppel, Pennsylvania. After </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">having completed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">certain investments in 2021, this facility provides </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a significant portion </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steel bars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> required by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our Bay City and Ambridge mills. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lso </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">use steel bars </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">imported from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our integrated facilities in Romania, Italy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. These imports </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">excluded</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> from Section 232 tariffs,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by application of certain commercial agreements (between the U.S. and the EU, and between the U.S. and Mexico).</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, we have contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in place with Nucor Steel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Steel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to purc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hase a portion of the steel bar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> requirements in our Bay City mill.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Japan, following the termination of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our j</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t venture </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and the closure of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> plant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">JFE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> agreed to provide us with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">13 Chrome alloy products </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">yea</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r period, that was extended for an additional five year period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">advance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with the investments required to produce such materials in the rest of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> industrial system. For further information on the termination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joint venture, please refer to note 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">erminat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ion of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joint venture&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of our audited consolidated financial statements included in this annual report.</span><span>&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Steel coils and plates</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For the production of welded steel pipe products, we purchase steel coils and steel plates principally from domestic producers for processing into welded steel pipes. We have welded pipe operations in Argentina, Brazil, Canada, Colombia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the United States.</span><br/></p>
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<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">teel coil market prices in 2023 decreased 12%. As a reference, prices for hot rolled coils, HRC Midwest USA Mill, published by CRU, averaged $9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">91</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per metric ton in 2023 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and $1,128 per metric ton in 2022</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in comparison to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,734</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 2021</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For our welded pipe operations in the United States, a significant part of our requirements for steel coils are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">supplied by Nucor Steel which is our principal supplier in the United States. Nucor Steel has a steel coil manufacturing facility in Hickman, Arkansas, near to our principal welded pipe facility in the United States. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nucor Steel supplied steel coils under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> long-term purchase agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which is due to expire at the end of 2024.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Canada, we have restarted negotiations with the main local suppliers to reach long-term agreements for our welded pipe operations. Among such suppliers are ArcelorMittal Dofasco, which has steel coil manufacturing facilities in Hamilton, Ontario, and Algoma Steel, which has steel coil manufacturing facilities in Sault Ste. Marie, Ontario.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also purchase steel coils and plates for our welded pipe operations in South America (Colombia, Brazil and Argentina)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In Brazil,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> principally from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Gerdau</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ArcelorMittal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tubar&#227;o</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a subsidiary of Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Argentina </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ternium Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ternium Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), a subsidiary of Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and from Ternium&#8217;s facilities in Mexico. In addition, in Brazil we also source plates and coils from international suppliers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> when not produced domestically</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In Saudi Arabia, we mainly purchase steel coils from the local </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">market for SSPC and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from China</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for GPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Energy</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We consume substantial quantities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of electric energy, mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at our electric steel shops in A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rgentina, Italy, Mexico, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Romania</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> local</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">electric </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy requirements are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> satisfied </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">through purchases in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the local market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a 35-megawatt</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">thermo-electric power generating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plant located </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">within the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Campana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">since </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">October 2023, from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">wind farm</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Italy, we have a 120-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">megawatt power generation facility which is designed to have sufficient capacity to meet most of the electric power</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> requirements of the operations. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> needed to cover the peaks of consumption and the excess </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> produced are purchased and sold to the market while heat is sold for district heating</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or used internally</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Mexico, our electric power requirements are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mainly</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">satisfied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a natural gas-fired combined cycle electric power plant in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pesquer&#237;a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> area of the State of Nuevo Le&#243;n, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">while </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a small portion of our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> requirements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> furnished by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Mexican government-owned </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">FE.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the last few years, the Mexican government made various attempts to modify rules and regulations governing the energy market in Mexico with potential impact on the energy supply and its cost.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or more information</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Industry</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221;.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n Romania</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we sour</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ce </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">electric energy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> from the local market.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We consume substantial volumes of natural gas in Argentina, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the generation of DRI </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in addition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the requirements for producing seamless pipes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiary, is our main natural gas supplier in Argentina under market conditions and according to local regulations.</span> </p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have transportation capacity agreements with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Transportadora</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de Gas del Norte S.A. (&#8220;TGN&#8221;), a company in which San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> holds a significant but non-controlling interest, corresponding to capacity of 1,000,000 cubic meters per day until April 2027. In order to meet our transportation requirements for natural gas above volumes contracted with TGN, we also have agreements with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Naturgy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Naturgy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, for a maximum transportation capacity corresponding to approximately 970,000 cubic meters per day. For the final transportation phase, we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">also </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have a supply contract with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Naturgy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Both contracts with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Naturgy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in place until April 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and are expected to be renewed.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to the amount of gas consumed at our Italian plants, we also require a substantial volume of natural gas to feed our power generation facility in Italy. Our natural gas requirements for the power generation facility are currently supplied by Edison </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Energia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.p.A while the natural gas consumed at our Italian plants is supplied by Eni S.p.A. </span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;">&#160;&#160;</p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our costs for electric energy and natural gas </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">vary from country to country. P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rior to late 2021,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> energy costs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">remained generally flat </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">due</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the increasing availability of n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">atural </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as from shale plays and additional renewa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> energy generation at more competitive prices.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In a context of uncertainty regarding future energy prices,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in December 2020,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Argentine government launched </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a new gas plan to increase natural gas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> supply following a drop </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from the maximum levels reached in 2019.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Because winter demand for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">natural gas co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ntinues to outpace supply,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Argentina </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is required to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">import natural gas from Bolivia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Chile and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">LNG</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from the international market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at high prices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in addition to using liquid fuel to generate electricity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In mid-2023, th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Gasoducto</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Presidente Nestor </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Kirchner was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increasing the supply and improving cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through lower use of LNG and/or liquid fuel. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In late 2021</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> energy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and gas prices increased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">particularly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Europe. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Russian invasion of Ukraine led to renewed volatility in energy commodity prices, accelerated by the low level of inventories throughout the first half 2022, reaching a peak in late August and then slowly stabilizing at high levels. In early 2023, European electricity prices fell </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to pre-war levels, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">thanks to lower gas prices, mainly du</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e to a particularly mild winter</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and have remained relatively stable throughout 2023.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Due to milder temperatures, a decrease in demand for gas and the activation of alternative energy, the filling of gas storage facilities in the EU countries remains high.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">See &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Business and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Industry &#8211; Increases in the cost of raw materials, energy and other costs, limitations or disruptions to the supply of raw materials and energy; and price mismatches between raw materials and our products may hurt our profitability&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Industry</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ability and financial condition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and for more information on the impact on our business of the armed conflict in Ukraine, see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Industry</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 1, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">di</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rectors, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approved an investment plan to build a second wind farm in Argentina at a cost of approximately $214 million, which would supply a further 30% of the current energy requirements of the facilities in Campana and reduce the CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions by a further 102,500 tons per year. This investment is expected to be completed during 2025.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Ferroalloys</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The purchase of ferroalloys is coordinated globally to ensure supply for each of our steel shops. International prices of ferroalloys can vary substantially within a short period of time.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Prices for the main ferroalloys consumed by Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d sharply</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during the first half of 2022 (reaching </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">highest levels since 2008). In the second half of 2022 prices suffered a sharp dr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">op</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and continued decreasing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steadily during most of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2023.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main drivers for the price peak seen in the first half of 2022 were the world&#8217;s economic recovery </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">after the COVID-19 pandemic,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> supporting increased steel production coupled with supply disruptions due to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Russia-Ukraine conflict (as both are significant ferroalloy producers).</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During the second half of 2022 global steel production slowed, especially in Europe as several mills shut down their furnaces due to high energy costs and lower steel demand. In China, demand was also affected by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the country&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">restrictive COVID-19 policies. As a result, ferroalloy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> prices decreased on lower demand. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The further decline in ferroalloys prices in 2023, was mainly related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the world&#8217;s economic instability, with high rates of inflation and deceleration in GDP growth, putting pressure over global steel prices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">steel mills curtailing production </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">due to tighter margins.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The demand </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ferroalloys during </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was weak to the point some materials traded beneath the production costs of many p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">roducers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, forcing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">them </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to curtail production mainly in Europe and India. L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ower</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> material availability and rising production costs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> electricity support</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed a rebound in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ferroalloys&#8217; prices from September levels to the end of the year.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Molybdenum prices, however, remained strong and rose considerably</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in early 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mainly due to supply shortages from many mining companies that are struggling with quality issues and labor shortages, the political situation in Peru, as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">stronger</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> demand from both the oil and gas industry and the automotive sector&#180;s continued production recovery as component shortages subside. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Prices remained v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">olatile</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> throughout the rest of the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with demand greatly exceed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> supply.</span><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Product Quality Standards</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our steel products (tubular products, accessories</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, coiled tubing,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sucker rods</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pipe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">coating</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) are manufactured in accordance with the applicable specifications of the American Petroleum Institute (&#8220;API&#8221;), the American Society for Testing and Materials (&#8220;ASTM&#8221;), the International Standardization Organization (&#8220;ISO&#8221;), and European Standards (&#8220;EN&#8221;), among other standards. The products must also satisfy our proprietary standards as well as our customers&#8217; requirements. We maintain an extensive quality control and assurance program to guarantee that our products and services consistently meet proprietary and industry standards bringing a high level of competitiveness.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We currently maintain, for all our manufacturing facilities and service centers, a Quality Management System </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(&#8220;QMS&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">certified to ISO 9001 by Lloyd&#8217;s Register Quality Assurance and API product licenses granted by API, which are requirements for selling to the major oil and gas companies and have rigorous quality standards. Additionally, we have certified the QMS to API Q2 at certain locations, a certification specifically developed for companies that offer services in the oil and gas industry.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">All of our mills involved in the manufacturing of material for the automotive market are certified according to the standard IATF 16949 by Lloyd&#8217;s Register Quality Assurance.</span><br/></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the majority of our testing laboratories are certified to ISO 17025. Our QMS, based on ISO 9001, API Q1 and API Q2 specifications, as well as IATF 16049 when applicable, guarantees that products and services comply with customer requirements from the acquisition of raw materials to the delivery of the final product and services. The QMS is designed to ensure the reliability and improvement of the product and the manufacturing operations processes as well as the associated services.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This year we updated our Quality, Health, Safety and Environment policy with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aim of reflecting excellence in all Tenaris&#8217;s processes, products, and services with an aligned vision that quality is Tenaris&#8217;s main competitive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">advantage</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris recently acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe coating business including nine plants </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">located in Canada, Mexico, Norway, Indonesia, the United Arab Emirates and the United States, several mobile concrete plants</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and world-class R&amp;D facilities in Canada and Norway</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a wide IP/product portfolio. Its ISO 9001 certified Q</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">MS</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is being </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">integrated to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">QMS,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a process to be completed by 2025</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Research and Development</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R&amp;D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of new products and processes to meet the increasingly stringent requirements of our customers is an important aspect of our business.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R&amp;D activities are carried out primarily at our global R&amp;D network managed and coordinated through its main office in Amsterdam, the Netherlands and specialized research and testing facilities located in Campana, Argentina, in Veracruz, Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Italy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additionally, we have a Technology Center in Houston, Texas, where we develop our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">TenarisHydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Wedge technology. Our R&amp;D capabilities are expanded through the engagement and collaboration with some of the world&#8217;s leading industrial research institutions to solve the problems posed by the complexities of oil and gas, automotive and mechanical pipe projects with innovative applications. In addition, our global Product Engineering and Technical Sales team is made up of experienced engineers who work with our customers to identify solutions for each particular oil and gas drilling environment.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Product R&amp;D currently being undertaken is focused on the challenging energy markets, which are lately characterized by increasingly efficient oil and gas activities together with growing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ransition related initiatives.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Product R&amp;D includes:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">roprietary Premium Joint products OCTG including </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dopeless</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="font-size: 8pt; line-height: inherit;"><sup>&#174;</sup></span> technology;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">roprietary steels for various applications (oil and gas drilling and transportation, hydrogen transportation and storage, carbon dioxide transportation and injection, automotive, etc.);</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eavy-wall deepwater line pipe, risers and welding technology;</span><br/></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ubes and components for the automotive industry and other mechanical applications;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">arge vessels for hydrogen storage and refueling stations;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ubes for boilers;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elded pipes for oil and gas and other applications;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ucker rods;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oiled tubing;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oatings; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 16.53pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ew low-carbon products and services for potentially fast-growing segments like hydrogen transportation and storage, CCS and geothermal energy.</span></li> </ul>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to R&amp;D aimed at new or improved products, we continuously study opportunities to optimize our manufacturing processes. Recent projects in this area include hardware, algorithms and numerical modeling applied to rolling, heat treatment, non-destructive testing and finishing processes and the development of different process controls, with the goal of reducing energy consumption, reducing rejects, improving product quality and productivity at our facilities.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We seek to protect our innovations and developments in products and processes through patents, trade secrets, trademarks and other intellectual property tools that allow us to keep our competitiveness and differentiate ourselves from our competitors.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We spent $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in R&amp;D in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">50</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capitalized costs were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not material for the years 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Environmental</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">, Social and Governance </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Regulation</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are subject to a wide range of local, provincial and national laws, regulations, permit requirements and decrees relating to environmental, social and governance matters, including laws and regulations relating to climate-change mitigation, use of resources, hazardous materials and radioactive materials, and air emissions, water discharges and waste management; legislation on human rights and modern slavery; human capital, including equal opportunit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, gender and disabilities equality, working conditions, work-life balance, and labor market access; and applicable rules on internal control and ri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sk management, anti-corruption</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, business partner relationship management and other governance issues. For more information on the Company&#8217;s governance practices and applicable regulation, see</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Directors, Sen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ior Management and Employees&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and &#8220;Corporate Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Corporate Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ESG regulation has been evolving over the past years and is expected to continue to evolve in the future, particularly with respect to environmental matters. Laws and regulations protecting the environment have become increasingly complex and more stringent and expensive to implement in recent years. Environmental requirements vary from one jurisdiction to another adding complexity to the operations of global companies, such as Tenaris. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Paris Agreement, adopted at the 2015 United Nations Climate Conference, sets out the global framework to limit the rising temperature of the planet and to strengthen the countries&#8217; ability to deal with the effects of climate change. In order to achieve climate neutrality by the year 2050, the European Commission has laid out several action plans, such as the EU climate adaptation strategy, sustainable finance policies and the raw materials alliance.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the EU Non-Financial Reporting Directive provides the legal framework for annual disclosure of non-financial information and, the EU Taxonomy Regulation establishes a classification system for environmentally sustainable economic activities, laying out definitions to businesses, stakeholders and policymakers on which economic undertakings can be considered environmentally sustainable and requiring companies to disclose, in the annual reports, how environmentally sustainable their economic activities are.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">More recently, as part of the European Green Deal, the EU adopted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CSRD</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which requires European large companies and listed issuers to disclose information on their risks and opportunities arising from social and environmental issues, and on the impacts of their activities on people and the environment. In the case of Tenaris, the EU </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CSRD</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">will apply with respect to the Company&#8217;s 2024 annual report and will replace non-financial disclosure obligations under the EU Non-Financial Reporting Directive.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Similarly, in response to an increasing investor focus and reliance on climate and ESG-related disclosure and investment, the SEC announced in March 2021 the creation of a Climate and ESG Task Force to identify ESG-related misconduct and potential violations, and in March 2022, the SEC released a proposal to amend its disclosures rules on climate change matters. In March 2024, the SEC adopted the final rule on climate-related disclosure, which will require registrants, including Tenaris from fiscal year 2025, to significantly expand the climate-related disclosures in their periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on the impact of climate change legislations, increasing regulatory requirements and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">significant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> technology and market changes, see &#8220;Key Information &#8211; Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Risks Relating to Our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Business and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Industry &#8211; Climate change legislation and increasing regulatory requirements aimed at transitioning to a lower-carbon economy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reduce demand for our products and services and result in unexpected capital expenditures and costs, and negatively affect ou</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r reputation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For more information on the steps taken by Tenaris to address climate change challenges, see &#8220;Operating and Financial Review and Prospects &#8211; Overview &#8211; Climate Change&#8221;.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The ultimate impact of complying with ESG regulations, in particular with applicable environmental regulation, is not always clearly known or determinable because certain laws and regulations have been evolving in the past years or are under constant review by competent authorities. The expenditure required to comply with these laws and regulations, including site or other remediation costs, or costs incurred from potential environmental liabilities, could have a material adverse effect on our financial condition and profitability. While we incur, and will continue to incur, expenditures to comply with applicable laws and regulations, there always remains a risk that environmental incidents or accidents may occur that may negatively affect our reputation or our operations. For more information on risks </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and costs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to compliance with environmental regulation and product liability, see &#8220;Key Information &#8211; Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Risks Relating to Our Business</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and Industry </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211; The cost of complying with environmental regulations and potential environmental and product liabilities may increase our operating costs and negatively impact our business, financial condition, resu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lts of operations and prospects</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Compliance with applicable ESG regulation is of utmost importance to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a significant factor in our industry and business. We have not been subject to any significant penalty for any material violation of applicable ESG regulations, including for any</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> violation of environmental laws and regulations in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and we are not aware of any current material legal or administrative proceedings pending against us with respect to ESG matters, which could have an adverse material impact on our financial condition or results of operations.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;">&#160;&#160;</p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Insurance</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We carry property damage, general liability and certain other insurance coverage in line with industry practice</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> However, we do not carry business interruption insurance.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Our current general liability coverage includes third party, employers, sudden and accidental seepage and pollution and product liability, up to a limit of $300 million. Our current property insurance has</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> an indemnification cap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> up to $250 million for direct damage</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, considering all</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plants; and a deductible of $75</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Disclosure Pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">13(r) of the Exchange Act </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tenaris</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Iran Threat Reduction and Syria Human Rights Act of 2012, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">added </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a new </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">paragraph</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (r)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">13 of the U.S. Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), which requires a reporting issuer to provide disclosure if the issuer or any of its affiliates knowingly engaged in certain enumerated activities relating to Iran, including activities involving the Government of Iran. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is providing the following disclosure pursuant to Section</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">13(r) of the Exchange Act.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In July 2015, the Islamic Republic of Iran entered into the Joint Comprehensive Plan of Action (&#8220;JCPOA&#8221;) with China, France, Germany, Russia, the United Kingdom and the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which resulted in the partial lifting in January 2016 of certain sanctions and restrictions against Iran, including most U.S. secondary sanctions against </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such country. On May 8, 2018, the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> announced that it would cease participation in the JCPOA and would begin re-imposing nuclear-related sanctions against Iran after a wind-down period. Following the U.S. withdrawal from the JCPOA, the European Union updated Council Regulation (EC) No. 2271/96 of 22 November 1996 (the &#8220;EU Blocking Statute&#8221;), to expand its scope to cover the re-imposed U.S. nuclear-related sanctions. The EU Blocking Statute aims to counteract the effects of the U.S. secondary sanctions.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As previously reported, Tenaris ceased all deliveries of products and services to Iran by the end of October 2018, that is, during the wind-down period and before the full reinstatement of U.S. secondary sanctions on November 5, 2018. Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">did not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, directly or indirectly, deliver any goods or services to Iran or Iranian companies during </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and does not intend to explore any commercial opportunities in Iran, nor does it intend to participate in tender offers by, or issue offers to provide products or services to, Iranian companies or their subsidiaries.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s subsidiary, T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lobal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ervices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, maintains an open balance for an advance made by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Toos</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Payvand</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Co. for approximately EUR0.04 million (approximately $0.04 million) for goods that remained undelivered following the reinstatement of U.S. secondary sanctions.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All revenue and profit derived from Tenaris&#8217;s sales to Iran was recorded in the fiscal year in which such sales were performed and, therefore, no revenue and profit has been reported in connection with commercial activities related to Iran for the year ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has procedures in place designed to ensure that its activities comply with all applicable U.S. and other international export control and economic sanctions laws and regulations.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tenaris&#8217;s Affiliates</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to Sect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ion 13(r) of the Exchange Act, the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is also required to disclose whether any of its affiliates have engaged in certain Iran-related activities and transactions. No </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">affiliate of the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reported any Iran related activity for the year ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;">&#160;&#160;</p>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<div style="margin: 8pt 0pt 0pt; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN12_212202412379763" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Organizational Structure and Subsidiaries</span></a><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></div>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt; break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We conduct all our operations through subsidiaries. The following table shows the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">principal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries of the Company and its direct and indirect ownership in each subsidiary as of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Company</span></p> </td>
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<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 26px; width: 13.5593%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Country of Incorporation</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 26px; width: 2.11864%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 26px; width: 22.5989%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Main activity</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 26px; width: 2.11864%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; width: 22.0339%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">Percentage of ownership at December 31, (*)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; width: 2.11864%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.11864%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 5.9322%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.11864%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 5.9322%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">2021</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.11864%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 33.0508%; background-color: #cceeff; white-space: normal;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ALGOMA TUBES INC.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.11864%; height: 10px; background-color: #cceeff; white-space: normal;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 13.5593%; background-color: #cceeff; white-space: normal;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Canada</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.11864%; height: 10px; background-color: #cceeff; white-space: normal;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 22.5989%; background-color: #cceeff; white-space: normal;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of welded and seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.11864%; height: 10px; background-color: #cceeff; white-space: normal;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 5.9322%; background-color: #cceeff; white-space: normal;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.11864%; height: 10px; background-color: #cceeff; white-space: normal;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 5.9322%; background-color: #cceeff; white-space: normal;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.11864%; height: 10px; background-color: #cceeff; white-space: normal;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 5.9322%; background-color: #cceeff; white-space: normal;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 2.11864%; height: 10px; background-color: #cceeff; white-space: normal;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">BREDERO SHAW INTERNATIONAL B.V. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Netherlands</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Holding company and supplier of pipe coating services</span></p> </td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">CONFAB INDUSTRIAL S.A. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Brazil</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of welded steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 15px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">DALMINE S.p.A. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Italy</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">EXIROS B.V. and subsidiaries (a)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Netherlands</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Procurement and trading services</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">50%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">50%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">50%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">HYDRIL COMPANY and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacture and marketing of premium connections</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">MAVERICK TUBE CORPORATION and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of welded and seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">P.T. SEAMLESS PIPE INDONESIA JAYA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Indonesia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of seamless steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">89%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">89%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">89%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">S.C. SILCOTUB S.A.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Romania</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">SAUDI STEEL PIPE CO. and subsidiaries (b)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Saudi Arabia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">48%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">48%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">48%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">SIAT SOCIEDAD ANONIMA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Argentina</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Argentina</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Portugal</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Holding company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS BAY CITY, INC.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of welded and seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS CONNECTIONS BV</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Netherlands</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Development, management and licensing of intellectual property</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS FINANCIAL SERVICES S.A.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Uruguay</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Financial company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS GLOBAL SERVICES (CANADA) INC.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Canada</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Marketing of steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Marketing of steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS GLOBAL SERVICES (UK) LTD</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">United Kingdom</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Holding company and marketing of steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS GLOBAL SERVICES S.A. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Uruguay</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Holding company, marketing and distribution of steel products</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS INVESTMENTS (NL) B.V. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Netherlands</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Holding company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS GLOBAL SERVICES and INVESTMENTS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">S.&#224;r.l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Luxembourg</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Holding company</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS QINGDAO STEEL PIPES LTD.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">China</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Processing of premium joints, couplings and automotive components</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 33.0508%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TENARIS TUBOCARIBE LTDA.</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 13.5593%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Colombia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 22.5989%;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of welded and seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 5.9322%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; white-space: normal; width: 2.11864%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 33.0508%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">TUBOS DE ACERO DE MEXICO, S.A. and subsidiaries</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 13.5593%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Mexico</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 22.5989%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Manufacturing of seamless steel pipes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 5.9322%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 5.9322%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 5.9322%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff; white-space: normal; width: 2.11864%;"><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;">&#160;&#160;</span>&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 100px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 468pt; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(*) All percentages rounded.</span></p> </td> </tr>
<tr style="height: 32px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 468pt; height: 32px;">
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Tenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Amaja</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Tubular Services Limited, 60% of Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Baogang</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Baotou Steel Pipes Ltd. Until 2022 held 98</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">4% of Tenaris Supply Chain S.A. and, until 2021 held 49% of Tubular Services Angola </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Lda</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">after which years it started holding 100% of each of both companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 468pt; height: 16px;">
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(a) Tenaris holds 50% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span></p> </td> </tr>
<tr style="height: 32px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 468pt; height: 32px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(b) Saudi Steel Pipe Co. is a public company listed in the Saudi Arabian Stock Exchange (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ad</span><span style="font-family: Calibri; font-size: 8pt; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">wul</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">, therefore Tenaris has control over SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">. Since May, 2023, Saudi Steel Pipe Co. holds 57.3% of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">, therefore Tenaris has control over GPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(c) Until its liquidation in April 2023 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> held 51% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other Investments</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Ternium</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a significant investment in Ternium, a Luxembourg company controlled by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, whose securities are listed on the NYSE. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company held 11.46% of Ternium&#8217;s share capital (including treasury shares).</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is a party to a shareholders&#8217; agreement with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S.&#224;r.l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings&#8221;), a wholly owned subsidiary of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Ternium&#8217;s main shareholder, dated January 9, 2006, pursuant to which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings is required to take actions within its power to cause one of the members of Ternium&#8217;s board of directors to be nominated by the Company and any directors nominated by the Company to be removed only pursuant to previous written instructions from the Company. The Company and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings also agreed to cause any vacancies on Ternium&#8217;s board of directors to be filled with new directors nominated by either the Company or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings, as applicable. The shareholders&#8217; agreement will remain in effect so long as each of the parties holds at least 5% of the shares of Ternium or until it is terminated by either the Company or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings pursuant to its terms. Carlos </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Condorelli</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was nominated by the Company as a director of Ternium pursuant to this shareholders&#8217; agreement. </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">The following factors and circumstances evidence that Tenaris has significant influence </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">over Ternium:</span> <br/></p>
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<li style="font-family: Symbol; font-size: 7pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 9.78pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oth the Company and Ternium are under the indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mon control of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 9.78pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our out of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eight</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> members of Ternium&#8217;s board of d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors (including Ternium&#8217;s Chairman) are also members of the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">board of d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors;</span></li>
<li style="font-family: Symbol; font-size: 7pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 9.78pt; page-break-after: avoid; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company is entitled to nominate one director to Ternium&#8217;s board of directors pursuant to the shareholders&#8217; agreement between the Company and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings described above.</span></li> </ul>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Usiminas</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris held, through its Brazilian subsidiary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Confab</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47.5 million ordinary shares and 1.3 million preferred shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, representing 6.76% of its shares with voting rights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.96% of its total share capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and 9.8% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control group</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">participation in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> share</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> capital is the result of a series of acquisitions, the first of which was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on January 16, 2012, pursuant to which Ternium (through its subsidiaries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Ternium Investments and Ternium Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) and Confab acquired a large block of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares and joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; existing control group. Subsequently, in 2016, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">More recently, o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n March 30, 2023, Confab, together with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ternium (through its subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ternium Investments and Ternium Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquired an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">68.7 million ordinary shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at a price of BRL10 per ordinary share. The transaction closed on July 3, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and was financed with cash on hand. Tenaris paid approximately BRL110 million (approximately $22.7 million) in cash</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for 11 million ordinary shares, increasing its participation in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control group to 9.8%.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control group comprises the T/T Group</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NSC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Mitsubishi and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">MetalOne</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; employee pension fund, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At December 31, 2023, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; voting capital and the T/T Group held an aggregate participation of 61.3% in the control group (with 51.5% of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">control group&#8217;s participation corresponding to Ternium&#8217;s subsidiaries, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">remaining 9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8% corresponding to Confab); the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> held 31.7% and 7%, respectively, in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control group.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Upon </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">closing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the July 3, 2023 acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">then </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">existing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholders agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">governing the relationship between the T/T Group, the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was replaced by a new shareholders agreement setting forth a new governance structure for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The T/T Group is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">now </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">entitled to nominate a majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> board of directors, the chief executive officer and four other members of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">member of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> board of directors and one member of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> board of officers. Ordinary decisions may be approved with a 55% majority of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; control group shares.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the NSC Group&#8217;s remaining interest in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> control group (153.1 million ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition, the NSC Group </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the right, at any time after the closing of the transaction, to withdraw its remaining shares from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at BRL10 per share. Confab will have the right </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">but not the obligation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to participate in each such transaction pro rata to its current participation in the T/T Group.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab and the Ternium entities party to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">uch separate agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab enjoys certain rights with respect to the governance of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">among others, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the ability to nominate certain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; officers and directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">These facts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> evidence that Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">continues </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to have </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sign</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ificant influence over </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and, as a result, continues accounting for its investment under the equity method.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Techgen</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Mexican joint venture company owned 48% by Ternium, 30% by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 22% by Tenaris. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> operates a natural gas-fired combined cycle electric power plant in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pesquer&#237;a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> area of the State of Nuevo Le&#243;n, Mexico. Tenaris, Ternium and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are parties to a shareholders&#8217; agreement relating to the governance of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the last few years, the Mexican government made various attempts to modify rules and regulations governing the energy market in Mexico with potential impact on the energy supply and its cost.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For more information on the risks associated with the energy reform in Mexico, see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221;.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<h2 style="font-weight: normal; line-height: 12pt; margin: 0px; break-after: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN13_2122024124022640" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating and Financial Review and Prospects</span></a></h2>
<h2 style="font-weight: normal; line-height: 12pt; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;&#160;</span></h2>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following discussion and analysis of our financial condition and results of operations are based on, and should be read in conjunction with, our audited consolidated financial statements and the related notes included elsewhere in this annual report. This discussion and analysis present our financial condition and results of operations on a consolidated basis. We prepare our consolidated financial statements in conformity with IFRS. IFRS differ in certain significant respects from U.S. GAAP.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Certain information contained in this discussion and analysis and presented elsewhere in this annual report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See &#8220;Cautionary Statement Concerning Forward-Looking Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In evaluating this discussion and analysis, you should specifically consider the various risk factors identified in &#8220;Key Information &#8211; Risk Factors&#8221;, other risk factors identified elsewhere in this annual report and other factors that could cause results to differ materially from those expressed in such forward-looking statements.</span></p>
<div style="line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN14_2122024124042789" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Overview</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Our main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is sensitive to international oil and gas prices and thei</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">r impact on drilling activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Demand for our products and services from the global oil and gas industry, particularly for tubular products and services used in drilling operations, represents a substantial majority of our total Tubes sales. Our sales, therefore, depend on the condition of the oil and gas industry and our customers&#8217; willingness to invest capital in oil and gas exploration and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">production</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as well as in associated downstream processing activities. The level of these expenditures is sensitive to oil and gas prices as well as the oil and gas industry&#8217;s view of such prices in the future.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> business is highly competitive</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The global market for steel pipes is highly competitive, with the primary competitive factors being price, quality, service and technology. We sell our products in a large number of countries worldwide and compete primarily against European and Japanese producers in most markets outside North America. In the United States and Canada, we compete against a wide range of local and foreign producers. Over the past two decades, substantial investments have been made, especially in China but also in other regions around the world, to increase production capacity of seamless steel pipe products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="background-color: #ffffff; margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Our production costs are sensitive to prices of steelmaking raw mat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">erials and other steel products</span></p>
<p style="background-color: #ffffff; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We purchase substantial quantities of steelmaking raw materials, including ferrous steel scrap, DRI, pig iron, iron ore and ferroalloys, for use in the production of our seamless pipe products. In addition, we purchase substantial quantities of steel coils and plates for use in the production of our welded pipe products. Our production costs, therefore, are sensitive to prices of steelmaking raw materials and certain steel products, which reflect supply and demand factors in the global steel industry and in the countries where we have our manufacturing facilities. </span></p>
<p style="background-color: #ffffff; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Summary of results</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023, our net sales, EBITDA&#160;</span><span style="font-size: 8pt; line-height: inherit;"><sup>1</sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;and net income reached record levels. The year was characteri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">z</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed by a first half, in which prices in the Americas reached exceptional levels and we had a high level of pipeline shipments in Argentina, and a second half, in which prices in the Americas started to return to more normal levels while overall sales were supported by good activity and pricing levels in the Middle East and for offshore pipelines.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Operating margins expanded reflecting the higher prices realized on the sales of most of our products, which more than compensated for higher costs of goods sold.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net income benefited from a net positive deferred tax effect of $194 million as well as positive financial results of $221 million. </span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Operating cash flow for the year amounted to $4,395 million (including a $182 million reduction in working capital). After capital expenditures of $619 million, business acquisitions of $266 million, dividend payments of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$637 million and $214 million spent on share buybacks, our net cash position&#160;<sup>2</sup> increased to a record level of $3.4 billion at the end of the year.</span></p>
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<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>1</sup> EBITDA is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more information on this measure.</td> </tr>
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<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>2</sup> Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more information on this measure.</td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Climate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">hange</span></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the profound challenges posed by climate change, both to society at large and to our business specifically, considering the markets in which we engage, how government regulations may influence our operations and those of our customers, and the geographical location of our physical assets (see &#8220;Key Information &#8211; Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Risks Relating to Our Business and Industry&#8221;).</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At the same time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> climate change presents strategic opportunities for us not only to strengthen our market leadership but also to explore new sales avenues.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Given the relevance of climate change for the Company&#8217;s overall business and strategy, our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors quarterly reviews the progress of our climate change strategy and other relevant factors. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As part of our efforts to combat climate change, we are investing in and refining our operations to reduce their carbon intensity. We are also developing products and services tailored for use in low-carbon energy applications.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We regularly assess and track global progress towards the energy transition, keeping an eye on policies, regulations, technologies and other global and national developments that could speed up or hinder the progress of this transition in the years to come, as well as other factors that could affect or pose particular risks to our operations.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We recently conducted a climate risk assessment to better understand our most relevant industrial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">facilities</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#700;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> long-term vulnerability to climate effects and physical climate risk, using the Intergovernmental Panel on Climate Change (&#8220;IPCC&#8221;) high-emissions Representative Concentration Pathway (&#8220;RCP&#8221;) 8.5 global warming scenario</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which showed no undue exposure for which&#160;Tenaris is unprepared</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We work closely with our customers to support their efforts to establish sustainable sourcing policies across their supply chain, thus requiring a more detailed disclosure of climate change related impacts. We thus continue to report to the Carbon Disclosure Pro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ject</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;CDP&#8221;) and are using the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ecovadis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Open-es sustainability assessment platforms, among others.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our Sustainable Purchasing Policy is a framework supporting further action towards a more sustainable supply chain, allowing us to encourage our suppliers to work in the same direction.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">EAF </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">roducer </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All the steel we manufacture is produced in electric arc furnaces using recycled steel scrap as the primary source of metallic feedstock. We supplement the use of steel scrap with metallics such as pig iron, DRI and ferroalloys, to meet quality, productivity and materials specifications.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Argentina, where steel scrap availability is limited, we operate a facility to produce DRI using natural gas.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Steel produced in electric arc furnaces using a high proportion of scrap in the metallic charge generally has a much lower carbon intensity than steel made using iron ore and metallurgical coal as primary feedstock.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also purchase steel from third-party suppliers, primarily to manufacture welded pipe products. As many of these suppliers make steel products using iron ore and coal, the carbon emissions intensity of the pipes made with this steel is often far greater than that of those manufactured with our own steel.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span><br/></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Reducing the carbon intensity of our operations</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In February 2021, we set a medium-term target to reduce the carbon emissions intensity of our operations by 30% by the year 2030, compared to a 2018 baseline, considering Scopes 1, 2 and 3 emissions for purchased raw materials. Within Scope 3 emissions, the target considers emissions related to raw materials and steel purchased from third parties, by far the most relevant source of our Scope 3 emissions. The GHGs included are CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, CH<sub>4</sub> and N</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">O.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This medium-term target is a first step towards the broader objective of decarbonizing our operations and reaching net zero carbon emissions. How long it will take to achieve this goal depends on the development of emerging technologies as well as market and regulatory conditions, including carbon pricing and customer support. We are allocating substantial resources to our decarbonization strategy and will continue to do so as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">this</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">will </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">strengthen our competitive positioning.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We plan to reach our medium-term target mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increasing the use of recycled steel scrap (and reducing that of pig iron) in our raw material mix, without compromising the quality of our products;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">implementing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">energy efficiency measures, particularly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as regards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> modernizing and revamping equipment and furnaces; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 11.52pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">introducing and deploying renewable energy in our industrial system where </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conditions for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">doing so</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are competitive.</span></li> </ul>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also work closely with our value chain to identify opportunities for reducing carbon emissions. For instance, we are looking into shortening the supply chain through our Rig Direct</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#174;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> service by synchronizing production schedules and logistics for customer drilling operations. We are also studying alternative steelmaking materials, such as biomass or residues to replace coal, or biogas to replace fossil fuels.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our new Sustainability Sourcing Policy will help us to gain a better understanding of our suppliers&#8217; real emissions levels in order to identify further opportunities for improvement.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Much of the reduction in emissions intensity that we have made to date has been achieved by increasing the use of recycled scrap and reducing pig iron in our metallic mix, thus reducing our Scope 3 emissions. Over the past two years, however, Scope 3 emissions intensity has risen due to a rise in the proportion of welded steel pipe (using steel purchased from third parties) in our production mix in order to meet the strong demand for pipeline projects in Latin America and the Middle East. This increase in Scope 3 emissions related to purchased steel has offset the reductions achieved in Scope 1 and Scope 2 emissions over the same period due to greater energy efficiency and the use of renewables, as well as by further reducing the use of pig iron in our metallic mix.</span></p>
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<p style="margin: 0pt; line-height: 1.1;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CO2-eq emissions intensity (CO2-eq ton / ton steel cast or processed)</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2019</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2020</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scope 1</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.47 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.48 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.48 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.43 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.40 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scope 2</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.26 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.26 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.23 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.23 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.19 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scope 3</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.62 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;0.60 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.46 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.52 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.59 </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #595959 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #595959 !important; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1.35 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #595959 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #595959 !important; border-right-width: 1px; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1.33 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #595959 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #595959 !important; border-right-width: 1px; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; 1.17 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #595959 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #595959 !important; border-right-width: 1px; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1.18 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #595959 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #595959 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1.18 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intensity variation vs. 2018</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6%)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6%)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(18%)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17%)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17%)</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Over the past two years, we have substantially increased capital investment in projects aimed at contributing to our decarbonization program and similar environmental goals. These investments amounted to 29% and 31% of our total capital investments in 2022 and 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively. We expect to maintain similar investment levels for related projects over the next few years.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Many of these investments are being made in developing renewable energy capacity for our operations. Following an investment of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$200 million, in October 2023 we </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">began operating our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> wind farm in Argentina, with an installed capacity of 103.2 MW of power through the interconnected grid supplying nearly 50% of the electricity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">used by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our industrial facilities in Campana. This will reduce our CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by 152,000 tons per year, compared to 2018.</span></p>
<p style="margin: 0pt; line-height: 1.1;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>62</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In November 2023, the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors approved a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$214 million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">investment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for a second wind farm </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> after winning priority connection rights to the interconnected grid</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This investment is expected to be in 2025. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Its output would meet another 30% of current energy needs at our Campana facilities, and reduce our CO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 6.67pt; vertical-align: sub; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> emissions by another 102,500 tons per year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> vs 2018 baseline</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Both investments take into account the exceptional wind conditions in Argentina. Other investments in renewable energy include rooftop solar panel projects in China, Romania and Italy, while in Colombia, Romania and Mexico, we are buying power from certified renewable sources. We continue to explore other options for renewables.</span>&#160;</p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2023, 12% of the electricity we consumed was produced from renewables, taking into account own generation and certified third-party purchases.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023, the proportion of recycled scrap used as raw material in our steelmaking operations came to 79%, up from 68% in 2018. The proportion of recycled scrap we can use at each facility depends on local availability, scrap quality and the steel quality requirements of our products. Our operation in Argentina has been particularly affected by the limited availability of local scrap.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have increased our steel&#8217;s recycling content by reducing the amount of pig iron in the metallic mix. At our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> steel shop in Mexico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> experts are working with data science models to design the optimum charge to maximize scrap use while complying with steel quality standards and meeting other performance criteria.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are also investing in projects to improve our scrap market sourcing ability, as well as scrap-handling and storage capabilities.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; margin: 0pt 0pt 9pt; text-indent: 0pt;">As a company dedicated to industrial excellence, prioritizing energy efficiency has long been central to our continuous improvement efforts as well as to our investment initiatives. <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our aim is to modernize production lines and
equipment.</span></span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ongoing projects include:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 18.57pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evamping a heat treatment furnace at our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mill in Italy, with hydrogen-ready burners using&#160; hydrogen, natural gas or blends thereof</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span>&#160;</li> </ul>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 18.57pt; padding-left: 9.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eplacing one of our steel furnaces</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mill in Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> with energy- efficient </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consteel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#174; technology. This enables the continuous charging of raw materials which are preheated with fumes produced during the melting process, and reduces electricity, natural gas and electrodes consumption compared to traditional batch-charging technologies.</span>&#160;</li> </ul>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As we pursue our strategy of decarbonizing our operations, we are exploring various options with different partners around the world. We know that there is no single solution, as certain alternatives are better suited to specific sites or regions based on local infrastructure and resources.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additionally, we have the support of our parent organization, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group, owner of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenova</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which develops sustainable technologies for the metals industries, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techenergy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Ventures, a venture capital company specialized in energy transition technology.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Internal carbon price and financial considerations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To speed up the achievement of our decarbonization targets and prepare for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">potential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> adoption of additional carbon pricing mechanisms around the world </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in 2021, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we introduced an internal carbon price of a minimum of $80/ton. This internal carbon price is primarily used to evaluate investments in projects that could help to decarbonize our operations.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We continuously track the strategies of our major customers and their projections for future energy demand. This includes aligning with global goals to address climate change by reducing carbon emissions in accordance with the Paris Agreement, as well as supporting national objectives for a carbon-neutral world.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We also assess the future market outlook for our products, taking into account different oil and gas demand scenarios as published by our customers, international agencies like the International Energy Agency (&#8220;IEA&#8221;), and energy market consultancies, such as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Rystad</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Energy (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Rystad</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We pay particular attention to historical records and the potential pace of change in the adoption of new technologies, regulations and behaviors which could affect future oil and gas demand. We use these scenarios and assessments as essential input to shape and assess our business strategy, and how we address the risks and opportunities arising from climate change.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The transition from current reliance on fossil fuels, including oil and gas, to cleaner alternatives is uncertain, with a wide range of potential outcomes. This transition is further complicated by the simultaneous expectation of an overall increase in energy demand.</span>&#160;&#160;</p>
<p style="margin: 0pt 0pt 9pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris takes these risks into consideration when evaluating its investments in major projects and the acquisition of equipment to produce steel pipes, factoring them into the accounting estimates and assumptions used to assess the carrying value of its assets.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Products for the energy transition</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As suppliers of tubular products and services to the energy industry, the energy transition provides us with an opportunity to develop new products and services for potentially fast-growing segments such as hydrogen transportation and storage, CCS, and geothermal installations. Over the past three years, we have increased our investments in R&amp;D and sharpened our organizational focus in these areas, as they are expected to contribute a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">highly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">relevant revenue stream to the company in the future.</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have developed a range of materials technologies and products that have been tested for use in hydrogen storage and transportation, CCS injection wells, and geothermal applications. Regarding hydrogen storage and transportation, we are seeing growth in demand for large, high- pressure vessels used in the build out of hydrogen refueling stations for heavy-duty vehicles and buses. Initially in Europe and California, these stations are now becoming more common. We have also observed increasing customer interest in developing geothermal, waste-to-energy and CCS projects.</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Outlook</span></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In an environment where oil prices remain relatively stable, oil supply and demand </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> balanced, and the long term outlook for natural gas, especially LNG, is promising, drilling activity in North America is stabilizing, while continuing to increase in the Middle East and offshore. In this context, and considering our expanded perimeter, with our recent acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Shawcor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe coating business, we expect that, in the first half of 2024, our sales will be in line with those of the second half of 2023.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><br/></p>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">After the exceptional levels they reached in the post-Covid recovery, tubular price levels and margins in the Americas have returned to sustainable levels and should stabilize in the coming months. Prices and margins in the rest of the world should remain at good levels supported by strong demand for offshore operations and pipeline projects.</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In Latin America, fundamental conditions remain favorable for the continued expansion of drilling activity and tubular demand, but the high level of political and economic volatility may affect these prospects.</span></p>
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<h3 style="font-weight: normal; margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN15_2122024124113398" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating </span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">R</span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">esults</span></a></h3>
<p style="margin: 0px; text-indent: 0px;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="line-height: 1.1; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following discussion and analysis of our financial condition and results of operations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on our audited consolidated financial statements included elsewhere in this annual report. Accordingly, this discussion and analysis present our financial condition and results of operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on a consolidated basis. See &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Presentation of Certain Financial and Other Information</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> -</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accounting Principles&#8221; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">II. Accounting Policies A.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Basis of presentation&#8221; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">B. Group accounting&#8221; to our audited consolidated financial statements included in this annual report. The following discussion should be read in conjunction with our audited consolidated financial statements and the related notes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in this annual report.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Thousands of U.S. dollars (except number of shares and per share amounts)</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">For the year ended December 31,</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Selected consolidated income statement data</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,868,860 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 11,762,526 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 6,521,207 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,668,915) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (7,087,739) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (4,611,602) </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 6,199,945 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 4,674,787 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 1,909,605 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selling, general and administrative expenses</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (1,919,307) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (1,634,575) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (1,206,569) </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment charge <span style="font-size: 8pt; line-height: inherit;"><sup>(1)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (76,725) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (57,075) </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other operating income (expenses), net</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,770 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (212) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 61,548 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 4,316,408 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 2,963,275 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 707,509 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finance income</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 213,474 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 80,020 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 38,048 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finance cost</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (106,862) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (45,940) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (23,677) </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial results</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 114,365 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (40,120) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 8,295 </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income before equity in earnings of non-consolidated companies and income tax</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 4,537,385 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 2,957,235 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: #000000 !important; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 730,175 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity in earnings of non-consolidated companies</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 95,404 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 208,702 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 512,591 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income before income tax</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 4,632,789 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 3,165,937 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 1,242,766 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income tax</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (674,956) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (617,236) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (189,448) </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income for the year</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 3,957,833 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 2,548,701 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 1,053,318 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Income attributable to </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="line-height: inherit;"><span style="line-height: inherit;">(2)</span></span></sup></span><span style="font-weight: bold; line-height: inherit;">:</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shareholders' equity</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,918,065 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,553,280 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,100,191 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interests</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 39,768 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (4,579) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (46,873) </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="font-weight: bold; line-height: inherit;">Income for the year&#160;</span>&#160;<span style="font-size: 8pt; line-height: inherit;"><sup>(2)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 3,957,833 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 2,548,701 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 1,053,318 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation and amortization</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (548,510) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (607,723) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (594,721) </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Weighted average number of shares <span style="font-size: 8pt; line-height: inherit;"><sup>(3)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,178,737,751 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,536,830 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,536,830 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Basic and diluted earnings per share</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3.32 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2.16 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.93 </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends per share <span style="font-size: 8pt; line-height: inherit;"><sup>(4)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.54 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.45 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.27 </span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt;">&#160;&#160;</p>
<table style="width: 100%; margin: 0px; height: 46px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">
<tbody>
<tr style="height: 10px;">
<td style="width: 3%; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="top"><span style="font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">(1)</span><span style="color: #000000; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&#160;</span></span></td>
<td style="width: 97%; height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="top"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Impairment charge in</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>2022 represents a charge of $77 million to the carrying value of certain idle assets</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>and<span style="line-height: inherit;">&#160;</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">i</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">n</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="line-height: inherit;">&#160;</span>2021 represents a charge of $57 million to the carrying value of fixed assets of the CGU NKK</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 7.10667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><span style="font-size: 8pt; line-height: inherit;">(2)</span></span></td>
<td style="height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">IAS 1 (revised), requires that income for the year as shown on the income statement does not exclude non-controlling interests. Earnings per share, however, continue to be calculated on the basis of income attributable sole</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">ly to<span style="line-height: inherit;">&#160;</span></span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Shareholders&#8217; equity.</span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -18.9333px; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(3)</span><span style="color: #000000; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: -18.9333px; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160;</span></td>
<td style="height: 10px; vertical-align: top;" valign="top"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Weighted average number of shares does not include treasury shares.</span></td> </tr>
<tr style="height: 16px;">
<td style="height: 16px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(4)</span></td>
<td style="height: 16px; vertical-align: top;" valign="top"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Dividends per share correspond to the dividends paid in respect of the year.</span></td> </tr> </tbody> </table>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt; line-height: 1.1;">&#160; &#160;</p>
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<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>65</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0pt; break-after: avoid; line-height: 1.1;">&#160; &#160;&#160;</p>
<table cellspacing="0" cellpadding="0" style="height: 366px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
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<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Thousands of U.S. dollars (except number of shares)</span></p> </td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">At December 31,</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 55%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Selected consolidated financial position data</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current assets</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 10,504,459 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 8,468,596 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 4,981,173 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment, net</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 6,078,179 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 5,556,263 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 5,824,801 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other non-current assets</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 4,499,257 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,525,387 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,643,457 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total assets</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 21,081,895 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 17,550,246 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 14,449,431 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current liabilities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,901,975 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,788,423 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,559,645 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current borrowings</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 48,304 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 46,433 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 111,432 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax liabilities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 631,605 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 269,069 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 274,721 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other non-current liabilities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 469,574 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 411,884 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 397,931 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total liabilities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 4,051,458 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,515,809 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,343,729 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shareholders' equity</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 16,842,972 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 13,905,709 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 11,960,578 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interests</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 187,465 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 128,728 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 145,124 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total equity</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 17,030,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 14,034,437 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 12,105,702 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total liabilities and equity</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 21,081,895 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 17,550,246 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 14,449,431 </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share capital</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,537 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,537 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,537 </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Number of issued shares <span style="font-size: 8pt; line-height: inherit;"><sup>(1)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,536,830 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,536,830 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,180,536,830 </span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt;">&#160; &#160;</p>
<table style="width: 100%; margin: 0px; height: 10px; text-indent: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 3%; height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom"><span style="font-size: 8pt; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(1)</span></span></td>
<td style="width: 97%; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Number of issued shares includes treasury shares</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span></td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table sets forth our operating and other costs and expenses as a percentage of net s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ales for the periods indicated.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; break-after: avoid; line-height: 1.1;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="height: 340px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Percentage of net sales</span></p> </td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 55%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 100.0 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 100.0 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 100.0 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (58.3) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (60.3) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (70.7) </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 41.7 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 39.7 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 29.3 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selling, general and administrative expenses</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (12.9) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (13.9) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (18.5) </span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment charge</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.7) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.9) </span></p> </td> </tr>
<tr style="height: 16px;">
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other operating income (expenses), net</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.2 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.0) </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.9 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 29.0 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 25.2 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 10.8 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finance income</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1.4 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.7 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.6 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finance cost</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.7) </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.4) </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.4) </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial results</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.8 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.3) </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.1 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income before equity in earnings of non-consolidated companies and income tax</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 30.5 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 25.1 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 11.2 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity in earnings of non-consolidated companies</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.6 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1.8 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 7.9 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income before income tax</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 31.2 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 26.9 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 19.1 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income tax</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (4.5) </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (5.2) </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (2.9) </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income for the year</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 26.6 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 21.7 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 16.2 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income attributable to:</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Shareholders' equity</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 26.4 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 21.7 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 16.9 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interests</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0.3 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.0) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (0.7) </span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt; break-after: avoid; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>66</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.1;">&#160; &#160;</p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Fiscal Year Ended December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> Compared to Fiscal Year Ended December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">2</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows our net sales by business segment for the periods indicated below:&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.1; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="height: 74px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 26px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 40%;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tubes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 14,185 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 11,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 20%; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 684 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 630 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9%</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 14,869 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 11,763 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">26%</span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.1; margin: 0px; break-after: avoid; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tubes</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the periods indicated below</span><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">:</span></p>
<p style="line-height: 1.1; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr style="height: 13.15pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Thousands of tons</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">For the year ended December 31,</span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td> </tr>
<tr style="height: 12pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Seamless</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,189 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,146 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1%</span></p> </td> </tr>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Welded</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 953 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 387 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">146%</span></p> </td> </tr>
<tr style="height: 12pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 4,141 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 3,533 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">17%</span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:</span></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr style="height: 11.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">For the year ended December 31,</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 11.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 11.5pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 11.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">- North America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 7,572 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 6,796 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11%</span></p> </td> </tr>
<tr style="height: 11.5pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">- South America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,067 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,213 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39%</span></p> </td> </tr>
<tr style="height: 11.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">- Europe</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,055 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 867 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22%</span></p> </td> </tr>
<tr style="height: 11.5pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">- Asia Pacific, Middle East &amp; Africa</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,491 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,257 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98%</span></p> </td> </tr>
<tr style="height: 11.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total net sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 14,185 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 11,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">27%</span></p> </td> </tr>
<tr style="height: 11.5pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 4,183 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,867 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46%</span></p> </td> </tr>
<tr style="height: 11.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income (% of sales)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29.5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25.8%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Net sales of tubular products and services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increased 27% to $14,185 million in 2023, compared to $11,133 million in 2022, reflecting a 17% increase in volumes and a 9% increase in average selling prices. Volumes increased mainly in the AMEA region following </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increase in activity and in South America mainly due to the delivery of welded line pipe for a gas pipeline in Argentina. Prices were higher in all regions.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Operating results from tubular products and services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to a gain of $4,183 million in 2023, compared to a gain of $2,867 million in 2022 (which was net of a $63 million impairment charge). The improvement in operating results was driven by the recovery in shipment volumes and in prices which help</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to compensate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for an</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> increase in costs.</span></p>
<p style="line-height: 1.1; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<div>
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<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>67</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Others</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160; &#160;&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:&#160;</span></p>
<p style="line-height: 1.1; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160;&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 80px; width: 100%;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">For the year ended December 31,</span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net sales </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 684 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 630 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operating income</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 96 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39%</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operating income (% of sales)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19.5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.2%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Net sales of other products and services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increased 9% from $630 million in 2022 to $684 million in 2023, which includes $77 million from the pipe coating business unit acquired from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on November 30, 2023. Additionally, in 2023 we had higher sales from our oilfield services business in Argentina, sucker rods and coiled tubing services, which offset the decline in sales of excess raw materials and energy and pipes for plumbing applications in Italy.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Operating results from other products and services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to a gain of $133 million in 2023, compared to $96 million in 2022. Results were mainly derived from our sucker rods business and our oilfield services business in Argentina.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or SG&amp;A, amounted to $1,919 million (12.9% of net sales)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to $1,635 million (13.9%) in 2022. The 2023 increase in SG&amp;A is mainly due to higher labor costs and logistic costs (freights and taxes), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">although </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they decrease</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as a percentage of sales.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial results</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to a gain of $221 million in 2023, compared to a loss of $6 million in 2022. 2023 results are mainly derived from net foreign exchange gains of $209 million, mainly related to the positive effect of the devaluation of the A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">RS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> over a net short exposure in that currency. These positive FX results were partially offset by a $95 million loss from the change in the fair value of U.S. dollar-denominated Argentine bonds when distributed and disposed abroad. Additionally, our net cash position <sup>3</sup> yield</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a net interest gain of $107 million in the year.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity in earnings of non-consolidated companies</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">generated a gain of $95 million in 2023, compared to $209 million in 2022. These results were mainly derived from our equity investment in Ternium (NYSE:TX). The result of 2023 includes a non-cash loss of $144 million from our investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($26 million from our direct investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $118 million from our indirect investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through Ternium), related to the fair value measurement of the shares and the result of recycling Ternium&#180;s negative accumulated currency translation reserve to the income statement. In 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, equity in earnings of non-consolidated companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$34 million impairment charges on our participations in the joint venture with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($15 million) and in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($19 million).</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Income tax charge</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to $675 million in 2023, compared to $617 million in 2022, reflecting the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">improvement in results in several subsidiaries and a net positive deferred tax effect of $194 million.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Fiscal Year Ended December 31, 2022, Compared to Fiscal Year Ended December 31, 2021</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows our net sales by business segment for the periods indicated below:</span></p>
<p style="line-height: 1.1; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
<tr style="height: 12pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tubes</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 11,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 5,994 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">92%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">86%</span></p> </td> </tr>
<tr style="height: 12pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Others</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 630 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 528 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19%</span></p> </td> </tr>
<tr style="height: 12pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 11,763 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 6,521 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">80%</span></p> </td> </tr> </tbody> </table>
<table style="height: 18px; margin-left: 0.1px; width: 98.8585%; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr>
<td style="height: 10px; width: 15%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 89.6642%;"/> </tr>
<tr>
<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>3</sup>&#160;Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more information on this measure.</td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>68</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<tbody>
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<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt; break-after: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; break-after: avoid; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tubes</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the periods indicated below</span><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">:</span></p>
<p style="line-height: 1.1; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Thousands of tons</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">For the year ended December 31,</span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Seamless</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 3,146 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2,514 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25%</span></p> </td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Welded</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 387 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 289 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34%</span></p> </td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 3,533 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,803 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-image: initial !important; border-top-style: solid; border-top-color: !important; border-bottom-style: solid; border-bottom-color: !important; border-right-color: !important; border-width: 1px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">26%</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.1;"><br/></p>
<p style="line-height: 1.1; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:</span></p>
<p style="line-height: 1.1; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 154px; width: 100%;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">For the year ended December 31,</span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 26px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; background-color: #cceeff; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">- North America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 6,796 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 3,240 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">110%</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">- South America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 2,213 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 1,051 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">111%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">- Europe</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 867 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 622 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">39%</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">- Asia Pacific, Middle East &amp; Africa</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 1,257 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 1,081 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">16%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total net sales</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 11,133 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 5,994 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">86%</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 2,867 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 613 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">368%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income (% of sales)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">25.8%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10.2%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Net sales of tubular products and services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Operating results from tubular products and services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Others</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 80px; width: 100%;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">For the year ended December 31,</span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> Increase / (Decrease) </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net sales </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 20%; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 630 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 20%; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 528 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 20%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operating income</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 96 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 95 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1%</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Operating income (% of sales)</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15.2%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17.9%</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.1; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Net sales of other products and services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Operating results from other products and services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $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.</span></p>
<p style="margin: 0px; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>69</span></span></td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or SG&amp;A, amounted to $1,635 million (13.9% of net sales)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 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.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Impairment charge</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n 2022, we recorded a $77 million impairment: $63 million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n our Tubes segment and $14 million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n our Others segment, while in 2021 we recorded a $57 million impairment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n our Tubes segment, as a result of the termination of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joint venture.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other operating results</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial results</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity in earnings of non-consolidated companies</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, equity in earnings of non-consolidated companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$34 million impairment charges on our participations in the joint venture with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($15 million) and in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($19 million).</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Income tax charge</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to $617 million in 2022, compared to $189 million in 2021, reflecting the improvement in results in several subsidiaries.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<h3 style="font-weight: normal; margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN16_2122024124136448" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Liquidity and Capital Resources</span></a><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></h3>
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table provides certain information related to our cash generation and changes in our cash and cash equivalents position fo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r each of the last three years:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash provided by operating activities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 4,395 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,167 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 119 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash (used in) provided by investing activities </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (2,687) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (164) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 268 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net cash used in financing activities</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (1,125) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (178) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (648) </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Increase (decrease) in cash and cash equivalents</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 584 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 825 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; (261) </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents at the beginning of year (excluding overdrafts)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,091 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 318 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 585 </span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effect of exchange rate changes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (58) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (52) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (6) </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Increase (decrease) in cash and cash equivalents</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 584 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 825 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (261) </span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents at the end of year (excluding overdrafts)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 1,617 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 1,091 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 318 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents at the end of year (excluding overdrafts)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,617 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,091 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 318 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bank overdrafts</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 21 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0 </span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other current investments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 1,970 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 438 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 398 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current investments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 398 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 114 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 313 </span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivatives hedging borrowings and investments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 6 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current borrowings</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (535) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (682) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (220) </span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current borrowings</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (48) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (46) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; (111) </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net cash at the end of the year</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 3,422 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 921 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 700 </span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt; break-after: avoid; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our financing strategy aims to maintain adequate financial resources and access to additional liquidity. During 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> cash flow </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provided</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> operating activities amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">395</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (including a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> decrease </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in working capital of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">182</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million), our capital expenditures amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">619</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and we paid dividends amounting to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">637</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. At the end of the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we had a net cash position <sup>4</sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.4 billion</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">921</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">illion at the beginning of the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td style="height: 10px; width: 15%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="height: 10px; width: 85%;"><br/></td> </tr>
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<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>4</sup>&#160;Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more information on this measure.</td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We believe that funds from operations, the availability of liquid financial assets and our access to external borrowing through the financial markets will be sufficient to satisfy our working capital needs, to finance our planned capital spending program</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as well as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to service our debt in the future</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> twelve months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and to address short-term c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hanges in business conditions.</span> <br/></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We have a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conservative approach to the management of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> liquidity, which consists of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i) cash and cash equivalents (cash in banks, liquidity funds and investments with a maturity of less than three months at the date of purchase), and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ii) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nvestments (fixed income securities, time deposits, and fund investments).</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">liquid financial assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as a whole (comprising cash and cash equivalents and other investments) were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">19</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of total assets compared to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% at the end of 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We hold investments primarily in liquidity funds and variable or fixed-rate securities from investment grade issuers. We hold our cash and cash equivalents primarily in U.S. dollars and in major financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">centers. As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. dollar denominated liquid assets represented</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">94</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">87</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of total liquid financial assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Fiscal Year Ended December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">, Compared to Fi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">scal Year Ended December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">2</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Operating activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash provided by operations during 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">395</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">67</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million during 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. This </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was mainly attributable to</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the working capital variation which amounted to a reduction of $182 million in 2023, while in 2022 there was a working capital increase of $2,131 million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The annual variation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in working capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was mainly attributed to a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rease of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">87</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inventories</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and $1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">54</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in trade receivables</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">partially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">offset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> decrease of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $149 million in trade payables and $102 million in customer advances, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">compared </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">330</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in inventories and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,208</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in trade receivables</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The increase in net cash provided by operations is also due to better results, as net income amounted to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $3,958 million in 2023, compared to a net income of $2,549 million in 2022.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on cash flow disclosures and changes to working capital, see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">30</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Cash flow disclosures&#8221; to our audited consolidated financial statements included in this annual report.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Investing activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">used in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investing activities was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2,687</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> net cash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">used</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investing activities of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">164</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ur financial investments by $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,857</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million compared to a</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">decrease</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">123</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, while capital expenditures amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">619</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">378</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we paid $266 million in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">connection with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquisitions, compared to $4 million in 2022.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Financing activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash used in financing activities, including dividends paid, proceeds and repayments of borrowings and acquisitions of non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-controlling interests, was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,125</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">178</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we had net </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">repayments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of borrowings of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">208</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million while in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we had net </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">proceeds</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> borrowings of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">417</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dividends paid during 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">637</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amou</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">531</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">we repurchased Company shares, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">existing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback program, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for an amount of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$214 million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">There were no share re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">purchases </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2022.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our total liabilitie</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s to total assets ratio was 0.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">19</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:1 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 0.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:1 as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Fiscal Year Ended December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">31, 2022, Compared to Fiscal Year Ended December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">31, 2021</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Operating activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash provided by operations during 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was $1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,167</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">119</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million during 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">21</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. This </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was mainly attributable to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the better results during the year, as net income amounted to $2,549 million in 2022 and $1,053 million in 2021, partially offset by a higher increase in working capital, which amounted to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2,131</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">22</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, while in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">21</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in working capital amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,071</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The annual variation in working capital was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mainly attributed to an increase of $1,330 million in inventories and $1,208 in trade receivables, compared to an increase of $1,085 million in inventories and $356 million in trade receivables in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2021. For more information on cash flow disclosures and changes to working</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> capital, see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">30</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Cash flow disclosures&#8221; to our audited consolidated financial statements included in this annual report.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Investing activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">used in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investing activities was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">164</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to net cash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provided by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investing activities of $2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">68</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">21</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">decreased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our financial investments by $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">123</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million compared to a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">decrease</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">390</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">21, while capital expenditures amounted to $378 million in 2022 compared to $240 in 2021.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Financing activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net cash used in financing activities, including dividends paid, proceeds and repayments of borrowings and acquisitions of non-controlling interests, was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">178</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2022, compared to $648 million in 2021.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we had net proceeds </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> borrowings of $417 million while in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2021 we had net repayments of borrowings of $277 million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> </p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dividends paid during 2022 amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">531</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and during 2021 amounted to $319 million.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our total liabilities to total assets ratio was 0.20:1 as of December 31, 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 0.16:1 as of December 31, 2021.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Principal Sources of Funding</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we funded our operations with operating cash flows, bank financing and available liquid financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assets. Short-term bank borrowings were used as needed throughout the year.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Financial liabilities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> borrowings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">decreased</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">145</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">583</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, from $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">729</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Borrowings consist mainly of ba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nk loans. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, U.S. dollar-denominated borrowings plus borrowings denominated in other currencies swapped to the U.S. dollar represented </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of total borrowings.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further information about our financial debt, please see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Borrowings&#8221; to our audited consolidated financial statements included in this annual report.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows the composition of our financial debt at Dec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ember 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 55%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bank borrowings</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-left-width: 1px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 562 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 15%; background-color: #cceeff; border-right-width: 1px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 729 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 331 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bank overdrafts</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-left-width: 1px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 21 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total borrowings</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">583 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 729 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 331 </span></p> </td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our weighted average interest rates before tax</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(considering hedge accounting) amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">56</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">45</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The maturity of our financial debt is as follows:</span></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 50%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">At December 31, 2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1 year or less</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1 - 2 years</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2 - 3 years</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Over 3 Years</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 10%; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Borrowings</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 535 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 47 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 2 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 583 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest to be accrued</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 11 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 4 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 0 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160; 14 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">546 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 50 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 2 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; 598 </span></p> </td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;">&#160; &#160;&#160;</p>
<p style="font-size: 8pt; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our current borrowings to total borrowings ratio </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">92</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:1 as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to 0.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">94</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:1 as</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our liquid financial assets exceeded our total borrowings,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> we had a net cash position <sup>5</sup></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(cash and cash equivalents, other current</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and non-current</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, derivatives hedging borrowin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s and investments,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> less total borrowings) of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.4</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">billion</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">921</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 8pt; margin: 0px; line-height: 1.2; text-indent: 0px;"><span>&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, lease liabilities amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">134</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. The amount of remaining payments with maturit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ies of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> less than 1 year, between 2 and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5 years and more than 5 years was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">28</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">45</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">27</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the total remaining payments.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 2022, lease liabilities amounted to approximately $112 million. The amount of remaining payments with maturities of less than 1 year, between 2 and 5 years and more than 5 years was approximately 25%, 48% and 27%, respectively, of the total remaining payments.</span></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><span>&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For information on our derivative financial instruments, please see &#8220;Quantitative and Qualitative Disclosure about Market Risk &#8211; Accounting for Derivative Financial Instruments and Hedging Activities&#8221; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ote 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Derivative financial instruments&#8221; to our audited consolidated financial statements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">included in this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 8pt; margin: 0px; line-height: 1.2; text-indent: 0px;"><span>&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For information regarding the extent to which borrowings are at fixed rates, please see</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Quantitative and Qualitative Disclosure </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">bout Market Risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 8pt; margin: 0px; line-height: 1.2; text-indent: 0px;"><span><i>&#160;</i></span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Significant Borrowings</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our most significant borrowings as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were as follows:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Millions of U.S. dollars</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Disbursement date</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Borrower</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Type</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Final maturity</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Outstanding</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Tubos</span> <span style="line-height: inherit;">de Acero de </span><span style="line-height: inherit;">Mexico</span><span style="line-height: inherit;"> S.A.</span></span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bilateral</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2024</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 18%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">200</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Tenaris </span><span style="line-height: inherit;">Tubocaribe</span><span style="line-height: inherit;"> Ltda.</span></span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bilateral</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2024</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="line-height: inherit;">Confab </span><span style="line-height: inherit;">Industrial S.A.</span></span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bilateral</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2024</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2017</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Global Pipe Company</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bilateral</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2024 / 2025</span></p> </td>
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<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Tenaris was in compliance with all of its covenants</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, or obtained the necessary waivers from the applicable financial institution if the covenants were not met</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="font-size: 8pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN17_2122024124227572" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trend Information</span></a></div>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Principal Factors Affecting Oil and Gas Prices and Demand for Steel Pipes from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">the Global Oil and Gas Industry</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sales to the oil and gas industry worldwide represent a high percentage of our total sales, and demand for steel pipes from the global oil and gas industry is a significant factor affecting the general level of volumes and prices for our products. Downward pressures on oil and gas prices usually result in lower oil and gas drilling activity and investment throughout the oil and gas industry with consequently lower demand for our steel pipe products and, in some circumstances, upward pressures can result in higher demand from our oil and gas customers. </span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Whereas oil prices are similar in most parts of the world because oil is a fully tradable commodity, gas prices are influenced by regional factors. In North America, where gas production is extensively developed and there is an extensive regional pipeline system, these factors include available gas storage capacity and seasonal weather patterns, particularly winter temperatures in the United States. LNG prices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> traditionally established in relation to international oil prices, particularly in the largest LNG markets in Asia. However, as the market for LNG </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">become more global and the United States </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">become</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">major</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> source of LNG, LNG prices are now being set increasingly in relation to gas prices prevailing at regional gas hubs. In 2022, spot LNG prices completely decoupled from oil prices as pipeline gas imports to Europe from Russia were substantially reduced consequent to the Russian invasion of Ukraine and European countries dramatically increased imports of LNG to replace Russian gas.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">LNG prices have since normalized and spot prices are currently below oil parity levels with high levels of gas in storage in Europe and North America following a second consecutive relatively warm winter heating season.</span></p>
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<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>5&#160;</sup>Net cash position is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more information on this measure.</td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">International oil prices depend on diverse factors. On the supply side, major oil-and-gas-producing nations and companies have frequently collaborated to balance the supply (and thus the price) of oil in the international markets. A major vehicle for this collaboration has been OPEC, and more recently what has become known as OPEC+, which includes OPEC members, plus Russia and certain other countries. Many of our customers are state-owned companies in member countries of OPEC and OPEC+. Another factor that has affected the international price level of oil is the political and socioeconomic conditions of oil-producing countries, such as Libya, Nigeria and Venezuela and the persistence of geo-political and armed conflicts, such as the recent Ukraine-Russia armed conflict, and conflicts affecting the Middle East region, which is home to a substantial proportion of the world&#8217;s known oil reserves. See &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On the demand side, economic conditions and the level of oil inventories have traditionally played a role in oil prices and will continue to do so. Increasingly, however, the rate of substitution of oil and gas by alternative, cleaner fuel sources such as renewables, as well as policies adopted by governments and financing entities worldwide to accelerate the energy transition and by oil and gas companies to adapt their strategies to the energy transition, will also play a significant role in oil prices. </span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Another factor affecting oil and gas prices has been the ability of producers in the United States and Canada to rapidly increase production from their reserves of tight oil and shale gas in response to changes in market conditions. Production from U.S. tight oil reserves has grown in recent years to represent over 10% of global liquids production, and production from shale gas plays has converted the United States into a net exporter of natural gas and a major player in the LNG market.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 2020, the COVID-19 pandemic caused a sudden and precipitous drop in global oil demand and oil prices collapsed even entering negative territory at one point. Since then, prices have recovered above their pre-pandemic level with the recovery in demand and actions by OPEC member countries and other producers to cut and then gradually increase production levels. In addition, energy and commodity prices spiked upwards at the onset of the armed conflict involving Russia and Ukraine although they have subsequently fallen back t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o a large extent. LNG prices, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fell back at the end of 2022 and beginning of 2023 reflecting unusually warm winter weather conditions and reduced industrial demand in Europe which resulted in far lower drawdowns from storage than is customary for this period of the year. For more information on the impact of the armed conflict in Ukraine, see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An escalation of the Russia-Ukraine war and other armed conflicts may adversely affect our operations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The collapse of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> oil prices, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in March 2020 took place when </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oil and gas operators</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, particularly in the United States, were already reducing their investments and drilling activity in response to pressure from financial markets to generate positive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> free cash flows <sup>6</sup>&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">il and gas operators around the world </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">then </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">made further substantial reductions in their exploration and production investments, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reducing them </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to a level around </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">70% of the pre-pandemic level. Investments have subsequently recovered above their pre-pandemic level in 2023.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Since the development of the prolific Marcellus shale gas play, North American gas prices have remained at low levels compared to previous decades and relative to other major gas-consuming regions and global LNG prices. For several years, production increases, primarily from productive shale gas deposits, have exceeded regional demand increases, reducing the need for imports, to the extent that, in 2017, the United States became a net exporter of natural gas. Low prices have encouraged investment in gas consuming industrial facilities and LNG export facilities as well as switching from coal to gas for electric power production, particularly with the adoption of new regulations which could force the retirement of older coal-based generating units. With continuing investments in LNG export facilities, the United States has become a major global LNG exporter, and, over the past two years, has brought more new LNG capacity to the international market than any other producer.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Until the Russian invasion of Ukraine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> LNG prices used to reflect supply and demand conditions in Asia, the major LNG-consuming region, although demand had been increasing in regions like Europe, which imports LNG to supplement its traditional pipeline imports from Russia and other neighboring gas-producing regions, and South America, which imports LNG in its winter season and to supplement hydroelectric energy when rainfall is low. In 2022, however, Europe became a major competitor to Asia in the LNG market as it sought to replace Russian pipeline gas at almost any cost. As Europe phases out imports of pipeline gas from Russia, demand for LNG in Europe is likely to continue to grow in the coming years, and this is changing the price dynamics of the industry. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Demand, however, has been affected by higher temperatures and lower industrial activity in Europe over the past </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">two winter heating seasons, and spot LNG prices have fallen back to levels below oil parity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consumption, though not necessarily prices, will continue to show seasonal fluctuations, increasing in the North Asian </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and European </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">winter period and declining in the summer months. The efforts to fill European storage capacity and increase import capacity has, however, increased price volatility.</span></p>
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<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>6</sup> Free cash flow is a non-IFRS alternative performance measure&#8212;please see Exhibit 15.2 for more information on this&#160;measure.</td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. natural gas prices increased during 2021, reaching $6 per million BTU as LNG export capacity came on stream and demand increased. In late 2022 and 2023, prices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">returned</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to a level of $2-3 per million BTU as LNG export demand was capped by capacity limitations and the temporary shutdown of a facility while domestic demand during the winter heating season was lower than usual.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In early 2024, as U.S. winter heating demand was affected by warmer than usual weather, prices fell below $2 per million BTU. At the same time, the Biden administration paused the issuance of permits for new LNG export facilities.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Drilling activity in the United States and Canada, following several years of high activity, fell sharply through 2015 and the first half of 2016 before beginning a recovery which ended at the end of 2018. Drilling activity declined throughout 2019 in response to a fall in oil prices at the end of 2018 and financial market pressures to produce positive cash flow returns. This decline turned into a collapse with the onset of the COVID-19 pandemic in 2020. Since then, there has been a steady recovery through 2021 and 2022. Production levels today are higher than before the 2014 collapse </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> oil prices but rig counts are much lower, reflecting the strong productivity gains made by the U.S. oil and gas drilling industry. In the rest of the world, drilling activity began to decline in the second half of 2014, continued to decline during 2015, 2016 and 2017 before a gradual recovery in the second half of 2018 and 2019. Following the onset of the COVID-19 pandemic in 2020, drilling activity in the Eastern Hemisphere declined more slowly and later than in Latin America but then recovered later and more gradually than in Latin America.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Prior to the 2014 downturn in oil prices, a growing proportion of exploration and production spending by oil and gas companies had been directed at offshore, deep drilling and non-conventional drilling operations in which high-value tubular products, including special steel grades and premium connections, are usually specified. The success, however, of shale drilling operators, with their inherently short investment cycles, in adapting to lower oil and gas </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prices</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and increasing production, led to a slowdown in new developments of complex offshore projects with long investment lead times in a context of low and more volatile oil prices, consequently affecting the level of product differentiation. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">More recently, however, offshore drilling activity has increased again as exploration has continued and cost-competitive developments, like those in Brazil, Guyana, and sub-Saharan Africa, are being sanctioned and developed.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the increasing cost competitiveness and use of alternative renewable sources of energy will limit growth in demand for oil and gas and put downward pressure on oil and gas prices in the longer term. This trend will accelerate if carbon taxes or carbon pricing instruments resulting in high prices for carbon emissions, or other regulations aimed at reducing the use of fossil fuels, are implemented around the world. There has been a substantial increase in the number of commitments to reduce carbon emissions from governments and public companies, including those operating in the oil and gas industry, and increased calls on governments and financial entities to introduce regulations and policies to accelerate the energy transition away from fossil fuels to cleaner sources of energy. Major oil and gas companies have been adapting their strategies to address the energy transition and some are even setting out commitments to reduce production as early as 2030. For more information on climate change regulations, see &#8220;Key Information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Risk Factors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Risks Relating to Our Business and Industry -</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Climate change legislation and increasing regulatory requirements aimed at transitioning to a lower-carbon economy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reduce demand for our products and services and result in unexpected capital expenditures and costs, and negatively affect o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ur reputation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On the other hand, we expect that the energy transition will create new markets for the use of our products and services including in the transportation and storage of hydrogen and for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">CCS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> systems. We constantly monitor the evolution of the strategies of our main customers and scenarios for future energy demand, considering the global objectives for addressing climate change through the reduction of carbon emissions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with the Paris Agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and national objectives to achieve carbon-neutrality. We also assess the market outlook for our products with reference to the different scenarios for oil and gas demand published by our customers, international agencies such as the IEA and expert energy market consultancies such as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Rystad</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. These assessments are used as fundamental input for evaluating our business strategy and how to address the risks and opportunities arising from climate change.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The tables below show the annual average number of active oil and gas drilling rigs, or rig count, in the United States, Canada, Latin America and Eastern Hemisphere (worldwide other than the United States, Canada and Latin America, excluding Iran, Sudan, onshore China, Russia and Syria) and Worldwide, as published by Baker Hughes, for the years indicated and the percentage increase or decrease over the previous year. Baker Hughes, a leading oil service company, has published its rig counts on a monthly basis since 1975 as a general indicator of activity in the oil and gas sector.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>75</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Rig count</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2021</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2020</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 40%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Latin America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 178 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 168 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 137 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 107 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Other International <span style="font-size: 8pt; line-height: inherit;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 769 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 683 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 618 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 718 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 177 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 175 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 132 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 89 </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">United States </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 687 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 723 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 478 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 433 </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Worldwide </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 1,811 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 1,749 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 1,365 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 1,347 </span></p> </td> </tr> </tbody> </table>
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<td style="width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 90%;"/> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt; line-height: 1.2;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"> (*)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">xcludes Iran, Sudan, onshore China, Russia and Syria (discontinued in February 2</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">013).</span></span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Percentage increase (decrease) over the previous year</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0px; break-after: avoid; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;</span></p>
<table cellspacing="0" cellpadding="0" style="font-size: 10pt; font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; height: 91px; width: 100%;" width="100%">
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 55%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Latin America</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">6%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">23%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 15%; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">28%</span></p> </td> </tr>
<tr style="height: 13px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 13px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Other International <span style="font-size: 8pt; line-height: inherit;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 13px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">13%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 13px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">11%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 13px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(14%)</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">33%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">48%</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">United States </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(5%)</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">51%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">10%</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Worldwide </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">4%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">28%</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #ffffff !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">1%</span></p> </td> </tr> </tbody> </table>
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<td style="width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/>
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<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt; line-height: 1.2;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"> (*)</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">xcludes Iran, Sudan, onshore China, Russia and Syria (</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">discontinued in February 2013).</span></span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt; line-height: 1.2;"><span style="color: #8e8e8e; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;</span></p>
<div style="font-size: 8pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN18_212202412436187" class="customBookmark"><span style="color: #8e8e8e; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Critical Accounting Estimates</span></a></div>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This discussion and analysis of our financial condition and results of operations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on our audited consolidated financial statements, which have been prepared in accordance with IFRS. IFRS differs in certain significant aspects from U.S. GAAP.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The preparation of our audited consolidated financial statements and related disclosures in conformity with IFRS requires us to make estimates and assumptions that might affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenue and expenses. Management evaluates its accounting estimates and assumptions, including those related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">impairment of goodwill</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-lived assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; impairment in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> investment in associates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; income taxes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> including recoverability of deferred tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; obsolescence of inventory; contingencies; allowance for trade receivables; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">post-employment and other long-term benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; business combinations; useful lives of property, plant and equipment and other long-lived assets and property title ownership </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">restriction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and revises them when appropriate. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Although management believes that these estimates and assumptions are reasonable, they are based upon information available at the time they are made. Actual results may differ significantly from these estimates under different assumptions or conditions.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">II. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Accounting Policies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inancial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatements included in this annual report.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>76</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Functional and presentation currency</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best reflects the economic substance of the underlying events and circumstances relevant to Tenaris&#8217;s global operations.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.</span><br/></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This decision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">wa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s a result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">significant increase of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Brazilian </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ubsidiaries&#8217;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the OCTG and l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ipe international markets, a trend which started in recent years and has been strengthened in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an increased l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel of integration of the local operations within Tenaris&#8217;s int</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ernational commercial and supply chain system, as well as the fact that the main purchase agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contracts and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the long term sales agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contracts with major international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and local </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oil companies are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">either entered or indexed to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Local steel prices are also being affected by the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ollar / Brazilian Real fluctuations.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xcept for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Italian subsid</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">iaries whose functional currency</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Euro </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and two recently acquired subsidiaries wh</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> functional currencies are the Canadian Dollar and the Norwegian Krone, Tenaris determined that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ul style="font-size: 8pt;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar, the sales price may consider exposure to fluctuation in the exchange rate versus the U.S. dollar;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prices of critical raw materials and inputs are priced and settled in U.S. dollars;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">transaction and operational environment and the cash flow of these operations have the U.S. dollars as reference currency;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">significant level of integration of local operations within Tenaris&#8217;s international global distribution network;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">net financial assets and liabilities are mainly received and maintained in U.S. dollars; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the exchange rate of certain legal currencies has long been affected by recurring and severe economic crises.</span></li> </ul>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the year-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tatement as a gain or loss from the sale or disposal.</span><br/></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>77</span></span></td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;">&#160;</p>
<div style="font-size: 8pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN19_2122024124357581" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Directors, Senior Management</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> and Employees</span></a></div>
<div style="font-size: 8pt; font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN20_212202413510533" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Directors and Senior Management</span></a></div>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Board of Directors</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management of the Company is vested in a board of directors</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with the broadest power to act on behalf of the Company and accomplish or authorize all acts and transactions of management and disposal that are within its corporate purpose and not specifically</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reserved in the articles of association or by applicable law to the general shareholders&#8217; meeting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s articles of association provide for a board of directors consisting of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a minimum of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> three and a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">maximum of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fifteen directors; however, for as long as the Company&#8217;s shares are listed on at least one regulated market, the minimum number of directors must be five. The Company&#8217;s current board of directors is composed of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ten</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> directors.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The board of directors is required to meet as often as required by the interests of the Company and at least four times per year. Board of directors</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> meetings can be validly held by means of teleconference call, video conference or any other means genuinely allowing for the participation, interaction and intercommunication of the attending directors. Written decisions, signed by all the directors, are proper and valid as though they had been taken at a meeting of the board of directors</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> duly convened and held. In 202</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s board of directors met </span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">seven</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> times and adopted </span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">one</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> unanimous written resolution. A majority of the members of the board of directors in office present or represented at the board of directors&#8217; meeting constitutes a quorum, and resolutions may be adopted by the vote of a majority of the directors present or represented. In case of a tie, the </span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="background-color: #ffffff; color: #242424; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hairman is entitled to cast the deciding vote.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Directors are elected at the annual ordinary general shareholders&#8217; meeting to serve one-year renewable terms, as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by the general shareholders&#8217; meeting. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The general shareholders&#8217; meeting also determines the number of directors that will constitute the board and their compensation. The general shareholders&#8217; meeting may dismiss all or any one member of the board of directors at any time, with or without cause, by resolution passed by a simple majority vote, irrespective of the number of shares represented at the meeting.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s articles of association provide that the board of directors of the Company may within the limits of applicable law, (a) delegate to one or more persons, whether or not members of the board of directors, the powers necessary to carry out its decisions and to provide day-to-day management (except for approval of material transactions with related parties, which may not be delegated and shall be approved by the board of directors prior opinion of the audit committee), (b) confer to one or more persons, whether or not members of the board of directors the powers deemed to be appropriate for the general technical, administrative and commercial management of the Company, (c) constitute an audit committee formed by directors, determining its function and authority, and (d) constitute any other committee, whose members may or may not be members of the board of directors and determine their functio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ns and authority. On May 3, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the board of directors appointed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s chief executive officer as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">administrateur</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">d&#233;l&#233;gu&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and delegated to him the power to manage the Company&#8217;s affairs within the ordinary course of business, to the full extent permitted by Luxembourg law, to direct and supervise the business activities of the Company&#8217;s subsidiaries and to represent the Company in relation to such matters.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On May 3, 2023, the Company&#8217;s annual general shareholders&#8217; meeting re-appointed Mr. Simon Ayat, Mr. Roberto Bonatti, Mr. Carlos </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Condorelli</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Mr. Germ&#225;n </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cur&#225;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Ms. Maria </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Novales-Flamarique</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Gianfelice</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mario Rocca, Mr. Paolo Rocca, Mr. Jaime Jos&#233; Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Puche</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Ms. Monica </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Mr. Guillermo Vogel as members of its board of directors, each board member to serve until the next annual shareholders&#8217; meeting that will be convened to decide on the Company&#8217;s 2023 annual accounts. The board of directors subsequently reappointed Paolo Rocca as board chairman and Tenaris&#8217;s chief executive officer and Guillermo Vogel and Germ&#225;n </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cur&#225;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as vice chairmen of the board.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table sets forth the name of the Company&#8217;s current directors, their respective positions on the board</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, their principal occupation, their years of service as board members and their age.</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Name</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Position</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Principal Occupation</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Years as Board Member</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Age at </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">December 31, 2023</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Simon Ayat</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director of the Company</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 69 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Roberto Bonatti&#160;<span style="font-size: 8pt; line-height: inherit;"><sup>(1)</sup></span></span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Faustin</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 21 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 74 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Carlos </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Condorelli</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director of the Company and Ternium</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 17 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 72 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Germ&#225;n </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Cur&#225;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director and Vice Chairman of the Company's board of directors</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 6 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 61 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mrs. Maria </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Novales-Flamarique</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Strategy Advisor</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 2 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 47 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Gianfelice</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Mario Rocca <span style="font-size: 8pt; line-height: inherit;"><sup>(1)</sup></span></span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chairman of the board of directors of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Faustin</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 21 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 75 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Paolo Rocca <span style="font-size: 8pt; line-height: inherit;"><sup>(1)</sup></span></span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director / CEO</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chairman of the Company's board of directors and Tenaris's chief executive officer </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 22 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 71 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Jaime Jos&#233; Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Puche</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chairman of S.A.I. Derecho &amp; Econom&#237;a</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 21 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 72 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Ms. Monica </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Tiuba</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director of the Company and chairperson of the Company's audit committee</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 6 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 45 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Guillermo Vogel</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Director and Vice Chairman of the Company's board of directors</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 21 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 73 </span></p> </td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;">&#160; &#160;</p>
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<td style="width: 100%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-size: 7pt; line-height: inherit;"><sup><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(1)</span></sup></span><span style="color: #000000; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Paolo Rocca and&#160;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Gianfelice</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;Mario</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;Rocca are brothers, and Roberto Bonatti is Paolo and&#160;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">G</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ianfelice</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;Mario</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;Rocca&#8217;s first cousin.</span></span></td> </tr> </tbody> </table>
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<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Simon Ayat</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Ayat is a member of the Company&#8217;s board of directors and of its audit committee. He served as Schlumberger&#8217;s executive vice president and chief financial officer from 2007 until early 2020 and as senior strategic advisor to the chief executive officer of Schlumberger until January 2022. Mr. Ayat has held several financial and operational positions in Schlumberger, where he commenced his career in 1982. He was based in Paris, Houston and Dallas, as well as in the Middle East and Far East regions, serving as group treasurer, controller, </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">geomarket</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> manager for Indonesia and drilling regional vice president for Asia Pacific. Mr. Ayat is also a member of the board of directors of Liberty </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Energy</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a leading provider of hydraulic fracturing and wireline services to E&amp;P companies in North America. He is a French and Lebanese citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Roberto Bonatti</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Bonatti is a member of the Company&#8217;s board of directors. He is a grandson of Agostino Rocca, founder of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">roup, a group of companies controlled by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Throughout his career in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oup he has been involved specifically in the engineering and construction and corporate sectors. He was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> first employed by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">roup in 1976, as deputy resident engineer in Venezuela. In 1984, he became a director of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2001 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">until 2020 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he has served as its president. He is also a member of the board of directors of Ternium. Mr. Bonatti is an Italian citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Carlos </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Condorelli</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Condorelli</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a member of the Company&#8217;s board of directors.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">He served as the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inancial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer from October 2002 until September 2007. He is also a board member of Ternium.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">He has held several positions within Tenaris, including also the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inancial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer position in some of the principal Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">roup companies and member of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> audit committee between November 1, 2017 and May 2, 2018. He also served as president of the board of directors of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Empr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">esa</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Distribuidora</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> La Plata S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an Argentine utilities company. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cond</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">orelli</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an Argentine citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Germ&#225;n </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Cur&#225;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cur&#225;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a member of the Company&#8217;s board of directors and also holds the position of Vice Chairman of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s board of directors. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">He served as president of our operations in North America until May 2, 2018, a position held</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">since 2006. He was first employed by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">988. Previously, he served as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exports director, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exports director and commercial director, sales and marketing manager of our Middle East subsidiary, president of AlgomaTubes, president and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xecutive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer of Maverick Tubulars and president and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xecutive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, director of our Oilfield Services global business unit and Tenaris commercial director. He was also a member of the board of directors of API and of the American Iron and Steel Institute (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">AISI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">). He is a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">marine e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ngineer from the Instituto </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecnol&#243;gico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de Buenos Aires and a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> MBA graduated from the Massachusetts Institute of Technology. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cur&#225;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an U.S. citizen.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Maria </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Novales-Flamarique</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Novales-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Flamarique</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a member of the Company&#8217;s board of directors. She advises multinational institutions on a variety of strategic and transformational issues. Previously, she was country head for Generation Mexico, an NGO founded by McKinsey &amp; Company that transforms education-to-employment systems to prepare, place, and support people into life-changing careers that would otherwise be inaccessible. She was also a partner at McKinsey &amp; Company, leading more than 50 teams advising companies in Mexico, other Latin American countries, the United States and Europe. She began her career in asset management at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Letko</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Brosseau &amp; Associates in Montreal, Canada, and worked as an investment banker at Citigroup Global Markets in New York City. She currently serves as an independent director at Scotiabank Mexico, where she is a member of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Audit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">alent committees. She also sits on advisory boards at several fintech, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">HRtech</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">insurtech</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> start-ups and venture capital funds. She holds an MBA from London Business School, a B.A. from HEC Montreal and is a CFA </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Charterholder</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Novales-Flamarique</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Canadian, Spanish, and U.S. citizen.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Gianfelice</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;"> Mario Rocca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Rocca is a member of the Company&#8217;s board of directors. He is a grandson of Agost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ino Rocca. He is c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hairman of the board of directors of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, member of the board of directors of Ternium, president of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Humanitas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group and president of the boar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d of directors of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenova</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Moreover,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Italy, he is member of the b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Bocconi University</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dvisory </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Politecnico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> di Milano. At international level, he is member of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Harvard Business School Advisory Board</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and member of the European Round Table of Industrialists (&#8220;ERT&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Rocca is an Italian citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Paolo Rocca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Rocca is the Chairman of the Company&#8217;s board of directors and has been our chief executive officer since 2002. He is a grandson of Agostino Rocca. He is also the chairman of the board of directors of Ternium and a director and President of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. He is a member of the executive committee of the World Steel Association. Mr. Rocca is an Italian citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Jaime </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Jos&#233; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Puche</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Puche</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a member of the Company&#8217;s board of directors and of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> audit committee.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">He is the chairman of SAI </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Derecho &amp; Economia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a Mexican consulting firm, and a member of the board of directors of Grupo Vitro, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and chairman of the board of BBVA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Puche</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> served as Mexico&#8217;s Undersecretary of Revenue, Secretary of Trade and Industry, and Secretary of Finance. He led the negotiation and implementation of NAFTA. Mr. Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Puche</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Mexican citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Mo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">nica </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a member of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> board of directors and chairperson of the audit committee. She is a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brazilian </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">qualified lawyer and accountant with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> more than</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20 years of professional experience in Brazil and Luxembourg. She started her career at Barbosa, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mussnich</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &amp; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Arag&#227;o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> law firm in Rio de Janeiro, Brazil, where she practiced corporate law, M&amp;A and tax litigation. She worked in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">EY and PwC, in the Brazil and Luxembourg offices, advising multinational clients, private equity houses and family offices. She gained banking experience working as international senior wealth planner at Banque Edmond de Rothschild, in Luxembourg. She currently serves as member of the board of directors of Investing for Development SICAV, a Luxembourg social impact fund and of its Forest and Climate Change Fund and she </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> also a member of Freyr Battery&#8217;s board of directors and chairperson of the audit and risk committee. She holds a Master of Laws in International and Comparative Law at the Vrije Universiteit Brussel, a specialization in EU tax law from Leiden University and a Master of Laws in international taxation from Vienna University of Economics. Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Brazilian and Luxembourgish citizen.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Guillermo Vogel</span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Vogel is a member of the Company&#8217;s board of directors and also holds the position of vice chairman of the board. He is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a notable Mexican businessperson with an extensive career in various industries. He graduated from the Universidad Nacional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Aut&#243;noma</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de M&#233;xico and also holds an MBA from the University of Texas at Austin. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vogel has held prominent positions in several companies, showcasing his expertise and leadership skills.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">He is the Chairman of <span style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;">GCollado</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;S.A.B. de C.V. and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exportaciones</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> IM </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Promoci&#243;n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, S.A. de C.V. His influence extends to multiple organizations, as he has served as president of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Canacero</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Steel Chamber in Mexico, and as Vice Chairman of the American Iron and Steel Institute (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">AISI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">).</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Moreover, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Vogel is actively involved in various other companies and institutions. He is a board member of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, S.A. de C.V., Alfa S.A.B. de C.V., Banco Santander (M&#233;xico) S.A; Innovare R&amp;D, S.A., </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Europea</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Network Business Solutions S.A. de C.V; Club de </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Industriales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, A.C., </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consejo</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Coordinador</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Empresarial</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; and several other organizations. His roles also include contributions to the academic sector, as he is a member of the board of the Universidad </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Panamericana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and IPADE, A.C.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">His international presence is marked by his membership in The Trilateral Commission and the International Board of The Manhattan School of Music. He also plays a key role in the US-Mexico CEO Dialogue as its Chairman. Vogel's career reflects a blend of leadership in business and contributions to international relations and education.</span> <span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Vogel is a Mexican citizen.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At the next annual general shareholders&#8217; meeting scheduled to be held on April 30, 2024, it will be proposed that the number of directors be increased to eleven, that all of the current members of the board of directors be reappointed, and that Ms. Molly Montgomery be newly appointed to the board of directors, each to hold office until the next annual general shareholders&#8217; meeting that will be convened to decide on the Company&#8217;s 2024 annual accounts. Below is Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Montgomery&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> biographical information.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Molly Montgomery</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Montgomery has 20 years of experience advising senior executives and government officials on geopolitical and policy issues. She currently serves as a Public Policy Director at Meta Platforms, Inc. In her 15-year career in the U.S. government, her roles included serving in the White House as Special Advisor to the Vice President for Europe and Eurasia and as the Deputy Assistant Secretary of State for the EU and Western Europe. Ms. Montgomery was previously a senior vice president at Albright Stonebridge Group, where she advised Fortune 500 clients on geopolitical risk, regulatory issues, and market entry and exit. She currently serves as a member of the board of directors of the Center for European Policy Analysis and on the Leadership Council for Women in National Security. She holds a BA in History and Political Science from Stanford University, an MPA in International Relations from Princeton University, and a life membership in the Council on Foreign Relations. Ms. Montgomery is a U.S. citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Board members Ayat, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Novales-Flamarique</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Puche</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> qualify as independent directors under Exchange Act Rule 10A-3(b)(1) and the Company&#8217;s articles of association. If appointed by the next annual general meeting of shareholders, Ms. Montgomery would also qualify as an independent director for purposes of Exchange Act Rule 10A-3(b)(1) and under the Company&#8217;s articles of association.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;">&#160;&#160;</p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Directors&#8217; Liability</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Each director must act in the interest of the Company, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in accordance with applicable laws, regulations, and the Company&#8217;s articles of association. Directors are also bound by a general duty of care owed to the Company.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the Luxembourg law of August 10, 1915</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on commer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cial companies, as amended</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (the &#8220;Luxembourg Company Law&#8221;), directors may be liable to the Company in accordance with general law for the execution of their mandate and for any misconduct in the management of the Company&#8217;s affairs. Directors are jointly and severally liable towards either the Company or any third parties from damages resulting from the violation of the Luxembourg Company Law or the Company&#8217;s articles of association. Directors shall be discharged from such liability in the case of a violation to which they were not a party provided no misconduct is attributable to them and such violation has been reported to the first general meeting of shareholders after they have acquired knowledge thereof.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Causes of action against directors for damages may be initiated by the Company upon a resolution of the general shareholders&#8217; meeting passed by a simple majority vote, irrespective of the number of shares represented at the meeting. Causes of action against directors who misappropriate corporate assets or commit a breach of trust may be brought by any shareholder for personal losses different from those of the Company.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An action may also be brought against the directors on behalf of the Company by shareholders who, at the general meeting which decided to discharge such directors or members, owned voting securities representing at least ten percent of the votes attaching to all such securities.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">It is customary in Luxembourg that the shareholders expressly discharge the members of the board of directors from any liability arising out of or in connection with the exercise of their mandate when approving the annual accounts of the Company at the annual general shareholders meeting. However, any such discharge will not release the directors from liability for any damage caused by unrevealed acts of mismanagement or unrevealed breaches of the Luxembourg Company Law or the Company&#8217;s articles of association, nor will it release directors from liability for any personal loss of the shareholders independent and separate from losses suffered by the Company due to a breach either revealed or unrevealed of the Luxembourg Company Law or the Company&#8217;s articles of association.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under Luxembourg law, unless the decision of the board of directors relates to ordinary business entered into under normal conditions, any director having a direct or indirect financial interest conflicting with that of the Company in a transaction which has to be considered by the board of directors, must advise the board thereof and cause a record of her/his statement to be included in the minutes of the meeting and may not take part in the deliberations. At the next following general meeting, before any other resolution is put to vote, a special report must be made on any transactions in which any of the directors may have had an interest conflicting with that of the Company.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Auditors</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s articles of association require the appointment of an independent audit firm in accordance with applicable law</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The primary responsibility of the auditor is to audit the Company&#8217;s annual accounts and consolidated financial statements and to submit a report on the accounts to shareholders at the annual shareholders&#8217; meeting. In accordance with applicable law, auditors are chosen from among the members of the Luxembourg Institute of Independent Auditors (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Institut</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> des </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">r&#233;viseurs</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">d&#8217;entreprises</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">).</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Auditors are appointed by the general shareholders&#8217; meeting upon recommendation from the Company&#8217;s audit committee through a resolution passed by a simple majority vote, irrespective of the number of shares represented at the meeting, to serve one-year renewable terms. Auditors may be dismissed for reasonable cause by the general shareholders&#8217; meeting at any time. Luxembourg law does not allow directors to serve concurrently as external auditors. As part of their duties, auditors report directly to the audit committee.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to its charter, the Company&#8217;s audit committee is responsible for, among other things, the oversight of the independence and performance of the Company&#8217;s external auditors. The audit committee is also responsible to consider and make recommendations to the board of directors, to be put to shareholders for approval at the annual general meeting of shareholders, regarding the appointment, re-appointment or removal of the Company&#8217;s external auditors.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the audit committee is responsible to review the appropriateness and provision of permitted non-audit fees and to review and approve any fees (whether for audit, audit-related and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-audit services) payable to the Company&#8217;s external auditors. On a yearly basis, in the performance of its functions, the audit committee considers the appointment of the Company&#8217;s external auditors and reviews, together with management and the external auditor, the audit plan, audit related services and other non-audit services. The audit committee requests the board of directors to submit the audit committee&#8217;s recommendation for the appointment of the Company&#8217;s external</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">auditor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">each</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fiscal year and the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">payment of applicable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fees, for final approval by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the general shareholders&#8217; meeting. The general shareholders&#8217; meeting regularly approves audit fees and authorizes the audit committee to approve any increase or reallocation of such audit fees as may be necessary, appropriate or desirable under the circumstances. No services outside the scope of the audit committee&#8217;s approval can be undertaken by the external auditor.</span></p>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;">&#160;&#160;</p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The shareholders&#8217; meeting held on May 3, 2023, re-appointed P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rice</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aterhouse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oopers S.C., </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R&#233;viseurs</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d&#8217;entreprises</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">agr&#233;&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;PwC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">),</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as the Company&#8217;s statutory auditor for the fiscal year ended December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and appointed Ernst &amp; Young S.A. (&#8220;EY&#8221;) as the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">statutory</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> auditors for the fiscal year ending December 31, 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;<span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Compensation</span></span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;">&#160; &#160;</p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Senior Management</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our current senior management as of the date of this annual report consists of:</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Name</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Position</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Age at </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">December 31, 2023</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 32%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Paolo Rocca</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 43%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chairman and Chief Executive Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 25%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 71 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Ms. Alicia </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">M&#243;ndolo</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chief Financial Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 65 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Gabriel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Podskubka</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chief Operating Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 50 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Antonio </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Caprera</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chief Industrial Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 63 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Gabriel Casanova</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chief Supply Chain Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 65 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Luis </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Scartascini</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chief Human Resources Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 50 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Marcelo </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Ramos</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Chief Technology Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 60 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Luca </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Zanotti</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">President, United States</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 56 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Sergio de la Maza</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">President, Mexico</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 67 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Javier Mart&#237;nez Alvarez</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">President, Southern Cone</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 57 </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mr. Michele Della </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Briotta</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">President, Europe</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 51 </span></p> </td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Paolo Rocca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Rocca is the Chairman of the Company&#8217;s board of directors and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> has been</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our chief executive officer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> since 2002</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. He is a grandson of Agostino Rocca. He is also the chairman of the board of directors of Ternium and a director and President of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. He is a member of the executive committee of the World Steel Association. Mr. Rocca is an Italian citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Alicia </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">M&#243;ndolo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">M&#243;ndolo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently serves as our Chief Financial Officer, a position she assumed in August 2019 and, since April 2023, has also assumed responsibility over the process improvement and information technology department. Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">M&#243;ndolo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joined the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group in 1984 and has more than 35 years of experience in accounting and reporting, audit and finance. From 2010 to 2016, she served as Chief Audit Executive of Tenaris. Previously and from 2016 to 2019, she served as financial officer in several companies in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group. Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">M&#243;ndolo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an Argentine and Italian citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Gabriel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Podskubka</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Podskubka</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently serves as our Chief Operating Officer, with responsibility for coordinating the company&#8217;s sales and marketing, supply chain and production operations and product and service development, a position he assumed in April 2023. After graduating as an industrial engineer in Argentina, Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Podskubka</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 1995 in the marketing department. He held various positions in the marketing, commercial, and industrial areas of Tenaris until he was appointed as the head of our Eastern European operations in 2009 and, in 2013, the president of our Eastern Hemisphere operations. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Podskubka</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an Argentine citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Antonio </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Caprera</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Caprera</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently serves as our Chief Industrial Officer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">position he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in April 2017</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and since July 2023, he also assumed responsibility over the quality department. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">He joined the company in 1990. From 2000 to 2006 he served as quality director at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Italy, where he later </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> responsibilities as production director until 2012. From that year and until 2015 he served as production director at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Argentina, after which he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> responsibilities as global industrial coordinator based in Mexico until March 2017. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Caprera</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an Italian citizen.</span><br/></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Gabriel Casanova</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Casanova currently serves as our Chief Supply Chain Officer, with responsibility for the execution of all contractual deliveries to customers. After graduating as a marine and mechanical engineer, he joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> export department in 1987. In 1995 he became </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Chief Representative in China and from 1997 to 2009 he held several positions in the commercial area in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In 2009 he became the head of our supply chain network and in October 2012 he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> his current position. Mr. Casanova is an Argentine citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Luis </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Scartascini</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Scartascini</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently serves as our Chief Human Resources Officer, a position he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">January, 2022. After receiving a degree in industrial engineering, he started his career in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 1997 and then moved to Houston in 2003 to be part of the company&#8217;s commercial office in the United States. In 2005 he moved back to Argentina to serve as the director of the Global Trainee program before heading to Dubai in 2010 to lead the Middle Eastern Business Unit and later support the acquisition of Saudi Steel Pipes. He returned to the United States in 2018 as commercial vice president and played a leading role in the commercial integration of IPSCO. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Scartascini</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an Argentine and Italian citizen.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Marcelo </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Ramos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Ramos currently serves as our Chief Technology Officer. Previously he served as corporate quality director and managing director of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. He joined the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group in 1987 and has held various positions within Tenaris. He </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">his current position in April 2010. Mr. Ramos is an Argentine </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">citizen.</span></p>
<p style="font-size: 10pt; font-family: 'times new roman', times; margin: 10pt 0pt 10pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Luca </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Zanotti</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Zanotti</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently serves as president of our operations in the United States. In 2002, he joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the procurement company for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group, as planning and administration director. He was later promoted to raw materials director and in July 2007 became managing director of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a position he held until 2010. He served as regional manager Europe, and managing director of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dalmine</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> from 2011 to 2015, when he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> his current position. Before joining the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group, he was a senior manager at A.T. Kearney in Milan, where he worked from 1998 to 2002, and prior to that he held various business development positions in the Far East for Lovato Electric. Mr. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Zanotti</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an Italian citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Sergio de la </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Maza</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. de la </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Maza</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently serves as our president, Mexico and also serves as managing director and executive vice-president of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. He first joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in 1980. From 1983 to 1988, Mr. de la </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Maza</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> worked in several positions in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. He then became manager of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> new pipe factory and later served as manufacturing manager and quality director of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tamsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Subsequently, he was named manufacturing director of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. He </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> his current position in 2003. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. de la Maza </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexican</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">citizen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Javier Mart&#237;nez &#193;lvarez</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Mart&#237;nez &#193;lvarez currently serves as president of our operations in the Southern Cone, a position he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in June 2010, having previously served as our Andean area manager. He began his career in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Group in 1990, holding several positions including planning manager of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Siderar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and commercial director of Ternium-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sidor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In 2006, he joined Tenaris as our Venezuela area manager. Mr. Mart&#237;nez </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#193;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">lvarez is an Argentine citizen.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 5pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Michele Della </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Briotta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Mr. Della </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Briotta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently serves as president of our operations in Europe, a position he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">assumed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in July 2016. He first joined Tenaris in 1997 and has worked in areas such as industrial planning, operations, supply chain and commercial in Italy, Mexico, Argentina and the United States. Most recently he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">served as Tenaris&#8217;s area manager for Romania. Mr. Della </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Briotta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is an Italian citizen.</span></p>
<div style="font-size: 8pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN21_212202413628220" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Compensation</span></a></div>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 10pt 0pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The compensation payable to the members of the Company&#8217;s board of directors for the performance of their services to the Company is determined at the annual ordinary general shareholders&#8217; meeting. The general meeting of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shareholders held on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> May 3, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, approved the compensation paid to directors for the performance of their duties during the fiscal year 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and resolved that (i) each director receive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a fixed compensation for an amount of $115,000; (ii) each director who is also a member of the Company&#8217;s audit committee receives an additional fee of $55,000; and (iii) the chairperson of the Company&#8217;s audit committee receives an additional fee of $10,000. No variable compensation has been paid or shall be payable to directors for services rendered during the year 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and no long-term incentive or pension plan is available to directors.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The compensation paid to the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">managing director or chief executive officer </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is determined by the board of directors. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cash compensation paid or payable to the chief executive officer for the performance of his duties during the year 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, of which $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million corresponds to fixed compensation and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million corresponds to variable compensation. No long-term incentive or pension plan is awarded to the chief executive officer.</span><br/></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The aggregate cash compensation paid to all directors and senior managers of the Company for the year 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">47</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. This amount includes cash benefits paid to certain senior managers in connection with pre-existing retirement plans. In addition, directors and senior managers received for the year 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">388</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> thousand units for a total amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in connection with the employee retention and long-term incentive program described in note II.P.3 &#8220;Accounting Policies - Employee benefits - Other long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">term benefits&#8221; to our audited consolidated financial statements included in this annual report.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Luxembourg Law of August 1, 2019 (amending the Luxembourg Law of May 24, 2011) (the &#8220;Shareholders&#8217; Rights Law&#8221;) on the exercise of certain rights of shareholders in general meetings of listed companies, which transposes EU Directive 2017/828 of the European Parliament and of the Council of May 17, 2017 (amending Directive 2007/36/EC) regarding the encouragement of long-term shareholder engagement in listed companies within the Member States of the European Union, requires EU listed companies to adopt a Compensation Policy setting forth the principles and guidelines for purposes of determining the compensation payable to the members of the Company&#8217;s board of directors and the managing director or chief executive officer and annual Compensation Reports describing the annual compensation paid to directors and the chief executive officer for the performance of their duties.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s board of directors approved, at its meeting held on April 29, 2020, the Compensation Policy of the Company, which was submitted to an advisory non-binding vote at the shareholders meeting held on June 2, 2020, and approved by majority vote. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At its meeting held on February 21, 2024, the Company&#8217;s board of directors approved certain amendments to the Compensation Policy, which will be submitted to an advisory non-binding vote at the shareholders meeting scheduled to be held on April 30, 2024. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Compensation Policy is available on the Company&#8217;s website and will </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">be periodically reviewed and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> submitted to the non-binding vote of the shareholders every four years, to the extent required by Luxembourg law, or in the event of a material amendment thereto.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; margin: 0pt 0pt 10pt; text-indent: 0pt;">In addition, o<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n <span style="line-height: inherit;">February 21</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">02</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s boar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d of directors approved the 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Compensation Report, which is available on the Company&#8217;s website and will be submitted to the non-binding vote of the shareholders at the next general meeting of shareholders scheduled to be held on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">April</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 2, 2023, the Company&#8217;s board of directors approved a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Clawback</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Policy, in response to the requirements of Section 303A.14 of the New York Stock Exchange Listed Company Manual, setting forth the principles for the prompt recovery or &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">clawback</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221; of erroneously awarded incentive-based compensation granted to certain officers of the Company in the event of a restatement of the Company&#8217;s financial statements, as further described therein.<span style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: inherit; text-indent: 0pt;">&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The members of senior management listed in the
section &#8220;Directors, Senior Management and Employees&#8221;, as well as Mr. Stefano
Bassi, the Company&#8217;s global reporting director, are subject to the Clawback
Policy. </span></span></span></p>
<div style="font-size: 8pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN22_212202413711661" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Board Practices</span></a></div>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Audit Committee</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to the Company&#8217;s articles of association, as supplemented by the audit committee&#8217;s charter, for as long as the Company&#8217;s shares are listed on at least one regulated market, the Company must have an audit committee composed of at least three members, the majority of whom must qualify as independent directors, provided, however, that the composition and membership of the audit committee shall satisfy such requirements as are applicable to, and mandatory for, audit committees of issuers such as the Company under any law, rule or regulation applicable to the Company (including, without limitation, the applicable laws, rules and regulations of such regulated market or markets).</span></p>
<p style="font-size: 8pt; font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the Company&#8217;s articles of association, an independent director is a director who:</span></p>
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<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not and has not been employed by us or our subsidiaries in an executive capacity for the preceding five years;</span></p> </td> </tr>
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<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not a person that controls us, directly or indirectly, and is not a member of the board of directors of a company controlling us, directly or indirectly;</span></p> </td> </tr>
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<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">does not have (and is not affiliated with a company or a firm that has) a significant business relationship with us, our subsidiaries or our controlling shareholder;</span></p> </td> </tr>
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<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not and has not been affiliated with or employed by a present or former auditor of us, our subsidiaries or our controlling shareholder for the preceding five years;&#160;<span style="line-height: inherit;">and</span></span></p> </td> </tr>
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<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is not a spouse, parent, sibling or relative up to the third degree of any of the above persons.</span></p> </td> </tr> </tbody> </table> </div><div id="Dgv3oto0dyvj4cb93nx1t" style="font-size: 10pt; line-height: 1.2;">
<p style="font-family: 'times new roman', times; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The audit committee of the Company&#8217;s board of directors currently consists of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">three</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> members: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. Simon Ayat, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mr. J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aime Jos&#233; Serra </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Puche</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Ms. Mo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nica </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, who were appointed to the audit committee by the Company&#8217;s b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of directors on May 3, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As of the date of this annual report, all members of the audit committee qualify as independent directors both for purposes of the Exchange Act Rule 10A-3(b)(1), and under the Company&#8217;s articles of association. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The board of directors of the Company has determined that Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> qualifies as &#8220;audit committee financial expert&#8221; under applicable SEC rules and has competence in accounting or auditing matters, as required by applicable Luxembourg law. In addition, the membership of the audit committee as a whole has sufficient relevant knowledge of the business and financial experience to properly discharge its functions.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The audit committee operates under a charter amended and restated by the board o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f directors on October 8, 2021. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The audit committee assists the board of directors in its oversight responsibilities relating to (i) the integrity of the Company&#8217;s financial statements; (ii) the effectiveness of the Company&#8217;s systems of internal control, risk management and internal audit over financial reporting; and (iii) the independence and performance of the Company&#8217;s external auditors. The audit committee also performs other duties entrusted to it by the Company&#8217;s board of directors or required to be performed by it under applicable laws and regulations.</span></p>
<p style="font-family: 'times new roman', times;">&#160;&#160;</p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the audit committee is required to review and, where applicable, approve material transactions between the Company or its subsidiaries and related parties, as provided in the Company&#8217;s articles of association, or as may be required by any law, rule or regulation applicable to the Company, in order to determine whether their terms are consistent with the interests of the Company and all its shareholders and are consistent with market conditions or are otherwise fair to the Company and its subsidiaries. The Company has adopted a Related Party Transactions Policy and Procedure setting forth the revised, updated and consolidated guidelines and processes through which the Company identifies, approves and manages related party transactions, seeking to assure transparency and substantial and procedural fairness of such transactions, as well as compliance with the provisions in the Company&#8217;s articles of association and the audit committee charter relating to transactions with related parties, Luxembourg rules relating to the approval and disclosure of material related party transactions, and Section 314.00 of the NYSE Listed Company Manual.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10.5pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the Company&#8217;s articles of association, as supplemented by the Related Party Transactions Policy and Procedure, a &#8220;related party&#8221; is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any of the following persons: (i) any affiliate of the Company; (ii) any entity in which a controlling person owns a substantial interest or over which a controlling person can exercise significant influence; (iii) any unconsolidated entity in which the Company has significant influence; (iv) any entity or individual having significant influence over the Company, or a close family member of any such individual; (v) any individual or entity that is the beneficial owner of five percent (5%) or more of the shares of the Company, including through the ownership of any securities representing shares of the Company; (vi) any director or executive officer of any of the controlling persons, the Company or any of the subsidiaries, or a close family member of any such director or executive officer; (vii) any entity in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (iv), (v) or (vi) above or over which such a person is able to exercise significant influence; or (viii) any entity that has a member of key management in common with the Company or any of its subsidiaries (provided that key management personnel includes persons having authority and responsibility for planning, directing and controlling the activities of an entity, including directors and executive officers and close family members of any such individuals).</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10.5pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With respect to the materiality threshold for review and approval of related party transactions, the Company&#8217;s articles of association, as supplemented by the audit committee&#8217;s charter and the Related Party Transactions Policy and Procedure, provide that the following related party transactions, which are qualified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Level 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> related party transactions, are subject to review by the audit committee, which shall make a recommendation to the board of directors as to either reject or approve the proposed related party transaction:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10.5pt; line-height: inherit;">&#160;</span></p>
<ul style="font-family: 'times new roman', times;">
<li style="background-color: #ffffff; font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 5.98pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any transaction between the Company or its subsidiaries with related parties (i) with an individual value equal to or greater than $10 million, or its equivalent in other currencies, or (ii) with an individual value lower than $10 million, or its equivalent in other currencies, when the aggregate sum reflected in the financial statements of the four fiscal quarters prec</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eding the date of determination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of any series of transactions for such lower value that can be deemed to be parts of a unique or single transaction (but excluding any transactions that were reviewed and approved by Company&#8217;s audit committee or board of directors, as applicable, or the independent members of the board of directors of any of its subsidiaries) exceeds 1.5% of the Company&#8217;s consolidated net sales made in the fiscal year preceding the year on which the determination is made;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li> </ul>
<ul style="font-family: 'times new roman', times;">
<li style="background-color: #ffffff; font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 5.98pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any corporate reorganization transaction (including a merger, spin-off or bulk transfer of a business) affecting the Company or any of its subsidiaries for the benefit of, or involving, a related party.</span>&#160;</li> </ul>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, any related party transaction that does not qualify as a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Level 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> related party transaction, but which has an individual value equal to or higher than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$5 million (which is the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">value threshold </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determined by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">management to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">be</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> material to the Company for disclosure purposes under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Related Parties Transactions&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, qualifies as a &#8220;Level 2&#8221; related party transaction and must be reviewed by the audit committee for purposes of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">making a determination as to whether any conflicts of interest exist and whether the proposed related party transaction is consistent with the interests of the Company and all shareholders, in order to either reject or approve the proposed transaction. Any related party transaction that is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> less than such value qualifies as a &#8220;Level 3&#8221; related party transaction and is reviewed by the Company&#8217;s related-party transaction unit, the area within the Company responsible for centralizing and compiling the information relating to all related party transactions and performing the review, assessment and other procedures contemplated in the Related Party Transactions Policy and Procedure. </span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10.5pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The audit committee has the power (to the maximum extent permitted by applicable laws) to request that the Company or relevant subsidiary promptly provide all information necessary for the audit committee to assess the material transactions with related parties that it is required to review. In no event may any proposed related party transaction be entered into or otherwise be given effect unless it has been reviewed and approved in accordance with the Related Party</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Policy and Procedure. Any executed transaction that has not been duly reviewed and approved must be promptly submitted for review in accordance with applicable procedures and, if determined appropriate, must be ratified; if the transaction is not ratified, it must be modified to make it acceptable for ratification or it must otherwise be immediately discontinued or rescinded.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>86</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The audit committee has the authority to conduct any investigation appropriate to the fulfillment of its responsibilities and has direct access to the Company&#8217;s external auditors as well as anyone in the Company and, subject to applicable laws and regulations, its subsidiaries. In addition, the audit committee may engage, at the Company&#8217;s expense, independent counsel and other internal or external advisors to review, investigate or otherwise advise on, any matter as the committee may determine to be necessary to carry out its purposes and responsibilities.</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10.5pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The audit committee is also in charge of the interpretation, implementation, control and enforcement of the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Clawback</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Policy, which sets forth the principles for the prompt recovery of erroneously awarded incentive-based compensation granted to certain officers of the Company in the event of a restatement of the Company&#8217;s financial statements.</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; background-color: #ffffff; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the Company has established a management-level </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ritical </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">isk </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ommittee (&#8220;CRC&#8221;) that assists the Company&#8217;s board of directors, the audit committee and the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xecutive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer in connection with the monitoring, assessment and review of risks to which Tenaris is exposed and in the oversight of the risk management framework and processes, with a focus on critical risks (including</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accidents,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> cybersecurity, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">commercial execution, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">environmental, health and safety and regulatory risks), the development of mitigating actions, and the monitoring of action plans. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he CRC operates under a Critical Risk Management </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">revised </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">charter approved</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by the board of directors on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">April</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">26</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">23</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which sets forth the roles, composition and responsibilities of the CRC. The CRC assists the board of directors, the audit committee and the chief executive officer with the oversight of the risks to which Tenaris is exposed and monitors the risk management process, including risk mapping, mitigation and prevention, with a focus on critical risks.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The CRC periodically reports to the board of directors, the audit committee and the chief executive officer on its activities.</span></p>
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<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN23_212202413825324" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Employees</span></a></div>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows the number of persons employed by Tenaris</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and its fully consolidated subsidiaries (excluding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">proportionally consolidated) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of December 31</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2022</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2021</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 55%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Mexico</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">7,500</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">5,919</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 15%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">5,474</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Argentina</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">6,267</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">6,444</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">5,169</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">3,882</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">3,509</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2,684</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Italy</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2,187</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2,136</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">2,011</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Romania</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,884</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,847</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,725</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Indonesia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,573</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">495</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">506</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Brazil</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,492</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,460</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,817</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Canada</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,195</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">944</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">758</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Colombia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,112</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,183</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,009</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Saudi </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Arabia</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">849</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">427</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">408</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Other</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,193</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">928</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1,215</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">29,134</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">25,292</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">22,776</span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">From December 2022 to December 2023, we increased our headcount </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,842 people. This </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">increase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">primarily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> driven by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> acquisitions completed during 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pipe coating business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> resulted in the addition </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of nearly 2,800 employees </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> our workforce, mainly in Indonesia and Mexico, but also in Canada, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">United States, Norway and the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rab </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mirates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Also, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">resulted in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an incre</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in our staff of approximately 400 employees</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. We reinforced health, safety, and environment training to ensure all employees receive training to minimize incidents and accidents while keeping quality and productivity levels high on the production lines.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Approximately two-thirds of our employees are unionized. In all countries where we have presence, we operate in compliance with applicable rules and regulations. We forge our relations with the unions based on the premise of an open dialogue and a rich interchange of proposals.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is committed to leading with care, providing a flexible and agile working environment that encourages health, safety and wellbeing, accountability, inclusion and trust, allowing employees to develop their skills and careers while contributing to our goals.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<div style="font-family: 'times new roman', times;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>87</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table style="font-family: 'times new roman'; width: 100%; height: 21px; border-collapse: collapse; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;">&#160; &#160;</p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In terms of human resources our goals are:</span></p>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to foster trust and empower employees to manage and promote change and innovation, providing them with the training and technological resources to succeed;</span>&#160;</li> </ul>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to embed sustainability values through transparent and effective processes, helping employees shape their professional careers;</span>&#160;</li> </ul>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to encourage continuous learning and feedback through concrete tools; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span>&#160;</li> </ul>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 0pt 8.22pt; padding-left: 27.78pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to respect and promote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">merit, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">diversity and inclusion in all its forms, focused on gender, age, culture and background.</span>&#160;</li> </ul>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Code of Conduct prohibits unlawful discrimination in employment relationships, granting a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ny </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rson</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the right to apply for a position in Tenaris, or to be considered for a new position based on merit, without arbitrary discrimination. The Company&#8217;s Human Resources Policy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aims at affording</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> equal opportunities by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">requiring</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that hiring, promotion, transfer, notice periods, dialogue, rights and protection, as well as other employment decisions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">be</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> taken without regard for race, color, religious belief, gender, age, disability, national origin or sexual orientation. Compensation and remuneration are based on each person&#8217;s duties, personal performance, competence and behavior. Tenaris pursues a policy of inclusive corporate culture and leadership, recognizing the range of benefits brought by embracing diversity in all its aspects, from gender to nationality and age. Specifically, we are making headway in our drive to improve the gender balance, in the knowledge that tackling the male-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dominated traditions prevalent in the steel industry will contribute positively to our performance culture.</span><br/></p>
<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN24_212202413851118" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Share Ownership</span></a></div>
<p style="font-family: 'times new roman', times; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">To our knowledge, as of December 31, 2023, our directors and senior management owned 858,712 Company securities (in the form of shares or ADSs) which represents 0.07% of the Company&#8217;s issued share capital.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">following</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> table provides information regarding share ownership </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reported to the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by our directors and senior management:</span></p>
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<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Director or Officer</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Issued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Shares Held</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 60%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Guillermo Vogel</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; background-color: #cceeff; width: 40%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 850,446 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Carlos </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Condorelli</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,320 </span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Gabriel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Podskubka</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,946 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 858,712 </span></p> </td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;">&#160; &#160;</p>
<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN25_212202413925245" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Major Shareholders and Related Party Transactions</span></a></div>
<div style="font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN26_212202413956785" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Major Shareholders</span></a></div>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows the beneficial ownership of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> securities (in the form of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or ADSs)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) the Company&#8217;s major shareholders (persons or entities that have notified the Company of holdings in excess of 5% of the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">issued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share capital), (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ii</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) the Company&#8217;s directors and senior management as a group</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">iii</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares repurchased under the existing share buyback program and held in treasury.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The information below</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For more recent</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nformation on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share repurchases under the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share buyback program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> please </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">refer to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Purchases of Equity Securities by the Issuer and Affiliated Purchasers&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="font-family: 'times new roman'; border-collapse: collapse; margin-left: 0pt; font-size: 10pt; height: 106px; width: 100%;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Identity of Person or Group</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: #000000 !important; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Number</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> of Issued Shares</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Percent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">age of Issued Share Capital</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: #ffffff !important; border-left-color: #ffffff !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 60%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Faustin&#160;<span style="font-size: 8pt;"><sup>(1)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; width: 20%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 713,605,187 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">60.45%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Directors and senior management as a group</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 858,712 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.07%</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Treasury shares <span style="font-size: 8pt;"><sup>(2)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 12,648,091 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1.07%</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Public </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left-width: 1px; border-left-style: solid; border-left-color: #ffffff !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 453,424,840 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">38.41%</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 1,180,536,830 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">100.00%</span></p> </td> </tr> </tbody> </table>
<table style="font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;">
<tbody>
<tr>
<td style="width: 100%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">&#160; &#160;</td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(1)</span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> owns all of its shares in the Company, representing 60.45% of the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">share </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">capital and 61.10% of the voting rights, through its wholly-owned subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holdings S.&#224; r.l, the holder of record of the above-mentioned Tenaris shares. RP STAK held voting rights&#160;in San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> sufficient in number to control San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">No person or group of persons controls RP STAK</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">(2)</span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">Represents shares repurchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">by the Company as of December 31, 2023, under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">its share </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">buyback</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> program.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160; &#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<div style="font-family: 'times new roman', times;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>88</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table style="width: 100%; height: 21px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The voting rights of the Company&#8217;s major shareholders do not differ from the voting rights of other shareholders. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">No</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares have any special control rights. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s articles of association do not contain any provision that would have the effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company or any of its subsidiaries.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company does not know of any significant agreements or other arrangements to which the Company is a party and which take effect, alter or terminate in the event of a change of control of the Company. The Company does not know of any arrangements, the operation o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f which may at a later</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> date result in a change of control of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company.</span></p>
<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN27_2122024131049177" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Related Party Transactions</span></a></div>
<p style="font-family: 'times new roman', times; margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is a party to several related party transactions as described in note 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Related party transactions&#8221; to our Consolidated Financial Statements included in this annual report. Material related party transactions are subject to the review of the audit committee of the Company&#8217;s board of directors and the requirements of Luxembourg law. For further details on the approval process for related party transactions, see &#8220;Directors, Senior Management and Employees &#8211; Board Practices &#8211; Audit Committee&#8221;.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Purchases of Steel Products and Raw Materials</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the ordinary course of business, we purchase round steel bars, flat steel products and other raw materials from Ternium or its subsidiaries. These purchases</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">were made</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on terms no less favorable to Tenaris than terms that could </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been obtained from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">unrelated third part</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. These transactions include:</span></p>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urchases of round steel ba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rs made under a frame agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for use in our seamless steel pipe operations in Mexico, which amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12 million in 2023, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">111 million in 2022 and $157 million in 2021</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urchases of flat steel products for use in the production of welded pipes and accessories, which amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">77</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">101</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urchases of scrap and other raw materials for use in the production of seamless pipes, which amounted to $1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></li> </ul>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the ordinary course of business, we purchase flat steel products from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for use in our welded steel pipe operations. These purchases, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">were made </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on terms no less favorable to Tenaris than terms </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been obtained from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> unrelated third part</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$225 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$335 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $27 million in 2021</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sales of Raw Materials</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the ordinary course of business, we sell ferrous scrap and other raw materials to Ternium or its subsidiaries. These sales, which are made on similar terms and conditions as sales to other unrelated third parties, amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$40 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$39</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $36 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Purchase Agency Services and Sales of Materials</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in which we have 50% share ownership and Ternium owns the remaining 50%, provides purchase agency services and raw materials and other products to various companies controlled by or under the significant influence of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Pursuant to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholders&#8217; agreement, Tenaris recognizes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; assets, liabilities, revenue and expenses in relation to its interest in the joint operation. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Exiros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; total sales to companies controlled by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or under the significant influence of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> totaled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$65 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$140 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $76 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Supply of Electric Energy</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which is currently owned 48% by Ternium, 30% by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 22% by Tenaris, operates an electric power plant in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pesquer&#237;a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Mexico. Ternium and Tenaris currently contract 78% and 22%, respectively, of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> power capacity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sells to third parties on behalf of Tenaris the unused electricity that Tenaris purchased from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> net sales of electricity to Tenaris amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$73 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$102 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $70 million in 2021.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Supply of Natural Gas</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We are party to contracts with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> relating to the supply of natural gas to our operations in Argentina. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a company controlled by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, engaged in oil and gas exploration and production and has rights to various oil and gas fields in Argentina </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and elsewhere in Latin America.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> supplies Tenaris&#8217;s Argentine subsidiaries with natural gas requirements under market conditions and according to local regulations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sales to Tenaris amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$42 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$44 million in 2022, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$32 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Provision of Engineering and Labor Services</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris contracts with certain companies controlled by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> specialized in supplying engineering services and non-specialist manual labor services, such as industrial cleaning, general maintenance, handling of by-products and construction services. Fees accrued for these services in the aggregate amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$69 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$28 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $7 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sales of Steel Pipes and Sucker Rods</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the ordinary course of business, we sell steel pipes, sucker rods and related services to other companies controlled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or under the significant influence of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. These sales, which are made principally to companies involved in the construction of gas pipelines and to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and joint ventures in which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> participates, for its oil and gas drilling operations, are made on similar terms and conditions as sales to unrelated third parties. Our sales of steel pipes and sucker rods as well as logistical and certain other services to other companies controlled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or under the significant influence of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$119 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$149 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $77 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Sales of Fracking and Coiled Tubing Services</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We provide fracking and coiled tubing services to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and joint ventures in which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> participates, for its oil and gas drilling operations, which amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$102 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$102 million in 2022 and $45 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Administrative Services, Legal and Other Support Services</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Finma</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Finma</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), a company controlled by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in which Tenaris has a 33% interest and other affiliates of San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> own the remaining shares, provides administrative and legal support services to San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> affiliates in Argentina, including Tenaris. Fees accrued for these services amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$13 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$14 million in 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $10 million in 2021. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Loans to Related Parties</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris financed the construction and operation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pesquer&#237;a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> project primarily in the form of subordinated loans to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Outstanding principal amount of loans to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to $62 million and as of December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted to $5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. These loans generated interest gains in favor of Tenaris in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an amount of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$6 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$4 million in 2022 and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $3 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends from Related Parties</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris received dividend payments from Ternium in an amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">67</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2023, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">62</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2022 and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">67 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris received dividend payments from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in an amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2023, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2022 and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends to Related Parties</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">distributed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dividend</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Holdings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in an amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">385</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2023, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">321</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 2022 and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">193 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other Transactions</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We entered into various contracts with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenova</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">or certain of its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">subsidiaries), a company controlled by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, for the provision of furnaces, spare parts, accessories and related services for our facilities. Supplies received amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$19 million in 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$8 million in 2022 and $1 million in 2021.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, in the ordinary course of business, from time to time, we carry out other transactions and enter into other arrangements with other related parties, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including natural gas transport services, rental services related to the supply of coiled tubing services and information technology services,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">none of which are considered to be material.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN28_2122024131125901" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial Information</span></a></div>
<div style="font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN29_2122024131245393" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Consolidated Statements and Other Financial Information</span></a></div>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">See &#8220;Financial Statements&#8221; and pages F-1 through F-86 for our audited consolidated financial statements.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Legal Proceedings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages, reimbursement for losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, or indemnity. Management with the assistance of legal counsel periodically reviews the status of each significant matter and assesses potential financial exposure.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able to make a reliable estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence, in some of such cases has accrued a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range of potential loss.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company believes that the aggregate provisions recorded for potential losses in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consolidated financial statements (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">see n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">otes 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Non-current allowances and provisions&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Current allowances and provisions&#8221; to our </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">audited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">finan</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cial statements included</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are adequate based upon currently available information. However, if management&#8217;s estimates prove incorrect, current reserves could be inadequate and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> could incur a charge to earnings which could have a material adverse effect on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> results of operations, financial condition, net worth and cash flows.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> Legal Proceedings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A summary description of Tenaris&#8217;s material outstanding legal proceedings as of December 31, 2023, is included in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">27</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Contingencies, commitments and restrictions to the distribution of profits&#8221; to our audited consolidated financial statements included in this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">summary description</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is incorporated herein by reference. In addition, Tenaris is subject to other legal proceedings, none of which is believed to be material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividend Policy</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company does not have, and has no current plans to establish, a formal dividend policy governing the amount and payment of dividends</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or other distributions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For a description of the shareholders&#8217; and holders of ADS&#8217; rights to receive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> dividends and the conditions to declare and pay dividends, please refer to &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Corporate Governance Statement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Corporate Governance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table shows the dividends approved by the Company&#8217;s shareholders in the last five years:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Approved dividend</span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Dividend payment date</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Shareholders&#8217; meeting date</span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Amount (USD</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">million)</span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Per</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">share (USD)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Per</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">ADS (USD)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; border-left-color: #ffffff !important; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Interim</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Dividend</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Dividend Balance</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 31%; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 6, 2019</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; height: 10px; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-right-color: #ffffff !important; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 12%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;0.41 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 12%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.82</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 10px; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">November 2018</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 15%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 2019</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">June 2, 2020</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; height: 10px; margin: 0px; text-indent: 0px; border-right-color: #ffffff !important; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">153 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; &#160; &#160; 0.13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.26</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 10px; margin: 0px; text-indent: 0px; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">November 2019</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">NA</span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 3, 2021</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-right-color: #ffffff !important; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">248 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.21 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.42</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">November 2020</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 2021</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 3, 2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; height: 10px; margin: 0px; text-indent: 0px; border-right-color: #ffffff !important; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; &#160;0.41 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.82</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 10px; margin: 0px; text-indent: 0px; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">November 2021</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 2022</span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 3, 2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-right-color: #ffffff !important; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">0.51 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">1.02</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-left-width: 1px; border-left-style: solid; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-left-color: #ffffff !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">November 2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">May 2023</span></p> </td> </tr> </tbody> </table>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>91</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 11px;">
<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On February 21, 2024, the Company&#8217;s board of directors proposed, for the approval of the annual general shareholders&#8217; meeting scheduled to be held on April 30, 2024, the payment of an annual dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.60</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS), or approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">700</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, which includes the interim dividend of $0.20 per share ($0.40 per ADS) or approximately $23</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, paid on November 22, 2023. If the annual dividend is approved by the shareholders, a dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.40</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per share ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.80 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">per ADS), or approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">465</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million will be paid on May 22, 2024, with an ex-dividend date of May 20, 2024.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Treasury shares are not entitled to dividend </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">distributions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN30_2122024131415407" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">The Offer and Listing</span></a><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></div>
<div style="font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN31_2122024131445567" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Offer and Listing Details</span></a></div>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The shares are listed on the Mexican Stock Exchange and its ADSs are listed on the NYSE under the symbol &#8220;TS&#8221;. The shares are also listed on the Italian Stock Exchange under the symbol &#8220;TEN&#8221;. Trading on the NYSE and the Mexican Stock Exchange began on December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">16, 2002, and trading on the Italian Stock Exchange began on December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">17, 2002. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of February 29, 2024, a total of 1,180,536,830 shares were registered in the Company&#8217;s shareholder register</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (including 21,870,189 shares that have been repurchased by the Company under its share buyback program)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As of February 29, 2024, a total of</span><span style="font-family: Arial; font-size: 10pt; line-height: inherit;">&#8236;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">140</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">768</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">752 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">were registered in the name of the Depositary for the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Company&#8217;s ADS program.</span></p>
<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN32_212202413154625" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Additional Information</span></a></div>
<div style="font-family: 'times new roman', times; margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN33_212202413152925" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Exchange Controls</span></a></div>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Many of the countries that are important markets for us or in which we have substantial assets have histories of substantial government intervention in currency markets, volatile exchange rates and government-imposed currency controls. These include mainly Argentina, Brazil, Indonesia, Mexico, Nigeria and Romania. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exchange rate of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ARS</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">against the U.S. dollar </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was subject to a devaluation of approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">356</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">against the U.S. dollar </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">during 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Between September 2019 and December 2023, the Argentine government imposed significant restrictions on foreign exchange transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; however, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">new administration in Argentina&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">certain restrictions and other changes to such regulations are expected</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t the date of this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the application of existing foreign exchange regulations remains uncertain, and the scope and timing of upcoming changes remain unknown.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;">Currently, Argentine companies are required to repatriate export procee<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ds from sales of goods and services (including U.S. dollars obtained through advance payment and pre-financing facilities) and convert such proceeds into ARS at the official exchange rate<span>. </span><span><span>As from December 13, 2023, up to 20% of export
proceeds can be sold for Argentine pesos through securities transactions
resulting in a higher implicit exchange rate as explained below. This
percentage has changed and is expected to change over time.</span> </span> Sovereign bonds were issued to pay imports of goods cleared and services rendered on or prior to December 12, 2023, but such bonds cover only a portion total import debts. Import payments for services rendered and goods cleared after December 12, 2023, do not require government approval but cannot be paid in advance or at sight and are subject to deferred payment schedules. In addition, import payments are subject to import</span> taxes that significantly increase prices of imported goods and services. Argentine companies must still obtain prior Central Bank authorization, which is rarely (if ever) granted, to access the foreign exchange market to make dividend payments. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The existing measures substantially limit the ability of Argentine companies to obtain foreign currency and make certain payments and distributions out of Argentina at the official exchange rate. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Access to foreign currency and transfers out of Argentina can be achieved, however, through securities transactions involving bonds or shares with multiple listings, resulting in a different implicit exchange rate, generally higher than the official exchange rate. Such transactions are subject to certain restrictions and limits, which change from time to time, and often result in a financial loss being generated at the time of making any such transaction.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the total net equity of Argentine subsidia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ries represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of Tenaris&#8217;s total equity.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For additional information regarding factors affecting the Argentine economy, see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to our Business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and Industry</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8211; Adverse economic or political conditions in the countries where we operate or sell our products and services may decrease our sales or disrupt our manufacturing operations, thereby adversely affecting our revenues, profitability and financial condition&#8221;. For additional information on current foreign exchange restrictions in Argentina, see note 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Foreign exchange control measures in Argentina&#8221; of our audited consolidated financial statements included in this annual report.</span> </p>
<div><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN34_2122024131551868" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Taxation</span></a></div>
<p style="font-family: 'times new roman', times; margin: 10pt 0pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following discussion of the material Luxembourg and U.S. federal income tax consequences of an investment in our shares and ADSs is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which are subject to change. This discussion does not address all possible tax consequences relating to an investment in our shares or ADSs, including the tax consequences under U.S. state and local tax laws.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Grand Duchy of Luxembourg</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This section describes the material Luxembourg tax consequences of owning or disposing of shares or ADSs. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">It is not intended to be, nor should it be construed to be, legal or tax advice. You should, therefore, consult your own tax advisor regarding local or foreign tax consequences, including Luxembourg tax consequences of owning and disposing of shares or ADSs in your particular circumstances. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">As used herein, a &#8220;Luxembourg individual&#8221; means an individual resident in Luxembourg who is subject to personal income tax (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">imp&#244;t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> sur le </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">revenu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">) on his or her worldwide income from Luxembourg or foreign sources, and a &#8220;Luxembourg corporate holder&#8221; means a company (that is, a fully taxable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">collectivit&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> within the meaning of Article 159 of the Luxembourg Income Tax Law) resident in Luxembourg subject to Luxembourg corporate income tax (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">imp&#244;t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> sur le </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">revenu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> des </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">collectivit&#233;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">) and Luxembourg municipal business tax (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">imp&#244;t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> commercial communal) on its worldwide income from Luxembourg or foreign sources. For the purposes of this summary, Luxembourg individuals and Luxembourg corporate holders are collectively referred to as &#8220;Luxembourg Holders&#8221;. A &#8220;non-Luxembourg Holder&#8221; means any investor in shares or ADSs of the Company other than a Luxembourg Holder. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Corporate Reorganization</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company was established as a Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">soci&#233;t&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> holding under Luxembourg&#8217;s 1929 holding company regime. Until termination of such regime on December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31, 2010, holding companies incorporated under the 1929 regime (including the Company) were exempt from Luxembourg corporate income tax, Luxembourg municipal business tax, Luxembourg net wealth tax and Luxembourg withholding tax over dividends distributed to shareholders.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On January</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1, 2011, the Company became an ordinary public limited liability company (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">soci&#233;t&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and, effective as from that date, the Company is subject to all applicable Luxembourg taxes, (including, among others, Luxembourg corporate income tax on its worldwide income).</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In light of the impending termination of Luxembourg&#8217;s 1929 holding company regime, in the fourth quarter of 2010, the Company carried out a multi-step corporate reorganization, which included, among other transactions, the contribution of most of the Company&#8217;s assets and liabilities to a wholly-owned, newly-incorporated Luxembourg subsidiary and the restructuring of indirect holdings in certain subsidiaries. The first phase of the corporate reorganization was completed in December 2010 and resulted in a non-taxable revaluation of the accounting value (under Luxembourg GAAP) of the Company&#8217;s assets. The second phase of the reorganization was completed in 2011.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Following the completion of the first phase of the corporate reorganization, and upon its conversion into an ordinary Luxembourg holding company, the Company recorded a special reserve in its tax balance sheet. Dividend distributions for the foreseeable future will be charged to the special reserve and therefore should not be subject to Luxembourg withholding tax.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Tax regime applicable to realized capital gains </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Luxembourg Holders </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Luxembourg resident individual holders </span></p>
<p style="font-family: 'times new roman', times; margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capital gains realized by Luxembourg resident individuals who do not hold their shares or ADSs as part of a trade or business (i.e. capital gains on private assets) and who hold (together, directly or indirectly, with his or her spouse or civil partner and underage children) no more than 10% of the share capital of the Company, at any time during the five-year period preceding the disposition will only be taxable (at a progressive rate) if they are realized on a sale of shares or ADSs that takes place before their acquisition or within the first six months following their acquisition (i.e. specula</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tive gain). After the six-month</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> period, capital gains are not taxed unless the resident individual holds (together, directly or indirectly, with his or her spouse or civil partner and underage children) more than 10% of the share capital of the Company at any time during the five-year period preceding the disposition.</span></p>
<p style="font-family: 'times new roman', times; margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If such shares or ADSs are held as part of a commercial or industrial business, capital gains would be taxable in the same manner as income from such business.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 5pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capital gains realized by Luxembourg resident individuals holding (alone or together with the resident&#8217;s spouse or civil partner and underage children) directly or indirectly more than 10% of the capital of the Company at any time during the five years prior to the sale, (or if the Luxembourg resident individuals have received the shares for no consideration within the last five years and the former holder held at least 10% in the capital of the company at any moment during said five years) will be taxable at half of the individual&#8217;s applicable global tax rate (as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">determined progressively), if a holding period of six months following their a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cquisition elapsed (21% for 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">). Within the six-month period, progressive income tax rates apply (ranging from 0 to 42% <sup>7</sup></span><span style="font-size: 10pt; line-height: inherit;"><span>&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">).</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Luxembourg resident corporate holders </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Capital gains, including currency exchange gains, realized upon the disposal of shares or ADSs by a fully taxable resident corporate holder will in principle be subject to Luxembourg corporate income tax and Luxembourg municipal business tax. The combined applicable rate (including an unemployment fund contribution) for a corporate holder established in Luxembourg-City is 24.94%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the fiscal year ending 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. An exemption from such taxes may be available to the Luxembourg resident corporate holder pursuant to Article 1 of the Grand Ducal Decree dated December 21, 2001</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as amended, in combination with article 166 of the Luxembourg Income Tax Law subject to the fulfillment of the conditions set forth therein. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Non-Luxembourg Holders </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Non-Luxembourg individual holders</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">An indi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">vidual who is a non-Luxembourg h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older of shares or ADSs (and who does not have a permanent establishment, a permanent representative or a fixed place of business in Luxembourg) will only be subject to Luxembourg taxation on capital gains arising upon disposal of such shares or ADSs if such holder has (alone or together with his or her spouse, civil partner and underage children) directly or indirectly held more than 10% of the capital of the Company at any time during the past five years preceding the disposal, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">either (i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">such non-Luxembourg h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older has been a resident of Luxembourg for tax purposes for at least 15 years and has become a non-resident within the last five years preceding the realization of the gain, subject to any applicable tax treaty, or (ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the disposal of shares or ADSs occurs within six months from their acquisition (or prior to their actual acquisition), subject, however, to any applicable tax treaty. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Non-Luxembourg corporate holders</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A corporate non-Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older (that is, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">collectivit&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> within the meaning of Article 159 of the Luxembourg Income Tax Law), which has a permanent establishment, a permanent representative or a fixed place of business in Luxembourg to which shares or ADSs are attributable, will bear Luxembourg corporate income tax and Luxembourg municipal business tax on a gain realized on a disposal of such shares or ADSs as set forth above for a Luxembourg corporate holder. However, capital gains, including currency exchange gains, realized on the sale of the shares or ADSs may benefit from the full exemption provided for by Article 1 of the Grand Ducal Decree dated December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">21, 2001</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as amended, in combination with Article 166 of the Luxembourg Income Tax Law subject in each case to fulfillment of the conditions set out therein. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A corporate non-Luxembourg h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older, which has no permanent establishment, permanent representative or fixed place of business in Luxembourg to which the shares or ADSs are attributable, will bear non-resident capital gains tax on a gain realized on a disposal of such shares or ADSs under the same conditions applicable t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o an individual non-Luxembourg h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older, as set out above. </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Tax regime applicable to distributions </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Withholding tax </span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Distributions to holders are in principle subject to a 15% Luxembourg withholding tax computed on the gross amount distributed. The rate of the withholding tax may be reduc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed pursuant to double tax treaties</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> existing between Luxembourg and the country of residence of the relevant holder, subject to the fulfillment of the conditions set forth therein. However, distributions imputed for tax purposes to the special reserve (please see above paragraph &#8220;corporate reorganization&#8221;) should be exempt from Luxembourg withholding tax under the current tax law.</span></p>
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<td style="width: 100%; text-align: justify; height: 10px; margin: 0pt 0pt 12pt; line-height: 1.2;" colspan="2"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><sup>7</sup> A 7% surcharge for the Employment Fund applies on the income tax due. The surcharge for the Employment Fund amounts to 9% for taxpayer in tax class 1 or 1a with taxable income exceeding EUR 150,000 (EUR 300,000 for taxpayer in tax class 2).</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Nevertheless, a withholding tax exemption may apply if the distribution is made to (as far as relevant in the case at hand): </span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a Luxembourg resident corporate holder (that is, a fully taxable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">collectivit&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> within the meaning of article 159 of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Luxembourg Income Tax Law);</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an undertaking of collective character which is resident of a Member State of the European Union and is referred to by article 2 of the EU Council Directive of November</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">30, 2011</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> concerning the common fiscal regime applicable to parent and subsidiary companies of different member states (2011/96/UE) as amended, (subject to the general anti-abuse rule provided for by Council Directive 2015/121/EU as i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mplemented into Luxembourg law);</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a capital company or a cooperative company resident in Norway, Iceland or Liechtenstein and subject to a tax comparable to corporate income tax as provided b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">y the Luxembourg Income Tax Law;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a capital company resident in Switzerland which is subject to corporate income tax in Switzerland witho</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ut benefiting from an exemption;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an undertaking with a collective character subject to a tax comparable to corporate income tax as provided by the Luxembourg Income Tax Law which is resident in a country that has concluded a double tax treaty with Luxembo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">urg;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and </span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a Luxembourg permanent establishment of one of the above-mentioned categories, provided each time that at the date of payment, the holder holds or commits to hold directly (or through a company regarded as tax transparent from a Luxembourg tax perspective), during an uninterrupted period of at least twelve months, shares or ADSs representing at least 10% of the share capital of the Company or acquired for an acquisition price of at least EUR 1,200,000. </span></li> </ul>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Luxembourg Holders </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With the exception of Luxembourg corporate holders benefiting from the exemption referred to above, Luxembourg individual holders, and Luxembourg corporate holders fully subject to Luxembourg corporate tax, must include the distributions paid on the shares or ADSs in their taxable income, 50% of the amount of such dividends being exempt from tax. The applicable withholding tax can, under certain conditions, entitle the relevant Luxembourg Holder to a tax credit. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Non-Luxembourg Holders </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Non-Luxembourg Holders of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares or ADSs and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">who do not have a permanent establishment, a permanent representative or a fixed place of business in Luxembourg to which the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares or ADSs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> would be attributable are not liable for any Luxembourg tax on dividends paid on the shares or ADSs, other than a potential withholding tax as described above.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Net wealth tax </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Luxembourg Holders </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Luxembourg net wealth tax will</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not be levied on a Luxembourg h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older with respect to the shares or ADSs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">held unless (i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Luxembourg h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older is a legal entity subject to net wealth tax in Luxembourg; or (ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the shares or ADSs are attributable to an enterprise or part thereof which is carried on through a permanent establishment, a fixed place of business or a permanent representative in Luxembourg.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Net wealth tax is levied annually at the rate of 0.5% for taxable net wealth not exceeding EUR 500,000,000 and at a rate of 0.05% for the net wealth exceeding EUR 500,000,000, of enterprises resident in Luxembourg, as determined for net wealth tax purposes. The shares or ADSs may be exempt from net wealth tax subject to the conditions set forth by Paragraph 60 of the Luxembourg Law of October 16, 1934</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on the valuation of assets (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Bewertungsgesetz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), as amended.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A minimum net wealth tax charge applies as of January 1, 2016</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for all corporate entities having their statutory seat or central administration in Luxembourg. Subject to certain conditions, the amount of minimum net wealth tax may vary.</span><br/></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Non-Luxembourg Holders </span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Luxembourg net wealth tax will not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> be levied on a non-Luxembourg h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">older with respect to the shares or ADSs held unless the shares or ADSs are attributable to an enterprise or part thereof which is carried on through a permanent establishment or a permanent representative in Luxembourg. The shares or ADSs may be exempt from net wealth tax subject to the conditions set forth by Paragraph 60 of the Luxembourg Law of October 16, 1934 on the valuation of assets (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Bewertungsgesetz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), as amended.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Stamp and registration taxes </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">No registration tax or stamp duty will be payable by a holder of shares or ADSs in Luxembourg solely upon the disposal of shares or ADSs by sale or exchange.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Estate and gift taxes </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">No estate or inheritance tax is levied on the transfer of shares or ADSs upon the death of a holder of shares or ADSs in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes and no gift tax is levied upon a gift of shares or ADSs if the gift is not passed before a Luxembourg notary or recorded in a deed registered in Luxembourg. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Where a holder of shares or ADSs is a resident of Luxembourg for tax purposes at the time of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the holder&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> death, the shares or ADSs are included in its taxable estate for inheritance tax or estate tax purposes. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">U.S. federal income taxation </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This section describes the material U.S. federal income tax consequences to a U.S. holder (as defined below) of owning shares or ADSs. It applies to you only if you hold your shares or ADSs as capital assets for U.S. federal income tax purposes. This discussion addresses only U.S. federal income taxation and does not discuss all of the tax consequences that may be relevant to you in light of your individual circumstances, including foreign, state or local tax consequences, estate and gift tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or the alternative minimum tax. This section does not apply to you if you are a member of a special class of holders subject to special rules, including: </span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a dealer in securities;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a bank</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a trader in securities that elects to use a mark-to-market method of accounting for securities holdings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a tax-exempt organization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a person who invests through a pass-through entity, including a partnership</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a life insurance company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a person that actually or constructively owns 10% or more of the combined voting power of our voting stock or of the total value of our stock (including ADSs)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a person that holds shares or ADSs as part of a straddle or a hedging or conversion transaction for U.S. federal income tax purposes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a person that purchases or sells shares or ADSs as part of a wash sale for U.S. federal income tax purposes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">or</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a person whose functional currency is not the U.S. dollar.</span></li> </ul>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This section is based on the Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations, published rulings and court decisions, all as currently in effect, as well as on the Convention between the Government of the Grand Duchy of Luxembourg and the Government of the United States of America for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and Capital (the &#8220;Treaty&#8221;). These laws are subject to change, possibly on a retroactive basis. In addition, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">this section is based in part upon the assumption that each obligation in the ADS deposit agreement and any related agreement will be performed in accordance with its terms.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table> </div>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes holds the shares or<span>&#160;</span>ADSs, the U.S. federal income tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. Each such partner<span>&#160;</span>of a partnership that<span>&#160;</span>holds<span>&#160;</span>the shares or<span>&#160;</span>ADSs<span>&#160;</span>is urged to consult his, her or its own tax advisor.</span></p>
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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">You are a U.S. holder if you are a beneficial owner of shares or ADSs and you are, for U.S. federal income tax purposes: </span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an individual citizen or resident of the United States</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a domestic corporation (or an entity treated as a domestic corporation)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an estate whose income is subject to U.S. federal income tax regardless of its source</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">or</span> </li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a trust if (i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are authorized to control all substantial decisions of the trust or (ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. </span></li> </ul>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In general, and taking into account the earlier assumptions, for U.S. federal income tax purposes, if you hold ADSs, you will be treated as the owner of the shares represented by those ADSs. Exchanges of shares for AD</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s, and AD</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s for shares, generally will not be subject to U.S. federal income tax. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The tax treatment of your shares or ADSs will depend in part on whether or not we are classified as a passive foreign investment company (&#8220;PFIC&#8221;), for United States federal income tax purposes. Except as discussed below under &#8220;PFIC Rules&#8221;, this discussion assumes that we are not classified as a PFIC for United States federal income tax purposes.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">You should consult your own tax advisor regarding the U.S. federal, state and local and other tax consequences of owning and disposing of shares or ADSs in your particular circumstances. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Taxation of distributions</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the U.S. federal income tax laws, if you are a U.S. holder, the gross amount of any distribution we pay out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes), other than certain pro-rata distributions of our shares, will be treated as a dividend that is subject to U.S. federal income taxation. If you are a non-corporate U.S. holder, dividends paid to you that constitute qualified dividend income will be taxable to you at the preferential rates applicable to long-term capital gains provided that you hold shares or ADSs for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and meet other holding period requirements. Dividends we pay with respect to the shares or ADSs generally will be qualified dividend income, provided that, in the year that you receive the dividend, we are eligible for the benefits of the Treaty. We believe that we are currently eligible for the benefits of the Treaty and therefore expect that dividends on the shares or ADSs will be qualified dividend income, but there can be no assurance that we will continue to be eligible for the benefits of the Treaty.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">You must generally include any Luxembourg tax withheld from the dividend payment in this gross amount even though you do not in fact receive it. The dividend is taxable to you when you receive it, or, in the case of ADSs, when the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">epositary receives the dividend, actually or constructively. The dividend will not be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations. Distributions in excess of current and accumulated earnings and profits, as determined for U.S. federal income tax purposes, will be treated as a non-taxable return of capital to the extent of your basis in the shares or ADSs and thereafter as capital gain. However, we do not expect to calculate earnings and profits in accordance with U.S. federal income tax principles. Therefore, you should expect that a distribution will generally be treated as a dividend (as discussed above). </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dividends will generally be income from sources outside the United States and, generally, will be &#8220;passive&#8221; income for purposes of computing the foreign tax credit allowable to you.</span></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Subject to certain limitations, the Luxembourg tax withheld in accordance with the Treaty and paid over to Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> be creditable or deductible against your U.S. federal income tax liability. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">However, under recently finalized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Treasury regulations, it is possible that taxes may not be creditable unless you are eligible for and elect to apply the benefits of the Treaty.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Special rules apply in determining the foreign tax credit limitation with respect to dividends that are subject to the preferential tax rates. To the extent a refund of the tax withheld is available to you under Luxembourg law or under the Treaty, the amount of tax withheld that is refundable will not be eligible for credit against your U.S. federal income tax liability.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In certain circumstances, if you have held ADSs for less than a specified minimum period during which you are not protected from risk of loss, or are obligated to make payments related to the dividends, you will not be allowed a foreign tax credit for foreign taxes imposed on dividends that we pay.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The rules governing the foreign tax credit are complex. You are urged to consult your tax advisors regarding the availability of the foreign tax credit under your particular circumstances. </span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Taxation of capital gains </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If you are a U.S. holder and you sell or otherwise dispose of your shares or ADSs, you will recognize capital gain or loss for U.S. federal income tax purposes equal to the difference between the U.S. dollar value of the amount that you realize and your tax basis, determined in U.S. dollars, in your shares or ADSs. Capital gain of a non-corporate U.S. holder is generally taxed at preferential rates where the property is held for more than one year. The gain or loss will generally be income or loss from sources within the United States for foreign tax credit limitation purposes. The deductibility of capital losses is subject to limitations.</span> </p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">PFIC rules. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Based on the Company&#8217;s current and expected income and assets, we believe that the shares or ADSs should not currently be treated as stock of a PFIC for U.S. federal income tax purposes, and we do not expect to become a PFIC in the foreseeable future. However, this conclusion is a factual determination that is made annually and thus may be subject to change. It is therefore possible that we could become a PFIC in a future taxable year. If we were to be treated as a PFIC, gain realized on the sale or other disposition of your shares or ADSs would in general not be treated as capital gain. Furthermore, if you are a U.S. holder, unless you are permitted to elect and you do elect to be taxed annually on a mark-to-market basis with respect to the shares or ADSs, upon sale or disposition of your shares or ADSs, you would generally be treated as if you had realized such gain and certain &#8220;excess distributions&#8221; ratably over your holding period for the shares or ADSs and would be taxed at the highest tax rate in effect for each such year to which the gain was allocated, together with an interest charge in respect of the tax attributable to each such year. With certain exceptions, your shares or ADSs will be treated as stock in a PFIC if we were a PFIC at any time during your holding period in your shares or ADSs. Dividends that you receive from us will not be eligible for the special tax rates applicable to qualified dividend income if we are a PFIC (or are treated as a PFIC with respect to you) either in the taxable year of the distribution or the preceding taxable year, but instead will be taxable at rates applicable to ordinary income and subject to the excess distribution regime </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">described above.</span></p>
<h3 style="font-weight: normal; margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN35_2122024131848850" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Documents on Display</span></a></h3>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is subject to the reporting requirements of the Exchange Act, as applied to foreign private issuers. Accordingly, the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is required to file annual and special reports and other information with the SEC; however, foreign private issuers are not required to deliver proxy statements or to file quarterly reports. We prepare quarterly and annual consolidated financial statements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">accord</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> IFRS. The Company&#8217;s annual consolidated financial statements are audited by an independent accounting firm. The Company submits quarterly financial information with the SEC on Form 6-K simultaneously with or promptly following the publication of such information in Luxembourg and any other jurisdiction in which the Company&#8217;s securities are listed. In addition, the Company files annual reports on Form 20-F within the time period required by the SEC, which is currently four months from the close of the Company&#8217;s fiscal year on December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31. Reports and other information filed electronically with the SEC are available at the SEC&#8217;s Internet website at </span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">http://www.sec.gov</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In addition, such reports and other communications are made available to all shareholders and holders of ADSs on the Company&#8217;s website at: </span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://ir.tenaris.com/investor-relations</span><span style="color: #0563c1; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Deutsche Bank Trust Company Americas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> acted as depositary under the ADSs deposit agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As long as the deposit agreement remains in effect, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company will furnish the Depositary with:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its annual reports</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">copies of all notices of shareholders&#8217; meetings and other reports and communications that are made generally available to the Company&#8217;s shareholders.</span></li> </ul>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Depositary will, as provided in the deposit agreement and if requested in writing by the Company, arrange for the mailing of such reports, notices and communications to all record holders of ADSs, on a basis similar to that for holders of shares, or on such other basis as the Company may advise the Depositary may be required by any applicable law or regulation or any requirement of any stock exchange to which the Company may be subject. Any reports and communications, including any proxy solicitation material, shall be furnished in English to the extent such materials are required to be translated into English pursuant to any regulations of the SEC.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>98</span></span></td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Any record holder of ADSs may read the reports, notices, and other communications including any proxy solicitation material at the Depositary&#8217;s office located at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">One Columbus Circle</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, New York, New York </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10019</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, such reports, notices and other communications are made available to all shareholders and holders of ADSs on the Company&#8217;s website at: </span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://ir.tenaris.com/investor-relations</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Whenever a reference is made in this annual report to a contract or other document, please be aware that such reference is not necessarily complete and that you should refer to the exhibits that are a part of this annual report for a copy of the contract or other document.</span> </p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN36_2122024131945336" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Quantitative and Qualitative Disclosure </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">about</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Market Risk</span></a></div>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The multinational nature of our operations and customer base expose us to a variety of risks, including the effects of changes in foreign currency exchange rates, interest rates and commodity prices. In order to reduce the impact related to these exposures, management evaluates exposures on a consolidated basis to take advantage of natural exposure netting. For the residual exposures, we may enter into various derivative transactions in order to reduce potential adverse effects on our financial performance. Such derivative transactions are executed in accordance with internal policies and hedging practices. We do not enter into derivative financial instruments for trading or other speculative purposes, other than</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> non-material investments in structured products.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following information should be read together with section III, &#8220;Financial risk management&#8221; to our audited consolidated financial statements included elsewhere in this annual report.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Debt Structure</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following tables provide a breakdown of our debt instruments at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which included fixed and variable interest rate obligations, detailed by maturity date:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">At December 31, 2023</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Expected maturity date</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">(in millions of U.S. dollars)</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2024</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2025</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2026</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2027</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2028</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Thereafter</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Total&#160;<span style="font-size: 8pt;"><sup>(1)</sup></span></span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 30%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Non-current Debt</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Fixed rate</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 24 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 24 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Variable rate</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 23 </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 2 </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 25 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Current Debt</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Fixed rate</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 271 </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 271 </span></p> </td> </tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Variable rate</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 264 </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 264 </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-left: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 535 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-width: 0.5pt 1.5pt 1pt; border-color: #000000 #ffffff; border-style: solid; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 47 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 2 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 583 </span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;</span></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 176px; width: 100%;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">At December 31, 2022</span></p> </td>
<td colspan="6" style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Expected maturity date</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">(in millions of U.S. dollars)</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2024</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2025</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2026</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2027</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Thereafter</span></p> </td>
<td style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Total </span><span style="font-family: 'Frutiger 45 Light'; font-size: 6pt; font-weight: bold; vertical-align: super; line-height: inherit;">(1)</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 30%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Non-current Debt</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Fixed rate</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 19 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 19 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Variable rate</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 23 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 2 </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 28 </span></p> </td> </tr>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Current Debt</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Fixed rate</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 479 </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 479 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Variable rate</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 203 </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 203 </span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-left: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 682 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-width: 0.5pt 1.5pt 1pt; border-color: #000000 #ffffff; border-style: solid; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 42 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 3 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 2 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; - </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 729 </span></p> </td> </tr> </tbody> </table>
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<td style="width: 100%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">&#160; &#160;</td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;">(1)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">&#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">As most borrowings are based on short-term fixed rates, or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">variable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> rates that approximate market rates, with interest rate resetting every 3 to 6 months, the fair value of the borrowings approximates its carrying amount a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">nd is not disclosed separately.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>99</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our weighted average interest rates before tax (considering hedge accounting), amounted to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">45</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our financial liabilities (other than trade payables and derivative financial instruments) consist mainly of bank loans. As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, U.S. dollar denominated financial debt plus debt denominated in other currencies swapped to the U.S. dollar represented</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of total financial debt.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further information about our financial debt, please see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Borrowings&#8221; to our audited consolidated financial statements included in this annual report.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Interest Rate Risk</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Fluctuations in market interest rates create a degree of risk by affecting the amount of our interest payments. At Dece</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mber 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, we had variable interest rate debt of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">88</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and fixed rate debt of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the fixed rate debt, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> short-term).</span><br/></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign Exchange Rate Risk</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We manufacture and sell our products in a number of countries throughout the world and consequently we are exposed to foreign exchange rate risk. Since the Company&#8217;s functional currency is the U.S. dollar, the purpose of our foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Most of our revenues are determined or influenced by the U.S. dollar. In addition, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a relevant part</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of our costs correspond</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to steelmaking raw materials and steel coils and plates, also determined or influenced by the U.S. dollar. However, outside the United States, a portion of our expenses is incurred in foreign currencies (e.g. labor costs). Therefore, when the U.S. dollar weakens in relation to the foreign currencies of the countries where we manufacture our products, the U.S. dollar-reported expenses increase. Had the U.S. dollar average exchange rate been weaker by 5% against the currencies of the countries where we have labor costs, operating income would have decreased approximately by $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">71</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, compared </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our consolidated exposure to currency fluctuations is reviewed on a periodic basis. A number of hedging transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges. Almost all of these transactions are forward exchange rate contracts.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Because certain subsidiaries have functional currencies other than the U.S. dollar, the results of hedging activities as reported in the income statement under IFRS may not reflect entirely management&#8217;s assessment of its foreign exchange risk hedging needs. Also, intercompany balances between our subsidiaries may generate exchange rate results to the extent that their functional currencies differ.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The value of our financial assets and liabilities is subject to changes arising out of the variation of foreign currency exchange rates. The following table provides a breakdown of our main financial assets and liabilities (including foreign exchange derivative contracts) that impact our profit and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">loss as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic; line-height: inherit;">All amounts in millions of U.S. dollars</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Currency Exposure</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Functional currency</span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Long / (Short) Position </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Argentine Peso</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">U.S. dollar</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; (135) </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Euro</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">U.S. dollar</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; (204) </span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Saudi Arabian Riyal</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">U.S. dollar</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; (182) </span></p> </td> </tr>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main relevant exposures as of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ARS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-denominated financial, trade, social and fiscal payables </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at our Argentine subsidiaries, for which the functional currency is the U.S. dollar, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. dollar and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabian Riyal-denominated financial and trade payables.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The Saudi Arabian Riyal is tied to the dollar.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Foreign Currency Derivative Contracts</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The net fair value of our foreign currency derivative contracts amounted to a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> liability</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n asset </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">27</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further detail on our foreign currency derivative contracts, please see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">note 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Derivative financial instruments &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Foreign exchange and commodities derivative contracts and hedge accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221; to our audited consolidated financial statements included in this annual report.</span></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Concentration of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">redit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">isk</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">No single customer comprised more than 10% of our net sales in 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris maintains</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a strong, longstanding relationship with Pemex, one of the world&#8217;s largest crude oil and condensates producers and one of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> largest customers. Over the past several months, Pemex has delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit exposure to Pemex, which represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of the Company&#8217;s overall credit exposure as of December 31, 2023. The Company has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer. Although the parties are in continuous conversations and Pemex is making partial payments on a periodic basis, at this stage the Company cannot predict whether or not its exposure to Pemex will be reduced, or the timing for any such reduction.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our credit policies related to sales of products and services are designed to identify customers with acceptable credit history, and to allow us to use credit insurance, letters of credit and other instruments designed to minimize credit risk whenever deemed necessary. We maintain allowanc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es for potential credit losses.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Commodity Price </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; break-after: avoid; break-inside: avoid; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not in excess of one year, and in general hedging for these risks is performed on a limited basis.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Commodities Derivative Contracts</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The net fair value of our commodities derivative contracts amounted to a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million at December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a liability of $3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.4</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> at December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further detail on our commodities derivative contracts, please see note 2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Derivative financial instruments &#8211; Foreign exchange and commodities derivative contracts and hedge accounting&#8221; to our audited consolidated financial statements included in this annual report.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting for Derivative Financial Instruments and Hedging Activities</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Derivative financial instruments are classified as financial assets (or liabilities) at fair value through profit or loss. Their fair value is calculated using standard pricing techniques and, as a general rule, we recognize the full amount related to the change in its fair value under financial results in the current period.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">We designate for hedge accounting certain derivatives and non-derivative financial liabilities to hedge risks associated with recognized assets, liabilities or highly probable forecast transactions. These instruments are classified as cash flow hedges. The effective portion of the fair value of such derivatives is accumulated in a reserve account in equity. Amounts accumulated in equity are then recognized in the income statement in the same period when the offsetting losses and gains on the hedged item are recorded. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of our derivative financial instruments (assets or liabilities) continues to be reflected on the consolidated statement of financial position.</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the effective portion of designated cash flow hedges, included in other reserves in shareholders&#8217; equity amounted to a credit of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and a credit of $13.1 million respectively.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<div style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN37_212202413202776" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Description of Securities Other Than Equity Securities</span></a></div>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN38_212202413202026" class="customBookmark"><span style="color: #8e8e8e; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">American Depositary Shares</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">According to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> deposit agreement, holders of ADSs may have to pay to the Depositary, either directly or indirectly, fees or charges up to the amounts set forth below:</span></p>
<ul>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fee of $5.00 (or less) per 100 ADSs (or portion of 100 ADSs) for: issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property; and cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fee of $0.02 (or less) per ADSs for any cash distribution to ADS registered holders, excluding cash dividend</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ny charges for taxes and other governmental charges that the Depositary or the custodian may be required to pay on any ADS or share underlying an ADS (e.g., share transfer taxes, stamp duty or withholding taxes); and any charges incurred by the Depositary or its agents for servicing the depositary securities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">egistration or transfer fees for transfer and registration of shares on our share register to or from the name of the Depositary or its agent when you deposit or withdraw shares</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xpenses of the Depositary for cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) and conversion of foreign currency</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> fee equivalent to the fee that would be payable if securities distributed to ADS holders had been shares and the shares had been deposited for issuance of ADSs for distribution of securities distributed to holders of deposited securities which are distributed by the Depositary to ADS registered holders</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li>
<li style="font-family: Symbol; font-size: 7pt; margin: 0pt 0pt 12pt 8.22pt; padding-left: 20.13pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s necessary, charges for any costs incurred by the Depositary or its agents for servicing the deposited securities.</span></li> </ul>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The Depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the deposit agreement with the Depositary, the Depositary is not liable to holders of ADSs, except that the Depositary agrees to perform its obligations specifically set forth therein without gross negligence and willful </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">misconduct.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Fees Payable by the Depositary to the Company</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under its agreement with the Depositary, the Company is entitled to receive certain fees from the Depositary, based on the Depositary&#8217;s revenues resulting from issuance and cancellation fees charged to ADR holders, net of custody and safe keeping costs. In addition, the Depositary has waived the cost of providing administrative and reporting services, and access charges in connection with the Company&#8217;s ADR Program.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fees paid in 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">3</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company received from the Depositary fee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s for an amount of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">932</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">082</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, corresponding to the period March 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> through </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">March</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fees payable during 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">4</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">In 2024</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, the Company received from the Depositary fee</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s for an amount of<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">$667</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">,139</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, corresponding to the period March 1</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">3</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, 2023</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>&#160;</span>through<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">March</span><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">12</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, 2024</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;">&#160;&#160;</p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN39_2122024132041769" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Controls and Procedures</span></a></div>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Evaluation of Disclosure Controls and Procedure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">s</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the supervision and with the participation of our management, including the Company&#8217;s chief executive officer and chief financial officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Based on that evaluation, the Company&#8217;s chief executive officer and chief financial officer have concluded that, as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms and to ensure that such information is accumulated and communicated to management, including the Company&#8217;s chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. The Company&#8217;s chief executive officer and chief financial officer have concluded that our disclosure controls and procedures are effective at a reasonable assurance level.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Management&#8217;s Report on Internal Control over Financial Reporting</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control over financial reporting was designed by management to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of its financial statements for external purposes in accordance with IFRS.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, under the Company&#8217;s articles of association, as supplemented by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">udit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ommittee&#8217;s charter, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">udit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ommittee assists the board of directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in fulfilling its oversight responsibilities relating to the effectiveness of the Company&#8217;s systems of internal control, risk management and internal audit over financial reporting. In particular, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">udit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ommittee is required to review the scope and results of the activities of the Company&#8217;s external auditors and the internal audit function relating to the Company&#8217;s internal control over financial reporting, and obtain reports on significant findings and recommendations; and is also required to assess, at least annually at the time the annual accounts are approved, the effectiveness of the Company&#8217;s systems of internal control and risk management over financial reporting.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements or omissions. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On a yearly basis, management conducts its assessment of the effectiveness of Tenaris&#8217;s internal control over financial reporting based on the framework in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Internal Control- Integrated Framework (2013)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As allowed under applicable SEC guidance, management&#8217;s assessment of internal control over financial reporting excludes the operations of BSIBV and its subsidiaries, which were acquired on November 30, 2023. BSIBV and its subsidiaries total assets and total revenues excluded from management&#8217;s assessment of internal control over financial reporting represent approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2023. </span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On February </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, management reported to the Audit Committee of the Company&#8217;s board of directors that management had conducted its assessment of the effectiveness of the Company&#8217;s internal controls over financial reporting for the year ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and that, based on management&#8217;s evaluation and considering the inherent limitations to the effectiveness of any internal control system, management had concluded that the Company&#8217;s internal controls over financial reporting were effective as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt 0pt 10pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The effectiveness of Tenaris&#8217;s internal control over financial reporting as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, has been audited by PwC, as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">indicated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Report of Independent Registered Public </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Accounting Firm&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> included in this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><br/></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'times new roman', times; line-height: inherit;"><b><span style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; break-after: avoid; line-height: 1.2; margin: 0pt 0pt 10pt; text-indent: 0pt;">Attestation Report of Registered
Public Acc<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; break-after: avoid;">ounting</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; break-after: avoid;"> Firm</span></span></b></span></p>
<p style="margin: 0pt 0pt 10pt; font-size: 12pt; font-family: 'Times New Roman', 'serif'; line-height: 1.2; text-indent: 0pt;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', 'sans-serif'; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">See
page F-1 of the audited consolidated financial statements included in this
report.</span></span></p>
<p style="margin: 0pt 0pt 10pt; break-after: avoid; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Change in Internal Control over Financial Reporting</span></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">There were no changes in our internal control over financial reporting (as s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">uch term is defined in Rules 13</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-15(f) and 1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-15(f) under the Exchange Act) during the year ended December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160; &#160;</span></p>
<div style="margin: 0pt 0pt 10pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN40_212202413219185" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Audit Committee Financial Expert</span></a></div>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s board of dire</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ctors has determined that Ms. Mo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nica </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the audit committee&#8217;s chairperson, meets the attributes defined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">by the SEC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for an &#8220;audit committee financial expert&#8221; and has competence in accounting or auditing matters, as required by applicable Luxembourg law. In addition, the audit committee, as a whole, has sufficient relevant knowledge of the business and financial experience to properly discharge its functions. The audit committee has the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> authority to engage, at the Company&#8217;s expense, independent counsel and other internal or external advisors to review, investigate or otherwise advise on, any matter, as the audit committee may determine to be necessary to carry out its purposes and responsibilities.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;</span><a href="#TOC"></a></p> </div><div id="Dzwr6y73jumn3dzs9keps" style="font-family: 'times new roman', times; font-size: 10pt;">
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<div style="margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN41_2122024132215378" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Code of Ethics</span></a></div>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company has adopted a general code of conduct incorporating guidelines and standards of integrity and transparency applicable to all directors, officers and employees. As far as the nature of each relation permits, all principles detailed in the code of conduct also apply to relations with our contractors, subcontractors, suppliers and associated persons</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In addition, the Company has adopted a code of ethics for senior financial officers, which is intended to supplement the Company&#8217;s code of conduct, and applies specifically to the principal executive officer, the principal financial officer, the principal accounting officer or controller, as well as persons performing similar functions.</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 0pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Our code of conduct and our code of ethics for senior financial officer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s are posted on our website at:</span></p>
<p style="margin: 0pt 0pt 0pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt 0pt 0pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://www.tenaris.com/en/sustainability/governance-and-ethics/</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="margin: 0pt 0pt 12pt 56.7pt; break-after: avoid; text-indent: -56.7pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN42_212202413223734" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Principal Accountant Fees and Services</span></a></div>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Principal Accountant Fees </span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, PwC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> served as the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompany</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s statutory auditor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Fees </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">accrued</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to PwC and other PwC member firms for the years ended December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are detailed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">below.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-indent: 14.45pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: center; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> For the year ended December 31, </span></p> </td> </tr>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0pt 5.4pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 19.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Thousands of U.S. dollars</span></p> </td>
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<p style="margin: 0pt; text-align: center; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
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<p style="margin: 0pt; text-align: center; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">2022</span></p> </td> </tr>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 44%;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 28%;">
<p style="margin: 0pt; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 28%;">
<p style="margin: 0pt; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160;</span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 5.4pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px; text-align: start; color: #000000;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Audit Fees</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 4,386 </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 3,966 </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0pt 5.4pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px; text-align: start; color: #000000;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Audit-Related Fees</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 273 </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 255 </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 5.4pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px; text-align: start; color: #000000;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Tax Fees</span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 148 </span></p> </td>
<td style="border-left: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; - </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0pt 5.4pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px; text-align: start; color: #000000;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">All Other Fees</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 14 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right; text-indent: 14.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">&#160; 11 </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 5.4pt; text-indent: 0pt; padding-left: 0px; padding-right: 0px; text-align: start; color: #000000;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit; font-weight: bold;">Total</span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 4,821 </span></p> </td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160; 4,232 </span></p> </td> </tr> </tbody> </table>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>104</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><br/></td>
<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, PwC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">member</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> firms </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rendered $242 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">thousand for tax services to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> pipe coating business</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> acquired from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mattr</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">udit Fees</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Audit fees were paid for professional services rendered by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">statutory </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">auditors for the audit of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consolidated financial statements and internal control over financial reporting, the statutory financial statements of the Company and its subsidiaries, and any other audit services required </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">under applicable securities laws, including SEC regulations and other regulatory requirements.</span> </p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Audit-Related Fees</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Audit-related fees are typically services that are reasonably related to the performance of the audit or review of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated financial statements and the statutory financial statements of the Company and its subsidiaries and are not reported under the audit fee item above. This item includes fees for attestation services on financial information of the Company and its subsidiaries included in their annual reports </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">required to be</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> filed with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">competent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> regulators.</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tax Fees</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Fees paid for tax compliance professional services.</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">All Other Fees</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Fees paid for the support in the development of training courses.</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Audit Committee&#8217;s Pre-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">approval Policies and Procedures</span> </p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Audit Committee is responsible for, among other things, the oversight of the Company&#8217;s external auditors. Under its charter, the audit committee is responsible to review the appropriateness of, and approve, in advance, the provision of any permissible non-audit services by the external auditors; and to review and approve any fees, whether for audit, audit-related, or non-audit services payable to the external auditors.</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The audit committee makes its recommendations to the shareholders&#8217; meeting concerning the continuing appointment or termination of the Company&#8217;s external auditors. On a yearly basis, the audit committee reviews, together with management and the external auditor, the audit plan, audit related services and other permissible non-audit services and approves, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">ad-referendum</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of the general shareholders&#8217; meeting, the related fees. With respect to non-audit services, the audit committee annually approves an estimated amount for undetermined non-audit services, conditioned upon final review and approval of such services by the audit committee. The audit committee annually receives from the external auditor the written disclosures required by PCAOB Rule 3524 &#8220;Audit Committee Pre-Approval of Certain Tax Services&#8221;, together with a description of the scope of tax services for such year, and the external auditors&#8217; confirmation that such non-audit services are consistent with the Sarbanes-Oxley Act, SEC Regulation S-X Rule 2-01, and applicable PCAOB rules.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Audit Committee did not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approve any fees pursuant to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">de minimis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exception to the pre-approval requirement provided by paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> or 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The general shareholders&#8217; meeting normally approves such audit fees and authorizes the audit committee to approve any increase or reallocation of such audit fees as may be necessary, appropriate or desirable under the circumstances. No services outside the scope of the audit committee&#8217;s approval may be undertaken by the external auditor.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<div style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN43_2122024132256313" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></a></div>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">June</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, at the Company&#8217;s general meeting of shareholders, the Company&#8217;s shareholders authorized the Company and the Company&#8217;s subsidiaries to acquire, from time to time, shares, including shares represented by ADSs, on the following terms and conditions:</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Purchases, acquisitions or receipts of securities may be made in one or more transactions as the board of directors of the Company or the board of directors or other governing bodies of the relevant entity, as applicable, considers advisable.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The maximum number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities acquired pursuant to this authorization may not exceed 10% of the Company&#8217;s issued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares or, in the case of acquisitions made through a stock exchange in which the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities are traded, such lower amount as may not be exceeded pursuant to any applicable laws or regulations of such market. The number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities acquired as a block may amount to the maximum permitted amount of purchases.</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The purchase price per share to be paid in cash may not exceed 125% (excluding transaction costs and expenses), nor may it be lower than 75% (excluding transaction costs and expenses), in each case of the average of the c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">losing prices of the Company&#8217;s s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities in the stock exchange through which the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities are acquired, during the five trading day</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s in which transactions in the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities were recorded in such stock exchange preceding (but excluding) the day on which the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities are acquired. For over-the-counter or off-market transactions, the purchase price per ADS to be paid in cash may not exceed 125% (excluding transaction costs and expenses), nor may it be lower than 75% (excluding transaction costs and expenses), in each case of the average of the closing prices of the ADSs in the N</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">YSE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> during the five trading days in which transactions in ADSs were recorded in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NYSE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> preceding (but excluding) the day on which the ADSs are acquired; and, in the case of acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities, other than in the form of ADSs, such maximum and minimum per security purchase prices shall be equal to the prices that would have applied in case of an ADS purchase pursuant to the formula above divided by the number of underlying shares represented by an ADS at the time of the relevant purchase. Compliance with maximum and minimum purchase price requirements in any and all acquisitions made pursuant to this authorization (including, without limitation, acquisitions carried out through the use of derivative financial instruments or option strategies) shall be determined on and as of the date on which the relevant transaction is entered into, irrespective of the date on which the transaction is to be settled.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The above maximum and minimum purchase prices shall, in the event of a change in the par value of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities, a capital increase by means of a capitalization of reserves, a distribution of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities under compensation or similar programs, a stock split or reverse stock split, a distribution of reserves or any other assets, the redemption of capital, or any other transaction impacting on the Company&#8217;s equity, be adapted automatically, so that the impact of any such transaction on the value of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities shall be reflected.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquisitions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities may not have the effect of reducing the Company&#8217;s net assets below the sum of the Company&#8217;s share capital plus its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">undistributable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reserves.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Only fully paid-up </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities may be acquired pursuant to this authorization.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquisitions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities may be carried out for any purpose, as may be permitted under applicable laws and regulations, including without limitation to reduce the share capital of the Company, to offer such shares to third parties in the context of corporate mergers or acquisitions of other entities or participating interests therein, for distribution to the Company&#8217;s or the Company&#8217;s subsidiaries&#8217; directors, officers or employees or to meet obligations arising from convertible debt instruments.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquisitions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities may be carried out by any and all means, as may be permitted under applicable laws and regulations, including through any stock exchange in which the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities are traded, through public offers to all shareholders of the Company to buy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities, through the use of derivative financial instruments or option strategies, or in over-the-counter or off-market transactions or in any other manner.</span></li> </ul>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquisitions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurities may be carried out at any time, during the duration of the authorization, including during a tender offer period, as may be permitted under applicable laws and regulations.</span></li> </ul>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The authorization granted to acquire securities shall be valid for such maximum period as may be provided for under applicable Luxembourg law as in effect from time to time (such maximum period being, as of to date, 5 years). </span></li> </ul>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; line-height: 12pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquisitions of securities shall be made at such times and on such other terms and conditions as may be determined by the board of directors of the Company or the board of directors or other governing bodies of the relevant subsidiary, provided that, any such purchase shall comply with Article 430-15 et. seq. of the Luxembourg Company Law (or any successor law) and, in the case of acquisitions of securities made through a stock exchange in which the Company&#8217;s securities are traded, with any applicable laws and regulations of such market.</span></li> </ul>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 1, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irectors approved a share buyback program of up to $1.2 billion to be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">completed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> within a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">one-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> period</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and executed in the open market, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with the intention to cancel the shares acquired through the program. </span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 5, 2023, the Company announced that it had entered into a non-discretionary buyback agreement with a primary financial institution</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which made its trading decisions concerning the timing of the purchases of the Company&#8217;s shares independently of and uninfluenced by Tenaris&#160;and acted in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. Under the buyback agreement, purchases of shares could continue during any closed or blackout periods of Tenaris in accordance with applicable regulations.</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This first tranche of the share buyback program commenced on November 6, 2023, and was completed on January 12, 2024. As of December 31, 2023, the Company repurchased 12,648,091 shares (equivalent to 1.07% of the issued share capital) for a total consideration of EUR198 million, equivalent to $214 million; and as at the end of the first tranche of the program, the Company repurchased 17,779,302 shares (representing 1.51% of the issued share capital) for a total consideration of EUR276 million, or $300 million. The Company intends to cancel the treasury shares repurchased as at the end of the first tranche of its share buyback program in the upcoming extraordinary general meeting of shareholders, scheduled to be held on April 30, 2024 (immediately after the annual general meeting of shareholders) and reduce the Company&#8217;s issued share capital accordingly. See &#8220;Shareholders&#8217; Meetings; Voting Rights; Election of Directors&#8221; for more information.</span></p>
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<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On February 25, 2024, the Company announced that, in connection with the second tranche of its previously announced share buyback program, it had entered into another non-discretionary buyback agreement with a primary financial institution, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which will make its trading decisions concerning the timing of the purchases of the Company&#8217;s shares independently of and uninfluenced by Tenaris and will act in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. Under the buyback agreement, purchases of shares may continue during any closed or blackout periods of Tenaris in accordance with applicable regulations.</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This $300 million second tranche of the share buyback program commenced on February 26, 2024</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and is expected to end no later than May 24, 2024. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Additional shares repurchased under the share buyback program will be held in treasury and will be cancelled in due course.</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For further information on the Company&#8217;s share buyback program, please refer to our corporate website under the &#8220;Share Buyback Program&#8221; section </span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://ir.tenaris.com/share-buyback-program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the future, we may, on the terms and subject to the conditions above referred, initiate another share capital repurchase or similar program or engage in other transactions pursuant to which we may repurchase, directly or indirectly, the Company&#8217;s securities. In addition, we or our subsidiaries may enter into transactions involving sales or purchases of derivatives or other instruments, either settled in cash or through physical delivery of securities, with returns linked to the Company&#8217;s securities. The timing and amount of repurchase transactions under any such future program, or sales or purchases of derivatives or other instruments, will depend on market conditions as well as other corporate and regulatory considerations.</span></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 22.64%; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">2023</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.54%; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 1.1; margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total number of shares purchased</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.56%; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 1.1; margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Average price paid per share in USD</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 1.1; margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total number of shares purchased as part of publicly announced plan or program</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 1.1; margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Approximate million USD value of shares that may yet be purchased under the plan or program</span></p> </td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 22.64%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">November 1 - November 30</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.54%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 8,940,855 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.56%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 17.1</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 8,940,855 </span></p> </td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 1,047 </span></p> </td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 22.64%; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 1 - December 31</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.54%; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3,707,236 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.56%; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 16.7</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 3,707,236 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; 986 </span></p> </td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 22.64%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.54%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">12,648,091 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 13.56%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 12,648,091 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.14%; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;" valign="bottom">
<p style="line-height: 12pt; margin: 0px; text-align: right; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>107</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN44_2122024132313609" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-decoration: none; cursor: default; outline: none; pointer-events: none;">Change</span> in Registrant&#8217;s Certifying Accountant</span></a></div>
<p style="margin: 10pt 0pt; font-size: 10pt; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>Since
2011, PricewaterhouseCoopers S.C., R&#233;viseurs d&#8217;entreprises agr&#233;&#233; (&#8220;PwC&#8221;) served
as the Company&#8217;s statutory auditor. Following the completion of a tender
process for the selection of a replacement audit firm for the year 2024, as
required under applicable EU and Luxembourg mandatory auditor rotation rules,
on November 3, 2022, the Company&#8217;s board of directors, based on the audit
committee&#8217;s recommendation, recommended the annual general shareholders&#8217;
meeting to appoint Ernst &amp; Young S.A. (&#8220;EY&#8221;) as the Company&#8217;s statutory
auditors for the fiscal year ending December 31, 2024.</span><span><span> The annual general shareholders meeting held
on May 3, 2023 approved the appointment of EY as the Company&#8217;s statutory
auditor for the fiscal year ending December 31, 2024.</span></span></span></p>
<p style="margin: 10pt 0pt; font-size: 10pt; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>The reports issued by PwC on our
consolidated financial statements for the years 2023 and 2022 did not contain
an adverse opinion or a disclaimer of opinion, and were not qualified or
modified as to uncertainty, audit scope or accounting principles. During each
of the years 2023 and 2022, there has not been (i) any disagreement between the
Company and PwC over any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedures, which
disagreement, if not resolved to PwC&#8217;s satisfaction, would have caused PwC to
make reference to the subject matter of the disagreement in connection with its
audit reports, nor (ii) any reportable event.</span></span></p>
<p style="margin: 10pt 0pt; font-size: 10pt; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>The Company has provided PwC with
a copy of the foregoing disclosure and has requested that PwC furnish the
Company with a letter addressed to the SEC stating whether PwC agrees with the
Company&#8217;s statements in such disclosure and, if not, stating the respects in
which it does not agree. A copy of PwC&#8217;s letter dated March 27, 2024, is filed
as an exhibit to this annual report.</span></span></p>
<p style="margin: 10pt 0pt; font-size: 10pt; line-height: 1.2; text-indent: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span><span>During fiscal years 2023 and 2022
and as of the date of this annual report, the Company did not consult with EY
regarding: (i) the application of accounting principles to any specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Company&#8217;s financial statements; (ii) the type of audit
opinion that might be rendered on the Company&#8217;s financial statements and
neither a written report nor oral advice was provided to the Company that EY
concluded was an important factor considered by the Company in reaching a
decision as to any accounting, auditing or financial reporting issue</span></span><span><span>&#894;</span></span></span><span style="line-height: inherit;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light', 'sans-serif'; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or (iii)
any matter that was either the subject of a disagreement or reportable event.</span> </span></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>108</span></span></td> </tr> </tbody> </table>
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<td style="width: 20%; height: 21px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
<div style="margin: 10pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN45_2122024132331346" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Corporate Governance</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Statement</span></a></div>
<p style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>The Company&#8217;s corporate governance practices are governed by Luxembourg Law (including, among others, the Luxembourg Company Law, the Luxembourg Law of January 11,</span><span>&#160;</span><span>2008 on transparency requirements for issuers, as amended (which transposes EU Directive 2004/109 of the European Parliament and of the Council of December 15, 2004), the Shareholders&#8217; Rights Law and the Luxembourg law of July 23, 2016, concerning the audit profession (the &#8220;Audit Reform Law&#8221;) and by the Company&#8217;s articles of association. </span><span>The following is a summary of certain rights of holders of the Company&#8217;s shares and includes the information required under the Luxembourg Law on takeovers of May 19, 2006. Shareholders&#8217; rights are set out in the Company&#8217;s articles of association and are provided by applicable Luxembourg law and may differ from those typically provided to shareholders of U.S. companies under the corporation laws of some states of the United States. This summary is not exhaustive and does not contain all </span><span>the </span><span>information that may be important to investors. For more complete information, you should read the Company&#8217;s articles of association, which are attached as an exhibit to this annual report.</span></span></p>
<h3 style="font-weight: normal; margin: 10px 0 10px 0; break-after: avoid; break-inside: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN46_212202413241329" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Corporate Governance</span></a></h3>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Memorandum and Articles of Association</span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is a public limited liability company (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">soci&#233;t&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> anonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> organized under the laws of Luxembourg, registered under the number B85 203 in the Luxembourg </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Registre</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> de Commerce et des </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Soci&#233;t&#233;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Its object and purpose, as set forth in Article 2 of its articles of association, is the taking of interests, in any form, in corporations or other business entities, and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the administration, management, control and development thereof.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s authorized share capital is fixed by the Company&#8217;s articles of association as amended from time to time with the approval of shareholders at an extraordinary general shareholders&#8217; meeting. The Company has an authorized share capital of a single class of 2,500,000,000 shares having a nominal value of USD1.00 per share. There were 1,180,536,830 shares issued as of the date of this annual report</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including treasury shares. All issued shares are fully paid. As at the end of the first tranche of its share buyback program, the Company had repurchased 17,779,302 shares which are expected to be cancelled in the upcoming extraordinary shareholders meeting scheduled to be held on April 30, 2024.</span></p>
<p style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s articles of association authorize the board of directors, or any delegate(s) duly appointed by the board of directors, to issue shares within the limits of the authorized share capital against contributions in cash, contributions in kind or by way of available reserves, at such time and on such terms and conditions, including the issue price, as the board of directors, or its delegate(s), may in its or their discretion resolve.</span></p>
<p style="margin: 0pt 0pt 10pt; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s extraordinary shareholders&#8217; meeting held on June 2, 2020 approved the renewal for an additional five-year period of the authorization granted to the board of directors to waive, suppress or limit any preemptive subscription rights of shareholders provided for by law to the extent it deems such waiver, suppression or limitation advisable for any issue or issues of shares within the authorized share capital; and have waived any preemptive subscription rights provided for by law and related procedures. The validity period of such authorization will expire on June 12, 2025. However, under the Company&#8217;s articles of association, the Company&#8217;s existing shareholders shall have a preferential right to subscribe for any new shares issued pursuant to the authorization granted to its board of directors, except in the following cases (in which cases no preemptive subscription rights shall apply):</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>109</span></span></td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any issuance of shares (including, without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into shares) against a contribution other than in cash; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">any issuance of shares (including by way of free shares or at discount), up to an amount equal to 1.5% of the issued share capital of the Company, to directors, officers, agents or employees of the Company, its direct or indirect subsidiaries, or its affiliates, including, without limitation, the direct issuance of shares or upon the exercise of options, rights convertible into shares, or similar instruments convertible or exchangeable into shares, issued for the purpose of compensation or incentive for any such persons or in relation thereto (which the board of directors shall be authorized to issue upon such terms and conditions as it deems fit).</span></li> </ul>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Amendment of the Company&#8217;s articles of association requires the approval of shareholders at an extraordinary shareholders&#8217; meeting with a two-thirds majority vote of the shares represented at the meeting.</span><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">The Company is controlled by San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">, which owns 60.45% of the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">issued</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> share</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">, through its wholly owned subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> Holdings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">S.&#224;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">r.l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">. The Dutch private foundation (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Stichting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">) RP STAK holds voting rights in San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> sufficient to control San </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">. No person or group of persons controls RP STAK.</span></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">As of December 31, 2023, (i) 38.41% of the Company&#8217;s issued share capital was publicly traded on the Italian Stock Exchange and the Mexican Stock Exchange; in addition, the Company&#8217;s ADSs trade on the NYSE; (ii) a 0,07% was held by the Company&#8217;s directors and senior management as a group; and (iii) the remaining 1.07% of the Company&#8217;s issued share capital was held in treasury.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> See &#8220;Major </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Shareholders and Related Party Transactions&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dividends</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Subject to applicable law, all </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">issued</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shares (including shares underlying ADSs) are entitled to participate equally in dividends when, as and if declared by the shareholders at the annual general shareholders&#8217; meeting, out of funds legally available for such purposes.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Treasury shares are not entitled to dividend distributions.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dividends may be lawfully declared and paid if the Company&#8217;s net profits and distributable reserves are sufficient under Luxembourg law. The amount and payment of dividends must be approved by a majority vote at a general shareholders&#8217; meeting, generally, but not necessarily, based on the recommendation of the Company&#8217;s board of directors. Under Article 21 of the Company&#8217;s articles of association, the board of directors has the power to distribute interim dividends out of profits, share premium or any other available reserves, in accordance with applicable law, in particular in accordance with the conditions set forth in Article 461-3 of the Luxembourg Company Law. Such dividend payments must be finally approved by the general shareholders&#8217; meeting. On February </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">21</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the board of directors announced the proposals to be submitt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed to the consideration of the a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nnual </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eneral </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hareholders&#8217; meeting, including its proposal on dividends.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As provided by Article 21 of the Company&#8217;s articles of association, dividends or other distributions declared by the general meeting as well as interim dividends or other distributions declared by the board of directors will be distributed at the times and places determined by the board of directors. The Company will make any and all dividend payments and any other distributions in respect of shares registered in the name of any securities settlement system or operator of such a system or in the name of any financial institution or other professional depositary of securities or any other depositary, whether in cash, shares or other assets, only to such registered holder, or otherwise in accordance with such registered holder&#8217;s instructions, and, as provided by Article 21 of the Company&#8217;s articles of association, that payment shall release the Company from any and all obligations for such payment.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company conducts and will continue to conduct its operations through subsidiaries and, accordingly, its main source of cash to pay dividends, among other possible sources, will be the dividends received from its subsidiaries. For further information see &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to the Structure of the Company &#8211; The Company&#8217;s dividend payments depend on the results of operations and financial condition of its subsidiaries and could be restricted by legal, contractual or other limitations or tax changes&#8221;.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under Luxembourg law, claims for dividends will lapse in favor of the Company five years after the date such dividends are declared. However, the Company may elect to pay a declared dividend after such period. Declared and unpaid dividends held by the Company for the account of its shareholders do not bear interest.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to Luxembourg law, at least 5% of our net profits per year must be allocated to the creation of a legal reserve until such reserve has reached an amount equal to 10% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> issued share capital. If the legal reserve later falls below the 10% threshold, at least 5% (or such lower amount required to reach the 10% threshold) of net profits again must be allocated toward the reserve. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s legal reserve represented 10% of its share capital. The legal reserve is not available for distribution.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Shareholders&#8217; Meetings; Voting Rights; Election of Directors</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Each share entitles the holder thereof to one vote at the Company&#8217;s general shareholders&#8217; meetings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, provided that, under Luxembourg law, voting rights with respect to treasury shares shall be suspended for so long as such shares are held</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Shareholder action by written consent is not permitted, but proxy voting is permitted. Notices of general shareholders&#8217; meetings are governed by the provisions of Luxembourg law and the Company&#8217;s articles of association. Pursuant to applicable Luxembourg law, the Company must give notice of the calling of any general shareholders&#8217; meeting at least 30 days prior to the date for which the meeting is being called, by publishing the relevant convening notice in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Recueil</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Electronique</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> des </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Soci&#233;t&#233;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> et Associations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (Luxembourg&#8217;s electronic official </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">gazette) and in a leading newspaper having general circulation in Luxembourg and by issuing a press release informing of the calling of such meeting. In case the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares are listed on a foreign regulated market, notices of general shareholders&#8217; meetings shall also comply with the requirements (including as to content and publicity) and follow the customary practices of such regulated market.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to the Company&#8217;s articles of association, for as long as the shares or other securities of the Company are listed on a regulated market within the European Union (as they currently are), and unless otherwise provided by applicable law, only shareholders holding shares as of midnight, central European time, on the day that is fourteen days prior to the day of any given general shareholders&#8217; meeting can attend and vote at such meeting. The board of directors may determine other conditions that must be satisfied by shareholders in order to participate in a general shareholders&#8217; meeting in person or by proxy, including with respect to deadlines for submitting supporting documentation to or for the Company.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">No attendance quorum is required at ordinary general shareholders&#8217; meetings, and resolutions may be adopted by a simple majority of the votes validly cast, irrespective of the number of shares present or represented. Unless otherwise provided by applicable law, an extraordinary general shareholders&#8217; meeting may not validly deliberate on proposed amendments to the Company&#8217;s articles of association unless a quorum of at least half of the share capital is represented at the meeting. If a quorum is not reached at the first extraordinary shareholders&#8217; meeting, a second extraordinary shareholders&#8217; meeting may be convened in accordance with the Company&#8217;s articles of association and applicable law</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and such second extraordinary general shareholders&#8217; meeting shall validly deliberate regardless of the number of shares represented. In both cases, the Luxembourg Company Law and the Company&#8217;s articles of association require that any resolution of an extraordinary general shareholders&#8217; meeting as to amendments to the Company&#8217;s articles of association be adopted by a two-thirds majority of the votes validly cast at the meeting. If a proposed resolution consists of changing the Company&#8217;s nationality or of increasing the shareholders&#8217; commitments, the unanimous consent of all shareholders is required.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Cumulative voting is not permitted. The Company&#8217;s articles of association do not provide for staggered terms and directors are elected for a maximum of one year but may be reappointed or removed at any time, with or without cause, by the general shareholders&#8217; meeting, by resolution passed by a simple majority vote of the shares validly cast at the meeting. In the case of a vacancy occurring in the board of directors, the remaining directors shall have the right to temporarily fill such vacancy with a temporary director appointed by resolution adopted with the affirmative vote of a majority of the remaining directors; provided that the next general shareholder&#8217;s meeting shall be called upon to ratify such appointment. The term of any such temporary director elected to fill a vacancy shall expire at the end of the term of office of the replaced director.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The next annual general meeting of shareholders that will consider, among other matters, our consolidated financial statements and annual accounts included in this annual report, is scheduled to be held on Tuesday, April 30, 2024, at 15:00 (Central European Time) at the Company&#8217;s registered office in Luxembourg. An extraordinary general meeting of shareholders is scheduled to be held on the same date, immediately after the adjournment of the annual general meeting of shareholders to decide on the cancellation of 17,779,302 shares repurchased as at the end of the first tranche of the Company&#8217;s share buyback program and currently held in treasury and, consequently, to approve a reduction of the Company&#8217;s issued share capital for $17,779,302 so as to bring the issued share capital from $1,180,536,830 to $1,162,757,528, represented by 1,162,757,528 shares with a nominal value of $1,00 each, and to approve a corresponding amendment of the first paragraph of article 5 &#8220;Share Capital&#8221; of the Company&#8217;s articles of association to reflect such resolutions.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The articles of association provide that annual general shareholders&#8217; meetings shall meet in Luxembourg within six months from the end of the previous financial year at the date, place and hour indicated in the convening notice. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The rights of the shareholders attending the meetings are governed by Shareholders&#8217; Rights Law.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Holders of shares deposited in fungible securities accounts have the same rights and obligations as holders of shares recorded in the Company&#8217;s share register. However, in order to be able to participate in and vote at shareholders&#8217; meetings of the Company, the former must submit, prior to the relevant meeting, reasonably satisfactory evidence to the Company as to the number of shares held on the applicable record date for such meeting.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For as long as the shares or the other securities of the Company are listed on a regulated market within the European Union, participation in a shareholders&#8217; general meeting shall </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">inter alia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> be subject to the relevant shareholder holding shares of the Company on the fourteenth day midnight Central European Time prior to the meeting (unless otherwise provided for by applicable law).</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Holders of ADSs only have those rights that are expressly granted to them in the deposit agreement. See &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to shares and ADSs &#8211; Holders of ADSs may not be able to exercise, or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">may encounter difficulties in the exercise of, certain rights afforded to shareholders&#8221;. ADS holders may not attend or directly exercise voting rights in shareholder&#8217; meetings, but holders of record of our ADSs as of the relevant ADS holders&#8217; record date set for any given general shareholders&#8217; meeting are entitled to instruct the Depositary as to the exercise of the voting rights in respect of the shares underlying such holder&#8217;s ADSs at such meeting. Holders of ADSs maintaining non-certificated positions must follow voting instructions given by their broker or custodian bank.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The notices </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">convening </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the annual general </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">meeting of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shareholders and an extraordinary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">general meeting of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">shareholders </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">scheduled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to be held on April 30, 2024, the Shareholder Meeting Brochure and Proxy Statement for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the meetings, describing the procedures for</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">attending and voting at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the meetings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; as well as the material required to be submitted to shareholders in connection with the meetings are available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on the Company&#8217;s website at </span><span style="color: #0000ff; font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">https://ir.tenaris.com/investor-relations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in accordance with applicable rules and regulations, and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">were timely filed by the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with the SEC o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n a report on Form 6-K.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Management</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management of the Company is vested in a board of directors. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on the Company&#8217;s board of directors, audit committee, senior management, and auditors, see &#8220;Directors, Senior Management and Employees&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Access to Corporate Records</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Luxembourg law and the Company&#8217;s articles of association do not generally provide for shareholder access to corporate records. Shareholders may inspect the annual accounts and auditors&#8217; reports at our registered office during the fifteen-day period prior to a general shareholders&#8217; meeting.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>113</span></span></td> </tr> </tbody> </table>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Appraisal Rights</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the event the Company&#8217;s shareholders approve:</span></p>
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<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the delisting of the shares from all stock exchanges where the shares are listed at that time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a merger in which the Company is not the surviving entity (unless the shares or other equity securities of such entity are listed on the New York or London stock exchanges)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a sale, lease, exchange or other disposition of all or substantially all of the Company&#8217;s assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an amendment of our articles of association that has the effect of materially changing the Company&#8217;s corporate purpose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">;</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the relocation of the Company&#8217;s domicile outside o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f the Grand Duchy of Luxembourg;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">or</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amendments to the Company&#8217;s articles of association that restrict the rights of the Company&#8217;s shareholders.</span></li> </ul>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dissenting or absent shareholders have the right to have their shares repurchased by the Company at (i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the average market value of the shares over the 90 calendar days preceding the applicable shareholders&#8217; meeting or (ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the event that the shares are not traded on a regulated market, the amount that results from applying the proportion of the Company&#8217;s equity that the shares being sold represent over the Company&#8217;s net worth as of the date of the applicable shareholders&#8217; meeting.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Dissenting or absent shareholders must present their claim within one month following the date of the shareholders&#8217; meeting and supply the Company with evidence of their shareholding at the time of such meeting. The Company must (to the extent permitted by applicable laws and regulations and in compliance therewith) repurchase its shares within six months following the date of the shareholders&#8217; meeting.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If delisting from one or more, but not all, of the stock exchanges where the shares are listed is approved in the shareholders&#8217; meeting, only dissenting or absent shareholders with shares held through participants in the local clearing system for that market or markets can exercise this appraisal right if:</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they held the shares as of the date of the announcement by the Company of its intention to delist or as of the date of publication of the first convening notice for the general shareholders&#8217; meeting that approved the delisting; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">and</span></li> </ul>
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<ul style="margin: 0px; text-indent: 0px;">
<li style="font-family: Symbol; font-size: 7pt; margin: 0px; padding-left: 20.13pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">they present their claim within one month following the date of the general shareholders&#8217; meeting and supply evidence of their shareholding as of the date of the Company&#8217;s announcement or the publication of the first convening notice to the meeting.</span></li> </ul>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the event a shareholder exercises its appraisal rights, applicable Luxembourg law provisions shall apply.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights afforded to shareholders, including appraisal rights. See &#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to shares and ADSs &#8211; Holders of ADSs may not be able to exercise, or may encounter difficulties in the exercise of, certain rights afforded to shareholders&#8221;.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>114</span></span></td> </tr> </tbody> </table>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Distribution of Assets on Winding-Up</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the event of the Company&#8217;s liquidation, dissolution or winding-up, the net assets remaining after allowing for the payment of all debts, charges and expenses will be paid out to the holders of the shares in proportion to their respective holdings.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Transferability and Form</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s articles of association do not contain any redemption or sinking fund provisions, nor do they impose any restrictions on the transfer of shares. The shares are issuable in registered form only.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The ownership of registered shares is evidenced by the inscription of the name of the shareholder, the number of shares held by such shareholders and the amount paid on each share in the Company&#8217;s share register. In addition, the Company&#8217;s shares may be held through fungible securities accounts with financial institutions or other professional depositaries.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Shares held through fungible securities accounts may be transferred in accordance with customary procedures for the transfer of securities in book-entry form. Shares that are not held through fungible securities accounts may be transferred by a written statement of transfer signed by both the transferor and the transferee or their respective duly appointed attorney-in-fact and recorded in the Company&#8217;s share register. The transfer of shares may also be made in accordance with the provisions of Article 1690 of the Luxembourg Civil Code. As evidence of the transfer of registered shares, the Company may also accept any correspondence or other documents evidencing the agreement between transferor and transferee as to the transfer of registered shares.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Repurchase of Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">shares</span> </p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company may repurchase its own shares in the cases and subject to the conditions set by the Luxembourg Company Law and, in the case of acquisitions of shares or ADSs made through a stock exchange in which shares or ADSs are traded, with any applicable laws and regulations of such market. Please see &#8220;Purchase of Equity Securities by the Issuer and Affiliated Purchasers&#8221; for further information on the authorization granted on June 2, 2020, by the annual general meeting of shareholders to the Company or its subsidiaries to repurchase shares of the Company, including shares represented by ADSs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and repurchase of Company shares under the existing share buyback program.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Limitation on Securities Ownership</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">There are no limitations currently imposed by Luxembourg law or the articles of association on the rights of the Company&#8217;s non-resident or foreign shareholders to hold or vote the Company&#8217;s shares.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Change in Control</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">None of our outstanding securities has any special control rights. The Company&#8217;s articles of association do not contain any provision that would have the effect of delaying, deferring or preventing a change in control of the Company and that would operate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> only with respect to a merger, acquisition or corporate restructuring involving the Company or any of its subsidiaries. In addition, the Company does not know of any significant agreements or other arrangements to which the Company is a party and which take effect, alter or terminate in the event of a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">change of control of the Company. There are no agreements between the Company and members of its board of directors or employees providing for compensation if they resign or are made redundant without reason, or if their employment ceases following a change in control of the Company.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">There are no rights associated with the Company&#8217;s shares other than those described above.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Ownership Disclosure</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s articles of association do not contain any provision requiring disclosure of share ownership. However, under the Luxembourg Transparency Law investors in the Company&#8217;s securities should notify the Company and the Luxembourg securities commission on an ongoing basis whenever the proportion of voting rights held or controlled by any such investor reaches, exceeds or falls below any of the following thresholds: 5%, 10%, 15%, 20%, 25%, 33.33%, 50% and 66.66%. Failure to notify the Company and the Luxembourg securities commission of the reaching or crossing of any such thresholds may result in the suspension of the voting rights attaching to the shares exceeding the threshold which would have had to be notified.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Diversity and Inclusion</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Code of Conduct prohibits unlawful discrimination in employment relationships, granting all people the right to apply for a position in Tenaris, or to be considered for a new position based on merit, without arbitrary discrimination. The Company&#8217;s Human Resources Policy champions equal opportunities by ensuring that hiring, promotion, transfer, notice periods, dialogue, rights and protection, as well as other employment decisions are taken without regard for race, color, religious belief, gender, age, disability, national origin or sexual orientation. Compensation and remuneration are based on each person&#8217;s duties, personal performance, competence and behavior. Tenaris pursues a policy of inclusive corporate culture and leadership, recognizing the range of benefits brought by embracing diversity in all its aspects. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">W</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> improving our workforce&#8217;s gender balance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in the knowledge that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a diverse workforce will c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ontribute positively to our culture</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and performance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="color: #808080; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<h3 style="font-weight: normal; margin: 0px; break-after: avoid; break-inside: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN47_2122024132420324" class="customBookmark"><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Summary of differences with NYSE </span><span style="color: #666666; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">standards</span> </a></h3>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a Luxembourg company listed on the NYSE, the Bolsa Mexicana de </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Valores</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">B.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> de C.V. (the Mexican Stock Exchange), and the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Borsa</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Italiana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.p.A. (the Italian Stock Exchange), the Company is required to comply with some, but not all, of the corporate governance standards of these exchanges. The Company, however, believes that its corporate governance practices meet, in all material respects, the corporate governance standards that are generally required for controlled companies by all of the exchanges on which the Company&#8217;s securities trade.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following is a summary of the significant ways that the Company&#8217;s corporate governance practices differ from the corporate governance standards required for foreign controlled companies by the NYSE. The Company&#8217;s corporate governance practices may differ in non-material ways from certain other standards required by the NYSE that are not detailed here.</span></p>
<p style="margin: 10pt 0pt 0pt; break-after: avoid; text-indent: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-management directors&#8217; meetings</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under NYSE standards, non-management directors must meet at regularly scheduled executive sessions without management present and, if</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> such group includes directors who are not independent, a meeting should be scheduled once per year including only independent directors. Neither Luxembourg law nor the Company&#8217;s articles of association require the holding of such meetings and the Company does not have a set policy for these meetings. For additional information on board meetings, see &#8220;Directors, Senior Management and Employees &#8211; Directors and Senior Management &#8211; Board of Directors&#8221;.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, NYSE-listed companies are required to provide a method for interested partie</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s to communicate directly with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-management directors as a group. While the Company does not have such a method, it has set up a compliance line for investors and other interested parties to communicate their concerns directly to the members of our audit committee, all of whom are non-management, independent directors.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Audit committee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> composition</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under NYSE standards, listed U.S. companies are required to have an audit committee composed of independent directors that satisfy the requirements of Rule 10A-3 promulgated under the Exchange Act. Pursuant to the Company&#8217;s articles of association, as supplemented by the audit committee&#8217;s charter, for as long as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares are listed on at least one regulated market, the Company must have an audit committee </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">composed of at least three members, the majority of whom must qualify as independent directors (as defined in the Company&#8217;s articles of association), provided, however, that the composition and membership of the audit committee shall satisfy such requirements as are applicable to, and mandatory for, audit committees of issuers such as the Company under any law, rule or regulation applicable to the Company (including, without limitation, the applicable laws, rules and regulations of such regulated market or markets). The Company&#8217;s audit committee, which currently consists of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">three</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> members, complies with such requirements. In accordance with NYSE standards, the Company has an audit committee entirely composed of independent directors for purposes of the Exchange Act Rule 10A-3(b)(1). For more information on the Company&#8217;s audit committee see &#8220;Directors, Senior Management and Employees&#8211; Board Practices &#8211; Audit Committee&#8221;.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under NYSE standards, all audit committee members of listed U.S. companies are required to be financially literate or must acquire such financial knowledge within a reasonable period and at least one of its members shall have experience in accounting or financial administration. In addition, if a member of the audit committee is simultaneously a member of the audit committee of more than three public companies, and the listed company does not limit the number of audit committees on which its members may serve, then in each case the board must determine whether the simultaneous service would prevent such member from effectively serving on the listed company&#8217;s audit committee and shall publicly disclose its decision. Luxembourg law provisions on audit committee membership require only that at least one member of the audit committee have competence in accounting or auditing matters. The board of directors of the Company has determined that Ms. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tiuba</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the committee&#8217;s chairperson,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">qualifies as &#8220;audit committee financial expert&#8221; under applicable SEC rules and has competence in accounting or auditing matters, as required by applicable Luxembourg law</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In addition, the membership of the audit committee as a whole has sufficient relevant knowledge of the business and financial experience to properly discharge its functions. The audit committee has the authority, from time to time and as it deems necessary, to engage persons that meet all of the attributes of a financial expert as consultants. See &#8220;Audit Committee Financial Expert&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Standards for evaluating director independence</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under NYSE standards, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he board is required, on a case-by-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">case basis, to express an opinion with regard to the independence or lack of independence of each individual director. Neither Luxembourg law nor the Company&#8217;s articles of association requires </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the board of directors express such an opinion. In addition, the definition of &#8220;independent&#8221; under the NYSE rules differ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in some non-material respects from the definition contained in the Company&#8217;s articles of association. For more information on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> independent directors and the definition of &#8220;independent&#8221; under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> articles of association see &#8220;Directors, Senior Management and Employees &#8211; Directors and Senior Management &#8211; Board of Directors&#8221; and &#8220;Directors, Senior Management and Employees &#8211; Board Practices &#8211; Audit Committee&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Audit committee responsibilities</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to the Company&#8217;s articles of association, the audit committee shall assist the board of directors in fulfilling its oversight responsibilities relating to the integrity of its consolidated financial statements, the effectiveness of its systems of internal control, risk management and internal audit over financial reporting and the independence and performance of the external auditors. The audit committee is required to review</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and, where applicable, approve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> material </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">transactions between</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company or its subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> related parties and also perform the other duties entrusted to it by the board. The NYSE requires certain matters to be set forth in the audit committee charter of U.S. listed companies.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company&#8217;s audit committee charter provides for many of the responsibilities that are expected from such bodies under the NYSE standard and in accordance with applicable Luxembourg law, including the Audit Reform Law; however, due to the Company&#8217;s equity structure and holding company nature, the charter does not contain all such responsibilities, including provisions related to procedures for the receipt and treatment of complaints (although </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company has established such procedures), funding for payment of administrative expenses and compensation to advisors (although the audit committee has the authority to engage outside advisors), setting hiring policies for employees or former employees of external auditors, and an annual performance evaluation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the audit committee. For more information on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> audit committee see &#8220;Directors, Senior Management and Employees &#8211; Board Practices &#8211; Audit Committee&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Standards for approval of related-party transactions</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is subject to Luxembourg laws governing approval and disclosure of material related party transactions, including the Shareholders&#8217; Rights Law; and the Company&#8217;s articles of association and the Audit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Committee charter require the Audit Committee to review material transactions with related parties to determine whether their terms are consistent with the interests of the Company and its shareholders and with market conditions. In addition, recently amended NYSE standard on related-party transactions requires all NYSE-listed companies&#8217; audit committees (or another independent body of the board of directors) to conduct a reasonable prior review and oversight of all related party transactions for potential conflicts of interest and to prohibit such a transaction if it determines it to be inconsistent with the interests of the company and its shareholders. The rule defines the term &#8220;related party transaction&#8221; by reference to the disclosure requirements for annual reports under the Exchange Act. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The materiality threshold applicable to foreign private</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> issuers differs to the one applicable to U.S companies. For further details on the approval process for related party transactions, see &#8220;Directors, Senior Management and Employees &#8211; Board Practices &#8211; Audit Committee&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Shareholder voting on equity compensation plans</span></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><br/></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under NYSE standards, shareholders must be given the opportunity to vote on equity-compensation plans and material revisions thereto, except for employment inducement awards, certain grants, plans and amendments in the context of mergers and acquisitions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and certain specific types of plans. The Company does not currently offer equity-based compensation to its directors, senior management or employees, and therefore does not have a policy on this matter. For more information on directors&#8217; compensation see &#8220;Directors, Senior Management and Employees &#8211; Compensation&#8221;.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Shareholders&#8217; Rights Law requires</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to adopt a Compensation Policy setting forth the principles and guidelines for purposes of determining the compensation payable to the members of the Company&#8217;s board of directors and the managing director or chief executive officer. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Such Compensation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Policy must be submitted to the non-binding vote of the shareholders. In addition, the Shareholders&#8217; Rights Law provides that the Company must prepare an annual report describing the compensation paid to directors and the chief executive officer for the performance of their duties and submit such report to the shareholders</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for approval</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The Compensation Policy and Compensation Report must be available on the Company&#8217;s website. For more information on the Compensation Policy and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Compensation Report see &#8220;Directors, Senior Management and Employees &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Compensation&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Disclosure of corporate governance guidelines</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">NYSE-listed companies must adopt and disclose corporate governance guidelines. Neither Luxembourg law nor the Company&#8217;s articles of association require the adoption or disclosure of corporate governance guidelines. The Company&#8217;s board of directors follows corporate governance guidelines consistent with its equity structure and holding company nature, but the Company has not codified them and therefore does not disclose them on its website.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Code of business conduct and ethics</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under NYSE standards, listed companies must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. Neither Luxembourg law nor the Company&#8217;s articles of association require the adoption or disclosure of such a code of conduct. The Company, however, has adopted a code of conduct that applies to all directors, officers and employees that is posted on its website and wh</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ch complies with the NYSE&#8217;s requirements, except that it does not require the disclosure of waivers of the code for directors and officers. In addition, it has adopted a supplementary code of ethics for senior financial officers, which is also posted on our website. See &#8220;Code of Ethics&#8221;.</span></p>
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<p style="margin: 0px; break-after: avoid; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Chief Executive Officer certification</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xecutive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer of a U.S. company listed on the NYSE must annually certify that he or she is not aware of any violation by the company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of NYSE corporate governance standards. In accordance with NYSE rules applicable to foreign private issuers, the Company&#8217;s chief executive officer is not required to provide the NYSE with this annual compliance certification. However, in accordance with NYSE rules applicable to all listed companies, the Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">xecutive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer must promptly notify the NYSE in writing after any of our executive officers becomes aware of any noncompliance with any applicable provision of the NYSE&#8217;s corporate governance standards. In addition, the Company must submit an executed written affirmation annually and an interim written affirmation upon the occurrence of any of the events listed in the foreign private issuer interim written affirmation form by the NYSE.</span><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&#160;</span></p> </div>
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<div style="margin: 0px; break-after: avoid; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN48_212202413263149" class="customBookmark"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cybersecurity</span></a></div>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Risk Management, Strategy and Governance</span></p>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the Company&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> articles of association, as supplemented by the audit committee&#8217;s charter, the audit committee assists the board of directors in fulfilling its oversight responsibilities relating to the effectiveness of the Company&#8217;s systems of internal control, risk management and internal audit over financial reporting.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n addition, the Company has established a management-level Critical Risk Committee (&#8220;CRC&#8221;) that assists the Company&#8217;s board of directors, the audit committee and the chief executive officer in connection with the monitoring, assessment and review of risks to which Tenaris is exposed and in the oversight of the risk management framework and processes, with a focus on critical risks (including accidents, cybersecurity and obsolescence, commercial execution, environmental, health and safety and regulatory risks), the development of mitigating actions, and the monitoring of action plans. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The CRC, which comprises several senior executives, risk assurance manager and general counsel, periodically reports to the Company&#8217;s board of directors, the audit committee and the chief executive officer on its activities.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on the audit committee and CRC, see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; Cyberattacks could have a material adverse impact on our business and results of operations&#8221;.</span></p>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In particular, with respect to cybersecurity risks, Tenaris has adopted a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Cybersecurity Risk Management Methodology</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;, which sets forth a procedure to monitor, identify, communicate, assess the impact and likelihood and report actual or potential risks affecting Tenaris&#8217;s information systems, including platform, networking and systems vulnerabilities, processes, sensitive information leak or loss. The objective of our Cybersecurity Risk Management Methodology is to reduce, accept, transfer, or avoid the effects of such risks thereby reducing accidents, harm, losses, disruption to services, or other negative impacts. Our risk assessment methodology considers the potential impact of cybersecurity risks with respect to continuity of operations, information security (including confidentiality, integrity and availability), financial performance, compliance or reputational effects, and health, safety and environment damages. In addition, the adopted methodology considers the probability of occurrence of each event based on factors that vary according to specific risks. A Cybersecurity Risk Catalog is used to register detected risks, document risk assessments, and adopt appropriate action plans and reporting measures. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f deemed appropriate (for example, when specific knowledge is required) specialized consultants may be engaged in connection with cybersecurity risk processes.</span></p>
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<td style="width: 78.2093%; height: 11px; border-bottom-width: 1px; border-bottom-style: solid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-style: italic; text-indent: 0px;">Annual Report 2023</span></td> </tr> </tbody> </table>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has adopted certain other cybersecurity procedures that complement the above-mentioned Cybersecurity Risk Management Methodology and seek to effectively manage cybersecurity incidents by analyzing potential impacts, containing the attack, eradicating the threat, and recovering from the incident, instruct users of Tenaris&#8217;s information systems </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">how to respond to cybersecurity incidents involving or affecting Tenaris IT resources or devices through which users may access any Tenaris&#8217;s IT systems; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> provide instructions and best practices to Tenaris&#8217;s personnel with system administrator&#8217;s roles in connection with cybersecurity incidents prevention, detection and response.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has also adopted a &#8220;Ransomware Crisis Management Procedure&#8221; setting forth the procedure to timely and adequately respond to a ransomware incident. In addition, because a cybersecurity incident may escalate into a major company crisis, &#8220;Tenaris&#8217;s Crisis Management Procedure&#8221; is triggered and applied when certain events signal potential material impacts.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s policies, processes and procedures established to detect and manage cybersecurity risks are monitored and coordinated by a team of experienced and recognized professionals, including a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hief </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nformation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fficer, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ybersecurity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">isk </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">anagement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irector and a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ybersecurity and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ecurity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rchitecture </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">irector, with an average of more than 25 years of experience in cybersecurity and information technology fields.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The chief information security officer periodically reports on his activities to the CRC.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During 2023, no risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, lead to known breaches of our business-critical IT systems and, as such, have not materially affected, or are reasonably likely to materially affect, Tenaris, including its business strategy, results of operations, or financial condition.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has adopted cyber-resilience standards as part of its cybersecurity strategy and cyber capabilities. For example, a massive cyberattack tabletop simulation exercise was carried out in 2023 with Tenaris&#8217;s top management, showing the Company&#8217;s strong commitment to cybersecurity issues, particularly associated risks, potential impacts and action plans.</span></p>
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<p style="margin: 0px; text-indent: 0px; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For more information on cybersecurity risks, see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Key Information &#8211; Risk Factors &#8211; Risks Relating to Our Business and Industry &#8211; Cyberattacks could have a material adverse impact on our business and results of operations&#8221;.</span></p> </div>
<div style="margin: 0px; text-indent: 0px; line-height: 1.2;"><br/></div> <a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" id="Btt4_272202411131714" class="customBookmark"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">Financial Statements</span></span></span></a><br/></div>
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<p style="margin: 0in 0in 12pt; line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>For the Report of Independent Registered Public Accounting Firm (PCAOB ID <ix:nonNumeric contextRef="D20231231_3" name="dei:AuditorFirmId" id="Tag3367">1328</ix:nonNumeric>) see pages F-1 through F-3</span><span><span>&#160;</span></span></span><span style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of this annual report.</span></span></span></p>
<p style="line-height: 1.2;"><span style="font-family: 'times new roman', times; line-height: 1.2; margin: 0in 0in 12pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>For the Financial Statements see pages F-4 through F-86</span><span><span>&#160;</span></span></span><span style="font-size: 10pt; line-height: 1.2; margin: 0in 0in 12pt; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of this annual report.</span></span></span></p>
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<h1 style="margin: 0pt 0pt 12pt; page-break-after: avoid; page-break-inside: avoid;"><span style="color: #009900; font-weight: bold;"><a style="text-decoration: none; color: #009900; cursor: default; outline: none; pointer-events: none;" href="#TOC" id="BRN51_212202414032447" class="customBookmark"><span style="font-family: 'times new roman', times;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">EXHIBITIS</span></span></span></a></span></h1> <table cellspacing="0" cellpadding="0" style="height: 425px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 9pt;">Exhibit</span><br/><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 9pt;">Number</span>&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Description</span>&#160;</span></p> </td> </tr>
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<p style="margin: 0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1190723/000155485521000059/ex11_1.htm"><span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Updated and Consolidated Articles of Association of Tenaris S.A., dated as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">June</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">20</span></span></a></p> </td> </tr>
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<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="http://www.sec.gov/Archives/edgar/data/1190723/000119312513072991/d493009dex99a.htm"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Amended and Restated Deposit Agreement entered into between Tenaris S.A. and Deutsche Bank Trust Company Americas *</span></a></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;&#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">2.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">2</span></span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex22_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">Description of Securities</span></a></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 8.1</span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><a href="ex22_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span><br/></span></a></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><a href="ex81_2.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">List of Subsidiaries of Tenaris S.A.</span></a></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">12</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">.1</span></span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;"><a href="ex121_3.htm" class="LinkedExhibit">Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">12.2</span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;"><a href="ex122_4.htm" class="LinkedExhibit">Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">13.1</span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;"><a href="ex131_5.htm" class="LinkedExhibit">Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">13.2</span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;"><a href="ex132_6.htm" class="LinkedExhibit">Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">15.1</span></span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;"><a href="ex151_7.htm" class="LinkedExhibit">Statement Explaining Calculation of Ratios</a></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">15</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">.2</span></span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;"><a href="ex152_8.htm" class="LinkedExhibit">Statement Explaining Alternative Performance Measures</a></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: middle; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">15</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">.3</span></span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;"><a href="ex153_9.htm" class="LinkedExhibit">PwC&#8217;s letter regarding statements in Item 16.F.</a></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 7.2pt; vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">97.1</span></p> </td>
<td style="vertical-align: top; text-align: left; height: 17px;"><span><br/></span></td>
<td style="vertical-align: top; text-align: left; height: 17px;">
<p style="margin: 0pt; font-family: 'Frutiger 45 Light';"><a href="ex971_10.htm" class="LinkedExhibit" style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; -sec-extract: exhibit;">Clawback</span> Policy</a></p> </td> </tr> </tbody> </table>
<p style="border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.75pt; line-height: 6pt; margin: 0pt; padding-bottom: 1pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">*</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">The Amended and Restated Deposit Agreement is incorporated by reference to the Registration Statement on Form F-6 filed by Tenaris S.A. on February</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">25, 2013 (File No.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">333-186825).</span></p>
<p style="margin: 0pt;"><br/></p>
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<tbody>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>121</span></span></td> </tr> </tbody> </table>
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<p style="margin: 0pt 0pt 12pt; page-break-after: avoid; page-break-before: always; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">SIGNATURES</span></p>
<p style="margin: 12pt 0pt 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</span></p>
<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&#160;</span></p>
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<tbody>
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<td style="vertical-align: middle; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; width: 24pt; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; width: 29pt; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&#160;</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">March</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</span></p> </td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 17px;">
<p style="line-height: 2pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td colspan="2" style="vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS S.A.</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td> </tr>
<tr style="height: 22px;">
<td style="padding-left: 7.2pt; vertical-align: top; height: 22px;">
<p style="line-height: 2pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 22px;">
<p style="line-height: 2pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: top; height: 22px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">By</span></p> </td>
<td style="vertical-align: top; height: 22px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/s/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">M&#243;ndolo</span></p>
<p style="line-height: 1pt; margin: 1pt 0pt 0pt; padding-top: 1pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td> </tr>
<tr style="height: 30px;">
<td style="padding-left: 7.2pt; vertical-align: top; height: 30px;">
<p style="line-height: 2pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 30px;">
<p style="line-height: 2pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: top; height: 30px;">
<p style="margin: 5pt 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Name:</span></p> </td>
<td style="vertical-align: top; height: 30px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">M&#243;ndolo</span></p> </td> </tr>
<tr style="height: 30px;">
<td style="padding-left: 7.2pt; vertical-align: top; height: 30px;">
<p style="line-height: 2pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 30px;">
<p style="line-height: 2pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="vertical-align: top; height: 30px;">
<p style="margin: 5pt 0pt; page-break-after: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Title:</span></p> </td>
<td style="vertical-align: top; height: 30px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Chief Financial Officer</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>122</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div> </div><div id="D3nb8w6qsmb394rgbmrnbw" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><img src="img58d8c5de7de048868313.jpg" alt="Graphics"/>&#160;</span></p>
<h3 style="font-weight: normal; margin: 0pt 0pt 0pt 56.7pt; page-break-after: avoid; text-indent: -56.7pt;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Report of Independent Registered Public Accounting Firm </span></h3>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #ff0000; font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">To the Board of Directors and Shareholders of</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt; font-weight: bold; line-height: inherit;">Tenaris S.A.</span></p>
<p style="border-bottom: 1px solid #000000; line-height: 1.2; margin: 0pt; padding-bottom: 1pt; text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">We have audited the accompanying consolidated statements of financial position of Tenaris S.A. and its subsidiaries (the &#8220;Company&#8221;) as of 31 December 2023 and 2022, and the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for each of the three years in the period ended 31&#160;December 2023, including the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). We also have audited the Company&#8217;s internal control over financial reporting as of 31&#160;December 2023, based on criteria established in <span style="font-style: italic; line-height: inherit;">Internal Control - Integrated Framework</span> (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of 31 December 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended 31 December 2023 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board and IFRS Accounting Standards as adopted by the European Union. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of 31 December 2023, based on criteria established in <span style="font-style: italic; line-height: inherit;">Internal Control - Integrated Framework</span> (2013) issued by the COSO. </span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company&#8217;s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.</span></p>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-style: italic; font-family: georgia, palatino; font-size: 8pt;"><ix:nonNumeric contextRef="D20231231_3" name="dei:AuditorName" id="Tag3369">PricewaterhouseCoopers</ix:nonNumeric>, Soci&#233;t&#233; coop&#233;rative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 <ix:nonNumeric contextRef="D20231231_3" name="dei:AuditorLocation" id="Tag3368">Luxembourg</ix:nonNumeric><br/>T : +352 494848 1, F : +352 494848 2900, www.pwc.lu</span></p>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-style: italic; font-family: georgia, palatino; font-size: 8pt;">Cabinet de r&#233;vision agr&#233;&#233;. Expert-comptable (autorisation gouvernementale n&#176;10028256)<br/>R.C.S. Luxembourg B 65 477 - TVA LU25482518</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an <span style="font-family: georgia, palatino;">understanding</span> of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">As described in Management&#8217;s Report on Internal Control over Financial Reporting, management has excluded Bredero Shaw International BV (&#8220;BSIBV&#8221;) and its subsidiaries from its assessment of internal control over financial reporting as of 31 December 2023, which were acquired on 30 November 2023.&#160;</span><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">We have also excluded BSIBV and its subsidiaries from our audit of internal control over financial reporting. BSIBV and its subsidiaries total assets and total revenues excluded from management&#8217;s assessment and our audit of internal control over financial reporting represent approximately 2% and 1%, respectively, of the related consolidated financial statement amounts as of and for the year ended 31 December 2023.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (i)&#160;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii)&#160;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii)&#160;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt; line-height: inherit;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></p>
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<p style="line-height: 1.2; margin: 0pt 2.15pt 0pt 0pt; text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt; line-height: inherit;">The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.</span><br/></p>
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<p style="line-height: 1.2; margin: 0pt 2.15pt 0pt 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;"><span style="font-style: italic; line-height: inherit;">I</span><span style="font-style: italic; line-height: inherit;">ncome taxes - Recognition and recoverability of deferred tax assets on tax losses related to the</span> <span style="font-style: italic; line-height: inherit;">Company's subsidiary in Luxembourg</span></span></p>
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<p style="line-height: 1.2; margin: 0pt 2.15pt 0pt 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">As described in Notes II. O and IV. 22 to the consolidated financial statements, at 31 December 2023, the Company&#8217;s deferred tax assets amounted to 1,051.4 million USD, of which 550.3 million USD corresponds to tax losses recognized during 2023 related to its Luxembourg subsidiary. Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets related to tax losses are recognized to the extent it is probable that future taxable profits will be available, against which such losses can be utilized. Management applies significant judgment in assessing the likelihood that future taxable profits will be available. In determining the amount of deferred tax assets to be recognized, management considered existing evidence, both positive and negative, including the historical taxable profits and the projections of future taxable profits.&#160;</span></p>
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<p style="line-height: 1.2; margin: 0pt 2.15pt 0pt 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">The principal considerations for our determination that performing procedures relating to the recognition and recoverability of deferred tax assets on tax losses related to its Luxembourg subsidiary is a critical audit matter are (i) the significant judgment by management when determining the recognition and recoverability of deferred tax assets; and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management&#8217;s assessment related to future taxable profits.</span></p>
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<p style="line-height: 1.2; margin: 0pt 2.15pt 0pt 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the recognition and recoverability of deferred tax assets. These procedures also included, among others (i) testing management&#8217;s process for developing the future taxable profits, considering the applicable tax regulations; (ii) testing the completeness and accuracy of underlying data used in measuring and recognizing deferred tax assets; (iii) testing the mathematical accuracy of the models used in management&#8217;s assessment; (iv) evaluating the sufficiency of the disclosures in the consolidated financial statements; (v) evaluating the reasonability of management&#8217;s projections of future taxable profits. Evaluating the reasonability of management&#8217;s projections of future taxable profits involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past taxable profits; and (ii) the consistency with external market and industry data.</span></p>
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<td style="width: 50%; text-align: right;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Luxembourg, 27</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;March 2024</span></span></td> </tr>
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<p style="line-height: 10pt; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="text-decoration: underline; font-family: 'times new roman', times;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">/s/ Gilles Vanderweyen</span></span></span></p>
<p style="margin: 0pt 0pt 12pt; text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">Gilles Vanderweyen</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 10pt; font-family: arial, helvetica, sans-serif; line-height: inherit;">We have served as the Company&#8217;s auditor since 2011.</span></p>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </div>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:Revenue" unitRef="USD" id="Tag2838" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,868,860</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:Revenue" unitRef="USD" id="Tag2858" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,762,526</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:Revenue" unitRef="USD" id="Tag2852" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,521,207</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cost of sales </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag2837" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,668,915</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag2827" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,087,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag2914" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,611,602</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Gross profit </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag2828" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,199,945</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag2832" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,674,787</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag2831" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,909,605</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>3</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag2870" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,919,307</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag2834" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,634,575</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag2854" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,206,569</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment charge </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>5</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag2865"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2860" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,725</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2778" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,075</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other operating income </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>6</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag2887" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,043</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag2835" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,497</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag2874" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,245</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other operating expenses </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>6</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag2876" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,273</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag2780" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,709</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag2795" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,697</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Operating income </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag2830" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,316,408</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag2023" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,963,275</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag2877" decimals="-3" scale="3" format="ixt:num-dot-decimal">707,509</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance income </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>7</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag2913" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,474</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag2796" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,020</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag2849" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,048</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>7</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag2418" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,862</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag2855" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag2836" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,677</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other financial results </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>7</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag2846" decimals="-3" scale="3" format="ixt:num-dot-decimal">114,365</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag2853" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,120</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag2829" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,295</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2793" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,537,385</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2792" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,957,235</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2866" decimals="-3" scale="3" format="ixt:num-dot-decimal">730,175</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>8</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2864" decimals="-3" scale="3" format="ixt:num-dot-decimal">95,404</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2802" decimals="-3" scale="3" format="ixt:num-dot-decimal">208,702</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2154" decimals="-3" scale="3" format="ixt:num-dot-decimal">512,591</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2859" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,632,789</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag3321" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,165,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2844" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,242,766</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>9</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag2845" decimals="-3" scale="3" format="ixt:num-dot-decimal">674,956</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag2915" decimals="-3" scale="3" format="ixt:num-dot-decimal">617,236</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag2912" decimals="-3" scale="3" format="ixt:num-dot-decimal">189,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income for the year </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2893" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,957,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2872" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,548,701</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2917" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,053,318</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Attributable to: </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Shareholders' equity </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag2879" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,918,065</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag2804" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,553,280</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag2916" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,100,191</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="USD" id="Tag2797" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,768</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="USD" id="Tag2861" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,579</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" unitRef="USD" id="Tag2856" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">46,873</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2805" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,957,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2843" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,548,701</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2842" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,053,318</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Earnings per share attributable to shareholders' equity during the year: </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Weighted average number of ordinary outstanding shares (thousands) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag2863" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,178,738</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag2911" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:WeightedAverageShares" unitRef="Shares" id="Tag2803" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Basic and diluted earnings per share (U.S. dollars per share) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3387" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2862" decimals="2" format="ixt:num-dot-decimal">3.32</ix:nonFraction></ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3388" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2857" decimals="2" format="ixt:num-dot-decimal">2.16</ix:nonFraction></ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3389" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20211231" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2871" decimals="2" format="ixt:num-dot-decimal">0.93</ix:nonFraction></ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Basic and diluted earnings per ADS (U.S. dollars per ADS) <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AmericanDepositarySharesMember" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3386" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20231231_AmericanDepositarySharesMember" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2873" decimals="2" format="ixt:num-dot-decimal">6.65</ix:nonFraction></ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AmericanDepositarySharesMember" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3385" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20221231_AmericanDepositarySharesMember" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2869" decimals="2" format="ixt:num-dot-decimal">4.33</ix:nonFraction></ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AmericanDepositarySharesMember" name="ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag3384" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20211231_AmericanDepositarySharesMember" name="ifrs-full:BasicEarningsLossPerShareFromContinuingOperations" unitRef="USDPerShare" id="Tag2798" decimals="2" format="ixt:num-dot-decimal">1.86</ix:nonFraction></ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 10pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<div id="t_ft_290JDM0X4G00000000000000000000b">
<table style="width: 100%; border-collapse: collapse; height: 10px; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 2%; text-align: center; height: 10px;"><span style="font-size: 8pt;"><sup>(*)</sup></span></td>
<td style="width: 98%; height: 10px;"><span><ix:footnote xml:lang="en-US" id="footnote42" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Each ADS equals <span>two</span> shares.</span></ix:footnote></span></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 4pt; margin: 0pt;"><br/></p>
<p style="line-height: 8pt; margin: 0pt;"><br/></p>
<p style="margin: 0pt; margin-bottom: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span style="font-size: 10pt;">The accompanying notes are an integral part of these Consolidated Financial Statements.</span><br/></span></p>
<div>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-4</span></span></td> </tr> </tbody> </table> </div> </div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div> </div>
<p style="margin:0pt"><br/></p><table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div id="MasterDiv" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 12pt; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 338px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td colspan="8" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 33.92%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; width: 64.7393%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income for the year </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; width: 9.9659%; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2690" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,957,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.984413%; height: 17px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.984413%; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 10.0082%; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2726" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,548,701</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.984413%; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 0.984413%; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; width: 10.0082%; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2907" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,053,318</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; width: 1.23052%; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Items that may be subsequently reclassified to profit or loss: </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2691" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2727" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,710</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2909" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">81,953</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Reclassification of currency translation adjustment reserve <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2702" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2709" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,252</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" xsi:nil="true" id="Tag2710"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Change in value of cash flow hedges and instruments at fair value <span style="font-size: 8pt;"><sup>(**)</sup></span></span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges" unitRef="USD" id="Tag2692" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">112,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges" unitRef="USD" id="Tag2708" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges" unitRef="USD" id="Tag2693" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,178</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax relating to components of other comprehensive income </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag2711" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,591</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag2898"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag2696" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> From participation in non-consolidated companies: </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - Currency translation adjustment </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2714" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">110,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2902" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,336</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2703" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,085</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - Changes in the value of cash flow hedges and instruments at fair value</span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2900" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">47,963</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2713" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,435</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag2694" decimals="-3" scale="3" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2712" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">36,127</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2904" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">91,377</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2695" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">95,714</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.23052%;" valign="bottom"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Items that will not be reclassified to profit or loss: </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Remeasurements of post-employment benefit obligations </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2715" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,816</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2906" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,577</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2697" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,648</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax on items that will not be reclassified </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag2722" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,204</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag2908" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" unitRef="USD" id="Tag2706" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,137</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Remeasurements of post-employment benefit obligations of non-consolidated companies </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2718" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,083</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2716" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,588</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2704" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,829</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2719" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,695</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2717" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,492</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" unitRef="USD" id="Tag2698" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,340</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other comprehensive (loss) for the year </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2721" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">44,822</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2910" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">76,885</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 0.984413%;" valign="bottom"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2705" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">82,374</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; width: 1.23052%;" valign="bottom"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total comprehensive income for the year </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2720" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,913,011</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; text-align: left; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2899" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,471,816</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2699" decimals="-3" scale="3" format="ixt:num-dot-decimal">970,944</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Attributable to: </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Shareholders' equity </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag2723" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,873,213</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag2903" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,476,373</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" unitRef="USD" id="Tag2700" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,016,434</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 1.23052%;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Non-controlling interests </span></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" unitRef="USD" id="Tag2724" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,798</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" unitRef="USD" id="Tag2901" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,557</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" unitRef="USD" id="Tag2707" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,490</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom; width: 1.23052%;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; width: 64.7393%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.9659%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2725" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,913,011</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2905" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,471,816</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 0.984413%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0082%;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2701" decimals="-3" scale="3" format="ixt:num-dot-decimal">970,944</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 1.23052%;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td style="width: 2%; text-align: center; vertical-align: top;" valign="top"><span style="font-size: 8pt;"><sup>(*)</sup></span></td>
<td style="width: 98%; vertical-align: top; text-align: justify;" valign="top"><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote2" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">During <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> result of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">was</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> reclassified </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">with impact in</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> income statement</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>36</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8220;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Termination of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> joint</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> venture</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></td> </tr>
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<td style="text-align: center; vertical-align: top;" valign="top"><span style="font-size: 8pt;"><sup>(**)</sup></span></td>
<td valign="top" style="vertical-align: top; text-align: justify;"><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote3" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Mainly related to the change in the fair value of U.S. dollar-denominated Argentine bonds. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>29</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></td> </tr> </tbody> </table>
<p style="line-height: 10pt; text-align: justify;;margin:0pt"><br/></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The accompanying notes are an integral part of these Consolidated Financial Statements.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><br/></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-5</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div id="t_ft_NEPJDE4MGW00000000000000000000b">
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<p style="margin: 0pt; line-height: 1.2;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Consolidated</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"> STATEMENTS OF FINANCIAL POSITION</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Notes</span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> ASSETS </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current assets </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 51%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>11</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2930" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,078,179</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2637" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,556,263</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible assets, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>12</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2928" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,377,110</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2636" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,332,508</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Right-of-use assets, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>13</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag2927" decimals="-3" scale="3" format="ixt:num-dot-decimal">132,138</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag2635" decimals="-3" scale="3" format="ixt:num-dot-decimal">111,741</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Investments in non-consolidated companies </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>14</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag2680" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,608,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag2634" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,540,646</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other investments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>20</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag2679" decimals="-3" scale="3" format="ixt:num-dot-decimal">405,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag2633" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,902</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax assets </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>22</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag2678" decimals="-3" scale="3" format="ixt:num-dot-decimal">789,615</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag2632" decimals="-3" scale="3" format="ixt:num-dot-decimal">208,870</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Receivables, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>15</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentReceivables" unitRef="USD" id="Tag2677" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag2676" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,577,436</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentReceivables" unitRef="USD" id="Tag2631" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,720</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag2630" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,081,650</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current assets </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Inventories, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>16</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Inventories" unitRef="USD" id="Tag2675" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,921,097</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Inventories" unitRef="USD" id="Tag2629" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,986,929</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Receivables and prepayments, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>17</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag2674" decimals="-3" scale="3" format="ixt:num-dot-decimal">228,819</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag2628" decimals="-3" scale="3" format="ixt:num-dot-decimal">183,811</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current tax assets </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>18</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag2673" decimals="-3" scale="3" format="ixt:num-dot-decimal">256,401</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag2627" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,136</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>19</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2668" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,480,889</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2622" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,493,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Derivative financial instruments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>26</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentDerivativeFinancialAssets" unitRef="USD" id="Tag2667" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentDerivativeFinancialAssets" unitRef="USD" id="Tag2621" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,805</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other investments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>20</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag2666" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,969,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag2620" decimals="-3" scale="3" format="ixt:num-dot-decimal">438,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>20</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2665" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,637,821</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag2664" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,504,459</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2619" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,091,527</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag2618" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,468,596</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total assets </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Assets" unitRef="USD" id="Tag2663" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,081,895</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Assets" unitRef="USD" id="Tag2617" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,550,246</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> EQUITY </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Shareholders' equity </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:EquityAttributableToOwnersOfParent" unitRef="USD" id="Tag2662" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,842,972</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:EquityAttributableToOwnersOfParent" unitRef="USD" id="Tag2616" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,905,709</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag2661" decimals="-3" scale="3" format="ixt:num-dot-decimal">187,465</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag2615" decimals="-3" scale="3" format="ixt:num-dot-decimal">128,728</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Equity" unitRef="USD" id="Tag2660" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,030,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Equity" unitRef="USD" id="Tag2614" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,034,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> LIABILITIES </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-current liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>21</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag2659" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,304</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag2613" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Lease liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>13</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="USD" id="Tag2658" decimals="-3" scale="3" format="ixt:num-dot-decimal">96,598</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentLeaseLiabilities" unitRef="USD" id="Tag2612" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,616</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Derivative financial instruments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>26</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" unitRef="USD" id="Tag9" decimals="-3" scale="3" format="ixt:num-dot-decimal">255</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag6"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>22</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag2657" decimals="-3" scale="3" format="ixt:num-dot-decimal">631,605</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag2611" decimals="-3" scale="3" format="ixt:num-dot-decimal">269,069</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>23</span> (i) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="USD" id="Tag2656" decimals="-3" scale="3" format="ixt:num-dot-decimal">271,268</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="USD" id="Tag2610" decimals="-3" scale="3" format="ixt:num-dot-decimal">230,142</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Provisions </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>24</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentProvisions" unitRef="USD" id="Tag2655" decimals="-3" scale="3" format="ixt:num-dot-decimal">101,453</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag2654" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,149,483</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentProvisions" unitRef="USD" id="Tag2609" decimals="-3" scale="3" format="ixt:num-dot-decimal">98,126</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag2608" decimals="-3" scale="3" format="ixt:num-dot-decimal">727,386</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>21</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag2653" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag2607" decimals="-3" scale="3" format="ixt:num-dot-decimal">682,329</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Lease liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>13</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentLeaseLiabilities" unitRef="USD" id="Tag2652" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,835</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentLeaseLiabilities" unitRef="USD" id="Tag2606" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,561</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Derivative financial instruments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>26</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentDerivativeFinancialLiabilities" unitRef="USD" id="Tag2650" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,895</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentDerivativeFinancialLiabilities" unitRef="USD" id="Tag2605" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current tax liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>18</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag2645" decimals="-3" scale="3" format="ixt:num-dot-decimal">488,277</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag2604" decimals="-3" scale="3" format="ixt:num-dot-decimal">376,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>23</span> (ii) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherCurrentLiabilities" unitRef="USD" id="Tag2644" decimals="-3" scale="3" format="ixt:num-dot-decimal">422,645</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherCurrentLiabilities" unitRef="USD" id="Tag2603" decimals="-3" scale="3" format="ixt:num-dot-decimal">260,614</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Provisions </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>25</span> (ii) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentProvisions" unitRef="USD" id="Tag2643" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentProvisions" unitRef="USD" id="Tag2602" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Customer advances </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentAdvances" unitRef="USD" id="Tag2642" decimals="-3" scale="3" format="ixt:num-dot-decimal">263,664</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentAdvances" unitRef="USD" id="Tag2601" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,910</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Trade payables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag2641" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,107,567</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag2640" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,901,975</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag2600" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,179,457</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag2599" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,788,423</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Liabilities" unitRef="USD" id="Tag2639" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,051,458</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Liabilities" unitRef="USD" id="Tag2598" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,515,809</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity and liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:EquityAndLiabilities" unitRef="USD" id="Tag2638" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,081,895</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:EquityAndLiabilities" unitRef="USD" id="Tag2597" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,550,246</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Contingencies, commitments and restrictions </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">on</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> the distribution of profits are </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">disclosed in n</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ote </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>27</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><span style="font-size: 10pt;">The accompanying notes are an integral part of these&#160;Consolidated&#160;Financial&#160;Statements.</span><br/></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
<div id="t_ft_4MT29SDTSW00000000000000000000b">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-6</span></span></td> </tr> </tbody> </table> </div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
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<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<div style="line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;">
<p style="margin: 0pt; line-height: 1.2;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Consolidated statementS of changes in equity</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 160px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="22" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Share Capital <sup>(<span>1</span>)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Treasury Shares <sup>(<span>2</span>)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Legal Reserves </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Share Premium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Currency Translation Adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Other Reserves <sup>(<span>3</span>)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Retained Earnings <sup>(<span>4</span>)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 31%;">
<p style="margin: 0pt; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Balance at December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2450" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2512" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag510" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2517" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,138,681</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag511" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">325,572</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2948" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,461,638</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2477" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,905,709</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2483" decimals="-3" scale="3" format="ixt:num-dot-decimal">128,728</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Equity" unitRef="USD" id="Tag2420" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,034,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Income for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2553" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,918,065</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2490" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,918,065</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2535" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,768</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2459" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,957,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 18px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2440" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,587</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2582" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,587</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2574" decimals="-3" scale="3" format="ixt:num-dot-decimal">350</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2488" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 18px; vertical-align: bottom; height: 10px;">
<p style="margin: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Reclassification of currency translation adjustment reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2544" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2503" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2500" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 18px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Remeasurements of post-employment benefit obligations, net of taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2647" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,096</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag508" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,196</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2494" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,292</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2484" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">320</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2475" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,612</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 7px 0px 18px; vertical-align: bottom; height: 10px;">
<p style="margin: 0px; line-height: 1.1; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes<span style="font-size: 8pt; line-height: inherit;"><sup> (5)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2581" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">137,024</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2464" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">137,024</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2563" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">137,024</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px 0px 18px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> From other comprehensive income of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2481" decimals="-3" scale="3" format="ixt:num-dot-decimal">110,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_OtherReservesMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2485" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">52,046</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2454" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,755</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2426" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,755</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-weight: bold; font-size: 9pt;"><br/></span></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Other comprehensive (loss) income for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag509" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2451" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">192,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2438" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,196</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2461" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">44,852</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2467" decimals="-3" scale="3" format="ixt:num-dot-decimal">30</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2487" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">44,822</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total comprehensive income (loss) for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2682" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_OtherReservesMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2531" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">192,166</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2482" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,916,869</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2670" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,873,213</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2561" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,798</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2422" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,913,011</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-weight: bold; font-size: 9pt;"><br/></span></td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 18px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Repurchase of own shares <sup>(<span>2</span>)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20231231_TreasurySharesMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag2433" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag2587" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag2686" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 18px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Shares to be settled under buyback program <sup>(<span>6</span>)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_OtherReservesMember" name="ifrs-full:CancellationOfTreasuryShares" unitRef="USD" id="Tag2984" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:CancellationOfTreasuryShares" unitRef="USD" id="Tag2465" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CancellationOfTreasuryShares" unitRef="USD" id="Tag2571" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 18px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; line-height: 1.1; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Acquisition and other changes in non-controlling interests <sup>(<span>7</span>)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2486" decimals="-3" scale="3" format="ixt:num-dot-decimal">540</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2556" decimals="-3" scale="3" format="ixt:num-dot-decimal">540</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2985" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,906</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2511" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,446</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-weight: bold; font-size: 9pt;"><br/></span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 18px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Dividends paid in cash </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_RetainedEarningsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2423" decimals="-3" scale="3" format="ixt:num-dot-decimal">636,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2479" decimals="-3" scale="3" format="ixt:num-dot-decimal">636,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_NoncontrollingInterestsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2516" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,967</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2565" decimals="-3" scale="3" format="ixt:num-dot-decimal">655,478</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Balance at December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2470" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2421" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">213,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2586" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2505" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2493" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">990,171</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2495" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">603,978</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2646" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,742,536</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2551" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,842,972</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2518" decimals="-3" scale="3" format="ixt:num-dot-decimal">187,465</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Equity" unitRef="USD" id="Tag2458" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,030,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div style="border-left: none; border-right: none;">
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 105px; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 3.14473%; height: 10px; margin: 0px; text-indent: 0px; padding: 1px 0px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;">(<span>1</span>)</span></td>
<td style="width: 96.8553%; height: 10px; text-align: justify; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote12" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of <ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag2986" decimals="-8" scale="9" format="ixt:num-dot-decimal">2.5</ix:nonFraction> billion shar</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">es having a nominal value of $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2474" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction> per share. As of December 31, 20</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> there were <ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag2537" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction> shares issued. All issued shares are fully paid.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 16px;">
<td style="height: 16px; width: 3.14473%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;">(<span>2</span>)</span></td>
<td style="height: 16px; text-align: justify; width: 96.8553%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote13" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">As of December 31, 2023, the Company </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">held </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag2669" decimals="0" format="ixt:num-dot-decimal">12,648,091</ix:nonFraction></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> as treasury shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ee note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">37</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 21px;">
<td style="height: 21px; width: 3.14473%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;">(<span>3</span>)</span></td>
<td style="height: 21px; text-align: justify; width: 96.8553%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote18" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Other reserves include mainly the result of transactions with non-controlling interest</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> that do not result in a loss of control, the remeasurement of post-em</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ployment benefit obligations</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, the changes in value of cash flow hedges</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and t</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">he changes in </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">financial instruments measured at fair value through other comprehensive income.</span></span></span></ix:footnote></span></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; width: 3.14473%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;">(<span>4</span>)</span></td>
<td style="height: 10px; width: 96.8553%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top; text-align: justify;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote14" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">restrictions </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">on</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> the distribution of profits and payment of dividends </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">according to Luxembourg Law are </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">disclosed in n</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ote </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">27</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">(iii)</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated Financial Statements</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 16px;">
<td style="height: 16px; width: 3.14473%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;">(<span>5</span>)</span></td>
<td style="height: 16px; width: 96.8553%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote15" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to the change in the fair value of U.S. dollar-denominated Argentine bonds. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">29</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 16px;">
<td style="height: 16px; width: 3.14473%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;">(<span>6</span>)</span></td>
<td style="height: 16px; width: 96.8553%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote16" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">37</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 16px;">
<td style="height: 16px; width: 3.14473%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;">(<span>7</span>)</span></td>
<td style="height: 16px; width: 96.8553%; padding: 1px 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote17" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to Global Pipe Company (&#8220;GPC&#8221;) acquisition. For more information see note</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></td> </tr> </tbody> </table> </div>
<p style="margin: 3pt 0pt 3pt 0pt; line-height: 1.1; text-indent: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">The accompanying notes are an integral part of these </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">inancial </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">tatements. </span></span><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-7</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements&#160;</span></i></span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
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<table cellspacing="0" cellpadding="0" style="height: 209px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> </span><br/></p> </td>
<td colspan="19" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Shareholders' equity </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 19px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Share Capital <sup>(1)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Legal Reserves </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Share Premium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Currency Translation Adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Other Reserve <sup>(2)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Retained Earnings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 38%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Balance at December 31, 2021 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2685" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2648" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2593" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2626" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,051,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2576" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">336,200</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2471" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,439,587</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2434" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,960,578</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2584" decimals="-3" scale="3" format="ixt:num-dot-decimal">145,124</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Equity" unitRef="USD" id="Tag2579" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,105,702</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Income (loss) for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2989" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,553,280</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2543" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,553,280</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2573" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,579</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2596" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,548,701</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2502" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,632</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2987" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,632</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2595" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">78</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2591" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,710</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Reclassification of currency translation adjustment reserve <sup>(3)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2452" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,252</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2671" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,252</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2497" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,252</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Remeasurements of post-employment benefit obligations, net of taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2532" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,519</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2583" decimals="-3" scale="3" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2529" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,532</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2592" decimals="-3" scale="3" format="ixt:num-dot-decimal">372</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2594" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,904</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td> </tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2448" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,914</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2564" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,914</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2390" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">272</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2513" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> From other comprehensive income of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2568" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,336</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_OtherReservesMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2920" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,023</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2542" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,359</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2501" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,359</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Other comprehensive (loss) income for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2456" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">87,548</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2578" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,628</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag513" decimals="-3" scale="3" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2552" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">76,907</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2547" decimals="-3" scale="3" format="ixt:num-dot-decimal">22</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2468" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">76,885</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total comprehensive income (loss) for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2498" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">87,548</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_OtherReservesMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2463" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,628</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2439" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,553,293</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2548" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,476,373</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2508" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,557</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2466" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,471,816</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td> </tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Acquisition and other changes in non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2455" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,407</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2432" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,407</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Dividends paid in cash </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_RetainedEarningsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2534" decimals="-3" scale="3" format="ixt:num-dot-decimal">531,242</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2649" decimals="-3" scale="3" format="ixt:num-dot-decimal">531,242</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_NoncontrollingInterestsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2572" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,432</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2623" decimals="-3" scale="3" format="ixt:num-dot-decimal">541,674</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Balance at December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag4" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2427" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2409" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2589" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,138,681</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2442" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">325,572</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2546" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,461,638</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2545" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,905,709</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2533" decimals="-3" scale="3" format="ixt:num-dot-decimal">128,728</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Equity" unitRef="USD" id="Tag2480" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,034,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"> <br/></p>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 36px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 2%; vertical-align: top; height: 10px; text-align: left;" valign="top"><span style="font-size: 8pt;">(1)</span></td>
<td style="width: 98%; vertical-align: top; height: 10px; text-align: justify;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote19" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag2538" decimals="-8" scale="9" format="ixt:num-dot-decimal">2.5</ix:nonFraction></span> billion shares having a nominal value of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2560" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction></span> per share. As of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">there were <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag2554" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction></span> shares issued. All issued shares are fully paid.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 2%; text-align: left;" valign="top"><span style="font-size: 8pt;">(2)</span></td>
<td style="vertical-align: top; height: 10px; text-align: justify; width: 98%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote20" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the </span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; font-size: 9pt;">remeasurement</span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px; width: 2%; text-align: left;" valign="top"><span style="font-size: 8pt;">(3)</span></td>
<td style="vertical-align: top; height: 16px; text-align: justify; width: 98%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote21" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to NKKTubes&#8217; cease of operations. For more information see note 36 &#8220;Termination of NKKTubes joint venture&#8221;.</span></span></ix:footnote></span></td> </tr> </tbody> </table>
<p style="margin: 7pt 0pt 7pt 0pt; line-height: 1.1; text-indent: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">The accompanying notes are an integral part of these </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">inancial </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">tatements.</span></span><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-8</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="margin: 0px; text-indent: 0px;"><br/></p>
<table cellspacing="0" cellpadding="0" style="height: 184px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td colspan="19" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Share Capital <sup>(1)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Legal Reserves </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Share Premium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Currency Translation Adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;">Other Reserves <sup>(2)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Retained Earnings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.1;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 38%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Balance at December 31, 2020 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2624" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2575" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2672" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20201231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2530" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">958,374</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20201231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2541" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">345,217</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2526" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,658,155</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2562" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,262,888</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2570" decimals="-3" scale="3" format="ixt:num-dot-decimal">183,585</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:Equity" unitRef="USD" id="Tag2472" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,446,473</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; width: 1%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Income (loss) for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2918" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,100,191</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2510" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,100,191</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2550" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">46,873</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2491" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,053,318</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2460" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">81,674</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2449" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">81,674</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag2555" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">279</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" unitRef="USD" id="Tag5" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">81,953</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Remeasurements of post-employment benefit obligations, net of taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2590" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,813</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2961" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">15</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2435" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,798</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2425" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">287</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" unitRef="USD" id="Tag2446" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-weight: bold;"><br/></span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2949" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,638</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2453" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,638</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2527" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,949</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag2684" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,689</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> From other comprehensive income of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2625" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">11,085</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_OtherReservesMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2457" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,842</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2585" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,243</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2443" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,243</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Other comprehensive (loss) income for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2549" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">92,759</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_OtherReservesMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2506" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,017</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2476" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">15</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2683" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">83,757</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2441" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,383</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherComprehensiveIncome" unitRef="USD" id="Tag2445" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">82,374</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Total comprehensive income (loss) for the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2469" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">92,759</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_OtherReservesMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2447" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,017</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2509" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,100,176</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2588" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,016,434</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2496" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">45,490</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ComprehensiveIncome" unitRef="USD" id="Tag2681" decimals="-3" scale="3" format="ixt:num-dot-decimal">970,944</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-weight: bold;"><br/></span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">Acquisition and other changes in non-controlling interests <sup>(3)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2519" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,384</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2580" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,384</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><span style="font-weight: bold;"><br/></span></td> </tr>
<tr style="height: 16px;">
<td style="padding: 0px 0px 0px 20px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> Dividends paid in cash </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_RetainedEarningsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2569" decimals="-3" scale="3" format="ixt:num-dot-decimal">318,744</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2514" decimals="-3" scale="3" format="ixt:num-dot-decimal">318,744</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231_NoncontrollingInterestsMember" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2462" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,355</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag2478" decimals="-3" scale="3" format="ixt:num-dot-decimal">322,099</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px;"><span style="font-size: 9pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Balance at December 31, 2021 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_IssuedCapitalMember" name="ifrs-full:Equity" unitRef="USD" id="Tag512" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,180,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_StatutoryReserveMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2536" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_SharePremiumMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2504" decimals="-3" scale="3" format="ixt:num-dot-decimal">609,733</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_ReserveOfExchangeDifferencesOnTranslationMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2499" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,051,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231_OtherReservesMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2559" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">336,200</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-size: 9pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit; font-weight: bold;"> <ix:nonFraction contextRef="I20211231_RetainedEarningsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2473" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,439,587</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_EquityAttributableToOwnersOfParentMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2988" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,960,578</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_NoncontrollingInterestsMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2489" decimals="-3" scale="3" format="ixt:num-dot-decimal">145,124</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Equity" unitRef="USD" id="Tag2424" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,105,702</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 43px;">
<tbody>
<tr style="height: 16px;">
<td style="width: 2%; vertical-align: top; height: 16px; text-align: left;" valign="top"><span style="font-size: 8pt;">(1)</span></td>
<td style="width: 98%; vertical-align: top; height: 16px; text-align: justify;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote22" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag2919" decimals="-8" scale="9" format="ixt:num-dot-decimal">2.5</ix:nonFraction></span> billion shares having a nominal value of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2687" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction></span> per share. As of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">21</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">there were <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag2507" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction></span> shares issued. All issued shares are fully paid.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px; width: 2%; text-align: left;" valign="top"><span style="font-size: 8pt;">(2)</span></td>
<td style="vertical-align: top; height: 11px; text-align: justify; width: 98%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote23" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt; line-height: inherit; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the </span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; font-size: 9pt;">remeasurement</span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income.</span></span></ix:footnote></span></td> </tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px; width: 2%; text-align: left;" valign="top"><span style="font-size: 8pt; line-height: inherit;">(3)</span></td>
<td style="vertical-align: top; height: 16px; width: 98%;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote24" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to the agreement for the construction of Tenaris </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Baogang</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> Baotou Steel Pipes Ltd</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></ix:footnote></span></td> </tr> </tbody> </table> </div>
<div style="line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;"><span style="font-size: 10pt;"><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">The accompanying notes are an integral part of these </span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">C</span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">on</span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">solidated </span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">F</span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">inancial </span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">S</span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; line-height: inherit;">tatements</span></span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; font-size: 7pt; line-height: inherit;"><span style="font-size: 10pt;">.</span><br/></span><span style="text-align: justify; font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><br/></span></div>
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-9</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div> </div><div id="Doxv1ip5hiocpepib7q88q" style="font-family: 'times new roman', times; font-size: 10pt;">
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<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="margin: 0pt;"><br/></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CONSOLIDATED STATEMENTS</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> OF CASH FLOWS<br/></span></p>
<p style="line-height: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 871px; text-indent: 0px;" width="100%">
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Notes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 52%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cash flows from operating activities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 2%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 2%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 2%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 2%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 2%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income for the year </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2734" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,957,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2815" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,548,701</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLoss" unitRef="USD" id="Tag2753" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,053,318</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Adjustments for: </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>11</span>, <span>12</span> &amp; <span>13</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" unitRef="USD" id="Tag2839" decimals="-3" scale="3" format="ixt:num-dot-decimal">548,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" unitRef="USD" id="Tag2794" decimals="-3" scale="3" format="ixt:num-dot-decimal">607,723</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense" unitRef="USD" id="Tag2766" decimals="-3" scale="3" format="ixt:num-dot-decimal">594,721</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment charge </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>5</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag2759"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2824" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,725</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2761" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,075</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income tax accruals less payments </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>30</span>(ii) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag3322" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">143,391</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag2819" decimals="-3" scale="3" format="ixt:num-dot-decimal">257,651</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag2800" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,602</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>8</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates" unitRef="USD" id="Tag2728" decimals="-3" scale="3" format="ixt:num-dot-decimal">95,404</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates" unitRef="USD" id="Tag2740" decimals="-3" scale="3" format="ixt:num-dot-decimal">208,702</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates" unitRef="USD" id="Tag2820" decimals="-3" scale="3" format="ixt:num-dot-decimal">512,591</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest accruals less payments, net </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>30</span>(iii) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag2806" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,480</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag2741" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,480</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag2758" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,363</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Changes in provisions </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>24</span> &amp; <span>25</span>(ii) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForProvisions" unitRef="USD" id="Tag2751" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,284</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForProvisions" unitRef="USD" id="Tag2878" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForProvisions" unitRef="USD" id="Tag1695" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,381</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Reclassification of currency translation adjustment reserve <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>6</span> &amp; <span>36</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:AdjustmentsForReclassificationOfForeignExchangeReserve" unitRef="USD" id="Tag3323" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:AdjustmentsForReclassificationOfForeignExchangeReserve" unitRef="USD" id="Tag2812" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,252</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:AdjustmentsForReclassificationOfForeignExchangeReserve" unitRef="USD" xsi:nil="true" id="Tag2891"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Result of sale of subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>6</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag2847"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag2756"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag2784" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,768</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Changes in working capital <span style="font-size: 8pt;"><sup>(**)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>30</span>(i) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag2809" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">182,428</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag2772" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,131,245</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag2789" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,071,464</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others, including net exchange differences </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherAdjustmentsForNoncashItems" unitRef="USD" id="Tag2888" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">21,829</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherAdjustmentsForNoncashItems" unitRef="USD" id="Tag2841" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,703</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherAdjustmentsForNoncashItems" unitRef="USD" id="Tag2731" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">26,836</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net cash provided by operating activities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="USD" id="Tag2895" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,395,073</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="USD" id="Tag2801" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,167,217</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" unitRef="USD" id="Tag2765" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,075</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cash flows from investing activities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>11</span> &amp; <span>12</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2749" decimals="-3" scale="3" format="ixt:num-dot-decimal">619,445</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2745" decimals="-3" scale="3" format="ixt:num-dot-decimal">378,446</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2737" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,518</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Changes in advance to suppliers of property, plant and equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2823" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,736</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2747" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,901</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ts:CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2788" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,075</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Proceeds from sale of subsidiaries, net of cash </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>6</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" xsi:nil="true" id="Tag2826"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" xsi:nil="true" id="Tag2783"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2807" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,332</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Acquisition of subsidiaries, net of cash acquired <span style="font-size: 8pt;"><sup>(***)</sup></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>34</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2265" decimals="-3" scale="3" format="ixt:num-dot-decimal">265,657</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2738" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,082</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" unitRef="USD" xsi:nil="true" id="Tag2848"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Investment in companies under cost method </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag2808" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,126</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag2732"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag2762" decimals="-3" scale="3" format="ixt:num-dot-decimal">692</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions to associated companies </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>14</span> (b) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PurchaseOfInterestsInAssociates" unitRef="USD" id="Tag2742" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,661</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PurchaseOfInterestsInAssociates" unitRef="USD" xsi:nil="true" id="Tag2781"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:PurchaseOfInterestsInAssociates" unitRef="USD" xsi:nil="true" id="Tag2791"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Loan to joint-ventures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>14</span> (c) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" unitRef="USD" id="Tag2770" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,754</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Proceeds from disposal of property, plant and equipment and intangible assets </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2785" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,881</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2743" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,458</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2768" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,735</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends received from non-consolidated companies </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>8</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2752" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,781</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2689" decimals="-3" scale="3" format="ixt:num-dot-decimal">66,162</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" unitRef="USD" id="Tag2880" decimals="-3" scale="3" format="ixt:num-dot-decimal">75,929</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Changes in investments in securities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" unitRef="USD" id="Tag2875" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,857,272</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" unitRef="USD" id="Tag2894" decimals="-3" scale="3" format="ixt:num-dot-decimal">123,254</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" unitRef="USD" id="Tag2769" decimals="-3" scale="3" format="ixt:num-dot-decimal">390,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net cash (used in) provided by investing activities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="USD" id="Tag2799" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,686,517</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="USD" id="Tag2735" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">163,555</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" unitRef="USD" id="Tag2813" decimals="-3" scale="3" format="ixt:num-dot-decimal">267,897</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cash flows from financing activities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends paid </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>10</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" unitRef="USD" id="Tag2892" decimals="-3" scale="3" format="ixt:num-dot-decimal">636,511</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" unitRef="USD" id="Tag2755" decimals="-3" scale="3" format="ixt:num-dot-decimal">531,242</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" unitRef="USD" id="Tag2889" decimals="-3" scale="3" format="ixt:num-dot-decimal">318,744</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends paid to non-controlling interest in subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2983" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,967</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" unitRef="USD" id="Tag8" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,432</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2816" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,355</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Changes in non-controlling interests </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2779" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,772</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" id="Tag2757" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,407</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" unitRef="USD" xsi:nil="true" id="Tag2748"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Acquisition of treasury shares </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>37</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" id="Tag2814" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" xsi:nil="true" id="Tag2746"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" unitRef="USD" xsi:nil="true" id="Tag2754"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payments of lease liabilities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>13</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="USD" id="Tag2763" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,492</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="USD" id="Tag2750" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,396</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" unitRef="USD" id="Tag2744" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,473</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Proceeds from borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2822" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,723,677</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2790" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,511,503</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2736" decimals="-3" scale="3" format="ixt:num-dot-decimal">843,668</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Repayments of borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2251" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,931,747</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2730" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,094,370</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" unitRef="USD" id="Tag2818" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,121,053</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net cash used in financing activities </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="USD" id="Tag2885" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,125,007</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="USD" id="Tag2821" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">178,344</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" unitRef="USD" id="Tag2929" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">647,957</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Increase (decrease) in cash and cash equivalents </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2764" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,549</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2931" decimals="-3" scale="3" format="ixt:num-dot-decimal">825,318</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2729" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">260,985</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Movement in cash and cash equivalents </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2733" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,091,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2688" decimals="-3" scale="3" format="ixt:num-dot-decimal">318,067</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20201231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2776" decimals="-3" scale="3" format="ixt:num-dot-decimal">584,583</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Effect of exchange rate changes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" unitRef="USD" id="Tag2760" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,385</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" unitRef="USD" id="Tag2897" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,952</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" unitRef="USD" id="Tag2851" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,531</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Increase (decrease) in cash and cash equivalents </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2739" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,549</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2817" decimals="-3" scale="3" format="ixt:num-dot-decimal">825,318</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" unitRef="USD" id="Tag2775" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">260,985</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2890" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,616,597</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2771" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,091,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2884" decimals="-3" scale="3" format="ixt:num-dot-decimal">318,067</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cash and bank deposits </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>20</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2767" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,637,821</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2881" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,091,527</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag2840" decimals="-3" scale="3" format="ixt:num-dot-decimal">318,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank overdrafts </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>21</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231" name="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" unitRef="USD" id="Tag2811" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,224</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" unitRef="USD" id="Tag2825" decimals="-3" scale="3" format="ixt:num-dot-decimal">94</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231" name="ifrs-full:BankOverdraftsClassifiedAsCashEquivalents" unitRef="USD" id="Tag2787" decimals="-3" scale="3" format="ixt:num-dot-decimal">60</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2810" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,616,597</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2886" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,091,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" unitRef="USD" id="Tag2774" decimals="-3" scale="3" format="ixt:num-dot-decimal">318,067</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0px; text-indent: 0px;"><br/></p>
<table style="width: 100%; height: 37px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 17px;">
<td style="width: 2.8658%; height: 17px; vertical-align: top; text-align: left;" valign="top"><span style="font-size: 8pt;"><sup>(*)</sup></span></td>
<td style="width: 97.1342%; height: 17px; vertical-align: top; text-align: justify;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote5" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, r</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">elated to </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8217; </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cease of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">operations. </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>36</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8220;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Termination of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> joint venture</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></span></ix:footnote></span></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; text-align: left; width: 2.8658%;" valign="top"><span style="font-size: 8pt;"><sup>(**)</sup></span></td>
<td style="height: 10px; vertical-align: top; width: 97.1342%; text-align: justify;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote6" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Changes in</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> working capital </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">do not include</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> non-</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for an amount of $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">(<ix:nonFraction contextRef="D20231231_3" name="ts:CurrencyTranslationAdjustmentWorkingCapital" unitRef="USD" id="Tag2882" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">16.7</ix:nonFraction>)</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20221231_3" name="ts:CurrencyTranslationAdjustmentWorkingCapital" unitRef="USD" id="Tag2782" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.2</ix:nonFraction></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> and $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20211231" name="ts:CurrencyTranslationAdjustmentWorkingCapital" unitRef="USD" id="Tag2773" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.6</ix:nonFraction></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></span></ix:footnote></span></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; text-align: left; width: 2.8658%;" valign="top"><span style="font-size: 8pt;"><sup>(***)</sup></span></td>
<td style="height: 10px; vertical-align: top; width: 97.1342%; text-align: justify;" valign="top"><span><ix:footnote xml:lang="en-US" id="footnote7" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For <span>2023</span>, related </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">to the</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">GPC, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Isoplus</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Republic Tube LLC&#8217;s OCTG pipe processing facility </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">and </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">acquisitions</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></span></ix:footnote></span></td>
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<td style="vertical-align: top; text-align: left; width: 2.8658%;"><br/></td>
<td style="vertical-align: top; width: 97.1342%; text-align: justify;">
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For <span style="border-left: none; border-right: none;">2022</span>, related to </span><span style="font-family: 'Frutiger 45 Light';">Parques</span> <span style="font-family: 'Frutiger 45 Light';">E&#243;licos</span><span style="font-family: 'Frutiger 45 Light';"> de la Buena Ventura S.A. acquisition.</span></span></p>
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<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"><span style="font-size: 10pt;">The accompanying notes are an integral part of these Consolidated Financial Statements.&#160;</span><br/></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-10</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div> </div><div id="Dn1h6hxhr0ejfl9roddn5j" style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">Index </span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">TO</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;"> the notes to the co</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">nsolidated financial statements</span><span style="color: #009900; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase;">&#160;</span></p>
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<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">I</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">GENERAL INFORMATION</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">IV</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</span></p> </td> </tr>
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<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">1</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Segment information</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">II</span></p> </td>
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<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ACCOUNTING POLICIES</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost of sales</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Basis of presentation</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">3</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Selling, general and administrative expenses</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">B</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Group accounting</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Segment information</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">5</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Impairment charge</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">D</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Foreign currency translation</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">6</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other operating income and expenses</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property, plant and equipment</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">7</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial results</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">F</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Intangible assets</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">8</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Equity in earnings of non-consolidated companies</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">G</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Right-of-use assets and lease liabilities</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">9</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Income tax</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Impairment of non-financial assets</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">10</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividends distribution</span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other investments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">11</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property, plant and equipment, net</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">J</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">12</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Intangible assets, net</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">K</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade and other receivables</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">13</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Right-of-use assets, net and lease liabilities</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">L</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cash and cash equivalents</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">14</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Investments in non-consolidated companies</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">M</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Equity</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">15</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Receivables non-current</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">N</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowings</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">16</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories, net</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Current and deferred income tax</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">17</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Receivables and prepayments, net</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">P</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Employee benefits</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">18</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Current tax assets and liabilities</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Q</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Provisions </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">19</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade receivables, net</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">R</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade and other payables</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">20</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cash and cash equivalents and other investments</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue recognition</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">21</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowings</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost of sales and other selling expenses</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">22</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets and liabilities</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">U</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Earnings per share</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">23</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other liabilities</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">V</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial instruments</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">24</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-current allowances and provisions</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">25</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Current allowances and provisions</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">III</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">FINANCIAL RISK MANAGEMENT</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">26</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Derivative financial instruments</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">27</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Contingencies, commitments and restrictions on the distribution of profits</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial risk factors</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">28</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cancellation of title deed in Saudi Steel Pipe Company</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">B</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Category of financial instruments and classification within the fair value hierarchy</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">29</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Foreign exchange control measures in Argentina</span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 18.85pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 243.4pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Fair value estimation</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 25.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">30</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 251.2pt; height: 17px; vertical-align: top;" valign="top">
<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cash flow disclosures</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">D</span></p> </td>
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<p style="margin: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Accounting for derivative financial instruments and hedging activities</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">31</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Related party transactions</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">32</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light';">Principal accountant</span><span style="color: #003366; font-family: 'Frutiger 45 Light';">&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light';">fees</span></span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">33</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Principal subsidiaries</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">34</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Business combinations</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">35</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Nationalization of Venezuelan subsidiaries</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">36</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="font-size: 10pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light';">Termination of </span><span style="color: #003366; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #003366; font-family: 'Frutiger 45 Light';"> joint venture</span></span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">37</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Share buyback program</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">38</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Climate change</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">39</span></p> </td>
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<p style="margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Events after the reporting period</span></p> </td> </tr> </tbody> </table>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-11</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td>
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<p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">I.</span> <span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">GENERAL INFORMATION</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris S.A. (the &#8220;Company&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">) was established as a public limited liability company (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">oci</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">t&#233; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">nonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these Consolidated Financial Statements to &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8221; refer to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and its consolidated subsidiaries. A list of the principal Company&#8217;s subsidiaries is included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">33</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company&#8217;s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company&#8217;s American Depositary Securities (&#8220;ADS&#8221;) trade on the New York Stock Exchange.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These Consolidated Financial Statements were approved for issuance by the Company&#8217;s Board of Directors on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> February </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">21</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">II</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">. </span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">A</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CCOUNTING POLICIES</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">A</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Basis of presentation</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IFRS Accounting Standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in accordance with IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as adopted by the European Union,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">under the historical cost convention, as modified by the revaluation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial assets</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (&#8220;$&#8221;).</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Whenever necessary, c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ertain comparative amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">have been reclassified to conform to changes in presentation in the current year.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> areas involving </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> estimates or judgements are: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mpairment of goodwill</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-lived assets (not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">),</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">impairment in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> investments in associates (note II.B)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">; i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">axes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">including recoverability of deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">obsolescence of inventory (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">II.J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); contingencies (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Q</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allowance for trade receivables (note II.K)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">post-employment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and other long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">);</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(notes II.B); u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">seful lives of property, plant and equipment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> other long-lived assets (notes II.E, II.F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">property title ownership </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">restriction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>28</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> there were no </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">significant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> changes in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> accounting estimates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and judgements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Accounting pronouncements applicable as from J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">anuary <span>1</span>, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>3</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Amendments to IAS <span>12</span> - International Tax Reform</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Pillar <span>Two</span> Model Rules</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In December 2021, the Organization for Economic Co-operation and Development (&#8220;OECD&#8221;) released the Pillar <span>Two</span> model rules (the Global Anti-Base Erosion rules, or &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;) to reform international corporate taxation. Following Pillar <span>Two</span> OECD&#8217;s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from <span>2024</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In May 2023, the IASB made narrow-scope amendments to IAS <span>12</span> setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar <span>Two</span> model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On December 20, 2023, the Luxembourg Parliament approved the Pillar <span>Two</span> law transposing the EU Pillar <span>Two</span> Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company is within the scope of the rules, and therefore will be required to calculate its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> effective tax rate per jurisdiction and the <ix:nonFraction contextRef="D20231231_3" name="ts:MinimumApplicableTaxRate" unitRef="Pure" id="Tag1579" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>% minimum rate, as from <span>2024</span>.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information see note <span>9</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other accounting pronouncements that became effective during <span>2023</span> have <span>no</span> material effect on the Company&#8217;s financial condition or results of operations.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">New ac</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">counting pronouncements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">applicable as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">of December 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>1</span>, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>3</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Certain</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">new</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ly published</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> accounting standards, amendments to accounting standards and interpretations are not mandatory for December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">B&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Group accounting</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Subsidiaries and transactions with non-controlling interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">s</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In some cases, the Company considers that it has the ability to affect returns through its power over an entity even if it holds less than <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag1633" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the shares or voting rights of the subsidiary because it is able to prevail at all of the subsidiary&#8217;s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary&#8217;s board of directors.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> method is used to account for the acquisition of subsidiaries by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The cost of an acquisition is measured as the fair value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, equity instruments issued and liabilities incurred or assumed at the date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exchange</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Acquisition-related costs are expensed as incurred.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Identifiable assets acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> liabilities and contingent liabilities assumed in a business combination are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">measured initially at their fair values at the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquiree&#8217;s net </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">identifiable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The excess of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> aggregate of the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">consideration transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the amount of any non-controlling interest in the acquiree</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">over the fair value of the identifiable net assets acquired is recorded as goodwill. If </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">this</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Contingent consideration is classified either as equity or a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest in the acquire</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ransactions with non-controlling interests </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">that do not result in a loss of control</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are accounted</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.</span> <br/></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Material intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">balances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and unrealized gains (losses) on transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">between Tenaris subsidiaries have been eliminated in consolidation. However, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">since</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the functional currency of some subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s respective local currency, some financial gains (losses) arising from intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are generated. These</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are included in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">inancial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Non-consolidated companies</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally accompanying a shareholding of between <ix:nonFraction contextRef="I20231231_BottomOfRangeMember" name="ts:PercentageOfVotingRightsHeldInUnconsolidatedEntities" unitRef="Pure" id="Tag1723" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>% and <ix:nonFraction contextRef="I20231231_TopOfRangeMember" name="ts:PercentageOfVotingRightsHeldInUnconsolidatedEntities" unitRef="Pure" id="Tag3336" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the voting rights. Investments in non-consolidated companies (associate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and joint ventures) are accounted for by the equity method and are initially recognized at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (as defined by IAS <span>28</span>, &#8220;Investments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ssociates and Joint Ventures&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The Company&#8217;s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#8217;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&#8217;s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> adjusted where necessary to ensure consistency with IFRS.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">The Company&#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Equity in earnings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">. The Company&#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">a)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Ternium</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">At December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">, Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">ld </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><ix:nonFraction contextRef="D20231231_TerniumSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag11" decimals="4" scale="-2" format="ixt:num-dot-decimal">11.46</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> share capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Ternium S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">. The following factors and circumstances evidence that Tenaris has significant influence </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">over Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oth the Company and Ternium are under</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mon control of San Faustin S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;San Faustin&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">our out of eight</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;members of Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors (including Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hairman) are also members of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nder the shareholders</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> agreement by and between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Holdings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S.&#224;r.l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ("</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">")</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, a wholly owned subsidiary of San Faustin </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and Ternium&#8217;s main shareholder, dated January 9, 2006</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is required to take actions within its power to cause</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (a) <span>one</span> of the members of Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors to be nominated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and (b) any director nominated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to be removed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">from Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">only </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">pursuant to previous written instructions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">b)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Usiminas</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"><span>3</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), <ix:nonFraction contextRef="I20231231_UsiminasMember_OrdinarySharesMember" name="ts:NumberOfSharesSubscribedTo" unitRef="Shares" id="Tag1641" decimals="-5" scale="6" format="ixt:num-dot-decimal">47.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million ordinary shares and <ix:nonFraction contextRef="I20231231_UsiminasMember_PreferenceSharesMember" name="ts:NumberOfSharesSubscribedTo" unitRef="Shares" id="Tag2339" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.3</ix:nonFraction> million preferred shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usinas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Sider&#250;rgicas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> de Minas Gerais S.A. - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), representing <ix:nonFraction contextRef="D20231231_UsiminasMember" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" unitRef="Pure" id="Tag2995" decimals="4" scale="-2" format="ixt:num-dot-decimal">6.76</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% of its shares with voting rights and <ix:nonFraction contextRef="D20231231_UsiminasMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag2411" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.96</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% of its total share capital.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">participation in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> share</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> capital is the result of a series of acquisitions, the first of which was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ordinary shares and joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; existing control group. Subsequently, in <span>2016</span>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</span> <br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-14</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">More recently, o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n March 30, 2023, Confab, together with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ternium (through its subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ternium Investments and Ternium Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">agreed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquire an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20230330_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:NumberOfSharesToBePurchasedUnderAgreement" unitRef="Shares" id="Tag18" decimals="-5" scale="6" format="ixt:num-dot-decimal">68.7</ix:nonFraction> million ordinary shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at a price of BRL<ix:nonFraction contextRef="I20230330_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:SharesSubscribedToPricePerShare" unitRef="BRLPerShare" id="Tag2993" decimals="0" format="ixt:num-dot-decimal">10</ix:nonFraction> per ordinary share. The transaction closed on July 3, 2023 and was financed with cash on hand. Tenaris paid approximately BRL<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:SharesSubscribedToValue" unitRef="BRL" id="Tag2077" decimals="-6" scale="6" format="ixt:num-dot-decimal">110</ix:nonFraction> million (approximately $<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:SharesSubscribedToValue" unitRef="USD" id="Tag87" decimals="-5" scale="6" format="ixt:num-dot-decimal">22.7</ix:nonFraction> million) in cash for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:NumberOfSharesSubscribedTo" unitRef="Shares" id="Tag1847" decimals="-6" scale="6" format="ixt:num-dot-decimal">11</ix:nonFraction> million ordinary shares, increasing its participation in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group to <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TTGroupMember" name="ts:PercentageOfVotingCapitalIncreasedInControlGroup" unitRef="Pure" id="Tag1850" decimals="3" scale="-2" format="ixt:num-dot-decimal">9.8</ix:nonFraction>%.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">MetalOne</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; employee pension fund, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. At December 31, 2023, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group held, in the aggregate, <ix:nonFraction contextRef="I20231231_UsiminasMember_TheNewSHAMember" name="ts:SharesBoundToSHA" unitRef="Shares" id="Tag2212" decimals="-5" scale="6" format="ixt:num-dot-decimal">483.6</ix:nonFraction> million ordinary shares, representing approximately <ix:nonFraction contextRef="I20231231_UsiminasMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag25" decimals="3" scale="-2" format="ixt:num-dot-decimal">68.6</ix:nonFraction>% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; voting capital and the T/T Group held an aggregate participation of <ix:nonFraction contextRef="I20231231_TTGroupMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2990" decimals="3" scale="-2" format="ixt:num-dot-decimal">61.3</ix:nonFraction>% in the control group (with <ix:nonFraction contextRef="I20231231_TerniumEntititesMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag1567" decimals="3" scale="-2" format="ixt:num-dot-decimal">51.5</ix:nonFraction>% of the control group&#8217;s participation corresponding to Ternium&#8217;s subsidiaries, and remaining <ix:nonFraction contextRef="I20231231_ConfabMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag1568" decimals="3" scale="-2" format="ixt:num-dot-decimal">9.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% corresponding to Confab); the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> held <ix:nonFraction contextRef="I20231231_NSSMCMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2309" decimals="3" scale="-2" format="ixt:num-dot-decimal">31.7</ix:nonFraction>% and <ix:nonFraction contextRef="I20231231_PrevidenciaUsiminasMember_TheNewSHAMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag2994" decimals="2" scale="-2" format="ixt:num-dot-decimal">7</ix:nonFraction>%, respectively, in the control group.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Upon </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">closing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of the July 3, 2023 acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">then </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">existing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">governing the relationship between the T/T Group, the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">was replaced by a new shareholders agreement setting forth a new governance structure for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The T/T Group is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">now </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entitled to nominate a majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of directors, the chief executive officer and <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TTGroupMember_TheNewSHAMember" name="ts:NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" unitRef="Officers" id="Tag1779" decimals="0" format="ixt-sec:numwordsen">four</ix:nonFraction> other members of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TenarisMember_TheNewSHAMember" name="ts:NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" unitRef="Directors" id="Tag48" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction> member of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of directors and <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TenarisMember_TheNewSHAMember" name="ts:NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" unitRef="Officers" id="Tag2340" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction> member of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of officers. Ordinary decisions may be approved with a <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_TheNewSHAMember" name="ts:MajorityPercentageOfControlGroupShares" unitRef="Pure" id="Tag2082" decimals="2" scale="-2" format="ixt:num-dot-decimal">55</ix:nonFraction>% majority of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; control group shares. </span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the NSC Group&#8217;s remaining interest in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group (<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_NSSMCMember_TheNewSHAMember_FromTwoYearsAnniversaryRightToBuyMember" name="ts:NumberOfSharesRightPurchaseUnderAgreement" unitRef="Shares" id="Tag49" decimals="-5" scale="6" format="ixt:num-dot-decimal">153.1</ix:nonFraction> million ordinary shares) at the higher of BRL<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember_FromTwoYearsAnniversaryRightToBuyMember" name="ts:SharesSubscribedToPricePerShare" unitRef="USDPerShare" id="Tag2121" decimals="0" format="ixt:num-dot-decimal">10</ix:nonFraction> per share and the <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_TTGroupMember_TheNewSHAMember" name="ts:ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" unitRef="Day" id="Tag2389" decimals="0" format="ixt:num-dot-decimal">40</ix:nonFraction>-trading day average price per share immediately prior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the <ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_NSSMCMember_TheNewSHAMember" name="ts:NumberOfTradingDaysToCalculateMovingAverageSharePrice" unitRef="Day" id="Tag2334" decimals="0" format="ixt:num-dot-decimal">40</ix:nonFraction>-trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at BRL<ix:nonFraction contextRef="I20230703_MajorPurchasesOfAssetsMember_UsiminasMember_OrdinarySharesMember_NSSMCMember_TheNewSHAMember_FromTwoYearsAnniversaryRightToSellMember" name="ts:SharesSubscribedToPricePerShare" unitRef="USDPerShare" id="Tag1566" decimals="0" format="ixt:num-dot-decimal">10</ix:nonFraction> per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its current participation in the T/T Group.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab and the Ternium entities party to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Under s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">uch separate agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab enjoys certain rights with respect to the governance of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">among others, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the ability to nominate certain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; officers and directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Those circumstances evidence that Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">continues having </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sign</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ificant influence over </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and, as a result, continues accounting for its investment under the equity method.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">c)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Techgen</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> S.A. de C.V. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, which operates an electric power plant in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is a joint venture company owned <ix:nonFraction contextRef="D20231231_TerniumSAMember_TechgenSAMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag1972" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction>% by Ternium, <ix:nonFraction contextRef="D20231231_TecpetrolInternationalSAMember_TechgenSAMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag1849" decimals="2" scale="-2" format="ixt:num-dot-decimal">30</ix:nonFraction>% by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> International S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and <ix:nonFraction contextRef="D20231231_TenarisMember_TechgenSAMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag1773" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> by Tenaris. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, Ternium and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are parties to a shareholders&#8217; agreement relating to the governa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nce of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are under the indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mon control of San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Based on the facts stated above, the Company has determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that it has significant influence over this entity.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">d)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Global Pipe Company</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Global Pipe Company (&#8220;GPC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is a joint venture, established in <span>2010</span> and located in Jubail</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, which manufactures LSAW pipes. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Until May 16, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris, through its subsidiary</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Steel Pipe Company ("</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">")</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">owned <ix:nonFraction contextRef="D20230516_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1555" decimals="2" scale="-2" format="ixt:num-dot-decimal">35</ix:nonFraction>% of the share capital of GPC</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and, accordingly was a non-consolidated company.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On May 17, 2023, SSPC acquired an additional <ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" unitRef="Pure" id="Tag2292" decimals="3" scale="-2" format="ixt:num-dot-decimal">22.3</ix:nonFraction>% interest in GPC reaching a participation of <ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_3" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3342" decimals="3" scale="-2" format="ixt:num-dot-decimal">57.3</ix:nonFraction>%. The Company consolidates GPC&#8217;s balances and results of operations as from May 17, 2023.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information on GPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">'s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> acquisition and its accounting treatment see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Global Pipe Company acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-15</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris carries its investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s in non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">consolidated companies</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the equity method, with <ix:nonFraction contextRef="I20231231" name="ifrs-full:AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" unitRef="USD" id="Tag2104" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction> additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset&#8217;s carrying amount may not be recoverable. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>14</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">C</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Segment information</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company is organized in <ix:nonFraction contextRef="I20231231" name="ts:NumberOfMajorBusinessSegments" unitRef="Pure" id="Tag3337" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction> major business segment, Tubes, which is also the reportable operating segment.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">All other business activities and operating segments that are not required to be separately reported are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">disclosed in the Other segment.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (&#8220;OCTG&#8221;) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> worldwide</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> oil and gas industry, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Other segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> includ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">all business activities related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the production and selling of sucker rods, coiled tubing, tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plumbing and construction</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">applications, oilfield / hydraulic fracturing services,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the recently acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">coating business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and others as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> energy and raw materials that exceed internal requirements.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s Chief Operating Decision Maker (&#8220;CODM&#8221;) reviews operating and financial performance information with senior management on a monthly basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. This </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">information differ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> from IFRS principally as follows:</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciation;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, mainly on a FIFO basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ny currency translation adjustment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">classification</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar; and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther timing differences, if any.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> presents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> its geographical information in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>four</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> areas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> North America,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> South America, Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Middle East and Afri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. For purposes of reporting geographical information, net sales are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to geographical areas based on the customer&#8217;s location; allocation of assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> capital expenditures and associated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are based on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">geographical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> location of the assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> </ix:nonNumeric>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">D</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Foreign </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">c</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">urrency </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">t</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ranslation</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 35.45pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -35.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Functional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> and presentation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IAS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>21</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revised</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;The effects of changes in foreign exchange rates&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">defines the functional currency as the currency of the primary economic environment in which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entity operates.</span></p>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The functional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and presentation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">curren</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">y of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is the U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is the currency that best reflects the economic substance of the underlying events and circumstances relevant to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> global operations. </span></p>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This decision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">wa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s a result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">significant increase of its Brazilian Subsidiaries&#8217;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCTG and l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ine</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ipe international markets, a trend which started in recent years and has been strengthened in <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">increased l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">evel of integration of the local operations within Tenaris&#8217;s int</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ernational </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">commercial and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">supply chain system</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as well </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the fact that the main purchase agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contracts and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the long term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contracts with major international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and local </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oil companies are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">either</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entered or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">indexed to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Local steel prices are also being affected by the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ollar / Brazilian Real fluctuations.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">xcept f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the Italian subsid</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">iaries whose functional currency</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Euro</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and <ix:nonFraction contextRef="I20231231" name="ts:NumberOfSubsidiariesAcquired" unitRef="Subsidiaries" id="Tag2252" decimals="0" format="ixt-sec:numwordsen">two</ix:nonFraction> recently acquired subsidiaries wh</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> functional currencies are the Canadian Dollar and the Norwegian Krone</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris determined that the functional currency of its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> other subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is the U.S. dollar, based on the following principal considerations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ales are mainly negotiated, denominated and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> settled in U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. If priced in a currency other than the U.S. dollar, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">price </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">may consider</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> exposure to fluctuation in the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">against</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the U.S. dollar;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rices of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">critical raw materials and inputs are priced and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> settled in U.S. dollars; </span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ransaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and operational</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> environment and the cash flow </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">operations ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the U.S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as reference currency;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">there is a s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ignificant level of integration of the l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ocal operations within Tenaris's&#160;international&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">global distribution network</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">et financial assets and liabilities are mainly received and maintained in U.S. dollars; and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he exchange rate of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain legal currencies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">has long-been affected by recurring and seve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re economic crise</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s.</span></li> </ul>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Transactions in currencies other than the functional currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuati</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">on where items are re-measured.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> the fair value was determined.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal;">Other financial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">alifying net investment hedges.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Translation of financial information in currencies other than the functional currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as a gain or loss from the sale</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> following IAS <span>21</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rate.</span></p> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Property, plant and equipment</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property, plant and equipment are recognized at historical acquisition or construction cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> less accumulated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and impairment losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">istorical cost includes expenditure that is directly attributable to the acquisition of the items</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quipment acquired through</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquisitions accounted for as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">combination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">have been valued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">initially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">market </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquired.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-17</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Major overhaul and rebuilding expenditures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are capitalized as property, plant and equipment only when </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it is probable that future economic benefits associated with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the item will flow to the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the investment enhances the condition of assets beyond its original condition.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The carrying amount of the replaced part is derecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">M</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost may also include transfers fro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">m equity of any gains or losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> IAS <span>23</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revised</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Borrowing Cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">epreciation method is reviewed at each year end. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Depreciation</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is calculated using the straight-line method to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">depreciate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the cost of each asset to its residual value over its estimated useful life</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" id="Tag687" escape="true">
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<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </span></p> </td> </tr>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> <ix:nonNumeric contextRef="D20231231_BuildingsAndImprovementsMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag1544" format="ixt-sec:duryear">30</ix:nonNumeric>-<ix:nonNumeric contextRef="D20231231_BuildingsAndImprovementsMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag1848" format="ixt-sec:duryear">50</ix:nonNumeric> years </span></p> </td> </tr>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> <ix:nonNumeric contextRef="D20231231_PlantAndProductionEquipmentMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag1823" format="ixt-sec:duryear">10</ix:nonNumeric>-<ix:nonNumeric contextRef="D20231231_PlantAndProductionEquipmentMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag1792" format="ixt-sec:duryear">40</ix:nonNumeric> years </span></p> </td> </tr>
<tr style="height: 1.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 1.4pt; text-indent: -1.4pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> <ix:nonNumeric contextRef="D20231231_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_BottomOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag2940" format="ixt-sec:duryear">4</ix:nonNumeric>-<ix:nonNumeric contextRef="D20231231_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_TopOfRangeMember" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" id="Tag3333" format="ixt-sec:duryear">10</ix:nonNumeric> years </span></p> </td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">residual values and useful lives of significant plant and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">production </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">equipment are reviewed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and adjusted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> if appropriate, at each year-end</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">date. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">An asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">estimation of asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> useful </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, performed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with IAS <span>16</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, Plant and E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quipment&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">resulted in additional depreciation expenses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ts:AdditionalDepreciationExpenses" unitRef="USD" id="Tag1775" decimals="-6" scale="6" format="ixt:num-dot-decimal">39</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">did not materially affect depreciation expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2021</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> depreciates each significant part of an item of property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for its different production facilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" id="Tag2386" escape="true">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">F&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Intangible assets</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Goodwill </span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Goodwill represents the excess of the acquisition cost </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">over the fair value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">at least </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> the Consolidated Statement of Financial Position under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Intangible assets, net.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#160; &#160; &#160; &#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For the purpose of impairment testing, g</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">oodwill<span>&#160;</span>is allocated to a<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cash generating unit (&#8220;</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">CGU</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;)</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>&#160;</span>or group of<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">CGUs</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>&#160;</span>that<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">are expected to benefit from the business combination which generated the goodwill being tested.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Information systems projects</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding <span>one</span> year and comply with the recognition criteria of IAS <span>38</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Intangible Assets&#8221;.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">not exceeding a period of <ix:nonNumeric contextRef="D20231231_TopOfRangeMember_InformationSystemProjectsMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag1554" format="ixt-sec:duryear">3</ix:nonNumeric> years. Amortization charges are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span> <br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-18</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">did not materially affect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Licenses, patents, trademarks and proprietary technology </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Licenses, patents, trademarks, and proprietary technology are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">using the straight-line method to allocate the cost over their estimated useful lives, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which are in the range between <ix:nonNumeric contextRef="D20231231_BottomOfRangeMember_LicensesPatentsTrademarksAndProprietaryTechnologyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag88" format="ixt-sec:duryear">3</ix:nonNumeric> and <ix:nonNumeric contextRef="D20231231_TopOfRangeMember_LicensesPatentsTrademarksAndProprietaryTechnologyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag1729" format="ixt-sec:duryear">20</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> years.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization charges are mainly classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The balance of acquired t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rademarks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that have indefinite useful lives according to external appraisal</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_LicensesPatentsTrademarksAndProprietaryTechnologyMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag15" decimals="-5" scale="6" format="ixt:num-dot-decimal">86.7</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Main factors considered in the determination of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> indefinite useful lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> include the years that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">they have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> been in service and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognition among customers in the industry.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> did no</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t materially affect amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> expenses for <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Research and development</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Research expenditures as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">development costs that do not fulfill the criteria for capitalization are recorded as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement as incurred. Research and development expenditures included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for the years </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> totaled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ResearchAndDevelopmentExpense" unitRef="USD" id="Tag2515" decimals="-5" scale="6" format="ixt:num-dot-decimal">60.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ResearchAndDevelopmentExpense" unitRef="USD" id="Tag3329" decimals="-5" scale="6" format="ixt:num-dot-decimal">50.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:ResearchAndDevelopmentExpense" unitRef="USD" id="Tag47" decimals="-5" scale="6" format="ixt:num-dot-decimal">45.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Capitalized costs were not material for the years <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">(<span>5</span>)&#160; &#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">Customer relationship</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">s</span></p>
<p style="line-height: 12pt; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In accordance with IFRS <span>3</span>, "Business Combinations" and IAS <span>38</span>, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Tube Corporation (&#8220;Maverick&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Company (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> groups, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Ipsco</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Tubulars Inc. (&#8220;IPSCO&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">the more recent acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful li</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">which were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">approximately <ix:nonNumeric contextRef="D20231231_CustomerrelatedIntangibleAssetsMember_MaverickTubeCorporationMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2171" format="ixt-sec:duryear">14</ix:nonNumeric> years for Maverick, <ix:nonNumeric contextRef="D20231231_CustomerrelatedIntangibleAssetsMember_HydrilCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag37" format="ixt-sec:duryear">10</ix:nonNumeric> y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ears for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> <ix:nonNumeric contextRef="D20231231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2332" format="ixt-sec:duryear">9</ix:nonNumeric> years for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><ix:nonNumeric contextRef="D20231231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag1583" format="ixt-sec:duryear">3</ix:nonNumeric></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><ix:nonNumeric contextRef="D20231231_CustomerrelatedIntangibleAssetsMember_MattrsPipeCoatingBusinessUnitMember_1" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag1565" format="ixt-sec:durmonth">4</ix:nonNumeric> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for Mattr&#8217;s pipe coating business unit.</span></p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In <span>2022</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the Company reviewed the useful life of SSPC&#8217;s customer relationships and decided to reduce </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> from <ix:nonNumeric contextRef="D20211231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag2991" format="ixt-sec:duryear">5</ix:nonNumeric> years to <ix:nonNumeric contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:FinitelivedIntangibleAssetUsefulLife" id="Tag1910" format="ixt-sec:duryear">3</ix:nonNumeric> years, consequently a higher amortization charge of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember" name="ts:SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2939" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> million was recorded in the Consolidated Income Statement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for the year ended December 31, 2022.</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span>, did not affect amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2021</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">f December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the net book</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#8217;s customer relationship amoun</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember" name="ts:FinitelivedIntangibleAssetResidualValue" unitRef="USD" id="Tag1562" decimals="-5" scale="6" format="ixt:num-dot-decimal">26.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> million, with a residual useful life of </span><span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3376"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">1</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">9</span></span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> months</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Mattr&#8217;s amounted to $<ix:nonFraction contextRef="I20231231_MattrsPipeCoatingBusinessUnitMember_CustomerrelatedIntangibleAssetsMember" name="ts:FinitelivedIntangibleAssetResidualValue" unitRef="USD" id="Tag1777" decimals="-5" scale="6" format="ixt:num-dot-decimal">21.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, with a residual useful life of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><ix:nonNumeric contextRef="D20231231_CustomerrelatedIntangibleAssetsMember_MattrsPipeCoatingBusinessUnitMember" name="ts:FinitelivedIntangibleAssetResidualUsefulLife" id="Tag2198" format="ixt-sec:durmonth">3</ix:nonNumeric></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">hile </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">IPSCO&#8217;s, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Maverick&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> customer relationships </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> fully amortized.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">G&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Right-of-use assets and lease liabilities</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> term on a straight-line basis.</span> <br/></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; font-family: 'times new roman', times;"> <i style="mso-bidi-font-style: normal;"><span style="color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><span style="font-family: 'times new roman', times;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; color: #666666;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></span></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment wit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">h similar terms and conditions.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Right-of-use assets are measured at cost comprising the amount of the initial measurement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or early termination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, or not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Payments associated with short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and leases of low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value assets are recognized on a straight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of <ix:nonNumeric contextRef="D20231231_3" name="ts:MaximumPeriodOfLeaseTermOfShortTermLeases" id="Tag1551" format="ixt-sec:durmonth">12</ix:nonNumeric> months or less.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">H</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Impairment of non-financial assets</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">). Most of the Company&#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation that generates largely independent cash inflows.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test, or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are tested</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> more frequently if events or circumstances indicate that the carrying amount value may be impaired. In some </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> where there have not been significant changes to CGU assets and liabilities as well as external and internal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">events and circumstances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which could materially alter the recoverable amount of the CGU, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the most recent detailed calculation of recoverable amount made in a preceding period may be used in the impairment test for that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the current period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris&#8217;s cash flow projections and the business condition in terms of competitive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> economic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and regulatory </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#8217;s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or <span>zero</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">use is calculated by discounting the estimated cash flows over a <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3394">five-year</span></span></span></span>&#160;period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the <span><span style="border-left: none; border-right: none;">five</span>-year</span> period, a terminal value is calculated based on perpetuity considering a nominal growth rate of <ix:nonFraction contextRef="I20231231" name="ts:DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" unitRef="Pure" id="Tag2335" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% taking into account among others, mainly the historical inflation rate.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.</span> <br/></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. For more information on impairment charges </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">I</span>&#160; &#160; &#160; &#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">i</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">nvestments</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther investments consist primarily of investments in financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and time deposits with a maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>three</span> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at the date of purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Certain non-derivative financ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ial assets that the Company held not for trading</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> have been categorized as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value through other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;FV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as the business model objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. They are carried at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">omprehensive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Income and transferred to the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement when the financial asset is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">disposed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement. F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">V</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> instruments with maturities greater than <ix:nonNumeric contextRef="D20231231_3" name="ts:MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" id="Tag2337" format="ixt-sec:durmonth">12</ix:nonNumeric> months after the balance sheet date a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re included in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> non-current assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther investments in financial instruments and time deposits are c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ategorized as financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at fair value through profit or loss </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;FVPL&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">because such investments are held for trading and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> performance is evaluated on a fair value basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The results of these investments are recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Financial Results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Purchases and sales of financial investments are recognized as of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ir</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">The fair values of quoted investments are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ee s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ectio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">n III Financial Risk Management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">J&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Inventories</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and other direct costs and related production overhead costs, and it excludes borrowing costs. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">llocation of fixed production costs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including depreciation and amortization charges,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is based on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> normal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> level of production capacity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> cost is mainly based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">FIFO method. Tenaris estimates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oods in transit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">end are valued based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">supplier&#8217;s invoice cost.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management&#8217;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160;</p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">K</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">and other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">receivables</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Trade and other receivables are recognized initially at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> fair value that corresponds to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the amount of consideration that is unconditional unless they contain significant financing c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">omponents. The Company holds</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> trade receivables with the objective to collect the contractual cash flows and therefore measu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">res them subsequently at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ed cost using the effective interest method. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> short-term nature, their carrying amount is considered to be the same as their fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris applies the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> IFRS <span>9</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> &#8220;Financial Instruments&#8221;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">simplified approach to measure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> expected credit losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><ix:nonNumeric contextRef="D20231231_3" name="ts:ForecastPeriodOfRevenueProjections" id="Tag2992" format="ixt-sec:durwordsen">three years</ix:nonNumeric></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">and the corresponding historical credit losses exp</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">erienced within this period. The expected loss allowance also</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> reflect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> current and forward-looking information on macroeconomic factors affecting the ability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">each </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">custo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">mer to settle the receivables.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">L</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Cash and cash equi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">valents are comprised of cash at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> banks, liquidity funds and short-term investments with a maturity of less than <span>three</span> months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">approximates fair market value.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In the Consolidated Statement of Financial Position, bank overdrafts are included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Borrowings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> in current liabilities.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">For the purposes of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Consolidated Statement of C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">low</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">ash and cash equivalents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">overdrafts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160;</p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">M</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">quity</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> components</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hanges in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quity include</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he value of share capital, legal reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">share premium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and other distributable reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with Luxembourg l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">aw;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he currency translation adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">treasury shares, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other reserves,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> retained earnings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">non-controlling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> interest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">calculated in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> IFRS.</span> </li> </ul>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Share cap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">al</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company has an authorized share capital of a single </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">class of <ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesAuthorised" unitRef="Shares" id="Tag3335" decimals="-8" scale="9" format="ixt:num-dot-decimal">2.5</ix:nonFraction> billion shares having a nominal value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20201231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2336" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction> per share. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total ordinary shares issued as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag3378" decimals="0" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20211231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag3379" decimals="0" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag1552" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction></ix:nonFraction></ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">with a par value of $<ix:nonFraction contextRef="I20221231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag3380" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20211231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag3381" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20231231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag2412" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction></ix:nonFraction></ix:nonFraction> per share with <ix:nonFraction contextRef="I20221231" name="ts:NumberOfVotesPerShare" unitRef="Pure" id="Tag3383" decimals="0" format="ixt-sec:numwordsen"><ix:nonFraction contextRef="I20231231" name="ts:NumberOfVotesPerShare" unitRef="Pure" id="Tag1790" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction></ix:nonFraction> vote each.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total ordinary shares outstanding as of December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag1909" decimals="0" format="ixt:num-dot-decimal">1,167,888,739</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and as of December 31, 2022 and <span>2021</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag3377" decimals="0" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag1545" decimals="0" format="ixt:num-dot-decimal">1,180,536,830</ix:nonFraction></ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> with a par value of $<ix:nonFraction contextRef="I20211231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag3382" decimals="2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="I20221231" name="ifrs-full:ParValuePerShare" unitRef="USDPerShare" id="Tag1769" decimals="2" format="ixt:num-dot-decimal">1.00</ix:nonFraction></ix:nonFraction> per share with <ix:nonFraction contextRef="I20221231" name="ts:NumberOfVotesPerShare" unitRef="Pure" id="Tag2310" decimals="0" format="ixt-sec:numwordsen">one</ix:nonFraction> vote each. Outstanding shares do not include treasury shares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">All issued shares are fully paid.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Treasury Shares</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Any potential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> gains </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> losses on disposal of treasury shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> recognized under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">eserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Changes in Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Treasury shares outstanding as of December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_TreasurySharesMember" name="ifrs-full:NumberOfSharesOutstanding" unitRef="Shares" id="Tag1784" decimals="0" format="ixt:num-dot-decimal">12,648,091</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Dividends distribution by the Company to shareholders </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividends distributions are recorded in the Company&#8217;s financial statements when Company&#8217;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (iii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">N</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.</span><br/></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-22</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory" id="Tag7" escape="true">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">O</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current and d</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">eferred income tax</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The income tax expense or credit for the period is the tax payable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on the current period&#8217;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Current and deferred t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ax is recognized in the Consolidated Income Statement, except </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to the extent that it relates to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">items recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other comprehensive income or directly in equity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company&#8217;s subsidiaries operate and generate taxable income.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net operating loss carry-forwards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">post-employment benefits and other long-term employee benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value adjustments of assets acquired in business combinations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets are recognized to the extent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> it is probable that future taxable profits will be available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> against which the te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and losses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">can be utiliz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At the end of each reporting period, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> reassesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax assets. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a previously </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax asset to the extent that it has become probable that future taxable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> will allow the deferred tax asset to be recovered.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ax basi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and liabilities are re-measured</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> if tax rates change. These amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are charged or credited to the Consolidated Income Statement or to the item </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ther co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">mprehensive income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comprehensive I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome, depending on the account to which the original </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amount was charged or credited.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">P</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Employee benefits</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; text-align: justify; text-indent: -22.5pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Short-term obligations</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Liabilities for wages and salaries are recognized in respect of employees&#8217; services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.5pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"> &#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Post</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">employment benefits</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on <span>one</span> or more factors such as age, years of service and compensation.&#160; &#160;&#160;</span><br/></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For defined benefit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">funded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plans, net interest income</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
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<p>&#8226;</p> </td>
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<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">benefits based on years of service and final average salary</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">As of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for this plan amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20231231_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag1776" decimals="-5" scale="6" format="ixt:num-dot-decimal">48.1</ix:nonFraction></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span></p> </td> </tr>
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<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
<td style="height: 10px; text-align: justify; padding: 0px 1px 10px; vertical-align: top;" valign="top">
<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Employees&#8217; service rescission indemnity</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. T</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">he </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability ac</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">crued for employees at </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Tenaris&#8217;s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Tenaris&#8217;s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> Italian subsidiary pays every year the required contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">limited to the contributions of <span>2007</span> onwards.</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">As of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for this plan amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20231231_IT" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag3334" decimals="-5" scale="6" format="ixt:num-dot-decimal">10.6</ix:nonFraction></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span><br/></p> </td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
<td style="height: 10px; text-align: justify; padding: 0px 1px 10px; vertical-align: top;" valign="top">
<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Funded retirement benefit plan held in the U</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">S</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for the benefit of some employees hir</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ed prior a certain date,</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">funds. Additionally, an unfunded post</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>-</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">retirement health and life plan</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> is</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> in place</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> that offers limited medical and life insurance benefits to the retirees, </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">frozen to new participants</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> A</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for these</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> plan</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20231231_US" name="ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" unitRef="USD" id="Tag1553" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.6</ix:nonFraction></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
<td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 1px;" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">primarily of </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retiree</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s,</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">investments in </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">debt and </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">equit</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">y instruments</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for the purposes of credited service as well as determination of final average pay. As of December 31, 202</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">the plan was overfunded and the net assets related to this plan amounted to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="I20231231_CA" name="ts:NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" unitRef="USD" id="Tag1839" decimals="-5" scale="6" format="ixt:num-dot-decimal">10.8</ix:nonFraction></span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">million</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></td> </tr> </tbody> </table> </div> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<br/><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">(<span>3</span>)</span><span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"> &#160; &#160; &#160; </span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">O</span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">ther long-</span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">term benefits</span>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During <span>2007</span>, Tenaris launched an</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">employee retention and long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">term incentive program</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Program&#8221;) applicable to certain senior officers and employees of the Company, who will be granted a number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits throughout the duration of the Program. The value of each of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits is based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders&#8217; equity (excluding non-cont</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rolling interest). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Until </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2017</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ratably over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a period of <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20171231" name="ts:EmployeeBenefitsUnitVestingPeriod" id="Tag1768" format="ixt-sec:durwordsen">four years</ix:nonNumeric></span> and were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mandatorily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> redeemed by the Company <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20171231" name="ts:EmployeeBenefitsCompanyRedemptionPeriod" id="Tag2173" format="ixt-sec:durwordsen">ten years</ix:nonNumeric></span> after grant date, with the option of an early redemption at <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20171231" name="ts:EmployeeBenefitsEarlyRedemptionPeriod" id="Tag1645" format="ixt-sec:durwordsen">seven years</ix:nonNumeric></span> after</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> grant date.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Since</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2018</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">units </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ratably over the same period and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mandatorily redeemed by the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Company <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_3" name="ts:EmployeeBenefitsCompanyRedemptionPeriod" id="Tag3338" format="ixt-sec:durwordsen">seven years</ix:nonNumeric></span> after grant date.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-24</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he beneficiaries of the Program are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entitled to receive cash amounts based on: (i) the amount of dividend payments made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The payment of the benefit is tied to the book value of the shares, and not to their market value.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris valued this long-term incentive program as a long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">term benefit plan as classified in IAS <span>19</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Employee Benefits&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the outstanding liability corresponding to the Program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ts:OtherCurrentNoncurrentBenefits" unitRef="USD" id="Tag2186" decimals="-5" scale="6" format="ixt:num-dot-decimal">119.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="ts:OtherCurrentNoncurrentBenefits" unitRef="USD" id="Tag3328" decimals="-5" scale="6" format="ixt:num-dot-decimal">94.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively. The total value of the units granted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(vested and unvested) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to date under the program, considering the number of units and the book value p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">er share as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, is $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ts:CarryingValueOfUnitsGranted" unitRef="USD" id="Tag19" decimals="-5" scale="6" format="ixt:num-dot-decimal">144.0</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="ts:CarryingValueOfUnitsGranted" unitRef="USD" id="Tag1578" decimals="-5" scale="6" format="ixt:num-dot-decimal">123.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font: 10pt 'Times New Roman';"> &#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Termination benefits</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <span>37</span> involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>5</span>)</span><span style="font: 7.0pt 'Times New Roman';">&#160; &#160; &#160;&#160;<span style="font-size: 10pt;">&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Other compensation obligations</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Employ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee entitlements to annual leave, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-service leave</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, sick leave and other bonuses and compensations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> obligations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are accrued as earned.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Q</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Provisions </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as a result of past events, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a potential loss from a claim or proceeding is considered probable and the amount can be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">reliably</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> estimated, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As the scope of liabilities become better defined, there may be changes in the estimates of future costs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which could have a material adverse effect on its results of operations, financial condition and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">cash flows.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This note should be read in conjunction with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> </ix:nonNumeric>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">R&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade and other payables </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">subsequently measured at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed cost. They are presented as current liabilities unl</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ess payment is not due within <span>twelve</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> months after the reporting period.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> short-term nature </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">heir carrying amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considered to be the same as their fair value. </span></p> </ix:nonNumeric>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">S</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Revenue recognition </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> rendering of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> services in the ordinary course of Tenaris&#8217;s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue is recognized at a point in time or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The control </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> transfer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">red</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">upon</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> delivery.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These conditions are determined and ana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lyzed on a contract by contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> basis to ensure that all performance obligations are fulfilled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">For bill and hold transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">does not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> have the ability to use the product or to direct it to another customer; (d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">) the usual payment terms apply.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company&#8217;s contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> with customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> do not provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and right</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of return</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are based o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n expected value considering past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and contract conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost plus margin.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris provides services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> primarily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> related to goods sold, which represent a non-material portion of sales revenue and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">include:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Pipe Management Services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Field Services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comprises</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">field technical support and running assistance.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rendered in connection to the sales of goods and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">also </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">provide</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> hydraulic fracturing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> coiled tubing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and coating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">services. The revenue related to these services is included in the Other segment.</span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he following in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">puts and outputs methods are applied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to recognize revenue</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering the nature</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of service</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Storage services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ompany provides storage services in owned or third-party warehouses, subject to a variable fee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to be invoiced. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">his fe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e is determined based on the time that the customer maintains the material in the warehouse and th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the revenue </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">on a pro rata basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">units delivered and time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> elapsed.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Field services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the revenue i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s recognized considering output</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> method</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, in particular surveys of service comple</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tion provided by the customer.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds <span>one</span> year. As a consequence,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering that the contracts do not include any significant financing component,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the Company does not adjust any of the transaction pric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other revenues earned by Tenaris are recognized on the following basis:</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Interest income: on the effective yield basis. </span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividend income from investments in other companies: when Tenaris&#8217;s right to receive payment is established.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net income from other sales: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">when contro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">l is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to the customer.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Construction / coating c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ontracts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revenues</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with the stage of the project completion.</span></li> </ul> </ix:nonNumeric>
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<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">T</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cost of sales and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">other selling expenses</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost of sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other selling</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">expenses are recognized in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement on the accrual basis of accounting.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Commissions, freight</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and other selling expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including shipping and handling costs, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recorded</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">elling, general and administrative expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Consolidated I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> </ix:nonNumeric>
<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;">&#160; &#160; &#160;&#160;</h4>
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<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">U</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Earnings per share</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Earnings per share are calculated by dividing the income attributable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the shareholders&#8217; equity</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">monthly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">weighted average number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">common</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">outstanding</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> during the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" unitRef="Shares" id="Tag1590" decimals="0" format="ixt-sec:numwordsen">no</ix:nonFraction> dilutive potential ordinary shares.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
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<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">V</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">F</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">inancial instruments</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s and trade and other payables.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company classifies its financial instruments according to the following measurement categories:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">those to be measured at amortised cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The classification depends on the Company&#8217;s business model for managing the financial assets and contractual terms of the cash flows.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsequent measurement of debt instruments depends on the Company&#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are <span>three</span> measurement categories into which the Company classifies its debt instruments:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Amortized Cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Fair value through oth</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">er comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Fai</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">r value through profit and loss</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quity instruments are subsequently measured at fair value.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Accounting for derivative financial instruments and hedging act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ivities is included within the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ection III, Financial Risk Management.</span></p> </ix:nonNumeric> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160;</p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; line-height: inherit;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">iii</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">.</span> <span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Financial risk management</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The multinational nature of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> operations and customer base expose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompany </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a variety of risks,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mainly related to market risks (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including the effects of changes in foreign currency exchange rates and interest rates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, credit risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In order to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">manage the volatility related to these exposures, management evaluates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exposures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on a consolidated basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tak</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> advantage of exposure netting. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company or its subsidiaries may </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">then </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enter into various derivative transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in order</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prevent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> potential adverse impacts on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">performance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Such derivative transactions are executed in accordance with internal policies and hedging practices.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">A. Financial </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">r</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">isk </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">f</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">actors</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(i) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Capital risk m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">anagement</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is seeks to maintain a low</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> debt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to total </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity ratio considering the industry and the mark</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ets where it operates. The year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">end </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ratio of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">debt </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to total </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(where </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">debt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> comprises financial borrowings and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">total </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is the sum of financial borrowings and equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:DebtToEquityRatio" unitRef="Pure" id="Tag255" decimals="2" format="ixt:num-dot-decimal">0.03</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ts:DebtToEquityRatio" unitRef="Pure" id="Tag327" decimals="2" format="ixt:num-dot-decimal">0.05</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The Company does not have to comply with regulatory capital adequacy requirements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(ii)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Foreign exchange risk </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. Since the Company&#8217;s functional currency is the U.S. dollar the purpose of Tenaris&#8217;s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s exposure to currency fluctuations is reviewed on a periodic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated basis. A number of derivative transactions are performed in order to achieve an efficient </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">coverage in the absence of operative or natural hedges. Almost all of these transactions are fo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rward exchange rates contracts. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ee </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>26</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris does not</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the case of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> functional currencies other than the U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the results of hedging activities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reported in accordance with IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> may not</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reflect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> entirely</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management&#8217;s assessment of its foreign exchange risk hedging program. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ntercompany balances between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries may generate financial gains (losses) to the extent that functional currencies differ.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> financial assets and liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ubject to changes arising from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the variation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign currency</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exchange rates. The following table </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provides</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a breakdown of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">main financial assets and liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(including foreign exchange derivative contracts) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which impact the Company&#8217;s profit and loss </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" id="Tag631" escape="true">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> All amounts Long / (Short) in thousands of U.S. dollars </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> As of December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Currency Exposure / Functional currency </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Argentine Peso / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ArgentinePesoUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag439" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">134,716</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ArgentinePesoUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag408" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">126,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Euro / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_EuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag136" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">203,608</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_EuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag362" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">42,458</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabian Riyal / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_SaudiArabianRiyalUsDollarExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag495" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">181,931</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_SaudiArabianRiyalUsDollarExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag205" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">74,183</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt; line-height: inherit;" class="pageno"><span>F-29</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; line-height: inherit;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main relevant exposures correspond to:</span></p>
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<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;" class="mylistitemclass"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Argentine Peso / U.S. dollar</span></span></li> </ul>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consisting primarily of Argentine Peso-denominated financial, trade, social and fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of <span>1</span>% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag182" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag422" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-align: justify;"><br/></p>
<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;" class="mylistitemclass"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;">Euro / U.S. dollar</span></span></li> </ul>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and <span>2022</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dollar. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A change of <span>1</span>% in the EUR/USD exchange rate would have generated a pre-tax gain / loss of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag371" decimals="-5" scale="6" format="ixt:num-dot-decimal">2.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag477" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively, which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&#8217;s net equity position.</span></p>
<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;" class="mylistitemclass"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;">Saudi Arabian Riyal / U.S. dollar</span></span></li> </ul>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consisting primarily of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Saudi Arabian Riyal-denominated financial and trade payables</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The Saudi Arabian Riyal is tied to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> U.S.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> dollar.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 17.85pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Considering the balances held as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous <span>1</span>% favorable / unfavorable movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d be a pre-tax gain / loss of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag364" decimals="-5" scale="6" format="ixt:num-dot-decimal">6.7</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million (including a loss / gain of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag190" decimals="-5" scale="6" format="ixt:num-dot-decimal">2.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million due to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which would be partially offset by changes to Tenaris&#8217;s net equity position of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_3" name="ts:CTAForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag497" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For balances held as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a simultaneous <span>1</span>% favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag378" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (including a loss / gain of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag159" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million due to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which would have been partially offset by changes to Tenaris&#8217;s net equity position of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ts:CTAForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag154" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris based its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sensitivity analysis on a <ix:nonFraction contextRef="D20231231_CurrencyRiskMember" name="ts:PercentageOfVariance" unitRef="Pure" id="Tag260" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% variance for information purposes only, enabling the analysis to any particular variance.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(iii) </span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Interest rate risk</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 17.85pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is subject to interest rate risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its investment portfolio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and its debt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company may choose to enter into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts and / or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">interest rate swaps to mitigate the exposure to changes in the interest rates. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">table </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">summarizes</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the proportions of variable-rate and fixed-rate debt as of each year end</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> As of December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> In thousands of U.S. dollars </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> In thousands of U.S. dollars </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fixed rate <sup>(*) </sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag321" decimals="-3" scale="3" format="ixt:num-dot-decimal">294,946</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag3354" decimals="2" scale="-2" format="ixt:num-dot-decimal">51</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag3352" decimals="-3" scale="3" format="ixt:num-dot-decimal">497,889</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag417" decimals="2" scale="-2" format="ixt:num-dot-decimal">68</ix:nonFraction>% </span></p> </td>
<td style="padding: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Variable rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag424" decimals="-3" scale="3" format="ixt:num-dot-decimal">288,491</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag361" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FloatingInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag3331" decimals="-3" scale="3" format="ixt:num-dot-decimal">230,873</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FloatingInterestRateMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag399" decimals="2" scale="-2" format="ixt:num-dot-decimal">32</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag279" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag232" decimals="-3" scale="3" format="ixt:num-dot-decimal">728,762</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 9pt;"><sup>(*)</sup> <span><ix:footnote xml:lang="en-US" id="footnote25" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Out of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FixedInterestRateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag441" decimals="-5" scale="6" format="ixt:num-dot-decimal">294.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion fixed rate </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">borrowings,</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FixedInterestRateMember" name="ifrs-full:ShorttermBorrowings" unitRef="USD" id="Tag225" decimals="-5" scale="6" format="ixt:num-dot-decimal">271.1</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion are short-term</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></ix:footnote></span></span></p> </ix:nonNumeric> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
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<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-30</span></span></td> </tr> </tbody> </table> </div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<div xmlns="http://www.w3.org/1999/xhtml" style="border-left: none; border-right: none;">
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; line-height: inherit;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company estimates that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> if</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> interest rates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> applicable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> borrowings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">had</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> been <span>100</span> basis points higher</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">then the additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pre-tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> would </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_3" name="ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher" unitRef="USD" id="Tag251" decimals="-5" scale="6" format="ixt:num-dot-decimal">6.4</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher" unitRef="USD" id="Tag84" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris based its interest rate sensitivity analysis on a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>100</span> basis points</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> variance for information purposes only, enabling the analysis to any particular variance.</span></p>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(iv) </span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Credit risk</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.</span></p>
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<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20211231" name="ifrs-full:InformationAboutMajorCustomers" id="Tag3393" escape="true"><ix:nonNumeric contextRef="D20221231_3" name="ifrs-full:InformationAboutMajorCustomers" id="Tag3392" escape="true"><ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:InformationAboutMajorCustomers" id="Tag450" escape="true">No</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric> single customer comprised more than <ix:nonFraction contextRef="D20211231" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3390" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3391" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag385" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction></ix:nonFraction></ix:nonFraction>% of Tenaris&#8217;s net sales in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">maintains</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a strong, longstanding relationship with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petr&#243;leos</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexicanos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pemex</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>one</span> of the world&#8217;s largest crude oil and condensates producers and <span>one</span> of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> largest customers. Over the past several months, Pemex has delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit exposure to Pemex, which represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_CounterpartyRiskMember_PetroleosMexicanosMember" name="ts:ConcentrationRiskPercentage" unitRef="Pure" id="Tag379" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of the Company&#8217;s overall credit exposure as of December 31, 2023. The Company has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer. Although the parties are in continuous conversations and Pemex is making partial payments on a periodic basis, at this stage the Company cannot predict whether or not its exposure to Pemex will be reduced, or the timing for any such reduction.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s credit policies related to sales of products and services are designed to identify customers with acceptable credit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to minimize credit risks </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> See s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ection II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">K</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag323" decimals="-5" scale="6" format="ixt:num-dot-decimal">2,480.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. Trade receivables ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> guarantees under credit insurance of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_GuaranteesUnderCreditInsuranceMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag174" decimals="-5" scale="6" format="ixt:num-dot-decimal">212.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, letter of credit and other bank guarantees of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_LetterOfCreditAndOtherBankGuaranteesMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag160" decimals="-5" scale="6" format="ixt:num-dot-decimal">48.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">verdue trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PastDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag266" decimals="-5" scale="6" format="ixt:num-dot-decimal">679.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, overdue guaranteed trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialGuaranteeContractsMember_PastDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag91" decimals="-5" scale="6" format="ixt:num-dot-decimal">24.4</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million; and the allowance for doubtful accounts amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag470" decimals="-5" scale="6" format="ixt:num-dot-decimal">49.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> trade receivables amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag289" decimals="-5" scale="6" format="ixt:num-dot-decimal">2,493.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. Trade receivables ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> guarantees under credit insurance </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_GuaranteesUnderCreditInsuranceMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag237" decimals="-5" scale="6" format="ixt:num-dot-decimal">231.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, letter of credit and other bank guarantees of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_LetterOfCreditAndOtherBankGuaranteesMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag235" decimals="-5" scale="6" format="ixt:num-dot-decimal">34.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">verdue trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_PastDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag183" decimals="-5" scale="6" format="ixt:num-dot-decimal">544.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, overdue guaranteed trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialGuaranteeContractsMember_PastDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag105" decimals="-5" scale="6" format="ixt:num-dot-decimal">28.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million; and the allowance for doubtful accounts amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag133" decimals="-5" scale="6" format="ixt:num-dot-decimal">45.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management believes that b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oth the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(v) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Counterparty risk</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:ExposureInvestmentGradeRatedInstruments" unitRef="Pure" id="Tag143" decimals="2" scale="-2" format="ixt:num-dot-decimal">91</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> of Tenaris&#8217;s liquid financial assets correspond</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> to Investment Grade-rated instruments as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, in comparison with approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ts:ExposureInvestmentGradeRatedInstruments" unitRef="Pure" id="Tag280" decimals="2" scale="-2" format="ixt:num-dot-decimal">80</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; line-height: inherit;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </div>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Liquidity risk</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> financing strategy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s to maintain adequate financial resources and access to additional liquidity. During <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">appropriate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">access to market for short-term working capital needs.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Liquid financial assets as a whole (comprising cash and cash equivalents and other investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:LiquidFinancialAssetsPercentage" unitRef="Pure" id="Tag121" decimals="2" scale="-2" format="ixt:num-dot-decimal">19</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ts:LiquidFinancialAssetsPercentage" unitRef="Pure" id="Tag94" decimals="2" scale="-2" format="ixt:num-dot-decimal">9</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> total asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s at the end of <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has a conservative approach to the management of its liquidity, which consists of i)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cash and cash equivalents (cash in banks, liquidity funds and investments</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">maturity of less than <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_LiquidityRiskMember" name="ts:MaximumMaturityPeriodOfCashAndCashEquivalents" id="Tag358" format="ixt-sec:durwordsen">three months</ix:nonNumeric></span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at the date of purchase), and ii) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nvestments (fixed income securities, time d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eposits, and fund investments).</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris holds primarily investments in money market </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funds and variable or fixed-rate securities from investment grade issuers. </span></p>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Tenaris holds its investments primarily in U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">dollars. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, U.S. dollar denominated liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><ix:nonFraction contextRef="I20231231_OtherCurrenciesHedgedToUSDollarMember" name="ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" unitRef="Pure" id="Tag337" decimals="2" scale="-2" format="ixt:num-dot-decimal">94</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><ix:nonFraction contextRef="I20221231_OtherCurrenciesHedgedToUSDollarMember" name="ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" unitRef="Pure" id="Tag309" decimals="2" scale="-2" format="ixt:num-dot-decimal">87</ix:nonFraction>%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">of total liquid financial assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(vii) </span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Commodity price risk</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not in excess of <span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_CommodityPriceRiskMember" name="ts:MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" id="Tag223" format="ixt-sec:durwordsen"><span style="border-left: none; border-right: none;"><span>one</span> year</span></ix:nonNumeric></span>, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">n general hedging for these risks is performed on a limited basis.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">B. Category of financial instruments and classification w</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ithin th</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">e fair value h</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ierarchy</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As mentioned in note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">V</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through othe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and fair </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">value through profit and loss</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For financial instruments that are measured in the statement of financial position at fair value, IFRS <span>13</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Fair value measurement&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Level <span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Quoted prices (unadjusted) in active markets for identical assets or liabilities.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Level <span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Inputs other than quoted prices included within Level <span>1</span> that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Level <span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).<br/></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-32</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following tables present the financial instruments by category and levels as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2023 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 18%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag335" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,637,821</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag3345" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,414,397</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag458"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag345" decimals="-3" scale="3" format="ixt:num-dot-decimal">223,424</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag184" decimals="-3" scale="3" format="ixt:num-dot-decimal">223,424</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag496"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag346"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag165" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,969,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag326" decimals="-3" scale="3" format="ixt:num-dot-decimal">896,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3365" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag224" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag147" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,073,465</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag212"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag211"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag349" decimals="-3" scale="3" format="ixt:num-dot-decimal">896,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3332" decimals="-3" scale="3" format="ixt:num-dot-decimal">896,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag452"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag442"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3363"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag274"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag294"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> U.S. Sovereign Bills </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag290" decimals="-3" scale="3" format="ixt:num-dot-decimal">282,225</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag391" decimals="-3" scale="3" format="ixt:num-dot-decimal">282,225</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag392"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag407"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag336"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag487"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_UsSovereignBillsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag2951"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Certificates of deposits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag474" decimals="-3" scale="3" format="ixt:num-dot-decimal">334,637</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag98" decimals="-3" scale="3" format="ixt:num-dot-decimal">334,637</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag108"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag156"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag473"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag231"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag293"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Commercial papers </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag256" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,708</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag333" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,708</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag347"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag428"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag169"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag130"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag447"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag214" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,596</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag322" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,596</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag300"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3353"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag33"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag206"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag370"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag194" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag191"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag96" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag410"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag116" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag426"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag193"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag384" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag368"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3364" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag36"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag149" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag263"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_UsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag271"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Non-U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag267" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,943</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag127"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag377" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,943</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag163"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag330" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,943</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3351"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag324"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Corporates securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag301" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,939</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag455"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag334" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,939</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag243" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,939</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag376"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag126"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Mutual Fund </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag490" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag138"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag307"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag246" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag353" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag204"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag320"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag393" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag401"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag227"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag2085" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag213"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag192" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag139"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other Investments Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag367" decimals="-3" scale="3" format="ixt:num-dot-decimal">405,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag2996"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag445" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag3349" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag228" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag398"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag306" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag135" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag123"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag2956" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag397"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag383" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag275"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag310"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag35" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag150"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag180"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag465" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag252"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag409"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag162" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag119" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,480,889</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag273" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,480,889</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag485"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag418"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag152"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag281"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag451"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Receivables C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag456" decimals="-3" scale="3" format="ixt:num-dot-decimal">414,778</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag132" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,144</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag106"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag276"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag249"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag245"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag176"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag419" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,144</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag359" decimals="-3" scale="3" format="ixt:num-dot-decimal">93,144</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag112"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag199"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag298"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag338"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag215"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag457" decimals="-3" scale="3" format="ixt:num-dot-decimal">321,634</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag287"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag444"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag475"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag461"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag198"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag342"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag498" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,884,596</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag185" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,232,501</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag463" decimals="-3" scale="3" format="ixt:num-dot-decimal">479,820</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag107" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,695,109</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag259" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag207" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Borrowings C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag157" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag240" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag220"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag242"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag236"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag230"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag110"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other liabilities C and NC (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag318" decimals="-3" scale="3" format="ixt:num-dot-decimal">693,913</ix:nonFraction></span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag265"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag380"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag261" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction></span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag412"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag90"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag34" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction></span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag268" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag360"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag264"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag341" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag403"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag468"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesFinancialMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag285" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember" name="ifrs-full:OtherLiabilities" unitRef="USD" id="Tag471" decimals="-3" scale="3" format="ixt:num-dot-decimal">607,673</ix:nonFraction></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag99"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag250"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag348"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag325"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag316"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"/>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><ix:nonFraction contextRef="I20231231_OtherLiabilitiesNonfinancialMember_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherLiabilities" unitRef="USD" xsi:nil="true" id="Tag282"/>-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag155" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,107,567</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag254" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,107,567</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag453"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag244"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag219"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag248"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag210"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Lease Liabilities C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag144" decimals="-3" scale="3" format="ixt:num-dot-decimal">134,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag304" decimals="-3" scale="3" format="ixt:num-dot-decimal">134,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag311"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag486"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag427"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag197"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag247"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag111" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag435"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag195"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag414" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag221"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag405" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag493"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag188" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,825,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag402"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag467" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,390</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag459"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag3348" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag89"/>86,240</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><sup>(*)</sup> <span><ix:footnote xml:lang="en-US" id="footnote28" footnoteRole="http://www.xbrl.org/2003/role/footnote">Includes liability related to share buyback program. See note <span>37</span> to these Consolidated Financial Statements.</ix:footnote></span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-33</span></span></td> </tr> </tbody> </table> </div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
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<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; line-height: inherit;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt;"><br/></p> </ix:exclude> </div>
<div id="t_ft_I8R79O5E4G00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 487px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 13.9912%;">
<p style="margin: 0pt;"><br/></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 34.3152%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 30.9278%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 13.9912%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.9838%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag104" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,091,527</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.5729%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag372" decimals="-3" scale="3" format="ixt:num-dot-decimal">668,668</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.24742%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag351"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.65832%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag93" decimals="-3" scale="3" format="ixt:num-dot-decimal">422,859</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag375" decimals="-3" scale="3" format="ixt:num-dot-decimal">422,859</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag415"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" xsi:nil="true" id="Tag404"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag234" decimals="-3" scale="3" format="ixt:num-dot-decimal">438,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag186" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag218" decimals="-3" scale="3" format="ixt:num-dot-decimal">182,988</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag288" decimals="-3" scale="3" format="ixt:num-dot-decimal">59,308</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag312" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,296</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag297"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag317"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag122" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag314" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag269"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag161"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag284"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag209"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag413"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Certificates of deposits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag233" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,167</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag178" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,167</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag187"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag196"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag120"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag369"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_CertificatesOfDepositsMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag114"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Commercial papers </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag270" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,785</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag222" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,785</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag277"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag172"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag179"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag153"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_CommercialPapersMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag303"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 18px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag400" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,200</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag448" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,200</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag373"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag291"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag449"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3319"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_OtherNotesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag201"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag396" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,953</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag489"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag117" decimals="-3" scale="3" format="ixt:num-dot-decimal">182,988</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag131" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,965</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag3320" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,953</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag406"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag299"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Non-U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag177" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,310</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3350"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag286" decimals="-3" scale="3" format="ixt:num-dot-decimal">79,345</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag253" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,965</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag319" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,310</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3355"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_NonUsGovernmentSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag331"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Corporates securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag239" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,643</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag482"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag332" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,643</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag437"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag113" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,643</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag257"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_CorporatesSecuritiesMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag175"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Mutual Fund </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag283" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,343</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag145"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag3330"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag142" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,343</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag503" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,343</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag382"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_MutualFundFinancialInstrumentMember" name="ifrs-full:CurrentInvestments" unitRef="USD" xsi:nil="true" id="Tag109"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag217" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,805</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag92"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag229"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag479" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,805</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag141"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag166" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,805</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_DerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag134"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other Investments Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag466" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,902</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag171"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag355" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,574</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag208" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag411" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,574</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag421"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag31" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag97" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,574</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag354"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag460" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,574</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag173"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag181" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,574</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag203"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_BondsAndOtherFixedIncomeMember" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag101"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag118" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag492"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag100"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag440" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag86"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" xsi:nil="true" id="Tag202"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_OtherInvestments1Member" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag3362" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag216" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,493,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag483" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,493,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag128"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag85"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag262"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag425"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag2964"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Receivables C and NC (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag226" decimals="-3" scale="3" format="ixt:num-dot-decimal">395,531</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag238" decimals="-3" scale="3" format="ixt:num-dot-decimal">105,397</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag365" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,659</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag374"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag446"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag478"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag542" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,659</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag167" decimals="-3" scale="3" format="ixt:num-dot-decimal">154,056</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag125" decimals="-3" scale="3" format="ixt:num-dot-decimal">105,397</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag189" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,659</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag2950"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag363"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag302"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_OtherReceivablesMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag381" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,659</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" id="Tag329" decimals="-3" scale="3" format="ixt:num-dot-decimal">241,475</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag200"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag168"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag170"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag296"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag95"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_OtherReceivablesNonfinancialMember" name="ifrs-full:OtherReceivables" unitRef="USD" xsi:nil="true" id="Tag481"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag491" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,464,157</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag416" decimals="-3" scale="3" format="ixt:num-dot-decimal">345,221</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag278" decimals="-3" scale="3" format="ixt:num-dot-decimal">519,300</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag420" decimals="-3" scale="3" format="ixt:num-dot-decimal">778,729</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag32" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,805</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag350" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,987</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Borrowings C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag394" decimals="-3" scale="3" format="ixt:num-dot-decimal">728,762</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag308" decimals="-3" scale="3" format="ixt:num-dot-decimal">728,762</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag472"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag494"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag454"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag484"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag340"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag343" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,179,457</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" id="Tag488" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,179,457</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag356"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag476"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag469"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag115"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:TradeAndOtherCurrentPayables" unitRef="USD" xsi:nil="true" id="Tag272"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Lease Liabilities C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag313" decimals="-3" scale="3" format="ixt:num-dot-decimal">112,177</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag436" decimals="-3" scale="3" format="ixt:num-dot-decimal">112,177</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag434"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag258"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag241"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag292"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:LeaseLiabilities" unitRef="USD" xsi:nil="true" id="Tag140"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag438" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag124"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag137"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag148" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag146"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag462" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember_DerivativeLiabilitiesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag3346"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtAmortisedCostCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag357" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,020,396</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag344"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag315" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level1OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag352"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level2OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" id="Tag395" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialLiabilities" unitRef="USD" xsi:nil="true" id="Tag102"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
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<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt;"><sup><span style="line-height: inherit;">(*) </span></sup></span><span><ix:footnote xml:lang="en-US" id="footnote26" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes balances related to interest in Venezuelan companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ee n</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ote</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>35</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements.</span></span></ix:footnote></span></p> </div> </ix:nonNumeric> </div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-34</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; line-height: inherit;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">For the years ended <span style="line-height: inherit;">2023</span>, <span style="line-height: inherit;">2022</span> and <span style="line-height: inherit;">2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">here were no transfers between l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> during the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of financial instruments traded in active markets is based on quoted market prices at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reporting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm&#8217;s length basis. The quoted market price used for financial assets held by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is the current bid price. These instruments are included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span> and comprise primar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">il</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">y corporate and sovereign debt securities.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonNumeric contextRef="D20231231_3" name="ts:MinimumMaturityPeriodOfCertificatesOfDeposits" id="Tag295" format="ixt-sec:durwordsen">three months</ix:nonNumeric></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">orward and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nterest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ate derivative in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">truments) is determined by using valuation techniques</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> maximiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e the use</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of observable market data when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> available and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the instrument is included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel <span>2</span>.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris values its assets and liabilities included in this level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied volatilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">obtained </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from market contributors as of the valuation date.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If <span>one</span> or more of the significant inputs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not based on observable market data, the instruments are included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel <span>3</span>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company&#8217;s best estimate on how market participants would price the asset or liability at measurement date. <span><span dir="ltr">Main balances in this level include a liability related to the shares to be settled under the share buyback program recognized during the period. For more information see note <span>37</span>.</span></span></span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table presents the changes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel <span>3</span> assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><br/></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag366" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,987</ix:nonFraction> </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag328" decimals="-3" scale="3" format="ixt:num-dot-decimal">56,294</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
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<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; padding: 0px 0px 0px 7px; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Decrease <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets" unitRef="USD" id="Tag443" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">47,467</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets" unitRef="USD" id="Tag305" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,126</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_Level3OfFairValueHierarchyMember" name="ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" unitRef="USD" id="Tag480" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">109</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_Level3OfFairValueHierarchyMember" name="ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" unitRef="USD" id="Tag158" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">181</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag339" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_Level3OfFairValueHierarchyMember" name="ifrs-full:FinancialAssets" unitRef="USD" id="Tag129" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,987</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="font-size: 8pt;"><sup>(*)</sup><span style="font-family: 'times new roman', times; font-size: 9pt;"> <span><ix:footnote xml:lang="en-US" id="footnote27" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">For <span>2023</span>, r</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; text-decoration: none; font-weight: normal; color: black;">elated to the sale of Venezuela awards. For more information see notes <span>6</span> and <span>35</span></span>.</span></span></ix:footnote></span></span></span></span></span></p> </ix:nonNumeric> </div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-35</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt; line-height: inherit;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8pt; font-family: 'Frutiger 45 Light', sans-serif; color: #666666; line-height: inherit;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">C</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">. </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair value estimation</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair values of quoted investments are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> generally</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on current bid prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation techniques. </span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of all outstanding derivatives is determined using speci</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fic pricing models that include</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inputs that are observable in the market or can be derived from or corroborated by observable data.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Borrowings are classified under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other financial liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and measured at their amortized cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Tenaris estimates that the fair value of its main financial liabilities is approxi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" unitRef="Pure" id="Tag151" decimals="3" scale="-2" format="ixt:num-dot-decimal">99.8</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" unitRef="Pure" id="Tag164" decimals="3" scale="-2" format="ixt:num-dot-decimal">99.2</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of its carrying amount </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">luding interests accrued</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">flows.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The carrying</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amount of investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> valuated at amortized cos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t approximates its fair value.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">D. Accounting for derivative financial instruments and hedging activities</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools are used for calculation of each instrument&#8217;s fair value and these tools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates matching the nature of each underlying risk. </span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Financial Results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris designa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tes certain derivatives </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as hedges of particular risks associated with recognized assets or liabilities or highly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Tenaris&#8217;s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial position.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For transactions designated and qualifying for hedge accounting, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertak</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing various hedge transactions.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris also documents its assessment on an ongoing basis, of whether the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hedging instrument</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are highly effective in offsetting changes in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair value or cash flow of hedged items.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the effective portion of designated cash flow hedges </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which is included</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other Reserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in equity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag423" decimals="-5" scale="6" format="ixt:num-dot-decimal">8.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">credit</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag464" decimals="-5" scale="6" format="ixt:num-dot-decimal">13.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">credit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair values of various derivative instruments used for hedging purposes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and the movements of the hedging reserve included within </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other Reserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in equity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disclosed in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ote</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>26</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p> </ix:nonNumeric>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-36</span></span></td> </tr> </tbody> </table> </div>
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<p style="margin:0pt"><br/></p><div id="Dtkahxompanu1fu2mz2xhi" style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
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<p style="margin: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">I</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">V. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span>1</span></span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Segment information</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As mentioned in sectio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">egment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nformation is disclosed as follow</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Reportable operating segments</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(All amounts in millions of U.S. dollars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">)&#160;</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_TubesMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2141" decimals="-6" scale="6" format="ixt:num-dot-decimal">4,337</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_AllOtherSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2187" decimals="-6" scale="6" format="ixt:num-dot-decimal">129</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag3013" decimals="-6" scale="6" format="ixt:num-dot-decimal">4,466</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInCostOfSales" unitRef="USD" id="Tag2150" decimals="-6" scale="6" format="ixt:num-dot-decimal">134</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in selling, general and administrative expenses </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" unitRef="USD" id="Tag2099" decimals="-6" scale="6" format="ixt:num-dot-decimal">7</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" unitRef="USD" id="Tag2096" decimals="-6" scale="6" format="ixt:num-dot-decimal">9</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag3003" decimals="-6" scale="6" format="ixt:num-dot-decimal">4,316</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag2162" decimals="-6" scale="6" format="ixt:num-dot-decimal">221</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2415" decimals="-6" scale="6" format="ixt:num-dot-decimal">4,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2071" decimals="-6" scale="6" format="ixt:num-dot-decimal">95</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2144" decimals="-6" scale="6" format="ixt:num-dot-decimal">4,633</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20231231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2024" decimals="-6" scale="6" format="ixt:num-dot-decimal">14,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20231231_AllOtherSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2012" decimals="-6" scale="6" format="ixt:num-dot-decimal">684</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2131" decimals="-6" scale="6" format="ixt:num-dot-decimal">14,869</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20231231_TubesMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2176" decimals="-6" scale="6" format="ixt:num-dot-decimal">518</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20231231_AllOtherSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2159" decimals="-6" scale="6" format="ixt:num-dot-decimal">31</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_ReportableSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag3014" decimals="-6" scale="6" format="ixt:num-dot-decimal">549</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div id="t_ft_7OPW9RNHNK00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; text-indent: 0px; height: 238px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_TubesMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2164" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,772</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_AllOtherSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2020" decimals="-6" scale="6" format="ixt:num-dot-decimal">75</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2168" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,847</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInCostOfSales" unitRef="USD" id="Tag2151" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">44</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInDepreciationAndAmortization" unitRef="USD" id="Tag2175" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">2</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" unitRef="USD" id="Tag2130" decimals="-6" scale="6" format="ixt:num-dot-decimal">4</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" unitRef="USD" id="Tag2777" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">74</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag2524" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,963</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag2076" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">6</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2312" decimals="-6" scale="6" format="ixt:num-dot-decimal">2,957</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2320" decimals="-6" scale="6" format="ixt:num-dot-decimal">209</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2208" decimals="-6" scale="6" format="ixt:num-dot-decimal">3,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20221231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2066" decimals="-6" scale="6" format="ixt:num-dot-decimal">11,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20221231_AllOtherSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2136" decimals="-6" scale="6" format="ixt:num-dot-decimal">630</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag3001" decimals="-6" scale="6" format="ixt:num-dot-decimal">11,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20221231_TubesMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2143" decimals="-6" scale="6" format="ixt:num-dot-decimal">588</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20221231_AllOtherSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2436" decimals="-6" scale="6" format="ixt:num-dot-decimal">20</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_ReportableSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2042" decimals="-6" scale="6" format="ixt:num-dot-decimal">608</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="margin: 0pt; text-align: justify;"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-37</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div id="t_ft_EVIUJKWQLS00000000000000000000b">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 221px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2021 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_TubesMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2328" decimals="-6" scale="6" format="ixt:num-dot-decimal">178</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_AllOtherSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2007" decimals="-6" scale="6" format="ixt:num-dot-decimal">65</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ts:ManagementViewOperatingIncome" unitRef="USD" id="Tag2095" decimals="-6" scale="6" format="ixt:num-dot-decimal">243</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInCostOfSales" unitRef="USD" id="Tag2135" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">473</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInDepreciationAndAmortization" unitRef="USD" id="Tag2206" decimals="-6" scale="6" format="ixt:num-dot-decimal">1</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" unitRef="USD" id="Tag2078" decimals="-6" scale="6" format="ixt:num-dot-decimal">8</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ifrs-full:ProfitLossFromOperatingActivities" unitRef="USD" id="Tag3010" decimals="-6" scale="6" format="ixt:num-dot-decimal">707</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag2204" decimals="-6" scale="6" format="ixt:num-dot-decimal">23</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax" unitRef="USD" id="Tag2092" decimals="-6" scale="6" format="ixt:num-dot-decimal">730</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag2016" decimals="-6" scale="6" format="ixt:num-dot-decimal">513</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag3006" decimals="-6" scale="6" format="ixt:num-dot-decimal">1,243</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20211231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag3012" decimals="-6" scale="6" format="ixt:num-dot-decimal">5,994</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20211231_AllOtherSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2188" decimals="-6" scale="6" format="ixt:num-dot-decimal">528</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag3004" decimals="-6" scale="6" format="ixt:num-dot-decimal">6,521</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20211231_TubesMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2138" decimals="-6" scale="6" format="ixt:num-dot-decimal">575</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> <ix:nonFraction contextRef="D20211231_AllOtherSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2322" decimals="-6" scale="6" format="ixt:num-dot-decimal">20</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_ReportableSegmentsMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2015" decimals="-6" scale="6" format="ixt:num-dot-decimal">595</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"/> </tr> </tbody> </table> </div> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Transactions between segments, which were eliminated in consolidation,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly related to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> sales of scrap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, energy, surplus raw materials and others</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> from the Other segment to the Tubes segment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_EliminationOfIntersegmentAmountsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2197" decimals="-5" scale="6" format="ixt:num-dot-decimal">98.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_EliminationOfIntersegmentAmountsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2046" decimals="-5" scale="6" format="ixt:num-dot-decimal">77.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_EliminationOfIntersegmentAmountsMember" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag2127" decimals="-5" scale="6" format="ixt:num-dot-decimal">45.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no material differences between IFRS and management view in total revenues and by reportable segments.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> minor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> timing differences.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The main difference in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating income (expenses)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">, net</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ended </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December 31</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>2022</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is attributable to t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes&#8217; definitive cease of operations, not impacting the management view.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In addition to the amounts reconciled above, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-38</span></span></td> </tr> </tbody> </table>
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<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Geographical information</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfGeographicalAreasExplanatory" id="Tag2192" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 423px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> North America </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> South America </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Europe </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Asia Pacific, Middle East and Africa <span style="font-size: 8pt; line-height: inherit;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Unallocated <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_NorthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag3015" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,765,130</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_SouthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2419" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,382,495</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_EuropeMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2126" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,175,581</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2203" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,545,654</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_UnallocatedRegionMember" name="ifrs-full:Revenue" unitRef="USD" xsi:nil="true" id="Tag2093"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:Revenue" unitRef="USD" id="Tag2521" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,868,860</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_NorthAmericaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2209" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,210,620</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SouthAmericaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2167" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,751,121</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_EuropeMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2174" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,839,378</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2191" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,671,972</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_UnallocatedRegionMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2492" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,608,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Assets" unitRef="USD" id="Tag2008" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,081,895</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_NorthAmericaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2326" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,222,635</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SouthAmericaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2178" decimals="-3" scale="3" format="ixt:num-dot-decimal">447,379</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_EuropeMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2316" decimals="-3" scale="3" format="ixt:num-dot-decimal">278,077</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2523" decimals="-3" scale="3" format="ixt:num-dot-decimal">532,798</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_UnallocatedRegionMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag2129"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2073" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,480,889</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_NorthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2314" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,676,352</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SouthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1864" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,143,752</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_EuropeMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2079" decimals="-3" scale="3" format="ixt:num-dot-decimal">794,242</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2146" decimals="-3" scale="3" format="ixt:num-dot-decimal">463,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_UnallocatedRegionMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2009"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2833" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,078,179</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_NorthAmericaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2068" decimals="-3" scale="3" format="ixt:num-dot-decimal">214,932</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_SouthAmericaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2184" decimals="-3" scale="3" format="ixt:num-dot-decimal">246,061</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_EuropeMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2437" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,820</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2525" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,632</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_UnallocatedRegionMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" xsi:nil="true" id="Tag3008"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2069" decimals="-3" scale="3" format="ixt:num-dot-decimal">619,445</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_NorthAmericaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2416" decimals="-3" scale="3" format="ixt:num-dot-decimal">307,139</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_SouthAmericaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2101" decimals="-3" scale="3" format="ixt:num-dot-decimal">115,156</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_EuropeMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2318" decimals="-3" scale="3" format="ixt:num-dot-decimal">74,862</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2200" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,353</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_UnallocatedRegionMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" xsi:nil="true" id="Tag2183"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2327" decimals="-3" scale="3" format="ixt:num-dot-decimal">548,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_NorthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2080" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,902,787</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_SouthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2047" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,550,402</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_EuropeMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2137" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,000,833</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2010" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,308,504</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_UnallocatedRegionMember" name="ifrs-full:Revenue" unitRef="USD" xsi:nil="true" id="Tag2181"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:Revenue" unitRef="USD" id="Tag1860" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,762,526</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NorthAmericaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2850" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,018,386</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_SouthAmericaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2045" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,896,403</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_EuropeMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2999" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,071,624</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag3007" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,023,187</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_UnallocatedRegionMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2074" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,540,646</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Assets" unitRef="USD" id="Tag2180" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,550,246</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NorthAmericaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2317" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,371,717</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_SouthAmericaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2103" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,223</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_EuropeMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2199" decimals="-3" scale="3" format="ixt:num-dot-decimal">202,753</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2193" decimals="-3" scale="3" format="ixt:num-dot-decimal">336,247</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_UnallocatedRegionMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag2013"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2177" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,493,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NorthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2021" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,548,844</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_SouthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2128" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,031,423</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_EuropeMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag3000" decimals="-3" scale="3" format="ixt:num-dot-decimal">706,539</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2210" decimals="-3" scale="3" format="ixt:num-dot-decimal">269,457</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_UnallocatedRegionMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag1863"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2125" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,556,263</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_NorthAmericaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2163" decimals="-3" scale="3" format="ixt:num-dot-decimal">118,644</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_SouthAmericaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2094" decimals="-3" scale="3" format="ixt:num-dot-decimal">176,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_EuropeMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2997" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,143</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2017" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,211</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_UnallocatedRegionMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" xsi:nil="true" id="Tag2100"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2064" decimals="-3" scale="3" format="ixt:num-dot-decimal">378,446</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_NorthAmericaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2165" decimals="-3" scale="3" format="ixt:num-dot-decimal">348,550</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_SouthAmericaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag3005" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,324</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_EuropeMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2067" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag1862" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,218</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_UnallocatedRegionMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" xsi:nil="true" id="Tag2321"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2022" decimals="-3" scale="3" format="ixt:num-dot-decimal">607,723</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2021 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_NorthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2325" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,360,345</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_SouthAmericaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2207" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,311,279</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_EuropeMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag3011" decimals="-3" scale="3" format="ixt:num-dot-decimal">742,463</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2043" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,107,120</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_UnallocatedRegionMember" name="ifrs-full:Revenue" unitRef="USD" xsi:nil="true" id="Tag2102"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:Revenue" unitRef="USD" id="Tag2182" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,521,207</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_NorthAmericaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2044" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,992,946</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_SouthAmericaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2132" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,399,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_EuropeMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2072" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,727,573</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2522" decimals="-3" scale="3" format="ixt:num-dot-decimal">945,690</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_UnallocatedRegionMember" name="ifrs-full:Assets" unitRef="USD" id="Tag2097" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,383,774</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:Assets" unitRef="USD" id="Tag2134" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,449,431</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_NorthAmericaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag3002" decimals="-3" scale="3" format="ixt:num-dot-decimal">652,483</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_SouthAmericaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2011" decimals="-3" scale="3" format="ixt:num-dot-decimal">234,800</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_EuropeMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2142" decimals="-3" scale="3" format="ixt:num-dot-decimal">180,515</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2014" decimals="-3" scale="3" format="ixt:num-dot-decimal">231,274</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_UnallocatedRegionMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" xsi:nil="true" id="Tag2201"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag2018" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,299,072</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_NorthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2520" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,805,912</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_SouthAmericaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2202" decimals="-3" scale="3" format="ixt:num-dot-decimal">984,413</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_EuropeMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2185" decimals="-3" scale="3" format="ixt:num-dot-decimal">742,461</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2158" decimals="-3" scale="3" format="ixt:num-dot-decimal">292,015</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_UnallocatedRegionMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" xsi:nil="true" id="Tag2169"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2140" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,824,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_NorthAmericaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2313" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,118</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_SouthAmericaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2324" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,723</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_EuropeMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2156" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,344</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2179" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,333</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_UnallocatedRegionMember" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" xsi:nil="true" id="Tag2025"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" unitRef="USD" id="Tag2075" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,518</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_NorthAmericaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2133" decimals="-3" scale="3" format="ixt:num-dot-decimal">307,116</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_SouthAmericaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2414" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,781</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_EuropeMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag1865" decimals="-3" scale="3" format="ixt:num-dot-decimal">89,667</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2157" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,157</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_UnallocatedRegionMember" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" xsi:nil="true" id="Tag1866"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:DepreciationAndAmortisationExpense" unitRef="USD" id="Tag2189" decimals="-3" scale="3" format="ixt:num-dot-decimal">594,721</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(*) </span></sup><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote57" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light';"> and</span><span style="font-family: 'Frutiger 45 Light';"> Middle East and Africa segments were merged in a single geographical segment.</span></ix:footnote></span></span></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(**)</span></sup><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote58" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';"><span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="font-family: 'Frutiger 45 Light';"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">See n</span><span style="font-family: 'Frutiger 45 Light';">ote </span><span style="font-family: 'Frutiger 45 Light';"><span>14</span></span><span style="font-family: 'Frutiger 45 Light';"> t</span><span style="font-family: 'Frutiger 45 Light';">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light';"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no revenues from external customers attributable to the Company&#8217;s country of incorporation (Luxembourg). </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The principal countries from which the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ompany derives its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revenues are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_US" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag2194" decimals="2" scale="-2" format="ixt:num-dot-decimal">39</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_AR" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag1861" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Mexico, Canada, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Brazil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_TenarisMember_GovernmentCustomersMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag2065" decimals="2" scale="-2" format="ixt:num-dot-decimal">26</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_TenarisMember_GovernmentCustomersMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag2195" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_TenarisMember_GovernmentCustomersMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag2413" decimals="2" scale="-2" format="ixt:num-dot-decimal">23</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> respectively.</span></p>
<ix:exclude>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-39</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tubes segment revenues by market:</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(All amounts in millions of U.S. dollars)</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Revenues Tubes </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Oil &amp; gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_TubesMember_OilAndGasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2160" decimals="-6" scale="6" format="ixt:num-dot-decimal">12,488</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TubesMember_OilAndGasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2998" decimals="-6" scale="6" format="ixt:num-dot-decimal">9,543</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_TubesMember_OilAndGasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2155" decimals="-6" scale="6" format="ixt:num-dot-decimal">4,895</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Oil &amp; gas processing plants </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_OilAndGasProcessingPlantsMember_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2139" decimals="-6" scale="6" format="ixt:num-dot-decimal">818</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TubesMember_OilAndGasProcessingPlantsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2205" decimals="-6" scale="6" format="ixt:num-dot-decimal">738</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_TubesMember_OilAndGasProcessingPlantsMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2319" decimals="-6" scale="6" format="ixt:num-dot-decimal">459</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Industrial, power and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_TubesMember_IndustrialAndOtherMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2196" decimals="-6" scale="6" format="ixt:num-dot-decimal">879</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TubesMember_IndustrialAndOtherMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2098" decimals="-6" scale="6" format="ixt:num-dot-decimal">852</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_TubesMember_IndustrialAndOtherMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2323" decimals="-6" scale="6" format="ixt:num-dot-decimal">640</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2417" decimals="-6" scale="6" format="ixt:num-dot-decimal">14,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2166" decimals="-6" scale="6" format="ixt:num-dot-decimal">11,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231_TubesMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2315" decimals="-6" scale="6" format="ixt:num-dot-decimal">5,994</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the Company recognized contract liabilities related to customer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> advances in the amount of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:ContractLiabilities" unitRef="USD" id="Tag2147" decimals="-5" scale="6" format="ixt:num-dot-decimal">263.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="ifrs-full:ContractLiabilities" unitRef="USD" id="Tag2153" decimals="-5" scale="6" format="ixt:num-dot-decimal">242.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231" name="ifrs-full:ContractLiabilities" unitRef="USD" id="Tag2161" decimals="-5" scale="6" format="ixt:num-dot-decimal">92.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Each of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re reclassified to revenues during the subsequent year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. In these periods, no significant adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in revenues were performed related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">previously satisfied </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">performance obligations.</span></p> </ix:nonNumeric> </div> </div> </div> </div> </div><div id="Dbuv0v7skgkqynbfjj9tkwa" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfCostOfSalesExplanatory" id="Tag2288" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">2</span></span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cost of sales</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" id="Tag2216" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 302px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Inventories at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2124" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,986,929</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2123" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,672,593</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20201231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2122" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,636,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase in inventory due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:IncreaseInInventoryDueToBusinessCombinations" unitRef="USD" id="Tag2119" decimals="-3" scale="3" format="ixt:num-dot-decimal">107,588</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ts:IncreaseInInventoryDueToBusinessCombinations" unitRef="USD" xsi:nil="true" id="Tag2041"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:IncreaseInInventoryDueToBusinessCombinations" unitRef="USD" xsi:nil="true" id="Tag2115"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Decrease in inventory due to sale of subsidiaries </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:DecreaseInInventoryDueToSaleOfSubsidiaries" unitRef="USD" xsi:nil="true" id="Tag2105"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ts:DecreaseInInventoryDueToSaleOfSubsidiaries" unitRef="USD" xsi:nil="true" id="Tag2026"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ts:DecreaseInInventoryDueToSaleOfSubsidiaries" unitRef="USD" id="Tag2027" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,662</ix:nonFraction></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Plus: Charges of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Raw materials, energy, consumables and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther" unitRef="USD" id="Tag2052" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,277,507</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther" unitRef="USD" id="Tag2054" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,772,031</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther" unitRef="USD" id="Tag2113" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,841,551</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Services and fees </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesServicesAndFees" unitRef="USD" id="Tag2058" decimals="-3" scale="3" format="ixt:num-dot-decimal">437,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesServicesAndFees" unitRef="USD" id="Tag2056" decimals="-3" scale="3" format="ixt:num-dot-decimal">293,490</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesServicesAndFees" unitRef="USD" id="Tag2106" decimals="-3" scale="3" format="ixt:num-dot-decimal">208,472</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Labor cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesLaborCost" unitRef="USD" id="Tag2036" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,403,546</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesLaborCost" unitRef="USD" id="Tag2110" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,160,085</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesLaborCost" unitRef="USD" id="Tag2053" decimals="-3" scale="3" format="ixt:num-dot-decimal">824,071</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of property, plant and equipment</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2107" decimals="-3" scale="3" format="ixt:num-dot-decimal">424,373</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2050" decimals="-3" scale="3" format="ixt:num-dot-decimal">465,849</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2117" decimals="-3" scale="3" format="ixt:num-dot-decimal">448,843</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization of intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2039" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,582</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2038" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,754</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2040" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,645</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of right-of-use assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesDepreciationOfRightOfUseAssets" unitRef="USD" id="Tag2028" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,352</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesDepreciationOfRightOfUseAssets" unitRef="USD" id="Tag2051" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,244</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesDepreciationOfRightOfUseAssets" unitRef="USD" id="Tag2061" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,910</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Maintenance expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesMaintenanceExpenses" unitRef="USD" id="Tag2029" decimals="-3" scale="3" format="ixt:num-dot-decimal">408,410</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesMaintenanceExpenses" unitRef="USD" id="Tag2062" decimals="-3" scale="3" format="ixt:num-dot-decimal">267,294</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesMaintenanceExpenses" unitRef="USD" id="Tag2034" decimals="-3" scale="3" format="ixt:num-dot-decimal">129,350</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for obsolescence</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesAllowanceForObsolescence" unitRef="USD" id="Tag2035" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,581</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesAllowanceForObsolescence" unitRef="USD" id="Tag2031" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,901</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesAllowanceForObsolescence" unitRef="USD" id="Tag2033" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,296</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesTaxes" unitRef="USD" id="Tag2030" decimals="-3" scale="3" format="ixt:num-dot-decimal">272,120</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesTaxes" unitRef="USD" id="Tag2048" decimals="-3" scale="3" format="ixt:num-dot-decimal">194,736</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesTaxes" unitRef="USD" id="Tag2055" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,887</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesOther" unitRef="USD" id="Tag2057" decimals="-3" scale="3" format="ixt:num-dot-decimal">216,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesOther" unitRef="USD" id="Tag2111" decimals="-3" scale="3" format="ixt:num-dot-decimal">178,691</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesOther" unitRef="USD" id="Tag2118" decimals="-3" scale="3" format="ixt:num-dot-decimal">98,159</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ts:CostOfSalesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2059" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,603,083</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ts:CostOfSalesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2116" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,402,075</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ts:CostOfSalesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2112" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,647,522</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Less: Inventories at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2114" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,921,097</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2032" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,986,929</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20211231" name="ts:InventoriesIncludingDiscontinuedOperations" unitRef="USD" id="Tag2060" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,672,593</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag2037" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,668,915</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag2063" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,087,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:CostOfSales" unitRef="USD" id="Tag2049" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,611,602</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*) </span></sup><span><ix:footnote xml:lang="en-US" id="footnote4" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Related </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:nonNumeric> </div> </ix:nonNumeric> </div>
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<div style="border-left: none; border-right: none;">
<div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </div> </div> </div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-40</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table><div id="D20ue1sq648dmy09u9rfnj" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 12pt; margin: 0px; text-indent: 0px;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory" id="Tag2372" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">3</span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Selling, general and administrative expense</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">s</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" id="Tag2368" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 207px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Services and fees </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesServicesAndFees" unitRef="USD" id="Tag2245" decimals="-3" scale="3" format="ixt:num-dot-decimal">163,723</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesServicesAndFees" unitRef="USD" id="Tag2244" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,331</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesServicesAndFees" unitRef="USD" id="Tag2243" decimals="-3" scale="3" format="ixt:num-dot-decimal">115,303</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Labor cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesLaborCost" unitRef="USD" id="Tag2242" decimals="-3" scale="3" format="ixt:num-dot-decimal">652,820</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesLaborCost" unitRef="USD" id="Tag2241" decimals="-3" scale="3" format="ixt:num-dot-decimal">518,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesLaborCost" unitRef="USD" id="Tag2240" decimals="-3" scale="3" format="ixt:num-dot-decimal">426,414</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of property, plant and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2239" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,517</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2238" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,883</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" unitRef="USD" id="Tag2237" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,924</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization of intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2236" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,761</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2235" decimals="-3" scale="3" format="ixt:num-dot-decimal">59,018</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" unitRef="USD" id="Tag2232" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,874</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of right-of-use assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" unitRef="USD" id="Tag2231" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,925</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" unitRef="USD" id="Tag2230" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,975</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" unitRef="USD" id="Tag2229" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,525</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Freights and other selling expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" unitRef="USD" id="Tag2228" decimals="-3" scale="3" format="ixt:num-dot-decimal">696,705</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" unitRef="USD" id="Tag2227" decimals="-3" scale="3" format="ixt:num-dot-decimal">641,812</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" unitRef="USD" id="Tag2226" decimals="-3" scale="3" format="ixt:num-dot-decimal">415,895</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Provisions for contingencies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" unitRef="USD" id="Tag2225" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,899</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" unitRef="USD" id="Tag2224" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,606</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" unitRef="USD" id="Tag2223" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,998</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowances for doubtful accounts&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag2222" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,590</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1922" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">223</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1921" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,297</ix:nonFraction></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesTaxes" unitRef="USD" id="Tag1920" decimals="-3" scale="3" format="ixt:num-dot-decimal">170,484</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesTaxes" unitRef="USD" id="Tag1919" decimals="-3" scale="3" format="ixt:num-dot-decimal">121,410</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesTaxes" unitRef="USD" id="Tag1918" decimals="-3" scale="3" format="ixt:num-dot-decimal">78,800</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SellingGeneralAndAdministrativeExpensesOther" unitRef="USD" id="Tag1917" decimals="-3" scale="3" format="ixt:num-dot-decimal">110,883</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:SellingGeneralAndAdministrativeExpensesOther" unitRef="USD" id="Tag1916" decimals="-3" scale="3" format="ixt:num-dot-decimal">87,263</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:SellingGeneralAndAdministrativeExpensesOther" unitRef="USD" id="Tag1915" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag1914" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,919,307</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag1913" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,634,575</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:SellingGeneralAndAdministrativeExpense" unitRef="USD" id="Tag1912" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,206,569</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric>
<p style="margin: 0pt;">&#160;</p> </div><div id="Dj5zxulvefrm4t6yhu06eo" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory" id="Tag2152" escape="true">
<p style="margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">4&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutLaborCostsTextBlock" id="Tag2365" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 136px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Wages, salaries and social security costs </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ShorttermEmployeeBenefitsExpense" unitRef="USD" id="Tag2370" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,943,825</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ShorttermEmployeeBenefitsExpense" unitRef="USD" id="Tag2361" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,594,200</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ShorttermEmployeeBenefitsExpense" unitRef="USD" id="Tag2378" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,170,562</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Severance indemnities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:TerminationBenefitsExpense" unitRef="USD" id="Tag2355" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,470</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:TerminationBenefitsExpense" unitRef="USD" id="Tag2385" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,070</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:TerminationBenefitsExpense" unitRef="USD" id="Tag2383" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,625</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits - defined contribution plans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" unitRef="USD" id="Tag2353" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,055</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" unitRef="USD" id="Tag2376" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,256</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" unitRef="USD" id="Tag2402" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,608</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits - defined benefit plans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans" unitRef="USD" id="Tag2403" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,452</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans" unitRef="USD" id="Tag2373" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,320</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans" unitRef="USD" id="Tag2374" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,353</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee retention and long-term incentive program </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses" unitRef="USD" id="Tag2348" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,564</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses" unitRef="USD" id="Tag2350" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses" unitRef="USD" id="Tag2406" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,337</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:EmployeeBenefitsExpense" unitRef="USD" id="Tag2358" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,056,366</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:EmployeeBenefitsExpense" unitRef="USD" id="Tag2384" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,678,585</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:EmployeeBenefitsExpense" unitRef="USD" id="Tag2381" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,250,485</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="margin: 0pt;"><br/></p>
<div>
<div style="border-left: none; border-right: none;">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-41</span></span></td> </tr> </tbody> </table> </div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="margin: 0pt;"><br/></p> </ix:exclude> </div> </div>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The following table shows the geographical distribution of the employees</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory" id="Tag2430" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 221px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt;padding-right: 5.4pt;vertical-align: middle;height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 65%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Mexico </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_MX" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2362" decimals="0" format="ixt:num-dot-decimal">7,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_MX" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2397" decimals="0" format="ixt:num-dot-decimal">5,919</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_MX" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2392" decimals="0" format="ixt:num-dot-decimal">5,474</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Argentina </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_AR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2400" decimals="0" format="ixt:num-dot-decimal">6,267</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2380" decimals="0" format="ixt:num-dot-decimal">6,444</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_AR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2396" decimals="0" format="ixt:num-dot-decimal">5,169</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USA </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_US" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2391" decimals="0" format="ixt:num-dot-decimal">3,882</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_US" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2375" decimals="0" format="ixt:num-dot-decimal">3,509</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_US" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2377" decimals="0" format="ixt:num-dot-decimal">2,684</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Italy </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_IT" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2394" decimals="0" format="ixt:num-dot-decimal">2,187</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_IT" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2387" decimals="0" format="ixt:num-dot-decimal">2,136</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_IT" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2398" decimals="0" format="ixt:num-dot-decimal">2,011</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Romania </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_RO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2363" decimals="0" format="ixt:num-dot-decimal">1,884</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_RO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2404" decimals="0" format="ixt:num-dot-decimal">1,847</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_RO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2360" decimals="0" format="ixt:num-dot-decimal">1,725</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Indonesia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_ID" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2357" decimals="0" format="ixt:num-dot-decimal">1,573</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ID" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2399" decimals="0" format="ixt:num-dot-decimal">495</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ID" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2369" decimals="0" format="ixt:num-dot-decimal">506</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Brazil </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_BR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2395" decimals="0" format="ixt:num-dot-decimal">1,492</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_BR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2345" decimals="0" format="ixt:num-dot-decimal">1,460</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_BR" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2405" decimals="0" format="ixt:num-dot-decimal">1,817</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Canada </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_CA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2382" decimals="0" format="ixt:num-dot-decimal">1,195</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2349" decimals="0" format="ixt:num-dot-decimal">944</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2343" decimals="0" format="ixt:num-dot-decimal">758</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Colombia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_CO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2356" decimals="0" format="ixt:num-dot-decimal">1,112</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_CO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2388" decimals="0" format="ixt:num-dot-decimal">1,183</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_CO" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2354" decimals="0" format="ixt:num-dot-decimal">1,009</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2351" decimals="0" format="ixt:num-dot-decimal">849</ix:nonFraction> </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_SA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2379" decimals="0" format="ixt:num-dot-decimal">427</ix:nonFraction> </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_SA" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2344" decimals="0" format="ixt:num-dot-decimal">408</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_OtherGeographicalAreasMember" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2346" decimals="0" format="ixt:num-dot-decimal">1,193</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherGeographicalAreasMember" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2359" decimals="0" format="ixt:num-dot-decimal">928</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_OtherGeographicalAreasMember" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2352" decimals="0" format="ixt:num-dot-decimal">1,215</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2347" decimals="0" format="ixt:num-dot-decimal">29,134</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2393" decimals="0" format="ixt:num-dot-decimal">25,292</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:NumberOfEmployees" unitRef="Employees" id="Tag2401" decimals="0" format="ixt:num-dot-decimal">22,776</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric> </div><div id="Dxh5thkel0urxhv9n8yhofi" style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">5&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Impairment charge</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company conducts regular assessments of the carrying values of its assets. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recoverable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s based on the value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">use. The main key assumptions used in estimating the value in use are discount ra</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">te, growth rate and competitive,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> economic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and regulatory </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">factors applied to determine cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For purposes of assessing key assumptions, to estimate discounted future cash flows, the Company uses external sources of information and management judgment based on past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and expectations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management has determined the value of each of the key assumptions as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Discount rate: based on the applicable weighted average cost of capital (&#8220;WACC&#8221;), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets are allocated, a specific WACC was determined.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Growth rate: considers mainly the inflation impact on prices and costs, the long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">evolution</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#8217;s expected market penetration. In <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, a nominal growth rate of <ix:nonFraction contextRef="D20231231_3" name="ts:GrowthRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2172" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% was considered.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Oil and gas prices: based on industry analysts&#8217; reports and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">management&#8217;s expectations of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> market development</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Rig count: based on information published by Baker Hughes and management&#8217;s expectations.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Raw material costs: based on industry analysts&#8217; reports and management&#8217;s expectations.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Considering that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> recoverable amount of the cash-generating units</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obtained in prior year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">'</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tests</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the assets and liabilities making up those units have not changed significantly, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the key assumptions mentioned above, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">concluded that impairment tests for previous years are still valid as of the end of the reporting period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In addition, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompany has considered the impact of updating the main discount rates, applying rates in a range between <ix:nonFraction contextRef="I20231231_BottomOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2087" decimals="3" scale="-2" format="ixt:num-dot-decimal">12.5</ix:nonFraction>% and <ix:nonFraction contextRef="I20231231_TopOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2081" decimals="3" scale="-2" format="ixt:num-dot-decimal">21.4</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the CGUs under analysis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the facts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mentioned above, the Company conclude</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that no impairment charge shall be recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the year <span>2023</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In December 2022, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in the presence of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">impairment indicator</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ompany conducted impairment tests</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and reviewed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the values </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain idle assets in its subsidiaries. The aforementioned analysis resulted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">impairment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> charge</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag1911" decimals="-5" scale="6" format="ixt:num-dot-decimal">76.7</ix:nonFraction> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in $<ix:nonFraction contextRef="D20221231_TubesMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2109" decimals="-5" scale="6" format="ixt:num-dot-decimal">63.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;million to the Tubes segment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and $<ix:nonFraction contextRef="D20221231_AllOtherSegmentsMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2233" decimals="-5" scale="6" format="ixt:num-dot-decimal">13.6</ix:nonFraction> million to the Other s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">egment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he main discount rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> used were in a range between <ix:nonFraction contextRef="I20221231_BottomOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2070" decimals="3" scale="-2" format="ixt:num-dot-decimal">13.4</ix:nonFraction>% and <ix:nonFraction contextRef="I20221231_TopOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag1923" decimals="3" scale="-2" format="ixt:num-dot-decimal">20.2</ix:nonFraction>%.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> In <span>2022</span>, a nominal growth rate of <ix:nonFraction contextRef="D20221231_3" name="ts:GrowthRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2234" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% was considered.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-42</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In December 2021, as a result of the expected termination of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> joint venture</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at the time </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">represented an im</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">pairment indicator for its assets, an impairment test was conducted, resulting in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">charge of $<ix:nonFraction contextRef="D20211231_NkktubesMember_TubesMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag2211" decimals="-6" scale="6" format="ixt:num-dot-decimal">57</ix:nonFraction> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">totally reduced</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the carrying amounts of p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">roperty, plant and equipment and intangible assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The total amount was allocated to the Tubes segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he main discount rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> used were in a range between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_BottomOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2120" decimals="3" scale="-2" format="ixt:num-dot-decimal">10.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_TopOfRangeMember" name="ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag2108" decimals="3" scale="-2" format="ixt:num-dot-decimal">18.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">%.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> In <span>2021</span>, a nominal growth rate of <ix:nonFraction contextRef="D20211231" name="ts:GrowthRatesUsedInCurrentEstimateOfValueInUse" unitRef="Pure" id="Tag1924" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% was considered.</span></p> </ix:nonNumeric> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </div> </div><div id="Dsme5hmk087zuh4o5766i" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory" id="Tag2215" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">6&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Other operating income and expenses</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" id="Tag1886" escape="true">
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;"> &#160; </span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Other operating income </span></p> </td>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net income from other sales </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:OtherOperatingIncomeNetIncomeFromOtherSales" unitRef="USD" id="Tag1884" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,960</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherOperatingIncomeNetIncomeFromOtherSales" unitRef="USD" id="Tag3287" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,161</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:OtherOperatingIncomeNetIncomeFromOtherSales" unitRef="USD" id="Tag3298" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,694</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net rents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:RentalIncome" unitRef="USD" id="Tag1896" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,702</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RentalIncome" unitRef="USD" id="Tag1888" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,084</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:RentalIncome" unitRef="USD" id="Tag1929" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,314</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassification of currency translation adjustment reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" unitRef="USD" id="Tag3297" decimals="-3" scale="3" format="ixt:num-dot-decimal">878</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" unitRef="USD" id="Tag3292" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,252</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" unitRef="USD" xsi:nil="true" id="Tag1906"/> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax recovery in Brazilian subsidiaries </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" unitRef="USD" xsi:nil="true" id="Tag3303"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" unitRef="USD" xsi:nil="true" id="Tag1894"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" unitRef="USD" id="Tag3302" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,568</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bargain purchase gain </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag1882" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,162</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" xsi:nil="true" id="Tag1931"/>-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" xsi:nil="true" id="Tag1902"/>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Result on sale of Venezuela awards </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" unitRef="USD" id="Tag1890" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,341</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" unitRef="USD" xsi:nil="true" id="Tag3289"/>-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" unitRef="USD" xsi:nil="true" id="Tag1895"/>-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Recovery on allowance for doubtful receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" unitRef="USD" xsi:nil="true" id="Tag3307"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" unitRef="USD" xsi:nil="true" id="Tag1889"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" unitRef="USD" id="Tag1883" decimals="-3" scale="3" format="ixt:num-dot-decimal">379</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:MiscellaneousOtherOperatingIncome" unitRef="USD" xsi:nil="true" id="Tag1905"/>-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:MiscellaneousOtherOperatingIncome" unitRef="USD" xsi:nil="true" id="Tag3300"/>-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:MiscellaneousOtherOperatingIncome" unitRef="USD" id="Tag3288" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,290</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag1927" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,043</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag3291" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,497</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherIncome" unitRef="USD" id="Tag1897" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,245</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Other operating expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Contributions to welfare projects and non-profit organizations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" unitRef="USD" id="Tag3018" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,538</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" unitRef="USD" id="Tag3301" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,668</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" unitRef="USD" id="Tag3304" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,697</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for doubtful receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables" unitRef="USD" id="Tag1899" decimals="-3" scale="3" format="ixt:num-dot-decimal">107</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables" unitRef="USD" id="Tag1900" decimals="-3" scale="3" format="ixt:num-dot-decimal">346</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables" unitRef="USD" xsi:nil="true" id="Tag1908"/> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Securities Exchange Commission investigation settlement </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" unitRef="USD" xsi:nil="true" id="Tag1928"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" unitRef="USD" id="Tag3268" decimals="-3" scale="3" format="ixt:num-dot-decimal">78,100</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" unitRef="USD" xsi:nil="true" id="Tag3019"/> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other expense </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:MiscellaneousOtherOperatingExpense" unitRef="USD" id="Tag3267" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,628</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:MiscellaneousOtherOperatingExpense" unitRef="USD" id="Tag1892" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,595</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:MiscellaneousOtherOperatingExpense" unitRef="USD" xsi:nil="true" id="Tag3305"/> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag1893" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,273</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag3022" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,709</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherExpenseByFunction" unitRef="USD" id="Tag1904" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,697</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other income, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="USD" id="Tag1880" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,770</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="USD" id="Tag1881" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">212</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherOperatingIncomeExpense" unitRef="USD" id="Tag1901" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,548</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </div> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; text-indent: -22.4pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Reclassification of currency translation adjustment reserve:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During <span>2022</span>, a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the income statement. For more information see not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>36</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Tax recovery in Brazilian subsidiaries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On May 13, 2021, the Brazilian Supreme Court issued a final judgment confirming that in calculating PIS and COFINS (Federal Social Contributions on Gross Revenues), tax payers should exclude from its base the total output of ICMS, calculated on a gross basis. This decision led to a recognition of approximately $<ix:nonFraction contextRef="D20210513_BR_SubsidiariesMember" name="ts:TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" unitRef="USD" id="Tag3299" decimals="-6" scale="6" format="ixt:num-dot-decimal">53</ix:nonFraction> million tax credit in Brazilian subsidiaries, out of which $<ix:nonFraction contextRef="D20210513_BR_SubsidiariesMember" name="ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" unitRef="USD" id="Tag1898" decimals="-6" scale="6" format="ixt:num-dot-decimal">36</ix:nonFraction> million were recognized in other operating income and $<ix:nonFraction contextRef="D20210513_BR_SubsidiariesMember" name="ts:InterestIncomeOnTaxAssets" unitRef="USD" id="Tag1907" decimals="-6" scale="6" format="ixt:num-dot-decimal">17</ix:nonFraction> million in financial results (impacting in Finance Income and Finance Cost). In addition the tax charge related to this gain amounted to $<ix:nonFraction contextRef="D20210513_BR_SubsidiariesMember" name="ts:TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" unitRef="USD" id="Tag3290" decimals="-6" scale="6" format="ixt:num-dot-decimal">12</ix:nonFraction> million.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Bargain purchase gain:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;This gain relates to the&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> anticorrosion coating division acquisition. For more information see note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>34</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Acquisition of Anticorrosion Coating Assets in Italy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Result on sale of Venezuela awards:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> For more information see not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>35</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On November 1, 2021, Tenaris&#160;sold&#160;<ix:nonFraction contextRef="D20211101_GenevaStructuralTubesLlcMember_MkkUsaIncMember" name="ts:PercentageOfVotingEquityInterestsDivested" unitRef="Pure" id="Tag1903" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of the shares of Geneva Structural Tubes LLC (&#8220;Geneva&#8221;) to MKK USA Inc., a subsidiary of Maruichi Steel Tube Ltd of Japan for an aggregate price of $<ix:nonFraction contextRef="D20211101_GenevaStructuralTubesLlcMember_MkkUsaIncMember" name="ifrs-full:ConsiderationPaidReceived" unitRef="USD" id="Tag1891" decimals="-5" scale="6" format="ixt:num-dot-decimal">24.3</ix:nonFraction> million. The gain of this transaction amounted to approximately $<ix:nonFraction contextRef="D20211101_GenevaStructuralTubesLlcMember_MkkUsaIncMember" name="ifrs-full:GainsLossesRecognisedWhenControlInSubsidiaryIsLost" unitRef="USD" id="Tag3306" decimals="-5" scale="6" format="ixt:num-dot-decimal">6.8</ix:nonFraction> million.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Securities Exchange Commission investigation settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Contingencies, commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Contingencies - Petrobras-related proceedings and claims</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.</span></p> </ix:nonNumeric> </div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-43</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div><div id="Dvoj8hzvu8g73z7htzjic" style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">7&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Financial results</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
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<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Interest income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:RevenueFromInterest" unitRef="USD" id="Tag1947" decimals="-3" scale="3" format="ixt:num-dot-decimal">201,852</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; text-align: left;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:RevenueFromInterest" unitRef="USD" id="Tag1942" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,112</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:RevenueFromInterest" unitRef="USD" id="Tag1414" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,048</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" unitRef="USD" id="Tag2342" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,622</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" unitRef="USD" id="Tag1948" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,092</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" unitRef="USD" xsi:nil="true" id="Tag1925"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Finance income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag1930" decimals="-3" scale="3" format="ixt:num-dot-decimal">213,474</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag1934" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,020</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:FinanceIncome" unitRef="USD" id="Tag1937" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,048</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Finance cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag1854" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,862</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag1941" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:FinanceCosts" unitRef="USD" id="Tag2170" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,677</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net foreign exchange transactions results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" unitRef="USD" id="Tag2341" decimals="-3" scale="3" format="ixt:num-dot-decimal">218,383</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" unitRef="USD" id="Tag1857" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,654</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" unitRef="USD" id="Tag1933" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,287</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net foreign exchange derivatives contracts results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:ForeignExchangeDerivativesContractsResults" unitRef="USD" id="Tag1851" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,974</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:ForeignExchangeDerivativesContractsResults" unitRef="USD" id="Tag1926" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,666</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ts:ForeignExchangeDerivativesContractsResults" unitRef="USD" id="Tag1935" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,966</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag1946" decimals="-3" scale="3" format="ixt:num-dot-decimal">95,044</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag2333" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,108</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherFinanceCost" unitRef="USD" id="Tag1932" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,026</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other financial results, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag1855" decimals="-3" scale="3" format="ixt:num-dot-decimal">114,365</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20230330" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag1943" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">40,120</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:OtherFinanceIncomeCost" unitRef="USD" id="Tag1858" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,295</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net financial results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag1939" decimals="-3" scale="3" format="ixt:num-dot-decimal">220,977</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag1852" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,040</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:FinanceIncomeCost" unitRef="USD" id="Tag1856" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,666</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;">Finance Income: </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="font-family: 'Frutiger 45 Light';"> includes $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag1827" decimals="-5" scale="6" format="ixt:num-dot-decimal">61.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million, $<span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag1936" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.0</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light';">&#160;million and $</span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag1802" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.3</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light';"> million of interest related to instruments carried at FVPL, respectively. </span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2022</span> also includes a realized loss of $<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" unitRef="USD" id="Tag3059" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">10.5</ix:nonFraction> million related to the change in FV of certain financial instruments obtained in an operation of settlement of trade receivables.</span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2021</span> also includes $<span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20211231" name="ts:InterestIncomeOnTaxAssets" unitRef="USD" id="Tag1859" decimals="-5" scale="6" format="ixt:num-dot-decimal">18.0</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light';"> million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see note <span>6</span> to these Consolidated Financial Statements.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;">Net foreign exchange transactions results: </span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2023</span> mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated </span><span style="font-family: 'Frutiger 45 Light';">net financial position</span><span style="font-family: 'Frutiger 45 Light';"> at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation against the U</span><span style="font-family: 'Frutiger 45 Light';">.</span><span style="font-family: 'Frutiger 45 Light';">S. dollar on</span><span style="font-family: 'Frutiger 45 Light';"> Brazilian denominated</span> <span style="font-family: 'Frutiger 45 Light';">net financial position</span><span style="font-family: 'Frutiger 45 Light';"> at subsidiaries with functional currency U.S. dollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by an increase in currency translation adjustment reserve from an Italian subsidiary.</span></span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2022</span> mainly includes </span><span style="font-family: 'Frutiger 45 Light';">result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated </span><span style="font-family: 'Frutiger 45 Light';">net financial position</span> <span style="font-family: 'Frutiger 45 Light';">at subsidiaries with functional currency U.S. dollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p>
<p style="background-color: #ffffff;line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2021</span> mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on </span><span style="font-family: 'Frutiger 45 Light';">Argentine </span><span style="font-family: 'Frutiger 45 Light';">peso and</span><span style="font-family: 'Frutiger 45 Light';"> Japanese</span><span style="font-family: 'Frutiger 45 Light';"> yen denominated </span><span style="font-family: 'Frutiger 45 Light';">net financial position</span><span style="font-family: 'Frutiger 45 Light';"> at subsidiaries with functional currency U.S. dollar. </span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">Net f</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">oreign exchange derivatives contracts results:</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> In <span>2023</span> includes mainly losses on derivatives covering net receivables in Brazilian real.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2022</span> includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.</span></p>
<p style="background-color: #ffffff; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2021</span> includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net receivables in Brazilian real.</span></p>
<p style="background-color: #ffffff; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;">Other: </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';"> includes a </span><span style="font-family: 'Frutiger 45 Light';">net </span><span style="font-family: 'Frutiger 45 Light';">loss </span><span style="font-family: 'Frutiger 45 Light';">of $<ix:nonFraction contextRef="D20231231_ArgentineSovereignBondsMember" name="ts:LossArisingFromDividendPaidInKind" unitRef="USD" id="Tag1938" decimals="-5" scale="6" format="ixt:num-dot-decimal">94.7</ix:nonFraction>&#160;</span><span style="font-family: 'Frutiger 45 Light';">million</span><span style="font-family: 'Frutiger 45 Light';"> related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders. For more information see not</span><span style="font-family: 'Frutiger 45 Light';">e </span><span style="font-family: 'Frutiger 45 Light';"><span>29</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2022</span> includes a loss of $<ix:nonFraction contextRef="D20221231_ArgentineSovereignBondsMember" name="ts:LossArisingFromDividendPaidInKind" unitRef="USD" id="Tag1853" decimals="-5" scale="6" format="ixt:num-dot-decimal">29.8</ix:nonFraction> million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-44</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" id="Tag3088" escape="true">
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">8&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Equity in earnings of non-consolidated companies</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; margin-left: 0.1px; vertical-align: bottom; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> From non-consolidated companies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_NetOfEffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag3082" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,897</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_NetOfEffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag3314" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,743</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_NetOfEffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag3310" decimals="-3" scale="3" format="ixt:num-dot-decimal">512,591</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Remeasurement of previously held interest </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_4" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" id="Tag3318" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,506</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_GlobalPipeCompanyMember" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" xsi:nil="true" id="Tag3083"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_GlobalPipeCompanyMember" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" xsi:nil="true" id="Tag3312"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bargain purchase gain </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_4" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag3079" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,487</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_GlobalPipeCompanyMember" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" xsi:nil="true" id="Tag81"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_GlobalPipeCompanyMember" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" xsi:nil="true" id="Tag3086"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment loss on non-consolidated companies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag1528"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag3081" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,041</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag3311"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net loss related to participation increase in Usiminas</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_UsiminasMember_EffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag3084" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,486</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_UsiminasMember_EffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag3085"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231_UsiminasMember_EffectParticipationIncreaseMember" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag3313"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag1424" decimals="-3" scale="3" format="ixt:num-dot-decimal">95,404</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag1878" decimals="-3" scale="3" format="ixt:num-dot-decimal">208,702</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; padding: 0px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" unitRef="USD" id="Tag3078" decimals="-3" scale="3" format="ixt:num-dot-decimal">512,591</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Remeasurement of previously held interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Bargain purchase gain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year ended December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_4" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" id="Tag3315" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_4" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag3316" decimals="-5" scale="6" format="ixt:num-dot-decimal">11.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">elated to GPC acquisition. For more information see note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Acquisition of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Impairment loss on non-consolidated companies:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> For </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year ended December 31, 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, $<ix:nonFraction contextRef="D20221231_UsiminasMember" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag3089" decimals="-5" scale="6" format="ixt:num-dot-decimal">19.1</ix:nonFraction> related to the investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and $<ix:nonFraction contextRef="D20221231_PAOPSeverstalMember" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag3317" decimals="-5" scale="6" format="ixt:num-dot-decimal">14.9</ix:nonFraction> related to the joint venture with PAO </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;).</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Net loss related to participation increase in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Investments in non-consolidated companies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.&#160;&#160;</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160; &#160;&#160;</span></p>
</div><div id="D6z2h462el45csaubcgbcjn">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfIncomeTaxExplanatory" id="Tag2444" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"><span>9</span></span><span style="line-height: inherit;"><span>&#160; &#160; &#160; </span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;">Income tax</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;">&#160;</p>
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px; text-indent: 0px;" width="100%">
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<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current tax </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:CurrentTaxExpenseIncome" unitRef="USD" id="Tag1778" decimals="-3" scale="3" format="ixt:num-dot-decimal">868,695</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:CurrentTaxExpenseIncome" unitRef="USD" id="Tag1814" decimals="-3" scale="3" format="ixt:num-dot-decimal">589,706</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:CurrentTaxExpenseIncome" unitRef="USD" id="Tag1793" decimals="-3" scale="3" format="ixt:num-dot-decimal">215,467</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="USD" id="Tag1797" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">193,739</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="USD" id="Tag1837" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,530</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:DeferredTaxExpenseIncome" unitRef="USD" id="Tag1800" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">26,019</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax charge </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag1794" decimals="-3" scale="3" format="ixt:num-dot-decimal">674,956</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag1820" decimals="-3" scale="3" format="ixt:num-dot-decimal">617,236</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag1789" decimals="-3" scale="3" format="ixt:num-dot-decimal">189,448</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_3" name="ts:CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" unitRef="USD" id="Tag1816" decimals="-6" scale="6" format="ixt-sec:numwordsen">No</ix:nonFraction> current tax impacts have arisen in the current Consolidated Financial Statements as of December 31, 2023, due to the application of Pillar <span>Two</span> rules, as they will be applicable as from <span>2024</span> in jurisdictions relevant for the Company.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the Company has applied the exception prescribed by the amendments to IAS <span>12</span>, and therefore it has not recognized any deferred tax impact from the Pillar <span>Two</span> application.</span><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is in the process of assessing its exposure to the Pillar <span>Two</span> legislation and testing its situation under the OECD transitional safe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">harbour</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rules and expects no major impacts in relation to top-up tax due to the application of <span>one</span> or more of the transitional safe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">harbour</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rules. </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Due to the complexities in applying the legislation and calculating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> income, the quantitative impact of the enacted legislation is not yet reasonably estimable.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: 1.2;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-45</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="margin: 0pt; line-height: 1.2;"><br/></p> </ix:exclude>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The tax on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" id="Tag1714" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 204px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 34.7006%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag3025" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,632,789</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag1821" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,165,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:ProfitLossBeforeTax" unitRef="USD" id="Tag1796" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,242,766</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.984413%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Less impairment charges (non-deductible) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_NonDeductibleMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag1795"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_NonDeductibleMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" xsi:nil="true" id="Tag1801"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NonDeductibleMember" name="ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" unitRef="USD" id="Tag1807" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,075</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Income before income tax without impairment charges </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" unitRef="USD" id="Tag1805" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,632,789</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" unitRef="USD" id="Tag1788" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,165,937</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ts:ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" unitRef="USD" id="Tag3024" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,299,841</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tax calculated at the tax rate in each country </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="USD" id="Tag1813" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,127,428</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="USD" id="Tag1787" decimals="-3" scale="3" format="ixt:num-dot-decimal">705,727</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" unitRef="USD" id="Tag1815" decimals="-3" scale="3" format="ixt:num-dot-decimal">209,765</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Effect of currency translation on tax base </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" unitRef="USD" id="Tag1780" decimals="-3" scale="3" format="ixt:num-dot-decimal">346,573</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" unitRef="USD" id="Tag1825" decimals="-3" scale="3" format="ixt:num-dot-decimal">187,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" unitRef="USD" id="Tag1818" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,043</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Changes in the tax rates </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:TaxEffectFromChangeInTaxRate" unitRef="USD" id="Tag1812" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,535</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:TaxEffectFromChangeInTaxRate" unitRef="USD" id="Tag1819" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,422</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:TaxEffectFromChangeInTaxRate" unitRef="USD" id="Tag1806" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,881</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Utilization of previously unrecognized tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:TaxEffectOfTaxLosses" unitRef="USD" id="Tag1804" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">787</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:TaxEffectOfTaxLosses" unitRef="USD" id="Tag1781" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">29,560</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:TaxEffectOfTaxLosses" unitRef="USD" id="Tag1811" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">966</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tax revaluation, withholding tax and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ts:TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" unitRef="USD" id="Tag1799" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">796,723</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ts:TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" unitRef="USD" id="Tag1822" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">249,539</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231" name="ts:TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" unitRef="USD" id="Tag1785" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">125,275</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax charges </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag1808" decimals="-3" scale="3" format="ixt:num-dot-decimal">674,956</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag1786" decimals="-3" scale="3" format="ixt:num-dot-decimal">617,236</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncomeTaxExpenseContinuingOperations" unitRef="USD" id="Tag1803" decimals="-3" scale="3" format="ixt:num-dot-decimal">189,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Effect of currency translation on tax base</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris applies the liability method to recognize deferred income tax on temporary differences between the tax bases of assets / liabilities and their carrying amounts in the financial statements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax bases of the relevant assets will not result in any deduction / obligation for tax purposes in future periods.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Changes in the tax rates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For the year <span>2021</span>, i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncludes mainly the effect of the increase in the corporate income tax rate in Argentina from <ix:nonFraction contextRef="D20201231_AR" name="ifrs-full:ApplicableTaxRate" unitRef="Pure" id="Tag1831" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% to <ix:nonFraction contextRef="D20211231_AR" name="ifrs-full:ApplicableTaxRate" unitRef="Pure" id="Tag1830" decimals="2" scale="-2" format="ixt:num-dot-decimal">35</ix:nonFraction>%.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tax revaluation, withholding tax and others</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncludes a net tax</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> income of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_ArgentinaAndMexicoMember" name="ts:TaxInflationAdjustments" unitRef="USD" id="Tag1824" decimals="-5" scale="6" format="ixt:num-dot-decimal">349.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_ArgentinaAndMexicoMember" name="ts:TaxInflationAdjustments" unitRef="USD" id="Tag1828" decimals="-5" scale="6" format="ixt:num-dot-decimal">250.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_ArgentinaAndMexicoMember" name="ts:TaxInflationAdjustments" unitRef="USD" id="Tag1798" decimals="-5" scale="6" format="ixt:num-dot-decimal">113.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively related to the tax revaluation regimes in Argentina and Mexico. It also includes a charge of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_3" name="ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" unitRef="USD" id="Tag1817" decimals="-5" scale="6" format="ixt:num-dot-decimal">164.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" unitRef="USD" id="Tag1838" decimals="-5" scale="6" format="ixt:num-dot-decimal">21.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231" name="ts:ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" unitRef="USD" id="Tag1826" decimals="-5" scale="6" format="ixt:num-dot-decimal">22.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively related to withholding taxes for intra-group international operations.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additionally, it </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">includes $<ix:nonFraction contextRef="D20231231_3" name="ts:DeferredTaxIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag1829" decimals="-5" scale="6" format="ixt:num-dot-decimal">550.3</ix:nonFraction> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tax income for <span>2023</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to the recognition deferred tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> due to previous years&#8217; tax losses carried forward </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Luxembourg</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For more information see note <span>22</span>.</span></p> </ix:nonNumeric> </div><div id="D962rtw0e54q87xo1ufprrm">
<div>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfDividendsExplanatory" id="Tag2298" escape="true">
<div>
<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"><span>10</span></span><span style="line-height: inherit;"><span>&#160; &#160; &#160; &#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;">Dividends distribution</span><br/></p> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s Board of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Directors approved an interim dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20231122" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag1466" decimals="2" format="ixt:num-dot-decimal">0.20</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="border-left: none; border-right: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20231122" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag1343" decimals="2" format="ixt:num-dot-decimal">0.40</ix:nonFraction></span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS), or approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20231122" name="ts:PaymentsForDividendsApproved" unitRef="USD" id="Tag1495" decimals="-6" scale="6" format="ixt:num-dot-decimal">235</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, pa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">id</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on November </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with an ex-dividend date of November </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>0</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On May 3, 2023, the Company&#8217;s shareholders approved an annual dividend in the amount of $<ix:nonFraction contextRef="I20230503" name="ts:DividendsPayableAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag1461" decimals="2" format="ixt:num-dot-decimal">0.51</ix:nonFraction> per share ($<ix:nonFraction contextRef="I20230503" name="ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag1463" decimals="2" format="ixt:num-dot-decimal">1.02</ix:nonFraction> per ADS). The amount approved by the shareholders included the interim dividend previously paid on November 23, 2022 in the amount of $<ix:nonFraction contextRef="I20221123" name="ts:DividendsPaidAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag1464" decimals="2" format="ixt:num-dot-decimal">0.17</ix:nonFraction> per share ($<ix:nonFraction contextRef="I20221123" name="ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag1514" decimals="2" format="ixt:num-dot-decimal">0.34</ix:nonFraction> per ADS). The balance, amounting to $<ix:nonFraction contextRef="D20230524" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag1517" decimals="2" format="ixt:num-dot-decimal">0.34</ix:nonFraction> per share ($<ix:nonFraction contextRef="D20230524" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag1519" decimals="2" format="ixt:num-dot-decimal">0.68</ix:nonFraction> per ADS), was paid on May 24, 2023, for an amount of approximately $<ix:nonFraction contextRef="D20230524" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag1521" decimals="-6" scale="6" format="ixt:num-dot-decimal">401</ix:nonFraction> million. In the aggregate, the interim dividend paid in November 2022 and the balance paid in May 2023 amounted to approximately $<ix:nonFraction contextRef="D20230524_3" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag1308" decimals="-6" scale="6" format="ixt:num-dot-decimal">602</ix:nonFraction> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On May 3, 2022, the Company&#8217;s shareholders approved an annual dividend in the amount of $<ix:nonFraction contextRef="I20220503" name="ts:DividendsPayableAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag1324" decimals="2" format="ixt:num-dot-decimal">0.41</ix:nonFraction> per share ($<ix:nonFraction contextRef="I20220503" name="ts:DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag1319" decimals="2" format="ixt:num-dot-decimal">0.82</ix:nonFraction> per ADS). The amount approved included the interim dividend previously paid on November 24, 2021 in the amount of $<ix:nonFraction contextRef="I20211124" name="ts:DividendsPaidAmountPerShareIncludingInterimDividend" unitRef="USDPerShare" id="Tag1318" decimals="2" format="ixt:num-dot-decimal">0.13</ix:nonFraction> per share ($<ix:nonFraction contextRef="I20211124" name="ts:DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" unitRef="USDPerShare" id="Tag1314" decimals="2" format="ixt:num-dot-decimal">0.26</ix:nonFraction> per ADS). The balance, amounting to $<ix:nonFraction contextRef="D20220525" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag1309" decimals="2" format="ixt:num-dot-decimal">0.28</ix:nonFraction> per share ($<ix:nonFraction contextRef="D20220525" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag1312" decimals="2" format="ixt:num-dot-decimal">0.56</ix:nonFraction> per ADS), was paid on May 25, 2022, for an amount of approximately $<ix:nonFraction contextRef="D20220525" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag1315" decimals="-6" scale="6" format="ixt:num-dot-decimal">331</ix:nonFraction> million. In the aggregate, the interim dividend paid in November 2021 and the balance paid in May 2022 amounted to approximately $<ix:nonFraction contextRef="D20220525_1" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag1307" decimals="-6" scale="6" format="ixt:num-dot-decimal">484</ix:nonFraction> million.</span></p> </div> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; line-height: 1.2; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">&#160;</span></p> </div>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-46</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; width: 80%;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p> </div> </div><div style="font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory" id="Tag2651" escape="true">
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt;"><span style="border-left: none; border-right: none;"><span><b>11</b></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">Property, plant and equipment, net</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Year ended December 31, 2023 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial buildings, plant and production equipment </span></p> </td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Work in progress </span></p> </td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1591" decimals="-3" scale="3" format="ixt:num-dot-decimal">815,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1746" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,857,494</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag3009" decimals="-3" scale="3" format="ixt:num-dot-decimal">402,485</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1967" decimals="-3" scale="3" format="ixt:num-dot-decimal">252,379</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1613" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,526</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1687" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,383,647</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1730" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,863</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1986" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,282</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1748" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,675</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1595" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,462</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1665" decimals="-3" scale="3" format="ixt:num-dot-decimal">199</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1961" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,481</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1709" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,413</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1577" decimals="-3" scale="3" format="ixt:num-dot-decimal">256,899</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1711" decimals="-3" scale="3" format="ixt:num-dot-decimal">831</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1598" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,838</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1978" decimals="-3" scale="3" format="ixt:num-dot-decimal">393,981</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1953" decimals="-3" scale="3" format="ixt:num-dot-decimal">330</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1960" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,661</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1570" decimals="-3" scale="3" format="ixt:num-dot-decimal">820</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1615" decimals="-3" scale="3" format="ixt:num-dot-decimal">546,515</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1973" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,671</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1597" decimals="-3" scale="3" format="ixt:num-dot-decimal">570,997</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1745" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,031</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1762" decimals="-3" scale="3" format="ixt:num-dot-decimal">435,550</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1713" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,530</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1657" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">471,381</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1646" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,270</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1954" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,443</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1661" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,613</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1951" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,428</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1654" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,710</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1952" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,562</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1587" decimals="-3" scale="3" format="ixt:num-dot-decimal">92,756</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1764" decimals="-3" scale="3" format="ixt:num-dot-decimal">889,957</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1964" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,538,273</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1979" decimals="-3" scale="3" format="ixt:num-dot-decimal">416,913</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1672" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,103</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1617" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,834</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1574" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,313,080</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1766" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">152,272</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1618" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,313,971</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1575" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">340,526</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2283" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,615</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1619" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,827,384</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1759" decimals="-3" scale="3" format="ixt:num-dot-decimal">390</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1586" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,074</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1664" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,584</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1648" decimals="-3" scale="3" format="ixt:num-dot-decimal">105</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1955" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,153</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1573" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,256</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1602" decimals="-3" scale="3" format="ixt:num-dot-decimal">411,861</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1670" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,839</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1716" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,934</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2284" decimals="-3" scale="3" format="ixt:num-dot-decimal">445,890</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1966" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1592" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">391</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1749" decimals="-3" scale="3" format="ixt:num-dot-decimal">27</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1666" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">380</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1600" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1989" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">67,471</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1962" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,667</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1599" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">78,146</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1685" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">164,894</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1747" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,696,044</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1689" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">351,309</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1660" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">22,654</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1659" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9,234,901</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LandAndCivilBuildingsMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1582" decimals="-3" scale="3" format="ixt:num-dot-decimal">725,063</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag3027" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,842,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_VehiclesFurnitureAndFixturesMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1662" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,604</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1731" decimals="-3" scale="3" format="ixt:num-dot-decimal">396,103</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1604" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,180</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1684" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,078,179</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 34.85pt; text-align: justify; text-indent: -34.85pt;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-weight: normal; vertical-align: super;"><span style="font-size: 9pt;">(*)</span> </span><span><ix:footnote xml:lang="en-US" id="footnote9" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Related </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">.</span></span></ix:footnote></span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-47</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 270px;" width="100%">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Work in progress </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; width: 29%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1970" decimals="-3" scale="3" format="ixt:num-dot-decimal">830,104</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1580" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,064,541</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1767" decimals="-3" scale="3" format="ixt:num-dot-decimal">420,930</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ConstructionInProgressMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1658" decimals="-3" scale="3" format="ixt:num-dot-decimal">147,429</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_SparePartsAndEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1671" decimals="-3" scale="3" format="ixt:num-dot-decimal">59,522</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1761" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,522,526</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1715" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,601</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1735" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">71,347</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1758" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,838</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1584" decimals="-3" scale="3" format="ixt:num-dot-decimal">376</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1772" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">174</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1663" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">74,584</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1984" decimals="-3" scale="3" format="ixt:num-dot-decimal">187</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1569" decimals="-3" scale="3" format="ixt:num-dot-decimal">187</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1596" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,271</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1976" decimals="-3" scale="3" format="ixt:num-dot-decimal">734</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag2282" decimals="-3" scale="3" format="ixt:num-dot-decimal">334,912</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1771" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,150</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" unitRef="USD" id="Tag1649" decimals="-3" scale="3" format="ixt:num-dot-decimal">346,067</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1668" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,829</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1653" decimals="-3" scale="3" format="ixt:num-dot-decimal">184,915</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1686" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,221</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1676" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">227,153</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1987" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">16,188</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1956" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,569</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1710" decimals="-3" scale="3" format="ixt:num-dot-decimal">322,886</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1963" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,562</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1765" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,372</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1650" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,972</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag2281" decimals="-3" scale="3" format="ixt:num-dot-decimal">394,361</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1656" decimals="-3" scale="3" format="ixt:num-dot-decimal">815,763</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1688" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,857,494</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1959" decimals="-3" scale="3" format="ixt:num-dot-decimal">402,485</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1958" decimals="-3" scale="3" format="ixt:num-dot-decimal">252,379</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1616" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,526</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2280" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,383,647</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation and impairment </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2217" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">139,941</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1712" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,199,724</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1655" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">353,639</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_SparePartsAndEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1969" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,421</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1733" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,697,725</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1589" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">289</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1546" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">51,283</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1652" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,756</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1576" decimals="-3" scale="3" format="ixt:num-dot-decimal">130</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" unitRef="USD" id="Tag1975" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">53,198</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1572" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,577</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1651" decimals="-3" scale="3" format="ixt:num-dot-decimal">432,648</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1667" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,022</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag2213" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,485</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationPropertyPlantAndEquipment" unitRef="USD" id="Tag1756" decimals="-3" scale="3" format="ixt:num-dot-decimal">487,732</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2945" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1965" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">21,506</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag2944" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">215</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" unitRef="USD" id="Tag1673" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">21,723</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment charge (See note <span>5</span>) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" unitRef="USD" id="Tag1605" decimals="-3" scale="3" format="ixt:num-dot-decimal">75,722</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" unitRef="USD" id="Tag1736" decimals="-3" scale="3" format="ixt:num-dot-decimal">321</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" unitRef="USD" id="Tag1585" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,043</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 13px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1547" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">955</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1614" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">321,334</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1988" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">32,485</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1588" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,421</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsAndRetirementsPropertyPlantAndEquipment" unitRef="USD" id="Tag1770" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">359,195</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1669" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">152,272</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1950" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,313,971</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1974" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">340,526</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1606" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">20,615</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1744" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,827,384</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LandAndCivilBuildingsMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1971" decimals="-3" scale="3" format="ixt:num-dot-decimal">663,491</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1581" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,543,523</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_VehiclesFurnitureAndFixturesMember_1" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1968" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,959</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ConstructionInProgressMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1949" decimals="-3" scale="3" format="ixt:num-dot-decimal">252,379</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_SparePartsAndEquipmentMember" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag1603" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,911</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:PropertyPlantAndEquipment" unitRef="USD" id="Tag2214" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,556,263</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span><span><ix:footnote xml:lang="en-US" id="footnote10" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Related</span> <span style="font-family: 'Frutiger 45 Light';">to</span><span style="font-family: 'Frutiger 45 Light';"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light';">acquisition</span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:nonNumeric> </div>
<p style="font-family: 'times new roman', times; line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
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<ix:exclude>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-48</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> </div>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">See note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>28</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for a description of certain restricted assets with a carrying value of $<ix:nonFraction contextRef="I20231231_LandMember_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:PropertyPlantAndEquipmentRestrictionsOnTitle" unitRef="USD" id="Tag1763" decimals="-5" scale="6" format="ixt:num-dot-decimal">56.2</ix:nonFraction> million held in Saudi Arabia by the Company&#8217;s subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, in which Tenaris holds a <ix:nonFraction contextRef="D20231231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag1757" decimals="4" scale="-2" format="ixt:num-dot-decimal">47.79</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">include</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">capitalized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> net amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ts:PropertyPlantAndEquipmentCapitalizedInterest" unitRef="USD" id="Tag1743" decimals="-5" scale="6" format="ixt:num-dot-decimal">28.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231" name="ts:PropertyPlantAndEquipmentCapitalizedInterest" unitRef="USD" id="Tag1760" decimals="-5" scale="6" format="ixt:num-dot-decimal">30.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">were no</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">new </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">capitalized during <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 11pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Government grants recognized as a reduction of property, plant and equipment were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material for the years <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 11pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For the year <span>2023</span>, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he carrying amount of assets pledged as security for current and non-current borrowings amounted to $<ix:nonFraction contextRef="I20231231" name="ifrs-full:PropertyPlantAndEquipmentPledgedAsSecurity" unitRef="USD" id="Tag2278" decimals="-5" scale="6" format="ixt:num-dot-decimal">89.6</ix:nonFraction> million held in Saudi Arabia by the Company&#180;s subsidiary GPC, in which SSPC holds a <ix:nonFraction contextRef="D20231231_SaudiSteelPipeCompanyMember_GlobalPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag1846" decimals="3" scale="-2" format="ixt:num-dot-decimal">57.3</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For the year <span>2022</span>, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he carrying amount of assets pledged as security for current and non-current borrowings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material.&#160;</span></p> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 11pt; margin: 0pt; text-align: justify;"><br/></p> </div><div>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory" id="Tag2371" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="line-height: inherit;"><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt;"><b>12&#160; &#160; &#160;&#160;</b></span></span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold; line-height: inherit;">Intangible assets, net</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" id="Tag2539" escape="true">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 41%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1980" decimals="-3" scale="3" format="ixt:num-dot-decimal">614,474</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag3269" decimals="-3" scale="3" format="ixt:num-dot-decimal">550,991</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1754" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,469,726</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1721" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,762,042</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2269" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,397,233</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2285" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,233</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2293" decimals="-3" scale="3" format="ixt:num-dot-decimal">2</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1691" decimals="-3" scale="3" format="ixt:num-dot-decimal">39</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2253"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1634" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,274</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 18px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(**)</span></sup></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2786" decimals="-3" scale="3" format="ixt:num-dot-decimal">105</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1996" decimals="-3" scale="3" format="ixt:num-dot-decimal">116</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2276" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,616</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1626" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,638</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2004" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,475</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additions </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1696" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,375</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1701" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,073</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag1752"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag1724"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1627" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,448</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2303" decimals="-3" scale="3" format="ixt:num-dot-decimal">437</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2941" decimals="-3" scale="3" format="ixt:num-dot-decimal">367</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2946"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2257"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1556" decimals="-3" scale="3" format="ixt:num-dot-decimal">804</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1751" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,737</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2277"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1990"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2005"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1677" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,737</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Values at the end of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1717" decimals="-3" scale="3" format="ixt:num-dot-decimal">648,887</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2260" decimals="-3" scale="3" format="ixt:num-dot-decimal">560,549</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1706" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,488,381</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1994" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,790,680</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2264" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,488,497</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amortization and impairment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1692" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">561,119</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2246" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">398,417</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1981" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,384,674</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2279" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,720,515</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1700" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,064,725</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1999" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,140</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2275" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2942"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1644"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1631" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,141</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charge </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2000" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,285</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2256" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,799</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag2305"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2307" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,259</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag3270" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,343</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1732" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">86</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2294"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag3271"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1690"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1622" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">86</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1621" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,736</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2248"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2270"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1628"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1725" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,736</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Accumulated at the end of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1636" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">576,722</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1611" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">407,217</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1694" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,384,674</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1612" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,742,774</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1991" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,111,387</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1995" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,165</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1707" decimals="-3" scale="3" format="ixt:num-dot-decimal">153,332</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1708" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,103,707</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1844" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,906</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1841" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,377,110</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><sup>(*)</sup> <span><ix:footnote xml:lang="en-US" id="footnote32" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;">Includes Proprietary Technology.</span></ix:footnote></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><sup>(**) </sup></span><span><ix:footnote xml:lang="en-US" id="footnote31" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></span></span></span></span></ix:footnote></span></span></p>
<div style="border-left: none; border-right: none;">
<ix:exclude>
<p xmlns="http://www.w3.org/1999/xhtml" style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br/></p>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-49</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude>
<p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.8777%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Licenses, patents and trademarks </span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 8pt;"><sup>(*)</sup></span></p> </td>
<td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1742" decimals="-3" scale="3" format="ixt:num-dot-decimal">650,155</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2273" decimals="-3" scale="3" format="ixt:num-dot-decimal">547,527</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2266" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,468,638</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1682" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,211,151</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2247" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,877,471</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1607" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,626</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2947"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1560" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,088</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2296"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1739" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,538</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations<span style="font-size: 8pt;"><sup> (**)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2003"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1755" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,019</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1679"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2263"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2250" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,019</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1750" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,427</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1697" decimals="-3" scale="3" format="ixt:num-dot-decimal">952</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag1738"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag1647"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1705" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,379</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1680" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,535</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1704"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2304"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2274"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1703" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,535</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disposals </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(***)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1610" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,947</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1720" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,507</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1624"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1623" decimals="-3" scale="3" format="ixt:num-dot-decimal">449,109</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2262" decimals="-3" scale="3" format="ixt:num-dot-decimal">509,563</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2308" decimals="-3" scale="3" format="ixt:num-dot-decimal">614,474</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2291" decimals="-3" scale="3" format="ixt:num-dot-decimal">550,991</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2258" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,469,726</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1640" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,762,042</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1693" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,397,233</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amortization and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1559" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">599,307</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2271" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">391,223</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1737" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,383,994</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2220" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,130,771</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1620" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,505,295</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2268" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,496</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1977"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1722"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1983"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1702" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,496</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag2254" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,218</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1698" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,701</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" xsi:nil="true" id="Tag2249"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1561" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,853</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" unitRef="USD" id="Tag1683" decimals="-3" scale="3" format="ixt:num-dot-decimal">70,772</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment charge (See note <span>5</span>) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1625" decimals="-3" scale="3" format="ixt:num-dot-decimal">2</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1993"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1630" decimals="-3" scale="3" format="ixt:num-dot-decimal">680</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag2002"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1608" decimals="-3" scale="3" format="ixt:num-dot-decimal">682</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disposals </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(***)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1727" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">58,912</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1643" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,507</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" xsi:nil="true" id="Tag1609"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2267" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">449,109</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1629" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">509,528</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1728" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">561,119</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1726" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">398,417</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1741" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,384,674</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2255" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,720,515</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1642" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,064,725</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_InformationSystemProjectsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2306" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,355</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LicensesPatentsAndTrademarksMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1753" decimals="-3" scale="3" format="ixt:num-dot-decimal">152,574</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_GoodwillMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1997" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,085,052</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CustomerrelatedIntangibleAssetsMember" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag2218" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,527</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:IntangibleAssetsAndGoodwill" unitRef="USD" id="Tag1719" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,332,508</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes Proprietary Technology.</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(**)</span><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote29" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></ix:footnote></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt; line-height: inherit;">(***)</span></span><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote30" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">fully depreciated assets following the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">deconsolidation of a Canadian subsidiary of the Company.</span></ix:footnote></span></span></p> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The geographical </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocation of goodwill </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ended December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_NorthAmericaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1992" decimals="-5" scale="6" format="ixt:num-dot-decimal">944.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for North America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_SouthAmericaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1734" decimals="-5" scale="6" format="ixt:num-dot-decimal">111.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for South America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_AsiaPacificMiddleEastAndAfricaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2301" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Asia Pacific, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Middle East &amp; Africa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_EuropeMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1998" decimals="-5" scale="6" format="ixt:num-dot-decimal">15.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The carrying amount of goodwill allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by CGU, as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, was as follows: </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" id="Tag1944" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (all amounts in millions of U.S. dollars) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 51.9231%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 22.4852%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tubes Segment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other Segment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 51.9231%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> CGU </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hydril Acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 51.9231%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tamsa </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_HydrilCompanyMember_TamsaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2221" decimals="-6" scale="6" format="ixt:num-dot-decimal">346</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_TamsaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2261" decimals="-6" scale="6" format="ixt:num-dot-decimal">19</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_TamsaMember" name="ifrs-full:Goodwill" unitRef="USD" xsi:nil="true" id="Tag1635"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.47929%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_TamsaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2883" decimals="-6" scale="6" format="ixt:num-dot-decimal">365</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Siderca </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_HydrilCompanyMember_SidercaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1699" decimals="-6" scale="6" format="ixt:num-dot-decimal">265</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_SidercaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1740" decimals="-6" scale="6" format="ixt:num-dot-decimal">93</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_SidercaMember" name="ifrs-full:Goodwill" unitRef="USD" xsi:nil="true" id="Tag2259"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_SidercaMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2001" decimals="-6" scale="6" format="ixt:num-dot-decimal">358</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Hydril </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_HydrilCompanyMember_HydrilMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1637" decimals="-6" scale="6" format="ixt:num-dot-decimal">309</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_HydrilMember" name="ifrs-full:Goodwill" unitRef="USD" xsi:nil="true" id="Tag2272"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_HydrilMember" name="ifrs-full:Goodwill" unitRef="USD" xsi:nil="true" id="Tag2302"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_HydrilMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2219" decimals="-6" scale="6" format="ixt:num-dot-decimal">309</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TubesMember_HydrilCompanyMember_OtherCguMember" name="ifrs-full:Goodwill" unitRef="USD" xsi:nil="true" id="Tag2295"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_OtherCguMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag2943" decimals="-6" scale="6" format="ixt:num-dot-decimal">58</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_OtherCguMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag3021" decimals="-6" scale="6" format="ixt:num-dot-decimal">14</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_OtherCguMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1845" decimals="-6" scale="6" format="ixt:num-dot-decimal">71</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_HydrilCompanyMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1982" decimals="-6" scale="6" format="ixt:num-dot-decimal">920</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1843" decimals="-6" scale="6" format="ixt:num-dot-decimal">170</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember" name="ifrs-full:Goodwill" unitRef="USD" id="Tag3020" decimals="-6" scale="6" format="ixt:num-dot-decimal">14</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Goodwill" unitRef="USD" id="Tag1842" decimals="-6" scale="6" format="ixt:num-dot-decimal">1,104</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </div> </ix:nonNumeric> </ix:nonNumeric>
<div style="font-family: 'times new roman', times;">
<p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-50</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table style="font-family: 'times new roman'; width: 100%; height: 20px; border-collapse: collapse; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div><div id="Dsrca440w9zppokh026irp" style="font-family: 'times new roman', times;">
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfLeasesExplanatory" id="Tag3371" escape="true">
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">13&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Right-of-use assets, net and lease liabilities</span></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Right of use assets evolution</span></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" id="Tag2083" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 348px;" width="100%">
<tbody>
<tr style="height: 65px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 29.6296%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.2222%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 11.7037%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0741%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.18519%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.88889%; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1383" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,570</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1231" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,677</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1455" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,291</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1486" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,182</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1391" decimals="-3" scale="3" format="ixt:num-dot-decimal">200,720</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1244" decimals="-3" scale="3" format="ixt:num-dot-decimal">99</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1397" decimals="-3" scale="3" format="ixt:num-dot-decimal">243</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1240" decimals="-3" scale="3" format="ixt:num-dot-decimal">263</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1430"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1227" decimals="-3" scale="3" format="ixt:num-dot-decimal">605</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1403" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,803</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1506" decimals="-3" scale="3" format="ixt:num-dot-decimal">37</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1237" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1253"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ts:AcquisitionsThroughBusinessCombinationsRightOfUseAssets" unitRef="USD" id="Tag1393" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,886</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1479" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,040</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1220" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,066</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1385" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,732</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1427" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,486</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1412" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,324</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1386" decimals="-3" scale="3" format="ixt:num-dot-decimal">691</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1456"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1500" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">691</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1257"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1515"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1480" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1259" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,643</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1405" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,424</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1224"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1492" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,806</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1449" decimals="-3" scale="3" format="ixt:num-dot-decimal">66,464</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1440" decimals="-3" scale="3" format="ixt:num-dot-decimal">148,380</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1234" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,217</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1242" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,668</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1157" decimals="-3" scale="3" format="ixt:num-dot-decimal">261,729</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1475" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,933</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1460" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">52,794</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1250" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17,042</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1223" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">210</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1235" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">88,979</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1481" decimals="-3" scale="3" format="ixt:num-dot-decimal">34</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1158" decimals="-3" scale="3" format="ixt:num-dot-decimal">134</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1478" decimals="-3" scale="3" format="ixt:num-dot-decimal">200</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1504"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1474" decimals="-3" scale="3" format="ixt:num-dot-decimal">368</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1155" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,663</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1401" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,685</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1502" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,316</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1379" decimals="-3" scale="3" format="ixt:num-dot-decimal">613</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1172" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,277</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1174" decimals="-3" scale="3" format="ixt:num-dot-decimal">691</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1221"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1264" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">691</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1459"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1399"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1260" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,349</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1493" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,046</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1508" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,638</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_OtherAssetsMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1246"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1428" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,033</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1491" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">27,972</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1483" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">75,567</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1507" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1476" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">823</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1503" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">129,591</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LandAndCivilBuildingsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1510" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,492</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1159" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,813</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_VehiclesFurnitureAndFixturesMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1232" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,988</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_OtherAssetsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1210" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,845</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1472" decimals="-3" scale="3" format="ixt:num-dot-decimal">132,138</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Times New Roman';">(*) </span></sup></span><span><ix:footnote xml:lang="en-US" id="footnote49" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"> <span style="font-family: 'Frutiger 45 Light';">Related to the GPC and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></span></ix:footnote></span></p> </div>
<p style="font-size: 10pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 327px;" width="100%">
<tbody>
<tr style="height: 55px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 55px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1426" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,082</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1571" decimals="-3" scale="3" format="ixt:num-dot-decimal">131,816</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1222" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,256</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" xsi:nil="true" id="Tag1209"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1229" decimals="-3" scale="3" format="ixt:num-dot-decimal">198,154</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1451" decimals="-3" scale="3" format="ixt:num-dot-decimal">52</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1262" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">414</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1487" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">417</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1261"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1450" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">779</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1782" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,872</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1218" decimals="-3" scale="3" format="ixt:num-dot-decimal">31,778</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1396" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,674</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1236" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,182</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ifrs-full:AdditionsToRightofuseAssets" unitRef="USD" id="Tag1238" decimals="-3" scale="3" format="ixt:num-dot-decimal">56,506</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1501" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1219" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,317</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1225" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,483</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1402"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1940"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1410" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,270</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1233" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1398" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,705</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherAssetsMember_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1156"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_GrossCarryingAmountMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1489" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,161</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1254" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,570</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1212" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,677</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1392" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,291</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_OtherAssetsMember_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1258" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,182</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_GrossCarryingAmountMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1406" decimals="-3" scale="3" format="ixt:num-dot-decimal">200,720</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1411" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">24,005</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1413" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">54,727</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1485" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">10,684</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" xsi:nil="true" id="Tag1499"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1498" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">89,416</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1477" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">9</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1490" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">139</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1160" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">251</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1445"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" unitRef="USD" id="Tag1263" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">399</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1380" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,965</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1241" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,767</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1457" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,277</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1452" decimals="-3" scale="3" format="ixt:num-dot-decimal">210</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:DepreciationRightofuseAssets" unitRef="USD" id="Tag1248" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,219</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1245" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,974</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag2410" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,431</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" id="Tag1265" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,543</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1243"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1400"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1382" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,054</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1249" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,992</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1429" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,211</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" xsi:nil="true" id="Tag1173"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ts:DisposalsConsumptionsRightOfUseAssets" unitRef="USD" id="Tag1496" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,257</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1488" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,933</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1509" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">52,794</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1226" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">17,042</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1442" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">210</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1255" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">88,979</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LandAndCivilBuildingsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1774" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,637</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1247" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,883</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_VehiclesFurnitureAndFixturesMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1408" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,249</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_OtherAssetsMember" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1516" decimals="-3" scale="3" format="ixt:num-dot-decimal">972</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:RightofuseAssets" unitRef="USD" id="Tag1473" decimals="-3" scale="3" format="ixt:num-dot-decimal">111,741</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr> </tbody> </table> </div>
</ix:nonNumeric>
<p style="font-size: 10pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Depreciation of right-of-use assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> mainly included in Tubes segment. </span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-51</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> </div>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Lease liability evolution</span></p>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:LeaseLiabilityEvolutionTextBlock" id="Tag1887" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 163px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag1387" decimals="-3" scale="3" format="ixt:num-dot-decimal">112,177</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag1211" decimals="-3" scale="3" format="ixt:num-dot-decimal">117,285</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:LeaseLiabilitiesIncreaseDueToBusinessCombinations" unitRef="USD" id="Tag1256" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,148</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ts:LeaseLiabilitiesIncreaseDueToBusinessCombinations" unitRef="USD" xsi:nil="true" id="Tag1409"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:LeaseLiabilitiesTranslationDifferences" unitRef="USD" id="Tag1494" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,237</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:LeaseLiabilitiesTranslationDifferences" unitRef="USD" id="Tag1251" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,922</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:LeaseLiabilitiesAdditions" unitRef="USD" id="Tag1454" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,310</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:LeaseLiabilitiesAdditions" unitRef="USD" id="Tag1444" decimals="-3" scale="3" format="ixt:num-dot-decimal">56,459</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cancellations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:LeaseLiabilitiesCancellations" unitRef="USD" id="Tag1378" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,972</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:LeaseLiabilitiesCancellations" unitRef="USD" id="Tag1470" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,207</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 14px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Repayments </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:LeaseLiabilitiesRepayments" unitRef="USD" id="Tag1497" decimals="-3" scale="3" format="ixt:num-dot-decimal">54,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:LeaseLiabilitiesRepayments" unitRef="USD" id="Tag1471" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,874</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:LeaseLiabilitiesInterestAccrued" unitRef="USD" id="Tag1505" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,473</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:LeaseLiabilitiesInterestAccrued" unitRef="USD" id="Tag1458" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,436</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag1453" decimals="-3" scale="3" format="ixt:num-dot-decimal">134,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LeaseLiabilities" unitRef="USD" id="Tag1239" decimals="-3" scale="3" format="ixt:num-dot-decimal">112,177</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 13.3333px;"><span style="font-size: 8pt;"><sup>(*)</sup></span> </span><span><ix:footnote xml:lang="en-US" id="footnote50" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></ix:footnote></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></sup></span><span><ix:footnote continuedAt="c9114f5e6-46cc-45f4-b52e-5352eb7183f4" xml:lang="en-US" id="footnote51" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-left: none; border-right: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';"> i</span><span style="font-family: 'Frutiger 45 Light';">nclude</span><span style="font-family: 'Frutiger 45 Light';">s</span> <span style="font-family: 'Frutiger 45 Light';">repayments of </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20231231_3" name="ts:LeaseLiabilitiesCapitalRepayments" unitRef="USD" id="Tag1390" decimals="-5" scale="6" format="ixt:num-dot-decimal">51.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">in capital </span><span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:InterestExpenseOnLeaseLiabilities" unitRef="USD" id="Tag1404" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million</span><span style="font-family: 'Frutiger 45 Light';"> of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></ix:footnote></span></p>
<p style="font-size: 9pt; line-height: 10pt; margin: 0pt; text-align: justify;"><ix:continuation id="c9114f5e6-46cc-45f4-b52e-5352eb7183f4"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">F</span><span style="font-family: 'Frutiger 45 Light';">or <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> includes repayments of $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20221231_3" name="ts:LeaseLiabilitiesCapitalRepayments" unitRef="USD" id="Tag1441" decimals="-5" scale="6" format="ixt:num-dot-decimal">52.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million in capital and $</span><span style="font-family: 'Frutiger 45 Light';"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InterestExpenseOnLeaseLiabilities" unitRef="USD" id="Tag1228" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light';"> million of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></ix:continuation></p> </ix:nonNumeric>
<p style="font-size: 10pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he amount of remaining payments with maturit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ies of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> less than <span>1</span> year, between <span>2</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>5</span> years and more than <span>5</span> years was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_NotLaterThanOneYearMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1407" decimals="2" scale="-2" format="ixt:num-dot-decimal">28</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_LaterThanOneYearAndNotLaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1381" decimals="2" scale="-2" format="ixt:num-dot-decimal">45</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_LaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1484" decimals="2" scale="-2" format="ixt:num-dot-decimal">27</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he amount of remaining payments with maturit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ies of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> less than <span>1</span> year, between <span>2</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>5</span> years and more than <span>5</span> years was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1230" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1482" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_LaterThanFiveYearsMember" name="ts:RemainingLeasePaymentsToBeMadePercentage" unitRef="Pure" id="Tag1443" decimals="2" scale="-2" format="ixt:num-dot-decimal">27</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> relat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">leases of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">elling, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">eneral and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">dministrative </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">xpense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> not material for the years <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> </ix:nonNumeric>
<p style="font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p> </div><div id="Dkv4nvmtc26du90ie0eajec" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory" id="Tag2338" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">14</span></span>&#160; &#160; &#160; &#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments in </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">non-consolidated</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> companies</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" id="Tag2958" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 190px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 24.1983%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1377" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,540,646</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1526" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,383,774</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.02041%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag3152" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">110,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ts:OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" unitRef="USD" id="Tag1548" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,336</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag2006" decimals="-3" scale="3" format="ixt:num-dot-decimal">79,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" unitRef="USD" id="Tag1525" decimals="-3" scale="3" format="ixt:num-dot-decimal">242,743</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment loss in non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_3" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" xsi:nil="true" id="Tag1522"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag1435" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,041</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Dividends and distributions declared </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1361" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,216</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1370" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,189</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Acquisition of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_3" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" unitRef="USD" id="Tag1524" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,661</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" unitRef="USD" xsi:nil="true" id="Tag1539"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Decrease due to step-acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" unitRef="USD" id="Tag1371" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">23,453</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ts:InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" unitRef="USD" xsi:nil="true" id="Tag3073"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (Decrease) / increase in equity reserves and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" unitRef="USD" id="Tag3075" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">52,046</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_3" name="ts:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" unitRef="USD" id="Tag3058" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,023</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1867" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,608,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1418" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,540,646</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Equity in earnings of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: Includes a loss of $<ix:nonFraction contextRef="D20230517_UsiminasMember" name="ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" unitRef="USD" id="Tag1425" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.5</ix:nonFraction> related to the participation increase in Usiminas and does </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> include $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" id="Tag1422" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag1543" decimals="-5" scale="6" format="ixt:num-dot-decimal">11.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to GPC acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> since May 17, 2023, which is the date of its consolidation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Impairment loss in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Includes an impairment of $<ix:nonFraction contextRef="D20231231_UsiminasMember" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag1268" decimals="-5" scale="6" format="ixt:num-dot-decimal">19.1</ix:nonFraction> million related to the investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $<ix:nonFraction contextRef="D20231231_PAOPSeverstalMember" name="ts:ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" unitRef="USD" id="Tag1469" decimals="-5" scale="6" format="ixt:num-dot-decimal">14.9</ix:nonFraction> million related to the joint venture with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> PAO</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Dividends and distributions declared</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Related to Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. During </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_TerniumAndUsiminasMember" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1420" decimals="-5" scale="6" format="ixt:num-dot-decimal">68.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_TerniumAndUsiminasMember" name="ts:DividendsDeclaredByNonconsolidatedCompanies" unitRef="USD" id="Tag1465" decimals="-5" scale="6" format="ixt:num-dot-decimal">66.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were collected</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to the investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-52</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Decrease due to step-acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to GPC acquisition. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The principal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-consolidated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> companies are:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" id="Tag3344" escape="true">
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<p style="margin: 0pt;"><br/></p> </td>
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<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % ownership at December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Book value at December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Country of incorporation </span></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a) Ternium </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 30%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Luxembourg </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TerniumSAMember_LU_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1534" decimals="4" scale="-2" format="ixt:num-dot-decimal">11.46</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_LU_TerniumSAMember_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1436" decimals="4" scale="-2" format="ixt:num-dot-decimal">11.46</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_LU" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1531" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,430,616</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LU_TerniumSAMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1373" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,363,607</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span> <span style="font-size: 8pt; line-height: inherit;"><sup><span>(**)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Brazil </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="display: inline;"><ix:nonFraction contextRef="D20231231_UsiminasMember_BR_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1311" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.96</ix:nonFraction></span>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_BR_UsiminasMember_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1877" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.07</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember_BR" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1535" decimals="-3" scale="3" format="ixt:num-dot-decimal">123,654</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BR_UsiminasMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag2926" decimals="-3" scale="3" format="ixt:num-dot-decimal">109,534</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> c) Techgen </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mexico </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TechgenSAMember_MX_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1869" decimals="4" scale="-2" format="ixt:num-dot-decimal">22.00</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_MX_TechgenSAMember_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1530" decimals="4" scale="-2" format="ixt:num-dot-decimal">22.00</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TechgenSAMember_MX" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag2286" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,556</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_MX_TechgenSAMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1316" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,506</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d) Global Pipe Company </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(***)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_SA_1" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag1362" decimals="4" scale="-2" format="ixt:num-dot-decimal">57.30</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_SA_GlobalPipeCompanyMember_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag3293" decimals="4" scale="-2" format="ixt:num-dot-decimal">35.00</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_GlobalPipeCompanyMember_SA" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" xsi:nil="true" id="Tag1305"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_SA_GlobalPipeCompanyMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1369" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,022</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1532" decimals="-3" scale="3" format="ixt:num-dot-decimal">978</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1326" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,977</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag3076" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,608,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1376" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,540,646</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"/> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(*)</sup><span><ix:footnote xml:lang="en-US" id="footnote39" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;">Including treasury shares.</span></ix:footnote></span><br/></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(**)</sup><span><ix:footnote xml:lang="en-US" id="footnote41" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;">At December 31, 2023 the voting rights were <ix:nonFraction contextRef="D20231231_UsiminasMember" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" unitRef="Pure" id="Tag1439" decimals="4" scale="-2" format="ixt:num-dot-decimal">6.76</ix:nonFraction>% and at December 31, 2022 were <ix:nonFraction contextRef="D20221231_UsiminasMember" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" unitRef="Pure" id="Tag1438" decimals="4" scale="-2" format="ixt:num-dot-decimal">5.19</ix:nonFraction>%.</span></span></span></span></ix:footnote></span></span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(***)</sup><span><ix:footnote xml:lang="en-US" id="footnote40" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;">Consolidated as from May 17, 2023.</span></ix:footnote></span></span></p> </ix:nonNumeric> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;">a) Ternium</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a steel producer with production facilities in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Brazil, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina, Colombia,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Southern</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Un</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ited States and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Central America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is <span>one</span> of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> main suppliers of round steel bars and flat steel products for its pipes business.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the closing price of Ternium&#8217;s ADSs as quoted on the New York </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Stock Exchange was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TerniumSAMember" name="ts:ClosingPricePerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag1432" decimals="2" format="ixt:num-dot-decimal">42.47</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">per ADS, giving </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ownership stake a ma</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rket value of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="USD" id="Tag3057" decimals="-5" scale="6" format="ixt:num-dot-decimal">975.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the carrying value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ownership stake in Ternium, based on Ternium&#8217;s IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Financial S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tements,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag78" decimals="-5" scale="6" format="ixt:num-dot-decimal">1,430.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset&#8217;s carrying amount may not be recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company concluded that</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the carrying amount does not exceed the recoverable value of the investment.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_TerniumSAMember" name="ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" id="Tag2566" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 234px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Ternium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag1421" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,148,560</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag3026" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,647,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag2289" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,030,544</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag1879" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,844,038</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:Assets" unitRef="USD" id="Tag1541" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,179,104</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:Assets" unitRef="USD" id="Tag1513" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,491,548</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag1433" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,566,643</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag1313" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,506,325</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag1365" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,800,602</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag1523" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,216,832</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:Liabilities" unitRef="USD" id="Tag3308" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,367,245</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:Liabilities" unitRef="USD" id="Tag2290" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,723,157</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:Equity" unitRef="USD" id="Tag1437" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,811,859</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:Equity" unitRef="USD" id="Tag1375" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,768,391</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_TerniumSAMember_1" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag1423" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,393,264</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_TerniumSAMember" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag1364" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,922,434</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TerniumSAMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag3309" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,610,092</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TerniumSAMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1367" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,414,466</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Gross profit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TerniumSAMember" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag1266" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,559,355</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TerniumSAMember" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag1419" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,927,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net income for the year attributable to shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TerniumSAMember" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag2287" decimals="-3" scale="3" format="ixt:num-dot-decimal">676,043</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_TerniumSAMember" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag1372" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,767,516</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-53</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;">b) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;">Usiminas</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the closing price of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; ordinary and preferred shares, as quoted on the B<span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brasil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bolsa </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Balc&#227;o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_UsiminasMember_OrdinarySharesMember" name="ts:ClosingPricePerShare" unitRef="BRLPerShare" id="Tag1542" decimals="2" format="ixt:num-dot-decimal">9.20</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_UsiminasMember_OrdinarySharesMember" name="ts:ClosingPricePerShare" unitRef="USDPerShare" id="Tag30" decimals="2" format="ixt:num-dot-decimal">1.90</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) and BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_UsiminasMember_PreferenceSharesMember" name="ts:ClosingPricePerShare" unitRef="BRLPerShare" id="Tag1434" decimals="2" format="ixt:num-dot-decimal">9.29</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_UsiminasMember_PreferenceSharesMember" name="ts:ClosingPricePerShare" unitRef="USDPerShare" id="Tag1416" decimals="2" format="ixt:num-dot-decimal">1.92</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), respectively, giving Tenaris&#8217;s ownership stake a market value of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" unitRef="USD" id="Tag1527" decimals="-5" scale="6" format="ixt:num-dot-decimal">92.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that date, the carrying value of Tenaris&#8217;s ownership stake in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1533" decimals="-5" scale="6" format="ixt:num-dot-decimal">123.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Following the acquisition of shares referred to in note II.B.<span>2</span>).b) and considering the carrying value of the previously held interest, the price</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> paid for the acquisition </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the additional</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares and the fair value measurement of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conducted at the T/T Group</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> level)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company recorded a net loss of $<ix:nonFraction contextRef="D20231231_UsiminasMember" name="ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" unitRef="USD" id="Tag1303" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.5</ix:nonFraction> million included in Equity in (losses) earnings of non-consolidated companies in the Consolidated Income Statement.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company reviews its participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> whenever events or circumstances indicate that the asset&#8217;s carrying amount may not be recoverable. As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>2023</span>, the Company concluded that the carrying amount did not exceed the recoverable value of the investment.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Summarized selected financial information of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_UsiminasMember" name="ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" id="Tag1945" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 220px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Usiminas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag1310" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,591,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:NoncurrentAssets" unitRef="USD" id="Tag1512" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,764,453</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag1431" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,589,129</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:CurrentAssets" unitRef="USD" id="Tag1304" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,901,844</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:Assets" unitRef="USD" id="Tag1468" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,180,892</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:Assets" unitRef="USD" id="Tag1549" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,666,297</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag3034" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,672,676</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:NoncurrentLiabilities" unitRef="USD" id="Tag1267" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,671,249</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag1415" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,139,031</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:CurrentLiabilities" unitRef="USD" id="Tag1540" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,033,524</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:Liabilities" unitRef="USD" id="Tag79" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,811,706</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:Liabilities" unitRef="USD" id="Tag29" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,704,773</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:Equity" unitRef="USD" id="Tag2925" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,369,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:Equity" unitRef="USD" id="Tag3080" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,961,524</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_UsiminasMember" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag1368" decimals="-3" scale="3" format="ixt:num-dot-decimal">556,418</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_UsiminasMember" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag1269" decimals="-3" scale="3" format="ixt:num-dot-decimal">523,741</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_UsiminasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag1868" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,531,985</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_UsiminasMember" name="ifrs-full:Revenue" unitRef="USD" id="Tag2924" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,296,964</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Gross profit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_UsiminasMember" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag1538" decimals="-3" scale="3" format="ixt:num-dot-decimal">357,845</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_UsiminasMember" name="ifrs-full:GrossProfit" unitRef="USD" id="Tag2922" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,110,439</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net income for the year attributable to shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_UsiminasMember" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag1536" decimals="-3" scale="3" format="ixt:num-dot-decimal">278,402</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_UsiminasMember" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" unitRef="USD" id="Tag1327" decimals="-3" scale="3" format="ixt:num-dot-decimal">319,979</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<ix:exclude>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-54</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">c) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Techgen</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pesquer&#237;a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> area of the State of Nuevo Le&#243;n, Mexico, with a power capacity of <span>900</span> megawatts. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Tenaris held <ix:nonFraction contextRef="D20231231_TechgenSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1322" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> share capital, and its affiliates, Ternium and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (both controlled by San Faustin), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">beneficially owned</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TechgenSAMember_TerniumSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1374" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction>% and <ix:nonFraction contextRef="D20231231_TecpetrolInternationalSAMember_TechgenSAMember_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag1537" decimals="2" scale="-2" format="ixt:num-dot-decimal">30</ix:nonFraction>% respectively.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the carrying value of Tenaris&#8217;s ownership stake in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TechgenSAMember" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" unitRef="USD" id="Tag1363" decimals="-5" scale="6" format="ixt:num-dot-decimal">53.6</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> entered into certain transportation capacity agreements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> an agreement for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">purchase of clean energy certificates. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">, Tenaris&#8217;s exposure under these agreements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TechgenSAMember_1" name="ts:ExposureToTransportationCapacityAgreements" unitRef="USD" id="Tag2921" decimals="-5" scale="6" format="ixt:num-dot-decimal">39.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TechgenSAMember_1" name="ts:ExposureToThePurchaseOfCleanEnergyCertificates" unitRef="USD" id="Tag1462" decimals="-5" scale="6" format="ixt:num-dot-decimal">16.9</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">million respectively.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sponsors granted certain subordinated loans to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the aggregate outstanding principal amount under these subordinated loans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TechgenSAMember_TerniumSAMember_TenarisMember_TecpetrolInternationalSAMember" name="ifrs-full:LoansAndReceivables" unitRef="USD" id="Tag2923" decimals="-5" scale="6" format="ixt:num-dot-decimal">281.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, of which $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TechgenSAMember_TenarisMember" name="ifrs-full:LoansAndReceivables" unitRef="USD" id="Tag1337" decimals="-5" scale="6" format="ixt:num-dot-decimal">61.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million correspond to Tenaris&#8217;s contribution.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On February 13, 2019, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> entered into a $<ix:nonFraction contextRef="I20190213_TechgenSAMember_SeveralBanksToRefinanceObligationsMember" name="ifrs-full:DebtSecurities" unitRef="USD" id="Tag3136" decimals="-6" scale="6" format="ixt:num-dot-decimal">640</ix:nonFraction> million syndicated loan agreement with several banks to refinance an existing loan, resulting in the release of certain corporate guarantees previously issued by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholders to secure the replaced facility.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The existing syndicated loan agreement is &#8220;non-recourse&#8221; on the sponsors. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obligations thereunder are guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and certain direct agreements &#8211;customary for these type of transactions&#8211;. The commercial terms and conditions governing the purchase by the Company&#8217;s Mexican subsidiary, Tamsa, of <ix:nonFraction contextRef="I20231231_TechgenSAMember_TenarisMember" name="ts:ProportionOfCorporateGuaranteeCoveringObligations" unitRef="Pure" id="Tag1366" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>% of the energy generated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> remain substantially unchanged.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the loan agreement, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is committed to maintain a debt service reserve account covering debt service becoming due during <span>two</span> consecutive quarters; such account is funded by stand-by letters of credit issued for the account of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sponsors in proportion to their respective participations in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Accordingly, the Company applied for stand-by letters of credit covering <ix:nonFraction contextRef="I20231231_TechgenSAMember_TenarisSAMember" name="ts:DebtServiceCoverageRatioCoveredPercent" unitRef="Pure" id="Tag2407" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>% of the debt service coverage ratio, which as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TechgenSAMember_TenarisSAMember" name="ts:LettersOfCreditCovered" unitRef="USD" id="Tag1529" decimals="-5" scale="6" format="ixt:num-dot-decimal">10.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">d)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">GPC</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GPC is a joint venture established in <span>2010</span> and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. Until May 16, 2023, Tenaris, through its subsidiary SSPC, owned <ix:nonFraction contextRef="D20230516_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_1" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag3294" decimals="2" scale="-2" format="ixt:num-dot-decimal">35</ix:nonFraction>% of the share capital of GPC and, accordingly, GPC was a non-consolidated company. On May 17, 2023, SSPC acquired an additional <ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_3" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" unitRef="Pure" id="Tag1417" decimals="3" scale="-2" format="ixt:num-dot-decimal">22.3</ix:nonFraction>% interest in GPC reaching a participation of <ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_3" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag1550" decimals="3" scale="-2" format="ixt:num-dot-decimal">57.3</ix:nonFraction>%. The Company consolidates GPC&#8217;s balances and results of operations as from May 17, 2023. For more information on GPC acquisition and its accounting treatment see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>34</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Global Pipe Company acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;. </span></p> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-55</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><br/></div> </div> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-left: none; border-right: none;">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfNoncurrentReceivablesTextBlock" id="Tag1835" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">15&#160; &#160; &#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Receivables</span> <span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">non</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">-</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">current</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" id="Tag1809" escape="true">
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 156px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; width: 22.2403%; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; font-family: 'Frutiger 45 Light'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 76.2987%; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee advances and loans </span></p> </td>
<td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:NoncurrentReceivablesEmployeeAdvancesAndLoans" unitRef="USD" id="Tag2938" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,395</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:NoncurrentReceivablesEmployeeAdvancesAndLoans" unitRef="USD" id="Tag1340" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,908</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tax credits <sup>(*)</sup></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1330" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,483</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1329" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,333</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from related parties </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag2937" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,820</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag1339" decimals="-3" scale="3" format="ixt:num-dot-decimal">67,921</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Legal deposits </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:NonCurrentLegalDeposits" unitRef="USD" id="Tag2936" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,355</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:NonCurrentLegalDeposits" unitRef="USD" id="Tag1338" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,394</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Advances to suppliers and other advances </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag2935" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,043</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag1336" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,779</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivable Venezuelan subsidiaries </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies" unitRef="USD" xsi:nil="true" id="Tag1331"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies" unitRef="USD" id="Tag1335" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,659</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherNoncurrentReceivables" unitRef="USD" id="Tag1467" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,863</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherNoncurrentReceivables" unitRef="USD" id="Tag1334" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,726</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentReceivables" unitRef="USD" id="Tag1341" decimals="-3" scale="3" format="ixt:num-dot-decimal">185,959</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentReceivables" unitRef="USD" id="Tag1333" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,720</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 8pt; line-height: inherit;"><sup>(*)</sup> <span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;">As of December 31</span></span></span><span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, <span style="border-left: none; border-right: none; line-height: inherit;">2023</span>, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">i</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">ncluded approximately</span> <span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">$</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TaxOnSalesAndServicesICMSMember" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1306" decimals="-5" scale="6" format="ixt:num-dot-decimal">40.6</ix:nonFraction></span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> million related to </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">ICMS</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> (</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">Tax on Sales and Services</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">) </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">from</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> Brazilian subsidiaries.</span></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">As of December 31</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">2022</span></span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">i</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">nclude</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">d</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> approximately</span> <span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">$</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"><ix:nonFraction contextRef="I20221231_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1332" decimals="-6" scale="6" format="ixt:num-dot-decimal">8</ix:nonFraction></span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> million related to PIS and COFINS (Federal Social Contributions on Gross Revenues) tax recovery </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">from</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> Brazilian subsidiaries.</span></span></span></p> </ix:nonNumeric> </ix:nonNumeric> </div> </div>
<p style="margin: 0pt;"><br/></p><div>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfInventoriesExplanatory" id="Tag2429" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span><b style="color: #003366; font-size: 10pt;">16</b><span>&#160; &#160; &#160;&#160;</span></span></span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Inventories</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">, net</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutInventoriesTextBlock" id="Tag2428" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finished goods </span></p> </td>
<td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:FinishedGoods" unitRef="USD" id="Tag1360" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,401,754</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:FinishedGoods" unitRef="USD" id="Tag1353" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,592,706</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in process </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:WorkInProgress" unitRef="USD" id="Tag1359" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,068,956</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:WorkInProgress" unitRef="USD" id="Tag1352" decimals="-3" scale="3" format="ixt:num-dot-decimal">936,555</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Raw materials </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:RawMaterials" unitRef="USD" id="Tag1358" decimals="-3" scale="3" format="ixt:num-dot-decimal">569,837</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:RawMaterials" unitRef="USD" id="Tag1351" decimals="-3" scale="3" format="ixt:num-dot-decimal">606,977</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Supplies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:ProductionSupplies" unitRef="USD" id="Tag1357" decimals="-3" scale="3" format="ixt:num-dot-decimal">648,443</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:ProductionSupplies" unitRef="USD" id="Tag1350" decimals="-3" scale="3" format="ixt:num-dot-decimal">542,636</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in transit </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentInventoriesInTransit" unitRef="USD" id="Tag1356" decimals="-3" scale="3" format="ixt:num-dot-decimal">441,217</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentInventoriesInTransit" unitRef="USD" id="Tag1349" decimals="-3" scale="3" format="ixt:num-dot-decimal">530,721</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ts:InventoriesGross" unitRef="USD" id="Tag1355" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,130,207</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ts:InventoriesGross" unitRef="USD" id="Tag1348" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,209,595</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 11px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for obsolescence, see note <span>25</span> (i) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231" name="ts:InventoriesAllowanceForObsolescence" unitRef="USD" id="Tag1346" decimals="-3" scale="3" format="ixt:num-dot-decimal">209,110</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ts:InventoriesAllowanceForObsolescence" unitRef="USD" id="Tag1345" decimals="-3" scale="3" format="ixt:num-dot-decimal">222,666</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Inventories" unitRef="USD" id="Tag1354" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,921,097</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Inventories" unitRef="USD" id="Tag1347" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,986,929</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"/> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"> <br/></p> </div><div id="Dg2lprpsorm4csw9y0rc5u" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory" id="Tag1638" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.25pt; text-indent: -21.25pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">17&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Receivables and prepayments</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">, net</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" id="Tag1632" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 197px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 77%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Prepaid expenses and other receivables</span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" unitRef="USD" id="Tag1300" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,015</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" unitRef="USD" id="Tag1293" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,419</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government entities </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentReceivablesAndPrepaymentsGovernmentEntities" unitRef="USD" id="Tag1301" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,330</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentReceivablesAndPrepaymentsGovernmentEntities" unitRef="USD" id="Tag1292" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,121</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee advances and loans </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" unitRef="USD" id="Tag1289" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,316</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" unitRef="USD" id="Tag1283" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,701</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Advances to suppliers and other advances </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag1299" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,455</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" unitRef="USD" id="Tag1295" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,549</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government tax refunds on exports </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1298" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,210</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax" unitRef="USD" id="Tag1290" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,898</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from related parties </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" unitRef="USD" id="Tag1302" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,759</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" unitRef="USD" id="Tag1291" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,184</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherCurrentReceivables" unitRef="USD" id="Tag1284" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,173</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherCurrentReceivables" unitRef="USD" id="Tag1296" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,418</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentReceivablesAndPrepaymentsGross" unitRef="USD" id="Tag1286" decimals="-3" scale="3" format="ixt:num-dot-decimal">232,258</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentReceivablesAndPrepaymentsGross" unitRef="USD" id="Tag1285" decimals="-3" scale="3" format="ixt:num-dot-decimal">187,290</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for other doubtful accounts, see note <span>25</span> (i) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231" name="ts:CurrentAllowanceForOtherDoubtfulAccounts" unitRef="USD" id="Tag1287" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,439</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ts:CurrentAllowanceForOtherDoubtfulAccounts" unitRef="USD" id="Tag1288" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,479</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag1297" decimals="-3" scale="3" format="ixt:num-dot-decimal">228,819</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" unitRef="USD" id="Tag1294" decimals="-3" scale="3" format="ixt:num-dot-decimal">183,811</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"/> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.25pt; text-indent: -21.25pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span><br/></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-56</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div id="D3ulz4lr7ew15t1jng3pzh8" style="font-family: 'times new roman', times; font-size: 10pt;">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<div>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory" id="Tag3179" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.25pt; text-indent: -21.25pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><b>18&#160; &#160; &#160;&#160;</b></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: -21.3pt; color: #003366; font-weight: bold; line-height: inherit;">Current tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: -21.3pt; color: #003366; font-weight: bold; line-height: inherit;"> and liabilities</span></p>
<div style="font-family: 'times new roman', times; font-size: 10pt; border-left: none; border-right: none;">
<p style="line-height: 1.2; margin: 0pt;">&#160;</p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" id="Tag2148" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 77%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentIncomeTaxAssets" unitRef="USD" id="Tag1272" decimals="-3" scale="3" format="ixt:num-dot-decimal">122,257</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentIncomeTaxAssets" unitRef="USD" id="Tag1274" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,812</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> V.A.T. credits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentValueAddedTaxReceivables" unitRef="USD" id="Tag1273" decimals="-3" scale="3" format="ixt:num-dot-decimal">132,972</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentValueAddedTaxReceivables" unitRef="USD" id="Tag1282" decimals="-3" scale="3" format="ixt:num-dot-decimal">218,009</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other prepaid taxes&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentPrepaidTaxes" unitRef="USD" id="Tag1281" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,172</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentPrepaidTaxes" unitRef="USD" id="Tag1276" decimals="-3" scale="3" format="ixt:num-dot-decimal">315</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag1278" decimals="-3" scale="3" format="ixt:num-dot-decimal">256,401</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTaxAssetsCurrent" unitRef="USD" id="Tag1280" decimals="-3" scale="3" format="ixt:num-dot-decimal">243,136</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric> <br/>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" id="Tag2086" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 82px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 11px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentIncomeTaxLiabilities" unitRef="USD" id="Tag1279" decimals="-3" scale="3" format="ixt:num-dot-decimal">344,565</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentIncomeTaxLiabilities" unitRef="USD" id="Tag1271" decimals="-3" scale="3" format="ixt:num-dot-decimal">280,469</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> V.A.T. liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentValueAddedTaxPayables" unitRef="USD" id="Tag1447" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,047</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentValueAddedTaxPayables" unitRef="USD" id="Tag1277" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,228</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentOtherTaxLiabilities" unitRef="USD" id="Tag1321" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,665</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentOtherTaxLiabilities" unitRef="USD" id="Tag1446" decimals="-3" scale="3" format="ixt:num-dot-decimal">78,543</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag1320" decimals="-3" scale="3" format="ixt:num-dot-decimal">488,277</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTaxLiabilitiesCurrent" unitRef="USD" id="Tag1275" decimals="-3" scale="3" format="ixt:num-dot-decimal">376,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </ix:nonNumeric> </div> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br/></p> </div><div id="Diax0cm6n7ogbku1afdl" style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory" id="Tag1832" escape="true">
<div style="border-left: none; border-right: none;">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">19&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade receivables, net</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" id="Tag1876" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 98px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px;text-align: center;padding-left: 0px;padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Year ended December 31,</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesCurrentAccounts" unitRef="USD" id="Tag1182" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,471,565</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesCurrentAccounts" unitRef="USD" id="Tag1198" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,479,035</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Receivables from related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag1150" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,370</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" unitRef="USD" id="Tag1217" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,400</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1147" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,529,935</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1208" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,539,435</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts, see note <span>25</span> (i) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts" unitRef="USD" id="Tag1142" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,046</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts" unitRef="USD" id="Tag1196" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,495</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1166" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,480,889</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1207" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,493,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table sets forth details </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the aging</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of trade receivables:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" id="Tag1791" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 129px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade Receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;" rowspan="2"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not Due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;" rowspan="2"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>1</span> - <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &gt; <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1205" decimals="-3" scale="3" format="ixt:num-dot-decimal">261,113</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1146" decimals="-3" scale="3" format="ixt:num-dot-decimal">236,714</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1197" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,991</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1161" decimals="-3" scale="3" format="ixt:num-dot-decimal">408</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1185" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,268,822</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1180" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,613,626</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1203" decimals="-3" scale="3" format="ixt:num-dot-decimal">590,236</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1192" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,960</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1151" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,529,935</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1202" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,850,340</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1148" decimals="-3" scale="3" format="ixt:num-dot-decimal">614,227</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1194" decimals="-3" scale="3" format="ixt:num-dot-decimal">65,368</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Expected loss rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag3185" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.06</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1144" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.02</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1152" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.18</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1204" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.46</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1167" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,636</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1171" decimals="-3" scale="3" format="ixt:num-dot-decimal">312</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1140" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,249</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1177" decimals="-3" scale="3" format="ixt:num-dot-decimal">75</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nominative allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1184" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,410</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" xsi:nil="true" id="Tag1178"/>-</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1213" decimals="-3" scale="3" format="ixt:num-dot-decimal">748</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1141" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,662</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1162" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,480,889</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesNotDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1145" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,850,028</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1164" decimals="-3" scale="3" format="ixt:num-dot-decimal">612,230</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1190" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-57</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude>
<table cellspacing="0" cellpadding="0" style="height: 134px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade Receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;" rowspan="2"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not Due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" rowspan="2"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;" rowspan="2"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>1</span> - <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &gt; <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1186" decimals="-3" scale="3" format="ixt:num-dot-decimal">265,898</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1143" decimals="-3" scale="3" format="ixt:num-dot-decimal">237,784</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1188" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,431</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGuaranteed" unitRef="USD" id="Tag1206" decimals="-3" scale="3" format="ixt:num-dot-decimal">683</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1165" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,273,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1153" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,756,707</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1214" decimals="-3" scale="3" format="ixt:num-dot-decimal">465,423</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNotGuaranteed" unitRef="USD" id="Tag1176" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,407</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1168" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,539,435</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1215" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,994,491</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1170" decimals="-3" scale="3" format="ixt:num-dot-decimal">492,854</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesGross" unitRef="USD" id="Tag1175" decimals="-3" scale="3" format="ixt:num-dot-decimal">52,090</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Expected loss rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1216" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.06</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1201" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.03</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1154" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.18</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesExpectedLossRate" unitRef="Pure" id="Tag1179" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.77</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1181" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,657</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesNotDueMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag3184" decimals="-3" scale="3" format="ixt:num-dot-decimal">654</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1189" decimals="-3" scale="3" format="ixt:num-dot-decimal">920</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:AllowanceForDoubtfulAccountsNetOfNominativeAllowances" unitRef="USD" id="Tag1191" decimals="-3" scale="3" format="ixt:num-dot-decimal">83</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nominative allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1200" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,838</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesNotDueMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" xsi:nil="true" id="Tag1163"/>-</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1149" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,541</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ts:CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" unitRef="USD" id="Tag1193" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,297</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1187" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,493,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesNotDueMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1195" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,993,837</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1199" decimals="-3" scale="3" format="ixt:num-dot-decimal">490,393</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" name="ifrs-full:CurrentTradeReceivables" unitRef="USD" id="Tag1169" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,710</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Trade receivables are mainly denominated in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. dollars.</span></p> </div> </ix:nonNumeric> </div> </div><div id="Dwxsk00lj0mnaav1rpsdb" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt; line-height: 1.2;">&#160;</p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" id="Tag3347" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">20&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">o</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ther investments</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" id="Tag3326" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 248px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 22.426%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.8688%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash at banks </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:BalancesWithBanks" unitRef="USD" id="Tag1139" decimals="-3" scale="3" format="ixt:num-dot-decimal">370,487</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:BalancesWithBanks" unitRef="USD" id="Tag1128" decimals="-3" scale="3" format="ixt:num-dot-decimal">149,424</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Liquidity funds </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1138" decimals="-3" scale="3" format="ixt:num-dot-decimal">223,424</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1127" decimals="-3" scale="3" format="ixt:num-dot-decimal">422,859</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Short-term investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1137" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,043,910</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents" unitRef="USD" id="Tag1126" decimals="-3" scale="3" format="ixt:num-dot-decimal">519,244</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag1136" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,637,821</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CashAndCashEquivalents" unitRef="USD" id="Tag1125" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,091,527</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other investments - current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherInvestmentsCurrentFixedIncome" unitRef="USD" id="Tag1135" decimals="-3" scale="3" format="ixt:num-dot-decimal">896,166</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherInvestmentsCurrentFixedIncome" unitRef="USD" id="Tag1124" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1134" decimals="-3" scale="3" format="ixt:num-dot-decimal">834,281</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1123" decimals="-3" scale="3" format="ixt:num-dot-decimal">211,953</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fund investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherInvestmentsCurrentFundInvestments" unitRef="USD" id="Tag1133" decimals="-3" scale="3" format="ixt:num-dot-decimal">239,184</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherInvestmentsCurrentFundInvestments" unitRef="USD" id="Tag1122" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,343</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag1132" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,969,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentInvestments" unitRef="USD" id="Tag1121" decimals="-3" scale="3" format="ixt:num-dot-decimal">438,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other investments - non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1131" decimals="-3" scale="3" format="ixt:num-dot-decimal">398,220</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" unitRef="USD" id="Tag1120" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,574</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherInvestmentsNoncurrentOthers" unitRef="USD" id="Tag1130" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherInvestmentsNoncurrentOthers" unitRef="USD" id="Tag1119" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,328</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag1129" decimals="-3" scale="3" format="ixt:num-dot-decimal">405,631</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" unitRef="USD" id="Tag1118" decimals="-3" scale="3" format="ixt:num-dot-decimal">119,902</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </div> </ix:nonNumeric> </ix:nonNumeric> </div>
<p style="margin: 0pt; line-height: 1.2;">&#160;</p><div id="Diihkyarov693cvst3ba912" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 12pt; margin: 0pt;">&#160;</p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfBorrowingsExplanatory" id="Tag1836" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">21&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory" id="Tag1593" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 166px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_BankBorrowingsMember" name="ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1078" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,304</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_BankBorrowingsMember" name="ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1014" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1058" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,304</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1113" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_BankBorrowingsMember" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1011" decimals="-3" scale="3" format="ixt:num-dot-decimal">513,909</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_BankBorrowingsMember" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1085" decimals="-3" scale="3" format="ixt:num-dot-decimal">682,255</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank overdrafts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_BankOverdrafts1Member" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1059" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,224</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_BankOverdrafts1Member" name="ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt" unitRef="USD" id="Tag1021" decimals="-3" scale="3" format="ixt:num-dot-decimal">94</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Costs of issue of debt </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ts:CurrentCostsOfIssueOfDebt" unitRef="USD" xsi:nil="true" id="Tag1032"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ts:CurrentCostsOfIssueOfDebt" unitRef="USD" id="Tag1076" decimals="-3" scale="3" format="ixt:num-dot-decimal">20</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1012" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1108" decimals="-3" scale="3" format="ixt:num-dot-decimal">682,329</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1074" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1044" decimals="-3" scale="3" format="ixt:num-dot-decimal">728,762</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="margin:0pt"><br/></p>
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-58</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
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<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="margin: 0pt;"><br/></p> </ix:exclude> </div>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The maturity of borrowings is as follows:</span></p>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock" id="Tag1049" escape="true">
<div>
<table cellspacing="0" cellpadding="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> year or less </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> - <span>2</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2</span> &#8211; <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Over <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1022" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1051" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1107" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_OtherBorrowingsMember_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1084"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_OtherBorrowingsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1047" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1030" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1004" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1073" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20231231_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" xsi:nil="true" id="Tag1057"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1105" decimals="-3" scale="3" format="ixt:num-dot-decimal">583,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest to be accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_NotLaterThanOneYearMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1061" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1055" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,533</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1034" decimals="-3" scale="3" format="ixt:num-dot-decimal">283</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_LaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" xsi:nil="true" id="Tag1000"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1070" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,326</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_NotLaterThanOneYearMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1092" decimals="-3" scale="3" format="ixt:num-dot-decimal">545,643</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1071" decimals="-3" scale="3" format="ixt:num-dot-decimal">50,337</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1064" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,783</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><ix:nonFraction contextRef="I20231231_LaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" xsi:nil="true" id="Tag20"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1019" decimals="-3" scale="3" format="ixt:num-dot-decimal">597,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> year or less </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> - <span>2</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2</span> &#8211; <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Over <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherBorrowingsMember_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1091" decimals="-3" scale="3" format="ixt:num-dot-decimal">682,329</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherBorrowingsMember_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1060" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,933</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1018" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,000</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherBorrowingsMember_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherBorrowingsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1053" decimals="-3" scale="3" format="ixt:num-dot-decimal">728,762</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1116" decimals="-3" scale="3" format="ixt:num-dot-decimal">682,329</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1056" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,933</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1095" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,000</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanThreeYearsMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1081" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1079" decimals="-3" scale="3" format="ixt:num-dot-decimal">728,762</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Interest to be accrued <sup>(*)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1033" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,153</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1114" decimals="-3" scale="3" format="ixt:num-dot-decimal">821</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1031" decimals="-3" scale="3" format="ixt:num-dot-decimal">64</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_LaterThanThreeYearsMember" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1035" decimals="-3" scale="3" format="ixt:num-dot-decimal">8</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:InterestPayable" unitRef="USD" id="Tag1065" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,046</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_NotLaterThanOneYearMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1045" decimals="-3" scale="3" format="ixt:num-dot-decimal">708,482</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1025" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,754</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1096" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,064</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_LaterThanThreeYearsMember" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1063" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,508</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ts:BorrowingsIncludingInterestToBeAccrued" unitRef="USD" id="Tag1072" decimals="-3" scale="3" format="ixt:num-dot-decimal">755,808</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="background-color: #ffffff; line-height: 9pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*)</span><span><ix:footnote xml:lang="en-US" id="footnote55" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> Includes the effect of hedge accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">.</span></span></ix:footnote></span></p> </ix:nonNumeric> </div>
<p style="margin:0pt"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Significant borrowings include:</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock" id="Tag1834" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> In millions of U.S. dollars </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Disbursement date </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Borrower </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Type </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Final maturity </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Outstanding </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 52%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 18%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tubos de Acero de Mexico S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SignificantBorrowingsAsOfClosingDateMember_TubosDeAceroDeMexicoSaAndSubsidiariesMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1041" decimals="-6" scale="6" format="ixt:num-dot-decimal">200</ix:nonFraction> </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tenaris Tubocaribe Ltda. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SignificantBorrowingsOneAsOfClosingDateMember_TenarisTubocaribeLtdaMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1003" decimals="-6" scale="6" format="ixt:num-dot-decimal">60</ix:nonFraction> </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Confab Industrial S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SignificantBorrowingsTwoAsOfClosingDateMember_ConfabIndustrialSaAndSubsidiariesMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag1062" decimals="-6" scale="6" format="ixt:num-dot-decimal">40</ix:nonFraction> </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2017</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Global Pipe Company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> / <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_SignificantBorrowingsThreeAsOfClosingDateMember" name="ifrs-full:Borrowings" unitRef="USD" id="Tag24" decimals="-6" scale="6" format="ixt:num-dot-decimal">39</ix:nonFraction> </span></p> </td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 2023, Tenaris was in compliance with all of its covenants, or obtained the necessary wa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vers from the applicable financial institution if the covenants were not met.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">considering hedge accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> where applicable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
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<p style="margin: 0pt;"><br/></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_WeightedAverageMember" name="ifrs-full:BorrowingsInterestRate" unitRef="Pure" id="Tag1036" decimals="4" scale="-2" format="ixt:num-dot-decimal">10.56</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_WeightedAverageMember" name="ifrs-full:BorrowingsInterestRate" unitRef="Pure" id="Tag1094" decimals="4" scale="-2" format="ixt:num-dot-decimal">9.45</ix:nonFraction>% </span></p> </td>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-59</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
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<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Breakdown of long-term borrowings by currency and rate is as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Non-current borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
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<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Currency </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember_USD" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1028" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,000</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FloatingInterestRateMember_USD" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1067" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,000</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_SAR" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1069" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,803</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember_SAR" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1066" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,933</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember_SAR" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1013" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,501</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FloatingInterestRateMember_SAR" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1109" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total non-current borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1110" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,304</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1029" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Current</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Currency </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 57%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember_USD" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1117" decimals="-3" scale="3" format="ixt:num-dot-decimal">221,008</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FloatingInterestRateMember_USD" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1042" decimals="-3" scale="3" format="ixt:num-dot-decimal">200,350</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_USD" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1050" decimals="-3" scale="3" format="ixt:num-dot-decimal">111,654</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember_USD" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1038" decimals="-3" scale="3" format="ixt:num-dot-decimal">206,336</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_BRL_FloatingInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag23" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,947</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20221231_BRL_FloatingInterestRateMember" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" xsi:nil="true" id="Tag1001"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_EUR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1112" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,104</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember_EUR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1043" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,829</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_FixedInterestRateMember_MXN" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" xsi:nil="true" id="Tag1080"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember_MXN" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1097" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,802</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ARS </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_ARS" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1111" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,462</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember_ARS" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1005" decimals="-3" scale="3" format="ixt:num-dot-decimal">74,025</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FloatingInterestRateMember_SAR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1068" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,035</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FloatingInterestRateMember_SAR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1046" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,023</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_FixedInterestRateMember_SAR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1086" decimals="-3" scale="3" format="ixt:num-dot-decimal">110,923</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_FixedInterestRateMember_SAR" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag22" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,964</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total current borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1040" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1052" decimals="-3" scale="3" format="ixt:num-dot-decimal">682,329</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:continuation>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> evolution</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfBorrowingsEvolutionTextBlock" id="Tag1564" escape="true">
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31,&#160;2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1054" decimals="-3" scale="3" format="ixt:num-dot-decimal">46,433</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1017" decimals="-3" scale="3" format="ixt:num-dot-decimal">682,329</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfTranslationDifferencesOnLongtermBorrowings" unitRef="USD" id="Tag1115" decimals="-3" scale="3" format="ixt:num-dot-decimal">45</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1039" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">74,851</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Proceeds and repayments, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" unitRef="USD" id="Tag1087" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,000</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1016" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">231,797</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interests accrued less payments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" unitRef="USD" id="Tag1015" decimals="-3" scale="3" format="ixt:num-dot-decimal">11</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag21" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,702</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfReclassificationsOnLongtermBorrowings" unitRef="USD" id="Tag1098" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1075" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <sup>(*)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfBusinessCombinationsOnLongtermBorrowings" unitRef="USD" xsi:nil="true" id="Tag1093"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1077" decimals="-3" scale="3" format="ixt:num-dot-decimal">122,839</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Overdrafts variation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfOverdraftsVariationOnLongtermBorrowings" unitRef="USD" xsi:nil="true" id="Tag1026"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag1020" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,130</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:LongtermBorrowings" unitRef="USD" id="Tag1037" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,304</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" unitRef="USD" id="Tag80" decimals="-3" scale="3" format="ixt:num-dot-decimal">535,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-indent: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote56" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Related to the&#160;</span><span style="font-family: 'Frutiger 45 Light';">GPC</span><span style="font-family: 'Frutiger 45 Light';"> acquisition, for more information see </span><span style="font-family: 'Frutiger 45 Light';">note 34</span> <span style="font-family: 'Frutiger 45 Light';">to these Consolidated Financial Statements.</span></ix:footnote></span></span></p> </ix:nonNumeric> </div> </ix:nonNumeric>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-60</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="line-height: 6pt;margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory" id="Tag1557" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">22</span></span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Deferred </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">tax</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> assets and liabilities</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">evolution of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax assets and liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">during the year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" id="Tag1558" escape="true">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Deferred tax liabilities</span></p>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Fixed assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Intangible assets and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag928" decimals="-3" scale="3" format="ixt:num-dot-decimal">575,667</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag915" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,532</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag886" decimals="-3" scale="3" format="ixt:num-dot-decimal">114,542</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag890" decimals="-3" scale="3" format="ixt:num-dot-decimal">733,741</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag941" decimals="-3" scale="3" format="ixt:num-dot-decimal">41</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag891" decimals="-3" scale="3" format="ixt:num-dot-decimal">113</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag852" decimals="-3" scale="3" format="ixt:num-dot-decimal">397</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag908" decimals="-3" scale="3" format="ixt:num-dot-decimal">551</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag847" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,175</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag850" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,563</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag937" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,498</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag939" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,236</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag3200"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag888"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag876" decimals="-3" scale="3" format="ixt:num-dot-decimal">138</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag910" decimals="-3" scale="3" format="ixt:num-dot-decimal">138</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income statement charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag932" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,991</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag2959" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag3195" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,627</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag926" decimals="-3" scale="3" format="ixt:num-dot-decimal">141,745</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag905" decimals="-3" scale="3" format="ixt:num-dot-decimal">618,874</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag839" decimals="-3" scale="3" format="ixt:num-dot-decimal">114,335</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag894" decimals="-3" scale="3" format="ixt:num-dot-decimal">160,202</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag845" decimals="-3" scale="3" format="ixt:num-dot-decimal">893,411</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; line-height: 1.2;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fixed assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Intangible assets and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag2963" decimals="-3" scale="3" format="ixt:num-dot-decimal">669,830</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag863" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,508</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag883" decimals="-3" scale="3" format="ixt:num-dot-decimal">104,346</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag934" decimals="-3" scale="3" format="ixt:num-dot-decimal">801,684</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag870" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">64</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag867" decimals="-3" scale="3" format="ixt:num-dot-decimal">15</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag935" decimals="-3" scale="3" format="ixt:num-dot-decimal">600</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag936" decimals="-3" scale="3" format="ixt:num-dot-decimal">551</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag840"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag931"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag933" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,719</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag882" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,719</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement (credit) / charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag3197" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">94,099</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag930" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,009</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag879" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,877</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag893" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">70,213</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesFixedAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag878" decimals="-3" scale="3" format="ixt:num-dot-decimal">575,667</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag918" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,532</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag842" decimals="-3" scale="3" format="ixt:num-dot-decimal">114,542</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DeferredTaxLiabilitiesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag859" decimals="-3" scale="3" format="ixt:num-dot-decimal">733,741</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Deferred tax assets</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax losses </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag849" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,817</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag897" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">180,152</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag851" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">310,589</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag927" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">156,984</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag900" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">673,542</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag921" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag3201" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">24</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag3202" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag889" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">611</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag902" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">640</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag3017" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,374</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag865" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">223</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag848" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,875</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag924" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">35,941</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag880" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">39,413</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag2960"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag940"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag877"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag843" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,342</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag925" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,342</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement (credit) / charge </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag942" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,314</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag853" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">18,620</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag2962" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">322,431</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag923" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,881</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag903" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">335,484</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag3199" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">31,511</ix:nonFraction></span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag929" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">199,019</ix:nonFraction></span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag884" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">634,894</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag874" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">185,997</ix:nonFraction></span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag913" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,051,421</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 92px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag846" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,083</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag2966" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">85,037</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag895" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">485,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag3196" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">176,627</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag898" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">772,510</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag869" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">345</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag909" decimals="-3" scale="3" format="ixt:num-dot-decimal">114</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag892" decimals="-3" scale="3" format="ixt:num-dot-decimal">747</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag887" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">245</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag919" decimals="-3" scale="3" format="ixt:num-dot-decimal">271</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag841"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_DeferredTaxAssetsInventoryMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag943"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" xsi:nil="true" id="Tag906"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsOtherMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag881" decimals="-3" scale="3" format="ixt:num-dot-decimal">954</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsMember" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag2957" decimals="-3" scale="3" format="ixt:num-dot-decimal">954</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement charge / (credit) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag872" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">389</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag904" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">95,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag854" decimals="-3" scale="3" format="ixt:num-dot-decimal">174,427</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag885" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,934</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag899" decimals="-3" scale="3" format="ixt:num-dot-decimal">97,743</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsProvisionsAndAllowancesMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag911" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">25,817</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsInventoryMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag907" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">180,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsTaxLossMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag916" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">310,589</ix:nonFraction></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsOtherMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag3203" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">156,984</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_DeferredTaxAssetsMember" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag2965" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">673,542</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">(*)</span> </span><span><ix:footnote xml:lang="en-US" id="footnote34" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; border-right: none; border-left: none;">Related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">4</span>.</span></span></span></span></ix:footnote></span></p> </ix:nonNumeric>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-61</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
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<p style="line-height: 1.2; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Deferred tax assets related to tax losses of Tenaris subsidiaries are recognized to the extent it is probable that future </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">taxable profits will be available, against which such losses can be utilized. The utilization of such tax losses may also be restricted by the nature of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">profit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, expiration dates and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> / or potential </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> limitations on the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> yearly consumption. In determining the amount of deferred taxes to be recognized. Tenaris considered existing evidence, both positive and negative, including the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">historical taxable profits </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">projections of future taxable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">profits</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prepared</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by management to assess the probability that the deferred tax assets will be realized. Management applies significant judgment in assessing the likelihood that future taxable profits will be available.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Deferred tax assets related to tax losses as of the end of <span>2023</span> include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_LU" name="ts:DeferredTaxIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag917" decimals="-5" scale="6" format="ixt:num-dot-decimal">550.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> recognized in its Luxembourg subsidiary mainly due to impairment charges over certain undertakings in the past years. Under the Luxembourg tax law, tax losses generated before <span>2017</span> can be carried forward indefinitely and are not subject to any yearly consumption limitation. Losses incurred as from 2017 may be carried forward for a maximum of <ix:nonNumeric contextRef="D20231231_LU" name="ts:MaximumCarryForwardPeriodForLossesIncurred" id="Tag901" format="ixt-sec:duryear">17</ix:nonNumeric> years. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has concluded as of end <span>2023</span> that it is probable that sufficient future taxable profits will be generated by business activities to be carried out by its Luxembourg subsidiary, against which the above-mentioned tax losses could be utilized prior to their expiration.&#160;</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Deferred tax assets related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tax losses</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">also in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">clude $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_US" name="ts:DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" unitRef="USD" id="Tag855" decimals="-5" scale="6" format="ixt:num-dot-decimal">77.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million related to U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries mainly due to the recognition of accelera</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ted fiscal depreciations, as well as the amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to the acquisition of IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in <span>2020</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris has concluded that these deferred tax assets will be recoverable based on t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he business plans and budgets.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>99</span>%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the recognized tax losses have an expiration date in more than <span>5</span> years or do not expire.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the net unrecognized deferred tax assets amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" unitRef="USD" id="Tag866" decimals="-5" scale="6" format="ixt:num-dot-decimal">3,130.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Approximately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>99</span>%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">un</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recognized tax losses have an expiration date in more than <span>5</span> years or do not expire.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into consideration </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">anagement assumptions and estimates, is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" id="Tag1681" escape="true">
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<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax assets to be recovered after <span>12</span> months </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_LaterThanOneYearMember" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag873" decimals="-3" scale="3" format="ixt:num-dot-decimal">655,415</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_LaterThanOneYearMember" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag3198" decimals="-3" scale="3" format="ixt:num-dot-decimal">171,717</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax liabilities to be settled after <span>12</span> months </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_LaterThanOneYearMember" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag922" decimals="-3" scale="3" format="ixt:num-dot-decimal">689,976</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_LaterThanOneYearMember" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag912" decimals="-3" scale="3" format="ixt:num-dot-decimal">688,124</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred income tax assets and liabilities are offset when (<span>1</span>) there is a legally enforceable right to set</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">off current tax assets against current tax liabilities and (<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the deferred income taxes relate to the same fiscal authority</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The following amounts, determined after appropriate set</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">off, are shown in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">inancial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">osition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DeferredTaxTextBlock" continuedAt="cfd45ae0a-670b-434e-bb0a-06ff22fecca5" id="Tag1675" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Deferred tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag860" decimals="-3" scale="3" format="ixt:num-dot-decimal">789,615</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxAssets" unitRef="USD" id="Tag914" decimals="-3" scale="3" format="ixt:num-dot-decimal">208,870</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Deferred tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag871" decimals="-3" scale="3" format="ixt:num-dot-decimal">631,605</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxLiabilities" unitRef="USD" id="Tag3204" decimals="-3" scale="3" format="ixt:num-dot-decimal">269,069</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag868" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">158,010</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag920" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,199</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 5pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The movement i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n the net deferred income tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(asset) / liability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> account is as follows:</span></p>
<ix:continuation id="cfd45ae0a-670b-434e-bb0a-06ff22fecca5">
<table cellspacing="0" cellpadding="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag857" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,199</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag844" decimals="-3" scale="3" format="ixt:num-dot-decimal">29,174</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag862" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">89</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" unitRef="USD" id="Tag875" decimals="-3" scale="3" format="ixt:num-dot-decimal">822</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" id="Tag861" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">22,177</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag938"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag896" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,204</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" unitRef="USD" id="Tag864" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income statement (credit) / charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag3016" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">193,739</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" unitRef="USD" id="Tag3194" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,530</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag858" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">158,010</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DeferredTaxLiabilityAsset" unitRef="USD" id="Tag856" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,199</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"><span style="font-size: 8pt;">(*)</span> </span><span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote33" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:continuation> </ix:nonNumeric>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-62</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p> </div><div style="font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfOtherLiabilitiesExplanatory" id="Tag2868" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"><span><b>23</b></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold; line-height: inherit;">Other liabilities</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(i)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other liabilities &#8211; Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">current </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory" id="Tag677" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 88px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Post-employment benefits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag3098" decimals="-3" scale="3" format="ixt:num-dot-decimal">117,506</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag3116" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,936</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other long-term benefits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherNoncurrentBenefitsLiability" unitRef="USD" id="Tag3123" decimals="-3" scale="3" format="ixt:num-dot-decimal">91,435</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherNoncurrentBenefitsLiability" unitRef="USD" id="Tag742" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,446</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherNoncurrentMiscellaneousLiabilities" unitRef="USD" id="Tag3105" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,327</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherNoncurrentMiscellaneousLiabilities" unitRef="USD" id="Tag3110" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,760</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="USD" id="Tag2975" decimals="-3" scale="3" format="ixt:num-dot-decimal">271,268</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherNoncurrentLiabilities" unitRef="USD" id="Tag793" decimals="-3" scale="3" format="ixt:num-dot-decimal">230,142</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At December 31, 2023 the weighted average duration of liabilities related to post-employment benefits was </span><span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20231231_PensionDefinedBenefitPlansMember" name="ts:WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" id="Tag833" format="ixt-sec:duryear">6</ix:nonNumeric></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> years. </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Post-employment benefits</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" continuedAt="c8e4e20bc-7b3e-4430-9042-8f746ff44cd0" id="Tag655" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 78px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Unfunded </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag714" decimals="-3" scale="3" format="ixt:num-dot-decimal">112,532</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag829" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,822</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Funded </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag3126" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,974</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag14" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,114</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag3103" decimals="-3" scale="3" format="ixt:num-dot-decimal">117,506</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:NoncurrentPostemploymentBenefitsLiability" unitRef="USD" id="Tag711" decimals="-3" scale="3" format="ixt:num-dot-decimal">108,936</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -18.92pt; padding-left: 8.42pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Unfunded</span></li> </ul>
<ix:continuation continuedAt="c9fe315af-ab20-4995-aa6e-e48632b49708" id="c8e4e20bc-7b3e-4430-9042-8f746ff44cd0">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 214px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 22.0264%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9457%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9457%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag17" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,822</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag3181" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,841</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.46843%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current service cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag755" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,537</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag713" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,810</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag837" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,707</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3129" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,610</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Curtailments and settlements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3093" decimals="-3" scale="3" format="ixt:num-dot-decimal">675</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag698" decimals="-3" scale="3" format="ixt:num-dot-decimal">64</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Remeasurements <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag745" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,899</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3096" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,228</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3111" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">12,687</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag778" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">5,657</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(**)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag826" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,531</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag3099"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid from the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag705" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,762</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag710" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,111</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Reclassified to current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:DecreaseIncreaseInNetDefinedBenefitLiabilityAssetResultingFromReclassifiedToCurrentLiabilities" unitRef="USD" xsi:nil="true" id="Tag743"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ts:DecreaseIncreaseInNetDefinedBenefitLiabilityAssetResultingFromReclassifiedToCurrentLiabilities" unitRef="USD" id="Tag3106" decimals="-3" scale="3" format="ixt:num-dot-decimal">461</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag776" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">840</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3036" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,082</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag753" decimals="-3" scale="3" format="ixt:num-dot-decimal">112,532</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag3100" decimals="-3" scale="3" format="ixt:num-dot-decimal">103,822</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</span> <span><ix:footnote continuedAt="c76ebd37c-0402-46ce-8768-80860d743a97" xml:lang="en-US" id="footnote47" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3130" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">0.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag2976" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">8.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financ</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ial assumptions.</span></span></ix:footnote></span></span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"><ix:continuation id="c76ebd37c-0402-46ce-8768-80860d743a97"><span xmlns="http://www.w3.org/1999/xhtml" style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3125" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag748" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span></span></ix:continuation></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(**) </span><span><ix:footnote xml:lang="en-US" id="footnote44" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span></ix:footnote></span></span></p> </ix:continuation>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-63</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The actuarial assumptions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the most relevant plans</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" continuedAt="c9a25baa0-d6cd-415c-b653-393f7c8be5cf" id="Tag652" escape="true">
<table cellspacing="0" cellpadding="0" style="height: 61px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
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<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag765" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% - <ix:nonFraction contextRef="I20231231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag3115" decimals="2" scale="-2" format="ixt:num-dot-decimal">7</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag694" decimals="2" scale="-2" format="ixt:num-dot-decimal">4</ix:nonFraction>% - <ix:nonFraction contextRef="I20221231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag2974" decimals="2" scale="-2" format="ixt:num-dot-decimal">7</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag733" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% - <ix:nonFraction contextRef="I20231231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag835" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag678" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% - <ix:nonFraction contextRef="I20221231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag3122" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an increase / (decrease) of <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" unitRef="Pure" id="Tag3127" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated a (decrease) / increase on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag3112" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">5.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag708" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively, and an increase / (decrease) of <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" unitRef="Pure" id="Tag3107" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% in the rate of compensation assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated an increase / (decrease) impact on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag736" decimals="-5" scale="6" format="ixt:num-dot-decimal">2.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag794" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">2.9</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million respectivel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">y. The above sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -18.92pt; padding-left: 8.42pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Funded</span></li> </ul>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">The amounts recognized in the statement of financial position</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> for the current annual period and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> previous </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">annual period</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">are as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">
<ix:continuation continuedAt="cebbfbfbc-9821-4e52-afe7-68fa3f170a9e" id="c9fe315af-ab20-4995-aa6e-e48632b49708">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 74px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Present value of funded obligations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:DefinedBenefitObligationAtPresentValue" unitRef="USD" id="Tag706" decimals="-3" scale="3" format="ixt:num-dot-decimal">123,234</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:DefinedBenefitObligationAtPresentValue" unitRef="USD" id="Tag3119" decimals="-3" scale="3" format="ixt:num-dot-decimal">116,617</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fair value of plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag724" decimals="-3" scale="3" format="ixt:num-dot-decimal">134,052</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PlanAssetsAtFairValue" unitRef="USD" id="Tag2977" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,842</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Asset (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:SurplusDeficitInPlan" unitRef="USD" id="Tag744" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,818</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:SurplusDeficitInPlan" unitRef="USD" id="Tag695" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,225</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: normal; vertical-align: super; line-height: inherit;">(*)</span><span><ix:footnote xml:lang="en-US" id="footnote43" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> In <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:OverfundedPlan" unitRef="USD" id="Tag681" decimals="-5" scale="6" format="ixt:num-dot-decimal">15.8</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ts:OverfundedPlan" unitRef="USD" id="Tag3102" decimals="-5" scale="6" format="ixt:num-dot-decimal">15.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">corresponding to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">plans</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">with surplus balance</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s that</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> w</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ere</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">reclassified</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> within other </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">non-</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">current assets</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, consequently the net post-employment benefits funded exposed as liabilities </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities" unitRef="USD" id="Tag722" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities" unitRef="USD" id="Tag13" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million respectively.</span></span></ix:footnote></span></p> </ix:continuation> </div>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The movement in the present value of funded obligations is as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:continuation id="cebbfbfbc-9821-4e52-afe7-68fa3f170a9e">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 22.1566%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 76.9572%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag775" decimals="-3" scale="3" format="ixt:num-dot-decimal">116,617</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag697" decimals="-3" scale="3" format="ixt:num-dot-decimal">159,528</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.4771%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3141" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3133" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,635</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current service cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag3108"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag702" decimals="-3" scale="3" format="ixt:num-dot-decimal">154</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag703" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,715</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag700" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,293</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Remeasurements <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3134" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,142</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag707" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,349</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(**)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag684" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,708</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag3104"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3128" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,459</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag756" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,374</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag712" decimals="-3" scale="3" format="ixt:num-dot-decimal">571</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag836"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag3101" decimals="-3" scale="3" format="ixt:num-dot-decimal">123,234</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag699" decimals="-3" scale="3" format="ixt:num-dot-decimal">116,617</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*) </span><span><ix:footnote continuedAt="c194db08c-c32f-46ca-ae4a-5b9e6f8f8233" xml:lang="en-US" id="footnote48" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3117" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">0.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3095" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">1.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span></ix:footnote></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><ix:continuation id="c194db08c-c32f-46ca-ae4a-5b9e6f8f8233"><span xmlns="http://www.w3.org/1999/xhtml" style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3109" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag2973" decimals="-5" scale="6" format="ixt:num-dot-decimal">25.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions. </span></span></span></ix:continuation></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(**)</span> <span style="font-size: 9pt;"><span><ix:footnote xml:lang="en-US" id="footnote45" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></ix:footnote></span></span></p> </ix:continuation>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times;">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-64</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt;"><br/></p> </ix:exclude> </div>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The movement in the fair value of plan assets is as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory" continuedAt="c79424a76-ac15-453d-9771-de4cb0bf7422" id="Tag3343" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 187px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 22.1566%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9572%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag757" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">126,842</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20211231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag3092" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">160,504</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.4771%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag721" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,897</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag683" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,639</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Return on plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag686" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">6,121</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3140" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,319</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Remeasurements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag685" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,225</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3124" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,987</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag735" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,903</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag680"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Contributions paid to the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:ContributionsToPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" xsi:nil="true" id="Tag3132"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:ContributionsToPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3074" decimals="-3" scale="3" format="ixt:num-dot-decimal">435</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid from the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3041" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,459</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag38" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,374</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3097" decimals="-3" scale="3" format="ixt:num-dot-decimal">477</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" unitRef="USD" id="Tag3121" decimals="-3" scale="3" format="ixt:num-dot-decimal">416</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag3035" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">134,052</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_FairValueOfFundedPostemploymentBenefitsMember" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" unitRef="USD" id="Tag675" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">126,842</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*)</span> </span><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span><ix:footnote xml:lang="en-US" id="footnote46" footnoteRole="http://www.xbrl.org/2003/role/footnote">Related to <span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none;">Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></ix:footnote></span></span></span></span></span></span></p> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The major categories of plan assets as a percentage of total plan assets are as follows:</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<ix:continuation id="c79424a76-ac15-453d-9771-de4cb0bf7422">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Equity instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:EquityInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag754" decimals="2" scale="-2" format="ixt:num-dot-decimal">18</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:EquityInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag3090" decimals="2" scale="-2" format="ixt:num-dot-decimal">29</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Debt instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:DebtInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag834" decimals="2" scale="-2" format="ixt:num-dot-decimal">33</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:DebtInstrumentsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag830" decimals="2" scale="-2" format="ixt:num-dot-decimal">67</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 3pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:OtherAssetsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag3113" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ts:OtherAssetsPercentContributedToFairValueOfPlanAssets" unitRef="Pure" id="Tag3120" decimals="2" scale="-2" format="ixt:num-dot-decimal">4</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> </ix:continuation>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The actuarial assumptions for the most relevant plans were as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<ix:continuation id="c9a25baa0-d6cd-415c-b653-393f7c8be5cf">
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<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag3118" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% - <ix:nonFraction contextRef="I20231231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag838" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag2978" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% - <ix:nonFraction contextRef="I20221231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfDiscountRates" unitRef="Pure" id="Tag696" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag3091" decimals="2" scale="-2" format="ixt:num-dot-decimal">0</ix:nonFraction>% - <ix:nonFraction contextRef="I20231231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag3114" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag1594" decimals="2" scale="-2" format="ixt:num-dot-decimal">0</ix:nonFraction>% - <ix:nonFraction contextRef="I20221231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" unitRef="Pure" id="Tag2979" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> </ix:continuation>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">return</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plan assets is determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-term, prospective rates of return as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the end of the reporting period. </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an increase / (decrease) of <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" unitRef="Pure" id="Tag723" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated a (decrease) / increase on the defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag709" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">11.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag777" decimals="-5" scale="6" format="ixt:num-dot-decimal">9.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively, and an increase / (decrease) of <ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" unitRef="Pure" id="Tag2896" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% in the compensation rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated an increase / (decrease) on the defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" unitRef="USD" id="Tag39" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" unitRef="USD" id="Tag2972" decimals="-5" scale="6" format="ixt:num-dot-decimal" sign="-">0.8</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e above sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> expected employer </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contributions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the year <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are not material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The methods and types of assumptions used in p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reparing the sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s did not change compared to the previous period.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-65</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
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<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(ii)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">urrent</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
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<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Payroll and social security payable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:CurrentEmployeeRelatedLiabilities" unitRef="USD" id="Tag688" decimals="-3" scale="3" format="ixt:num-dot-decimal">301,213</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:CurrentEmployeeRelatedLiabilities" unitRef="USD" id="Tag12" decimals="-3" scale="3" format="ixt:num-dot-decimal">224,630</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Shares to be settled under buyback program </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:AmountPayableUnderShareBuyback" unitRef="USD" id="Tag701" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,240</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231" name="ts:AmountPayableUnderShareBuyback" unitRef="USD" xsi:nil="true" id="Tag734"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ts:OtherCurrentMiscellaneousLiabilities" unitRef="USD" id="Tag3094" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,192</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:OtherCurrentMiscellaneousLiabilities" unitRef="USD" id="Tag679" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,984</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:OtherCurrentLiabilities" unitRef="USD" id="Tag3131" decimals="-3" scale="3" format="ixt:num-dot-decimal">422,645</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:OtherCurrentLiabilities" unitRef="USD" id="Tag725" decimals="-3" scale="3" format="ixt:num-dot-decimal">260,614</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"/> </tr> </tbody> </table> </ix:nonNumeric> </ix:nonNumeric> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p><div id="Dmd260cfwl89s9dmhc8zle" style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" id="Tag661" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">24&#160; &#160; &#160;</span></span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Non-current allowances and provisions</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Liabilities</span></p>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="Tag650" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 144px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag823" decimals="-3" scale="3" format="ixt:num-dot-decimal">98,126</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20211231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag800" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,556</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag824" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,260</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag798" decimals="-3" scale="3" format="ixt:num-dot-decimal">357</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations (*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag802" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag797"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional allowance&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:AdditionalProvisionsOtherProvisions" unitRef="USD" id="Tag822" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,901</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:AdditionalProvisionsOtherProvisions" unitRef="USD" id="Tag796" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,102</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag821" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">164</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag795" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used and other movements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionForNoncurrentLiabilitiesMember" name="ts:ProvisionUsedOtherProvisionsMovements" unitRef="USD" id="Tag825" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,170</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_ProvisionForNoncurrentLiabilitiesMember" name="ts:ProvisionUsedOtherProvisionsMovements" unitRef="USD" id="Tag791" decimals="-3" scale="3" format="ixt:num-dot-decimal">882</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag801" decimals="-3" scale="3" format="ixt:num-dot-decimal">101,453</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ProvisionForNoncurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag799" decimals="-3" scale="3" format="ixt:num-dot-decimal">98,126</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote11" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></ix:footnote></span></p> </ix:nonNumeric> </ix:nonNumeric>
<p style="margin: 0pt;"><br/></p> </div><div style="font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfCurrentAllowancesAndProvisionsTextBlock" id="Tag1388" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt;"><span style="border-left: none; border-right: none;"><span><b>25</b></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">Current </span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">allowances and </span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">provisions</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(i)</span>&#160; &#160; &#160; &#160; &#160;&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Deducted from assets&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock" id="Tag625" escape="true">
<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 114px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for doubtful accounts - Trade receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for other doubtful accounts - Other receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for inventory obsolescence </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag535" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,495</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag587" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,479</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag586" decimals="-3" scale="3" format="ixt:num-dot-decimal">222,666</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag589" decimals="-3" scale="3" format="ixt:num-dot-decimal">128</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag576" decimals="-3" scale="3" format="ixt:num-dot-decimal">88</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag584" decimals="-3" scale="3" format="ixt:num-dot-decimal">452</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"> (*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag540" decimals="-3" scale="3" format="ixt:num-dot-decimal">899</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag567"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag582" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,179</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (Additional) allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowances" unitRef="USD" id="Tag578" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,590</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowances" unitRef="USD" id="Tag581" decimals="-3" scale="3" format="ixt:num-dot-decimal">107</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_AllowanceForInventoryObsolescenceMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowances" unitRef="USD" id="Tag583" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,581</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag558" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,066</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag601" decimals="-3" scale="3" format="ixt:num-dot-decimal">235</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag600" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,768</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag432" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,046</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag552" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,439</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag580" decimals="-3" scale="3" format="ixt:num-dot-decimal">209,110</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote52" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </div> </div>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times;">
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-66</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; margin: 0px; text-indent: 0px;"><br/></p> </ix:exclude> </div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 113px;" width="100%">
<tbody>
<tr style="height: 28px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 28px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for doubtful accounts - Trade receivables </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for other doubtful accounts - Other receivables </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for inventory obsolescence </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag572" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,120</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag389" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,206</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20211231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag570" decimals="-3" scale="3" format="ixt:num-dot-decimal">245,774</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag569" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag568" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">68</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag574" decimals="-3" scale="3" format="ixt:num-dot-decimal">405</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (Additional) / reversal allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowances" unitRef="USD" id="Tag534" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">223</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowances" unitRef="USD" id="Tag565" decimals="-3" scale="3" format="ixt:num-dot-decimal">346</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_AllowanceForInventoryObsolescenceMember" name="ts:IncreaseDecreaseThroughReversalsAndAdditionalAllowances" unitRef="USD" id="Tag564" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,901</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag575" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,414</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag602" decimals="-3" scale="3" format="ixt:num-dot-decimal">5</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag573" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,414</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag566" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,495</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag562" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,479</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231_AllowanceForInventoryObsolescenceMember" name="ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets" unitRef="USD" id="Tag561" decimals="-3" scale="3" format="ixt:num-dot-decimal">222,666</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td> </tr> </tbody> </table> </div>
</ix:nonNumeric>
<p style="font-family: 'times new roman', times; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">)</span>&#160; &#160; &#160; &#160; &#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Liabilities</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="Tag3373" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9595%; text-indent: 0px; height: 138px;" width="100%">
<tbody>
<tr style="height: 23px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sales risks </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-size: 10pt; line-height: inherit; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="font-size: 10pt; line-height: 1; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit;">Other claims and contingencies </span><span style="line-height: inherit; font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag560" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag557" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag555" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag590" decimals="-3" scale="3" format="ixt:num-dot-decimal">285</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag554" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">208</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag550" decimals="-3" scale="3" format="ixt:num-dot-decimal">77</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"> (**)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag430"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag553" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,317</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" unitRef="USD" id="Tag577" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,317</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag563" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,057</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag387" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,941</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag537" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,998</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag539"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag551" decimals="-3" scale="3" format="ixt:num-dot-decimal">164</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag547" decimals="-3" scale="3" format="ixt:num-dot-decimal">164</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag538" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,588</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag45" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,194</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag536" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,782</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag549" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,940</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag546" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,019</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag541" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,959</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 133px;" width="100%">
<tbody>
<tr style="height: 31px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sales risks </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-size: 10pt; line-height: inherit; height: 31px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 1; text-align: center;"><span style="font-size: 10pt; line-height: inherit; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">Other claims and contingencies </span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="I20211231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag579" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,468</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="I20211231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag559" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,854</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="I20211231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag500" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,322</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag571" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">160</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag499" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">97</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" unitRef="USD" id="Tag431" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">257</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag501" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,315</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag502" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,189</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> <ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember" name="ts:AdditionalProvisionsOtherProvisionsReversals" unitRef="USD" id="Tag588" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,504</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"><ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" xsi:nil="true" id="Tag556"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag433" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" unitRef="USD" id="Tag429" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,229</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag548" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,437</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag386" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,718</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (<ix:nonFraction contextRef="D20221231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:ProvisionUsedOtherProvisions" unitRef="USD" id="Tag83" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,155</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember_SalesRisksMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag390" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,186</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember_MiscellaneousOtherProvisionsMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag585" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,999</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <ix:nonFraction contextRef="I20221231_ProvisionsForCurrentLiabilitiesMember" name="ifrs-full:OtherProvisions" unitRef="USD" id="Tag388" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,185</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*) </span><span><ix:footnote xml:lang="en-US" id="footnote53" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></ix:footnote></span></span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(**) </span><span><ix:footnote xml:lang="en-US" id="footnote54" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitio</span><span style="font-family: 'Frutiger 45 Light';">n</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></ix:footnote></span></span></p> </ix:nonNumeric> </div> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-67</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div> </div><div id="D5b5i87djtecm8z4unisnvl" style="font-family: 'times new roman', times; font-size: 10pt;">
<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory" id="Tag3372" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">26&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative financial instruments</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net fair values of derivative financial instruments</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The net fair values of derivative financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in accordance with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>13</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" id="Tag633" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 153px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Derivatives hedging borrowings and investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_DerivativesHedgingBorrowingsAndInvestmentsMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" xsi:nil="true" id="Tag649"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_DerivativesHedgingBorrowingsAndInvestmentsMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag640" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,480</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other derivatives </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag2088" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag609" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,325</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Contracts with positive fair values </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag2311" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,801</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ifrs-full:DerivativeFinancialAssets" unitRef="USD" id="Tag639" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,805</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other derivatives </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag779" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_OtherDerivativesMember" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag670" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Contracts with negative fair values </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag726" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,150</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231" name="ifrs-full:DerivativeFinancialLiabilities" unitRef="USD" id="Tag747" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,127</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag604" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,349</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag622" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,678</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Foreign e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">xchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and commodities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">derivative</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and hedge accounting</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">naris applies hedge accounting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to certain cash flow hedges of highly probable forecast transactions. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The net fair values of exchange rate derivatives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and those derivat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">iv</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es that were designated for hedge accounting as of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-right: none; border-left: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory" id="Tag2019" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 241px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Purchase currency </span></p> </td>
<td rowspan="2" style="padding: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Sell currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Term </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hedge Accounting Reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 33%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PurchaseForeignExchangeContractMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag728"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag693" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,571</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_PurchaseForeignExchangeContractMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag668"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag731" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">67</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag727" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,125</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag610"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag642"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag671"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag656" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,557</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag658" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,866</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag643" decimals="-3" scale="3" format="ixt:num-dot-decimal">624</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag2970" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,786</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> / <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag611" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,966</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag783" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,783</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag746" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,142</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag606" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,935</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag674" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,009</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag595" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,490</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag2967"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag598"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> KWD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag599" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">50</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag645" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">129</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag593" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">388</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag621"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> CAD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag729" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">836</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag647" decimals="-3" scale="3" format="ixt:num-dot-decimal">404</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag620"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag46"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GBP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag594" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">51</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag618" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">11</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag666"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag749"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> CNY </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag792" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">335</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag597" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">242</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag689" decimals="-3" scale="3" format="ixt:num-dot-decimal">501</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag591"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> RON </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag752" decimals="-3" scale="3" format="ixt:num-dot-decimal">261</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag657" decimals="-3" scale="3" format="ixt:num-dot-decimal">50</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag607"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag660"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag634" decimals="-3" scale="3" format="ixt:num-dot-decimal">49</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag664" decimals="-3" scale="3" format="ixt:num-dot-decimal">223</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag692" decimals="-3" scale="3" format="ixt:num-dot-decimal">49</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag730"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_ForeignExchangeContractOtherMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag659" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">49</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractOtherMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag608" decimals="-3" scale="3" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ForeignExchangeContractOtherMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag619"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeContractOtherMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag605" decimals="-3" scale="3" format="ixt:num-dot-decimal">3</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag592" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,554</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag732" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,038</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag646" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,928</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag782" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,085</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-68</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<table style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="margin:0pt"><br/></p> </div> </ix:exclude> </div>
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<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 156px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Commodity Derivatives </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Term </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hedge Accounting Reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 43%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Houston Ship Channel Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsHoustonShipChannelGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag623" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">231</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsHoustonShipChannelGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag690" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">814</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsHoustonShipChannelGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag596" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">231</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsHoustonShipChannelGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag667" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">814</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> LME Scrap </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag2089" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,376</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag638" decimals="-3" scale="3" format="ixt:num-dot-decimal">29</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag2969" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,376</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag2091" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,148</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Iron Ore </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsIronOreMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag616"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsIronOreMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag637" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsIronOreMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag669"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsIronOreMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag617" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,274</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Electric Energy </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsElectricEnergyMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag663" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">340</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsElectricEnergyMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag636" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">519</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsElectricEnergyMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag615" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">340</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsElectricEnergyMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag654" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">519</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> TTF Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag641"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag691" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,068</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag662"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommoditiesDerivativeContractsTitleTransferFacilityGasMember_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag614" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,207</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> PSV Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag2331" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,566</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag665"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag630" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,566</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsPSVGasMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag635"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nickel </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsNickelMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag827" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,966</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsNickelMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" xsi:nil="true" id="Tag2329"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsNickelMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag828" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,966</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20221231_CommodityDerivativesContractMember_CommoditiesDerivativeContractsNickelMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" xsi:nil="true" id="Tag613"/> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag3077" decimals="-3" scale="3" format="ixt:num-dot-decimal">205</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ts:DerivativeFinancialAssetsLiabilities" unitRef="USD" id="Tag781" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">3,360</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag750" decimals="-3" scale="3" format="ixt:num-dot-decimal">205</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="I20221231_CommodityDerivativesContractMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag644" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">7,963</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div> </div> </div>
</ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">ollowing is a summary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> of the hedge reserve evolution:</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" id="Tag626" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 62px;" width="100%">
<tbody>
<tr style="height: 35px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2021</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Movements <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Movements <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Foreign Exchange &amp; Commodities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag751" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,259</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" unitRef="USD" id="Tag780" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,863</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag648" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,122</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" unitRef="USD" id="Tag2968" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,989</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag651" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Total Cash flow Hedge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20211231_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag2330" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,259</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CashFlowHedgesMember" name="ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" unitRef="USD" id="Tag603" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,863</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20221231_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag26" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,122</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (<ix:nonFraction contextRef="D20231231_CashFlowHedgesMember" name="ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" unitRef="USD" id="Tag2090" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">4,989</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <ix:nonFraction contextRef="I20231231_CashFlowHedgesMember" name="ifrs-full:ReserveOfCashFlowHedgesContinuingHedges" unitRef="USD" id="Tag2971" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
</div>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Tenaris estimates that t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">cash flow he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">dge reserve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">corresponding to derivatives instruments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> will be recycled to the Consolida</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ted Income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Statement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">during <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> For informa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">tion on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">hedge accounting reserve,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">see</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ection III.D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> to these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p> </ix:nonNumeric>
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<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>27</span></span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'Times New Roman';">&#160; &#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Contingencies,</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> commitments and restrictions </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">o</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">n</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> the distribution of profits</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Contingencies</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;">Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages, reimbursement for losses, or indemnity. Management with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. </span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;">Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;">If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able to make a reliable estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence, in some of such cases has accrued a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice the Tenaris&#8217;s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range of potential loss.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;"><br/></p> </ix:exclude> <span style="text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements</span> <span style="text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">are adequate based upon currently available information. However, if management&#8217;s estimates prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a material adverse effect on its results of operations, financial condition, net worth and cash flows.</span><br/></div>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Below is a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">summary description of Tenaris&#8217;s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is believed to be material.</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; margin: 0pt 0pt 0pt -10.22pt; orphans: 0; padding-left: 7.72pt; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">CSN claims relating to the January 2012 acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Usiminas</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In <span>2013</span>, the Company was notified of a lawsuit filed in Brazil by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Companhia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sider&#250;rgica</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nacional (&#8220;CSN&#8221;), and various entities affiliated with CSN against the Company&#8217;s Brazilian subsidiary Confab and <ix:nonFraction contextRef="I20120131_TerniumSAMember" name="ts:NumberOfSubsidiaries" unitRef="Subsidiaries" id="Tag3030" decimals="0" format="ixt-sec:numwordsen">three</ix:nonFraction> subsidiaries of Ternium, all of which compose the T/T Group under the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholders agreement. The entities named in the CSN lawsuit had acquired a participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in January 2012. The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares for a price per share equal to <ix:nonFraction contextRef="I20120131_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ts:TagalongTenderOfferToNoncontrollingInterestsPercentage" unitRef="Pure" id="Tag526" decimals="2" scale="-2" format="ixt:num-dot-decimal">80</ix:nonFraction>% of the price per share paid in such acquisition, or BRL <ix:nonFraction contextRef="I20120131_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ts:TagalongTenderOfferToNoncontrollingInterests" unitRef="BRLPerShare" id="Tag518" decimals="1" format="ixt:num-dot-decimal">28.8</ix:nonFraction>, and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to <ix:nonFraction contextRef="I20120131_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ts:TagalongTenderOfferToNoncontrollingInterestsShares" unitRef="Shares" id="Tag505" decimals="0" format="ixt:num-dot-decimal">182,609,851</ix:nonFraction> ordinary shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not belonging to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; control group. Confab&#8217;s share in the offer would be <ix:nonFraction contextRef="I20120131_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ts:TagalongTenderOfferToNoncontrollingInterestsContingentLiability" unitRef="Pure" id="Tag545" decimals="3" scale="-2" format="ixt:num-dot-decimal">17.9</ix:nonFraction>%.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court of Justice (&#8220;SCJ&#8221;) seeking the review and reversal of the decision issued by the Court of Appeals. On September 10, 2019, the SCJ declared CSN&#8217;s appeal admissible. On March 7, 2023, the SCJ, by majority vote, rejected CSN&#8217;s appeal. CSN made several submissions in connection with the SCJ decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote and, at the date of these financial statements, voting at the SCJ with respect to the motion for clarification is ongoing. At an October 17, 2023 session, <span>two</span> justices voted in favor of remanding the case to the first instance for it to be retried following production and assessment of the new evidence, and <span>two</span> justices voted, without requiring any further evidence, in favor of granting CSN&#8217;s motion for clarification and reversing the March 7, 2023 decision that rejected CSN&#8217;s appeal; because the fifth member of SCJ excused himself from voting, a justice from another panel at the SCJ will be summoned to produce the tie-breaking vote. There are no specified deadlines for voting to be resumed or the SCJ decision to be issued. In any event, either party may appeal against a SCJ decision.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">According to the views of the <span>two</span> justices that voted in favor of CSN&#8217;s motion, Confab and the other members of the T/T Group should be ordered to pay to CSN an indemnification amount equal to the difference between the price paid by the T/T Group in its acquisition and the market value of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares at signing, plus monetary adjustment and interest (at a rate of <ix:nonFraction contextRef="D20231231_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ts:PercentageOfInterestPayablePerMonth" unitRef="Pure" id="Tag515" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction>% per month) through the date of payment, plus legal costs equal to <ix:nonFraction contextRef="D20231231_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ts:PercentageOfCompensationPayable" unitRef="Pure" id="Tag530" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% of the compensation payable to CSN, with CSN retaining ownership of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares it currently owns. If that unprecedented view were to prevail, and depending on how the indemnification is calculated by other courts, as of the date of these financial statements the potential aggregate indemnification payable by Confab could reach up to BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag3028" decimals="-5" scale="6" format="ixt:num-dot-decimal">900.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ConfabIndustrialSaAndSubsidiariesMember_CompanhiaSiderrgicaNacionalMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="USD" id="Tag2954" decimals="-5" scale="6" format="ixt:num-dot-decimal">186.0</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million at the BRL/$ rate as of such date).</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company continues to believe that all of CSN&#8217;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, <span>two</span> decisions issued by the Brazilian securities regulator in February 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ decision referred to above. Notwithstanding the foregoing, in light of the votes already issued by <span>two</span> members of the SCJ on CSN&#8217;s motion for clarification, the Company cannot predict the ultimate resolution on the matter.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 1.2; list-style-position: inside; margin: 0pt 0pt 0pt -19.22pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Veracel celulose accident litigation</span></li> </ul>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160;</p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 21, 2007, an accident occurred in the premises of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Celulose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) in connection with a rupture in <span>one</span> of the tanks used in an evaporation system manufactured by Confab. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident allegedly resulted in material damages to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Ita&#250; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Seguros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;Ita&#250;&#8221;), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> insurer at the time of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident and then replaced by Chubb </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Seguros</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brasil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S/A (&#8220;Chubb&#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in connection with the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident and other amounts not covered by insurance. Ita&#250; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> claimed that the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident was caused by the improper handling by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> personnel of the equipment supplied by Confab in violation of Confab&#8217;s instructions. The <span>two</span> lawsuits were consolidated and are considered by the <span>6</span>th Civil Court of S&#227;o Caetano do Sul. However, each lawsuit will be adjudicated separately.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $<ix:nonFraction contextRef="D20181009_ConfabMember_ChubbMember" name="ts:PaymentsForSettlement" unitRef="USD" id="Tag531" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.5</ix:nonFraction> million to Chubb, without assuming any liability for the accident or the claim.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:<br/></span></p>
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<p style="text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> With respect to&#160;Chubb&#8217;s&#160;claim, the court subsequently homologated the above-mentioned settlement and, accordingly, the claim was finalized. </span></p> </td> </tr>
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<td style="text-align: center; vertical-align: top;" valign="top"><span><span>&#8226;</span></span></td>
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<p style="line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> With respect to&#160;Veracel&#8217;s&#160;claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to&#160;BRL<ix:nonFraction contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember" name="ts:SettlementAmountOrderedToPayInsuranceDeductible" unitRef="BRL" id="Tag3031" decimals="-5" scale="6" format="ixt:num-dot-decimal">100.6</ix:nonFraction>&#160;million (approximately $<ix:nonFraction contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember" name="ts:SettlementAmountOrderedToPayInsuranceDeductible" unitRef="USD" id="Tag3032" decimals="-5" scale="6" format="ixt:num-dot-decimal">20.8</ix:nonFraction>&#160;million) including interest, fees and expenses. Both parties filed motions for clarification against the court&#8217;s decision, which were partially granted. Although the contract between Confab and&#160;Veracel&#160;expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL<ix:nonFraction contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember" name="ts:SettlementAmountOrderedToPayDamages" unitRef="BRL" id="Tag532" decimals="-5" scale="6" format="ixt:num-dot-decimal">86.4</ix:nonFraction>&#160;million (approximately $<ix:nonFraction contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember" name="ts:SettlementAmountOrderedToPayDamages" unitRef="USD" id="Tag533" decimals="-5" scale="6" format="ixt:num-dot-decimal">17.8</ix:nonFraction>&#160;million) of damages arising therefrom. Confab has additional&#160;defense&#160;arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019,&#160;Veracel&#160;filed its response to the appeal. In June 2022, the court resolved&#160;that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. The parties are currently waiting for the trial of the appeal to be scheduled. At this stage the Company cannot predict the outcome of the claim or the amount or range of loss in case of an&#160;unfavorable&#160;outcome. </span></p> </td> </tr> </tbody> </table> </div>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt 3pt; orphans: 0; text-align: justify; text-indent: -21.8pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Petrobras-related proceedings and claims <span style="font-size: 8pt;"><sup>1</sup></span></span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Upon learning that Brazilian, Italian and Swiss authorities were investigating whether certain payments were made prior to <span>2014</span> from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;) and whether any such payments were intended to benefit the Company&#8217;s Brazilian subsidiary Confab</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company&#8217;s review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and the U.S. Department of Justice (&#8220;DOJ&#8221;) in October 2016. The Company conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any involvement by the Company or its directors, officers or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the Company neither admits nor denies the SEC&#8217;s findings and on June 24, 2022, paid $<ix:nonFraction contextRef="I20220624_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" name="ts:SettlementAmountOrderedToPay" unitRef="USD" id="Tag522" decimals="-5" scale="6" format="ixt:num-dot-decimal">53.1</ix:nonFraction> million in disgorgement and prejudgment interest and $<ix:nonFraction contextRef="I20220624_ContingentLiabilityForCivilPenaltyMember" name="ts:SettlementAmountOrderedToPay" unitRef="USD" id="Tag507" decimals="-6" scale="6" format="ixt:num-dot-decimal">25</ix:nonFraction> million for a civil penalty to conclude the matter.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In July 2019, the Company learned that the public prosecutors&#8217; office of Milan, Italy, had completed a preliminary investigation into the same alleged payments and had included in the investigation, among other persons, the Company&#8217;s Chairman and Chief Executive Officer, <span>two</span> other board members, Gianfelice Rocca and Roberto Bonatti, and the Company&#8217;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. On March 22, 2022, upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan in charge of the case to impose sanctions on our Chairman and Chief Executive Officer, on the other <span>two</span> board members, and on San Faustin. The Company&#8217;s outside counsel in Italy advised the Company that neither the case file nor the prosecutor&#8217;s request contain or identify any evidence of involvement in, or knowledge of, the alleged wrongdoing by any of the <span>three</span> directors. On May 26, 2022, the first-instance court dismissed the case brought by the public prosecutor against the defendants for lack of jurisdiction and stated that the criminal proceeding should not have been initiated. On October 7, 2022, the public prosecutor filed an appeal against the first-instance court&#8217;s decision.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On February 22, 2024, the court of appeals referred the case to the court of cassation, which will be in charge of determining whether or not the Italian courts have jurisdiction over the matter.</span></p>
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<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>1</sup> This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#8217;s Board of Directors on February 21, 2024.</td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In June 2020, the Brazilian public prosecutors&#8217; office requested the indictment of several individuals, including <span>three</span> executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between <span>2007</span> and <span>2010</span>, and money laundering in relation to payments between <span>2009</span> and <span>2013</span>. These criminal proceedings are underway. Neither the Company nor Confab is a party to these criminal proceedings.&#160;</span></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;">&#160;</p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, Petrobras and the Brazilian public prosecutors filed civil claims for damages against, among others, Confab and the Confab executives named in the criminal proceedings referred to above. Confab became aware of these civil claims in September 2022. As of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> December 31, 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the aggregate amount of these claims was estimated at BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TaxContingentLiabilityMember_PetroleoBrasileiroSaMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag2933" decimals="-5" scale="6" format="ixt:num-dot-decimal">322.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (or approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_TaxContingentLiabilityMember_PetroleoBrasileiroSaMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="USD" id="Tag3033" decimals="-5" scale="6" format="ixt:num-dot-decimal">66.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million). The plaintiffs also seek that Confab be prohibited from contracting with, or receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not address either the defense arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is vigorously contesting them. At this stage, the Company cannot predict the outcome of these civil proceedings.&#160;</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -16.8pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Putative class actions</span></li> </ul>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Following the Company&#8217;s November 27, 2018, announcement that its Chairman and CEO Paolo Rocca had been included in an Argentine court investigation known as the Notebooks Case (a decision subsequently reversed by a higher court), <span>two</span> putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &#8220;In re Tenaris S.A. Securities Litigation&#8221;, and appointed lead plaintiffs and lead counsel. </span></p>
<p style="margin:0pt"><br/></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018. The individual defendants named in the complaint are Tenaris&#8217;s Chairman and CEO and Tenaris&#8217;s former CFO. The complaint alleges that during the class period, the Company and the individual defendants inflated the Tenaris share price by failing to disclose that the nationalization proceeds received by Ternium (in which the Company held an <ix:nonFraction contextRef="D20231231_TerniumSAMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag504" decimals="4" scale="-2" format="ixt:num-dot-decimal">11.46</ix:nonFraction>% stake) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. </span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On October 9, 2020, the court granted in part and denied in part the defendants&#8217; motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&#8217;s former CFO. </span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 11, 2022, the parties filed a joint notice of settlement announcing a settlement in principle of all claims in the action, subject to finalizing the settlement agreements and court approval.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The parties&#8217; agreement in principle provides that, in exchange for dismissal of the action and customary releases from class members and with no admission of liability by Tenaris or Mr. Rocca, Tenaris will pay to the class $<ix:nonFraction contextRef="D20231231_LegalProceedingsContingentLiabilityMember" name="ts:PaymentsForSettlement" unitRef="USD" id="Tag82" decimals="-5" scale="6" format="ixt:num-dot-decimal">9.5</ix:nonFraction> million (inclusive of legal fees to lead plaintiff&#8217;s counsel).</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On April 10, 2023, the court granted preliminary approval to the class settlement. The final settlement approval hearing was set for October 19, 2023, and on that date the court ordered that, prior to granting final settlement approval, the lead plaintiffs submit on or before March 29, 2024, an update letter advising the court of the status of the claims processing.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 1.2; list-style-position: inside; margin: 0pt; orphans: 0; text-align: justify; text-indent: -14.8pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Administrative proceeding concerning Brazilian tax credits</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately <ix:nonFraction contextRef="I20231231_ConfabIndustrialSaAndSubsidiariesMember_TaxContingentLiabilityMember" name="ts:FineImposedPercentageOfAllegedlyUndueCredits" unitRef="Pure" id="Tag519" decimals="2" scale="-2" format="ixt:num-dot-decimal">75</ix:nonFraction>% of the allegedly undue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&#8217;s appeal, thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Special appeals were filed by Confab in July 2023 and by the Brazilian General Tax Attorney (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">PGFN</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) in September 2023. The parties are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently awaiting a resolution. In case of an unfavorable resolution, Confab may appeal before the courts. The estimated amount of this claim is BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ConfabIndustrialSaAndSubsidiariesMember_TaxContingentLiabilityMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="BRL" id="Tag2932" decimals="-5" scale="6" format="ixt:num-dot-decimal">60.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ConfabIndustrialSaAndSubsidiariesMember_TaxContingentLiabilityMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="USD" id="Tag543" decimals="-5" scale="6" format="ixt:num-dot-decimal">12.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million). At this stage, the Company cannot predict the outcome of this claim.</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt; orphans: 0; text-align: justify; text-indent: -14.8pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">U.S. patent infringement litigation</span></li> </ul>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-72</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160;&#160;</p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris Coiled Tubes, LLC (&#8220;TCT&#8221;), a U.S. subsidiary of the Company, was sued in <span>2017</span> by its competitor Global Tubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by TCT, and Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint (including the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On March 20, 2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are unenforceable due to inequitable conduct during the patent prosecution process. TCT appealed this judgment, and Global Tubing appealed a previous ruling of the judge. Global Tubing also filed a brief seeking to recover attorneys&#8217; fees, without specifying the amount of those fees. Although it is not possible to predict the final outcome of this matter, the Company believes that any potential losses arising from this case will not be material.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.22pt; orphans: 0; padding-left: 11.67pt; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">U.S. Antidumping Duty Investigations</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On October 27, 2021, the U.S. Department of Commerce (&#8220;DOC&#8221;) initiated antidumping duty investigations of oil country tubular goods (&#8220;OCTG&#8221;) from Argentina, Mexico, and Russia. After the DOC issued affirmative preliminary and final antidumping determinations with respect to imports from Argentina, Mexico and Russia on October 27, 2022, the International Trade Commission (&#8220;ITC&#8221;) determined that the imports under investigation caused injury to the U.S. OCTG industry. Tenaris and other parties have appealed the agency determinations from the investigation to the Court of International Trade. In addition, in response to a request from the Government of Argentina, the World Trade Organization (&#8220;WTO&#8221;) established a panel of experts to consider whether the DOC&#8217;s antidumping order applicable to Argentina is consistent with the international obligations of the United States. As a result of the investigation, and unless overturned on appeal, Tenaris is required to pay antidumping duty deposits (at a rate of <ix:nonFraction contextRef="D20221027_AR" name="ts:DumpingRateImposed" unitRef="Pure" id="Tag527" decimals="4" scale="-2" format="ixt:num-dot-decimal">78.30</ix:nonFraction>% for imports from Argentina and <ix:nonFraction contextRef="D20221027_MX" name="ts:DumpingRateImposed" unitRef="Pure" id="Tag544" decimals="4" scale="-2" format="ixt:num-dot-decimal">44.93</ix:nonFraction>% for imports from Mexico) until such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period under review. Tenaris has been paying such deposits since May 11, 2022, reflecting the amount of such deposits in its costs. The deposit rates may be reset periodically based on the results of the review process. It is possible that, through the periodic review process, the deposits may be either returned to Tenaris in whole or in part, or may be increased.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -5.22pt; orphans: 0; padding-left: 11.67pt; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Potential dispute with agent in the Middle East <sup>2</sup></span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consistent with local practice in certain Middle East countries, Tenaris Global Services S.A. (&#8220;TGSU&#8221;), a Uruguayan subsidiary of the Company, sells materials to a local agent, and the agent then resells the materials to customers in the region. Tenaris is not a party to the contracts between the agent and each customer. In <span>one</span> such contract entered into in mid-<span>2021</span>, with pending obligations of approximately $<ix:nonFraction contextRef="I20231231_TenarisFinancialServicesSaMember_OnerousContractsContingentLiabilityMember" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" unitRef="USD" id="Tag521" decimals="-6" scale="6" format="ixt:num-dot-decimal">520</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million and deliveries until <span>2025</span>, the agent agreed to supply Tenaris-produced casing and tubing of different sizes to the customer. Subsequent events led to onerous increases in prices and delays to supply the materials and led to lengthy discussions between the parties. The customer&#160;eventually paid a significant portion of such increased costs&#160;and, as a result, the dispute was settled.</span></p>
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<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>2</sup> This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#8217;s Board of Directors on February 21, 2024.</td> </tr> </tbody> </table>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-73</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160;</p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">(ii)</span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Commitments and guarantees</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Set forth is a description of the Tenaris&#8217;s main outstanding commitments:&#160;</span></p>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Certain subsidiaries of the Company entered into a contract with&#160;Praxair&#160;S.A. for the service of oxygen and nitrogen supply. As of&#160;December 31, 2023, the aggregate amount to take or pay the committed volumes for an original <ix:nonNumeric contextRef="D20231231_PraxairSAMember" name="ts:TermOfSupplyContract" id="Tag529" format="ixt-sec:duryear">14</ix:nonNumeric>-year term totaled approximately $<ix:nonFraction contextRef="I20231231_PraxairSAMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag523" decimals="-5" scale="6" format="ixt:num-dot-decimal">32.7</ix:nonFraction>&#160;million. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A subsidiary of the Company entered into a <ix:nonNumeric contextRef="D20231231_TerniumSAMember_TransportadoraDeGasDelNorteSaMember" name="ts:TermOfSupplyContract" id="Tag2952" format="ixt-sec:duryear">25</ix:nonNumeric>-year contract (effective as of December 1, 2016, through December 1, 2041) with&#160;Techgen&#160;for the supply of <span>197</span> MW (which represents <ix:nonFraction contextRef="I20231231_TechgenSAMember_1" name="ts:ProportionOfPowerGenerationCapacity" unitRef="Pure" id="Tag528" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>% of&#160;Techgen&#8217;s&#160;capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as&#160;Techgen&#8217;s&#160;existing or replacing bank facility has been repaid in full), the Company&#8217;s subsidiary has the right to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by the&#160;Comisi&#243;n&#160;Federal de&#160;Electricidad&#160;(&#8220;CFE&#8221;) or its successors. The Company&#8217;s subsidiary may instruct&#160;Techgen&#160;to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&#8217;s subsidiary will benefit from the proceeds of such sale. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A U.S. subsidiary of the Company is a party to a contract with&#160;Nucor&#160;Steel Memphis&#160;Inc. under which it is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The contract became effective upon delivery of the first purchase order, which occurred in April 2021, with an original duration of <ix:nonNumeric contextRef="D20231231_TenarisBayCityIncMember_NucorSteelMemphisIncMember" name="ts:TermOfSupplyContract" id="Tag525" format="ixt-sec:duryear">3</ix:nonNumeric> years. In September 2023, the parties agreed to extend its term until December 31, 2024. As of&#160;December 31, 2023, the estimated aggregate contract amount calculated at current prices,&#160;was&#160;approximately $<ix:nonFraction contextRef="I20231231_TenarisBayCityIncMember_NucorSteelMemphisIncMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag524" decimals="-5" scale="6" format="ixt:num-dot-decimal">73.7</ix:nonFraction>&#160;million. The contract gives the subsidiary of the Company the right to temporarily reduce the quantities to be purchased thereunder to <ix:nonFraction contextRef="I20231231_TenarisBayCityIncMember_NucorSteelMemphisIncMember" name="ts:PurchaseCommitmentsPercentageToBeMade" unitRef="Pure" id="Tag516" decimals="2" scale="-2" format="ixt:num-dot-decimal">75</ix:nonFraction>% of the agreed-upon minimum volume in cases of material adverse changes in prevailing economic or market conditions. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a <ix:nonNumeric contextRef="D20231231_IpscoTubularsIncMember_ContingentLiabilityForGuaranteesMember" name="ts:TermOfSupplyContract" id="Tag3029" format="ixt-sec:duryear">6</ix:nonNumeric>-year master distribution agreement (the &#8220;MDA&#8221;) with PAO TMK (&#8220;TMK&#8221;) whereby, since January 2, 2020,&#160;Tenaris&#160;became the exclusive distributor of&#160;TMK&#8217;s&#160;OCTG and line pipe products in United States and Canada. At the end of the&#160;MDA&#8217;s&#160;<span>6</span>-year term, TMK would have the option to extend the duration of its term for an additional <ix:nonNumeric contextRef="D20231231_IpscoTubularsIncMember_ContingentLiabilityForGuaranteesMember" name="ts:TermOfSupplyContractAvailableExtension" id="Tag517" format="ixt-sec:durmonth">12</ix:nonNumeric>-month period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product category in the United States in the relevant year. In February 2022, however, the Company and TMK agreed that there&#160;would&#160;be no minimum yearly purchase requirement for the OCTG product category for the year ended December 31, 2022, and there&#160;would&#160;be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for the contract year ended December 31, 2022, nor for any subsequent contract year until expiration of the&#160;MDA&#8217;s&#160;term. In addition, no purchases of TMK products were made during <span>2023</span>. The parties are currently discussing the termination of the MDA. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A Brazilian subsidiary of the Company entered into a contract with&#160;Usiminas&#160;and&#160;Gerdau&#160;from&#160;which it&#160;committed to purchase steel coils for a&#160;remaining&#160;amount of approximately $<ix:nonFraction contextRef="I20231231_UsiminasMember_BR" name="ts:PurchaseCommitments" unitRef="USD" id="Tag520" decimals="-5" scale="6" format="ixt:num-dot-decimal">109.6</ix:nonFraction>&#160;million to use for manufacturing welded pipes for the&#160;Raia&#160;fields project in Brazil. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase of tubular material, including <span>13</span> Chrome alloy products following the closure of&#160;NKKTubes.&#160;Such contract foresees a penalty for a maximum amount of $<ix:nonFraction contextRef="I20231231_JFESteelCorporationMember" name="ts:PurchaseCommitments" unitRef="USD" id="Tag2953" decimals="-5" scale="6" format="ixt:num-dot-decimal">30.9</ix:nonFraction>&#160;million in case of early termination. </span></p> </td> </tr> </tbody> </table> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as described in note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (c) and (ii) issued performance guarantees mainly related to long-term commercial contracts with several customers and parent companies for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231" name="ts:PerformanceGuaranteesIssued" unitRef="USD" id="Tag2934" decimals="-8" scale="9" format="ixt:num-dot-decimal">3.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> billion as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-74</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(iii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Restrictions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"> the distribution of profits and payment of dividends</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In accordance with Luxembourg Law, the Company is required to transfer a minimum of <ix:nonFraction contextRef="D20231231_LU" name="ts:PercentOfMinimumTransferOfNetProfitToLegalReserve" unitRef="Pure" id="Tag506" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% of its net profit for each financial year to a legal reserve until such reserve equals <ix:nonFraction contextRef="D20231231_LU" name="ts:PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital" unitRef="Pure" id="Tag514" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% of the issued share capital.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">.</span></p> </ix:nonNumeric> </div><div id="Dbodd47kpstgc0uz9gh2d3i" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 10pt;margin: 0pt;orphans: 0;text-align: justify;widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" id="Tag628" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">28&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cancellation of title deed in Saudi Steel Pipe Company</span></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">In early <span>2021</span>, the Company learned through the Saudi Ministry of Justice&#8217;s online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.</span></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">The affected land plots, with a total surface of <ix:nonFraction contextRef="I20231231_SA_SaudiSteelPipeCompanyMember" name="ts:AreaOfLand1" unitRef="SquareMetre" id="Tag2577" decimals="0" format="ixt:num-dot-decimal">811,284</ix:nonFraction> square meters, are located in Dammam, Saudi Arabia, and were purchased from a private entity on February 2010, pursuant to a written purchase agreement duly executed by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The purchase of the land occurred before Tenaris&#8217;s acquisition of a <ix:nonFraction contextRef="D20231231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag2408" decimals="4" scale="-2" format="ixt:num-dot-decimal">47.79</ix:nonFraction>% interest in SSPC in <span>2019</span>. The affected plots are not part of the production facility of SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris&#8217;s financial statements of $<ix:nonFraction contextRef="I20231231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:Land" unitRef="USD" id="Tag2567" decimals="-5" scale="6" format="ixt:num-dot-decimal">56.2</ix:nonFraction> million.</span></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made public by the authorities, and the legal basis for the court order is unknown. On May 4, 2021, SSPC filed a petition with an ad-hoc created special committee at the Saudi Ministry of Justice, seeking to have its title deeds reinstated. At this time, it is not possible to predict the outcome of this matter.</span></p> </ix:nonNumeric>
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<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" id="Tag831" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"><span style="border-left: none; border-right: none;">29&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Foreign e</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">xchan</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">ge c</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">ontrol </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">measures</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"> in Argentina</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Between September 2019 and December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2023</span>, the Argentine government imposed significant restrictions on foreign exchange transactions. Although after a new administration took office in Argentina in December 2023 certain restrictions were eased and other changes to such regulations are expected, at the date of these Consolidated Financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Statements the application of existing foreign exchange regulations remains uncertain and the scope and timing of upcoming changes remain unknown. The main currently applicable measures are described below:</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-75</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div> </ix:exclude> <br/></div>
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<td style="text-align: center; height: 64px; vertical-align: top;" valign="top"><span><span>&#8226;</span></span></td>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange market (&#8220;MULC&#8221;) and converted into Argentine pesos within <span>60</span> days (if made to related parties) or <span>180</span> days (if made to unrelated parties) from shipment date, or, if collected earlier, within <span>five</span> days of collection. Foreign currency proceeds from exports of services must be sold into the MULC and converted into Argentine pesos within <span>five</span> business days of collection. As from December 13, 2023, up to <ix:nonFraction contextRef="D20231231_ARS" name="ts:MaximumPercentageOfExportProceedsWhichCanBeSold" unitRef="Pure" id="Tag3063" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>% of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate, as described further below. This percentage has changed and is expected to change over time. </span></p> </td> </tr>
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<td style="text-align: center; height: 48px; vertical-align: top;" valign="top"><span><span>&#8226;</span></span></td>
<td style="height: 48px; vertical-align: top; text-align: justify;" colspan="3" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Access to the MULC to pay for imports of services rendered by related and non-related parties (including royalties) on or before</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December 12, 2023, is subject to Argentine Central Bank approval. Currently, these approvals are rarely, if ever, granted. Access to the MULC to pay for imports of services that were rendered or accrued as from December 13, 2023, does not require government approval, but payment is deferred <span>30</span> calendar days as from the date of supply or accrual of the service (if the service was rendered by a non-related party) or <span>180</span> calendar days (if rendered by a related party).</span></td> </tr>
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<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><span><span>&#8226;</span></span></td>
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<p style="text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Access to the MULC to pay for imports of goods is subject to several restrictions. For example, advance payments or at sight cannot be made. In addition: </span></p> </td> </tr>
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<td style="height: 16px; width: 2%; vertical-align: top; text-align: justify;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>-</span></span></td>
<td style="height: 16px; width: 95%; vertical-align: top; text-align: justify;" colspan="2" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">A</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ccess to the MULC to pay for imports of goods that obtained customs clearance on or before December 12, 2023 requires the prior Argentine Central Bank approval. </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> Argentine Central Bank is</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> currently </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">issuing newly created Bonds (&#8220;BOPREAL</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#8221;) with a maturity of <ix:nonNumeric contextRef="D20231231_ArgentineSovereignBondsMember_1" name="ts:BondMaturityTerm" id="Tag3062" format="ixt-sec:duryear">4</ix:nonNumeric> years (</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">i.e., maturing in </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2027</span>) that can only be purchased in Argentine Pesos in primary offerings by debtors </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">of</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> any such import debts</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">; </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">such bonds can</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> then</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> be sold for a price payable in foreign currency that can be </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">subsequently </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">used to pay suppliers without </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">subjecting </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">the importer </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">to </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">any restriction to enter into any other foreign exchange transaction in the MULC. </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">A</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> secondary market </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">for </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">the BOPREAL</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> is still in formation. In addition, from April 1, 2024 any such importer who purchased </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">BOPREALs</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> in primary offerings may enter into the securities transactions described below to obtain foreign currency (for an amount that does not exceed the difference </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">in USD </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">between the nominal value of the bonds and </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">their </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">market prices) </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">and use such foreign currency </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">to pay the above-mentioned import debts, without </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">subjecting</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> the importer </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">to </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">any restriction to enter into any other foreign exchange transaction in the MULC.</span></td> </tr>
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<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><br/></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" colspan="2" valign="top"><br/></td> </tr>
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<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><br/></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>-</span></span></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" colspan="2" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Access to the MULC to pay for imports that have obtained customs clearance as from December 13, 2023, does not require government approval but, it requires that the price is paid in <span>four</span> equal instalments payable on the <span>30</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span>60</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span>90</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and <span>120</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> day counted from the customs clearance of the good imported.</span></td> </tr>
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<td style="height: 16px; vertical-align: top;" colspan="2" valign="top"><br/></td> </tr>
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<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</span></td>
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<td style="height: 16px; vertical-align: top;" valign="top">
<p><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Access to the MULC to make dividend payments requires prior Argentine Central Bank approval. When required, Argentine Central Bank approvals are rarely, if ever, granted. </span></p> </td>
<td style="height: 16px;"/> </tr> </tbody> </table> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The above-described measures substantially limit the ability of Argentine companies to obtain foreign currency and make certain payments and distributions out of Argentina through the M</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">LC at the official exchange rate. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Access to foreign currency and transfers out of Argentina can be achieved, however, through securities transactions involving bonds or shares with multiple listings, resulting in a different implicit exchange rate, generally higher than the official exchange rate. Such transactions are subject to certain restrictions and limits, which change from time to time, and often result in a financial loss being generated at the time of making any such transaction. For example, in the past, the Argentine Securities Commission imposed several additional restrictions on such securities transactions, including a requirement to give prior notice to the Argentine government of any proposed transfer of securities outside of Argentina and a limitation on the amount of any such transfers. The new Argentine Securities Commission&#8217;s authorities has loosened certain of such limitations, although it is not clear if it will further eliminate or loosen remaining restrictions.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-76</span></span></td> </tr> </tbody> </table> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p> </ix:exclude>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During May 2023, <span>two</span> Argentine subsidiaries of the Company, approved the distribution of dividends in kind to their foreign shareholders, which were paid with U.S. dollar-denominated Argentine bonds </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the Argentine market had a valuation of approximately $<ix:nonFraction contextRef="D20230531_ArgentinePesoUsDollarForeignExchangeRiskMember_ArgentineSovereignBondsMember" name="ts:DistributionOfDividendInKind" unitRef="USD" id="Tag3061" decimals="-6" scale="6" format="ixt:num-dot-decimal">356</ix:nonFraction> million. Considering that, as a result of the foreign exchange restrictions in force, the value of such bonds in the international market as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the distribution date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, was approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230531_InternationalMarketMember_ArgentineSovereignBondsMember" name="ts:DistributionOfDividendInKind" unitRef="USD" id="Tag3060" decimals="-5" scale="6" format="ixt:num-dot-decimal">174.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, the Company recorded a negative equity reserve (FVOCI)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ubsequently, the valuation of such bonds in the international market increased. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With the disposal of a portion of these instruments, the Company partially reclassified such reserve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to financial results.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The FVOCI as of December 31, 2023, amounted to approximately $<ix:nonFraction contextRef="I20231231_InternationalMarketMember_ArgentineSovereignBondsMember" name="ts:NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag3037" decimals="-5" scale="6" format="ixt:num-dot-decimal">13.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The&#160;exchange rate of the Argentine peso against the U.S. dollar devaluated by more than <span>100</span>% upon the change of government. Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> financial position in Argentine pesos as of December 31, 2023, amounted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a net </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">short</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exposure of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_ArgentinePesoUsDollarForeignExchangeRiskMember_AR" name="ts:ForeignExchangeRiskCurrencyExposure" unitRef="USD" id="Tag3038" decimals="-6" scale="6" format="ixt:num-dot-decimal">135</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the event of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an additional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> devaluation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our Argentine subsidiaries, which hold </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. dollar-denominated Argentine bonds for an aggregated value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_InternationalMarketMember_ArgentineSubsidiariesMember_UsDollarDenominatedArgentineBondsMember" name="ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" unitRef="USD" id="Tag704" decimals="-5" scale="6" format="ixt:num-dot-decimal">208.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, may be adversely affected</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> will also suffer a loss on deferred tax charge as a result of a deterioration on the tax value of their fixed assets. At this time, the Company is unable to estimate all impacts of a new devaluation of the Argentine peso against the U.S. dollar.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the total equity of Argentine subsidiaries represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_AR_SubsidiariesMember" name="ts:PercentageOfEntitysNetEquity" unitRef="Pure" id="Tag3040" decimals="2" scale="-2" format="ixt:num-dot-decimal">9</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Tenaris&#8217;s total equity and the sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">made</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by Argentine subsidiaries during </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted approximately to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_AR_SubsidiariesMember" name="ifrs-full:PercentageOfEntitysRevenue" unitRef="Pure" id="Tag3039" decimals="2" scale="-2" format="ixt:num-dot-decimal">22</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Tenaris&#8217;s total sales. Assets and liabilities denominated in Argentine peso as of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> valued at the prevailing official exchange rate.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements. Management continues to monitor closely the evolution of the main variables affecting its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate course of action in each case. These Consolidated Financial Statements should be read taking into account these circumstances.</span></p> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p> </div><div style="font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfCashFlowStatementExplanatory" id="Tag1048" escape="true">
<p style="line-height: 12pt;margin: 0pt 0pt 0pt 21.3pt;text-align: justify;text-indent: -21.3pt;font-family: 'Frutiger 45 Light';color: #003366;font-size: 10pt;font-weight: bold;"><span style="font-size: 10pt; color: #003366;"><span style="border-left: none; border-right: none;"><span><b>30</b></span><span>&#160; &#160; &#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">Cash flow disclosures&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><br/></p>
<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" id="Tag832" escape="true">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 326px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; width: 34.466%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (i) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Changes in working capital <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="USD" id="Tag740" decimals="-3" scale="3" format="ixt:num-dot-decimal">186,903</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="USD" id="Tag3285" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,329,865</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInInventories" unitRef="USD" id="Tag761" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,085,024</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables and prepayments and current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" unitRef="USD" id="Tag3282" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,000</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" unitRef="USD" id="Tag764" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">155,449</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ts:AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" unitRef="USD" id="Tag786" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">79,912</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" unitRef="USD" id="Tag760" decimals="-3" scale="3" format="ixt:num-dot-decimal">153,920</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" unitRef="USD" id="Tag790" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,208,278</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" unitRef="USD" id="Tag773" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">356,069</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" unitRef="USD" id="Tag3284" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,275</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" unitRef="USD" id="Tag784" decimals="-3" scale="3" format="ixt:num-dot-decimal">57,389</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities" unitRef="USD" id="Tag739" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,892</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Customer advances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" unitRef="USD" id="Tag3279" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">101,646</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" unitRef="USD" id="Tag3283" decimals="-3" scale="3" format="ixt:num-dot-decimal">151,066</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers" unitRef="USD" id="Tag3273" decimals="-3" scale="3" format="ixt:num-dot-decimal">44,661</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" unitRef="USD" id="Tag3275" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">149,024</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" unitRef="USD" id="Tag769" decimals="-3" scale="3" format="ixt:num-dot-decimal">353,892</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" unitRef="USD" id="Tag3274" decimals="-3" scale="3" format="ixt:num-dot-decimal">399,988</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag768" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">182,428</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag738" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,131,245</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncreaseDecreaseInWorkingCapital" unitRef="USD" id="Tag3286" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,071,464</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (ii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income tax accruals less payments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:IncomeTaxesAccrued" unitRef="USD" id="Tag762" decimals="-3" scale="3" format="ixt:num-dot-decimal">674,956</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:IncomeTaxesAccrued" unitRef="USD" id="Tag3280" decimals="-3" scale="3" format="ixt:num-dot-decimal">617,236</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:IncomeTaxesAccrued" unitRef="USD" id="Tag3281" decimals="-3" scale="3" format="ixt:num-dot-decimal">189,448</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="USD" id="Tag741" decimals="-3" scale="3" format="ixt:num-dot-decimal">818,347</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="USD" id="Tag766" decimals="-3" scale="3" format="ixt:num-dot-decimal">359,585</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" unitRef="USD" id="Tag767" decimals="-3" scale="3" format="ixt:num-dot-decimal">153,846</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag3277" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">143,391</ix:nonFraction></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag3272" decimals="-3" scale="3" format="ixt:num-dot-decimal">257,651</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForIncomeTaxExpense" unitRef="USD" id="Tag3278" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,602</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (iii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest accruals less payments, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest accrued, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ts:InterestAccrued" unitRef="USD" id="Tag788" decimals="-3" scale="3" format="ixt:num-dot-decimal">106,612</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ts:InterestAccrued" unitRef="USD" id="Tag785" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,080</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ts:InterestAccrued" unitRef="USD" id="Tag759" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,371</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest received</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForInterestIncome" unitRef="USD" id="Tag758" decimals="-3" scale="3" format="ixt:num-dot-decimal">147,473</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForInterestIncome" unitRef="USD" id="Tag770" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,335</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForInterestIncome" unitRef="USD" id="Tag789" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,567</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" unitRef="USD" id="Tag763" decimals="-3" scale="3" format="ixt:num-dot-decimal">94,341</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20221231_3" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" unitRef="USD" id="Tag787" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,775</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" unitRef="USD" id="Tag3276" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,559</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag772" decimals="-3" scale="3" format="ixt:num-dot-decimal">53,480</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag771" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,480</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="D20211231" name="ifrs-full:AdjustmentsForFinanceIncomeCost" unitRef="USD" id="Tag737" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,363</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"><span style="font-size: 8pt;">(*)</span> </span><span><ix:footnote xml:lang="en-US" id="footnote8" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.</span></ix:footnote></span></p> </ix:nonNumeric> </div> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; line-height: 9pt; margin: 0pt; text-align: justify;"><br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-77</span></span></td> </tr> </tbody> </table>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div><div id="De41vpi2u0mij3nml09bfz" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfRelatedPartyExplanatory" id="Tag1678" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span>31</span></span><span style="font: 10pt 'Times New Roman';">&#160; &#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Related party transactions</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<div id="t_ft_H7GDHDW85S00000000000000000000b">
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 40px;">
<tbody>
<tr style="height: 10px;">
<td style="width: 3%; vertical-align: top; text-align: center; height: 10px;" valign="top"><span><span>&#8226;</span></span></td>
<td style="width: 97%; vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify;" valign="top">
<p><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> San&#160;Faustin&#160;owned&#160;<ix:nonFraction contextRef="I20231231_SanFaustinSaMember" name="ifrs-full:NumberOfSharesIssued" unitRef="Shares" id="Tag971" decimals="0" format="ixt:num-dot-decimal">713,605,187</ix:nonFraction>&#160;shares in the Company, representing <ix:nonFraction contextRef="I20231231_SanFaustinSaMember" name="ts:PercentageOfOwnershipInterest" unitRef="Pure" id="Tag972" decimals="4" scale="-2" format="ixt:num-dot-decimal">60.45</ix:nonFraction>% of the Company&#8217;s capital and&#160;<ix:nonFraction contextRef="I20231231_SanFaustinSaMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag964" decimals="4" scale="-2" format="ixt:num-dot-decimal">61.10</ix:nonFraction>%&#160;of the&#160;voting rights. </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"><span><span>&#8226;</span></span></td>
<td style="vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify; width: 97%;" valign="top">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint, a Luxembourg soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e, who is the holder of record of the above-mentioned Tenaris shares.</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"><span><span>&#8226;</span></span></td>
<td style="vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify; width: 97%;" valign="top">
<p><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Rocca &amp; Partners&#160;Stichting&#160;Administratiekantoor&#160;Aandelen&#160;San&#160;Faustin, a private foundation located in the Netherlands (Stichting) (&#8220;RP STAK&#8221;) held voting shares in San&#160;Faustin&#160;sufficient in number to control San&#160;Faustin. </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"><span><span>&#8226;</span></span></td>
<td style="vertical-align: top; height: 10px; text-align: justify; width: 97%;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -27.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">No person or group of persons controls RP STAK.</span></td> </tr> </tbody> </table> </div>
<p style="margin:0pt"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Based on the information most recently available to the Company, Tenaris&#8217;s directors and senior management as a group </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">owned </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:PercentageOfOwnershipInterest" unitRef="Pure" id="Tag970" decimals="4" scale="-2" format="ixt:num-dot-decimal">0.07</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of the Company&#8217;s issued shares.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Transactions and balances disclosed as with &#8220;non-consolidated parties&#8221; are those with companies over which Tenaris exerts significant influence in accordance with IFRS, but does not have control.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transactions and balances disclosed as with &#8220;joint ventures&#8221; are those with companies over which Tenaris exerts joint control in accordance with IFRS, but does not have control. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as &#8220;Other&#8221;. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following transactions were carried out with related parties:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" id="Tag1563" escape="true">
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<table cellspacing="0" cellpadding="0" style="height: 384px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (i) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 60%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Transactions </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Sales of goods and services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of goods to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AssociatesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag985" decimals="-3" scale="3" format="ixt:num-dot-decimal">56,152</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AssociatesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag991" decimals="-3" scale="3" format="ixt:num-dot-decimal">100,019</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AssociatesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag3071" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,879</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of goods to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag946" decimals="-3" scale="3" format="ixt:num-dot-decimal">121,679</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag3050" decimals="-3" scale="3" format="ixt:num-dot-decimal">151,884</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag963" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,467</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AssociatesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag3065" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,564</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AssociatesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag993" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,472</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AssociatesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag995" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,164</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag3047" decimals="-3" scale="3" format="ixt:num-dot-decimal">135</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag982" decimals="-3" scale="3" format="ixt:num-dot-decimal">131</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag3051" decimals="-3" scale="3" format="ixt:num-dot-decimal">130</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag954" decimals="-3" scale="3" format="ixt:num-dot-decimal">109,553</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag986" decimals="-3" scale="3" format="ixt:num-dot-decimal">109,123</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" unitRef="USD" id="Tag3042" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,268</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ts:RevenueRelatedPartyTransactions" unitRef="USD" id="Tag983" decimals="-3" scale="3" format="ixt:num-dot-decimal">289,083</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ts:RevenueRelatedPartyTransactions" unitRef="USD" id="Tag953" decimals="-3" scale="3" format="ixt:num-dot-decimal">362,629</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ts:RevenueRelatedPartyTransactions" unitRef="USD" id="Tag944" decimals="-3" scale="3" format="ixt:num-dot-decimal">198,908</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (b) Purchases of goods and services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AssociatesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag945" decimals="-3" scale="3" format="ixt:num-dot-decimal">324,556</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AssociatesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag962" decimals="-3" scale="3" format="ixt:num-dot-decimal">555,257</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AssociatesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag961" decimals="-3" scale="3" format="ixt:num-dot-decimal">225,319</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag960" decimals="-3" scale="3" format="ixt:num-dot-decimal">72,741</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag3046" decimals="-3" scale="3" format="ixt:num-dot-decimal">101,620</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag999" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,610</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag3072" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,366</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag958" decimals="-3" scale="3" format="ixt:num-dot-decimal">51,040</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" unitRef="USD" id="Tag974" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,453</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of services to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AssociatesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag3067" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,349</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AssociatesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag955" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,759</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AssociatesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag967" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of services to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag980" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,751</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag984" decimals="-3" scale="3" format="ixt:num-dot-decimal">36,767</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_OtherRelatedPartiesMember" name="ifrs-full:PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" unitRef="USD" id="Tag998" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,806</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ts:PurchasesOfGoodsAndServicesRelatedPartyTransactions" unitRef="USD" id="Tag3055" decimals="-3" scale="3" format="ixt:num-dot-decimal">548,763</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ts:PurchasesOfGoodsAndServicesRelatedPartyTransactions" unitRef="USD" id="Tag3135" decimals="-3" scale="3" format="ixt:num-dot-decimal">758,443</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ts:PurchasesOfGoodsAndServicesRelatedPartyTransactions" unitRef="USD" id="Tag949" decimals="-3" scale="3" format="ixt:num-dot-decimal">350,951</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (c) Financial Results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income from joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_JointVenturesWhereEntityIsVenturerMember" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag997" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,645</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_JointVenturesWhereEntityIsVenturerMember" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag981" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_JointVenturesWhereEntityIsVenturerMember" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag3049" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,867</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag950" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,645</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag968" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,804</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ts:IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" unitRef="USD" id="Tag994" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,867</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (d) Dividends </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends received from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_AssociatesMember" name="ts:DividendsReceivedRelatedPartyTransactions" unitRef="USD" id="Tag978" decimals="-3" scale="3" format="ixt:num-dot-decimal">69,216</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_AssociatesMember" name="ts:DividendsReceivedRelatedPartyTransactions" unitRef="USD" id="Tag965" decimals="-3" scale="3" format="ixt:num-dot-decimal">64,189</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_AssociatesMember" name="ts:DividendsReceivedRelatedPartyTransactions" unitRef="USD" id="Tag996" decimals="-3" scale="3" format="ixt:num-dot-decimal">78,926</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Dividends distributed to Techint Holdings S.&#224;r.l. </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_TechintHoldingsSarlMember" name="ts:DividendsDistributedRelatedPartyTransactions" unitRef="USD" id="Tag992" decimals="-3" scale="3" format="ixt:num-dot-decimal">385,347</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_TechintHoldingsSarlMember" name="ts:DividendsDistributedRelatedPartyTransactions" unitRef="USD" id="Tag3044" decimals="-3" scale="3" format="ixt:num-dot-decimal">321,122</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231_TechintHoldingsSarlMember" name="ts:DividendsDistributedRelatedPartyTransactions" unitRef="USD" id="Tag3064" decimals="-3" scale="3" format="ixt:num-dot-decimal">192,673</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table> </div>
<div>
<ix:exclude>
<div xmlns="http://www.w3.org/1999/xhtml"><br/></div>
<div xmlns="http://www.w3.org/1999/xhtml">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-78</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
<table xmlns="http://www.w3.org/1999/xhtml" style="width: 100%; height: 20px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">
<tbody>
<tr style="height: 10px;">
<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude> <span style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">&#160;</span><br/></div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 231px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (ii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 72%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Period-end balances </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Arising from sales / purchases of goods / services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_AssociatesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag952" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,589</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_AssociatesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag951" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,012</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag973" decimals="-3" scale="3" format="ixt:num-dot-decimal">63,374</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag3045" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,123</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20231231_OtherRelatedPartiesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag988" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,986</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="ifrs-full:AmountsReceivableRelatedPartyTransactions" unitRef="USD" id="Tag976" decimals="-3" scale="3" format="ixt:num-dot-decimal">78,370</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231_AssociatesMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag956" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,012</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_AssociatesMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag957" decimals="-3" scale="3" format="ixt:num-dot-decimal">113,738</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag3053" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,361</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_JointVenturesWhereEntityIsVenturerMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag3069" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,490</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231_OtherRelatedPartiesMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag966" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,488</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231_OtherRelatedPartiesMember" name="ifrs-full:AmountsPayableRelatedPartyTransactions" unitRef="USD" id="Tag3048" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,283</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="I20231231" name="ts:AmountsReceivablePayableRelatedPartyTransactions" unitRef="USD" id="Tag3068" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,088</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231" name="ts:AmountsReceivablePayableRelatedPartyTransactions" unitRef="USD" id="Tag975" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">8,006</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (b) Financial debt </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance lease liabilities from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231" name="ts:FinanceLeaseLiabilitiesFromAssociatedCompanies" unitRef="USD" id="Tag969" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,459</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ts:FinanceLeaseLiabilitiesFromAssociatedCompanies" unitRef="USD" id="Tag947" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,650</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance lease liabilities from other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20231231" name="ts:FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" unitRef="USD" id="Tag990" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">375</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (<ix:nonFraction contextRef="I20221231" name="ts:FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" unitRef="USD" id="Tag977" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">483</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20231231" name="ts:FinancialDebtRelatedParties" unitRef="USD" id="Tag989" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">1,834</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (<ix:nonFraction contextRef="I20221231" name="ts:FinancialDebtRelatedParties" unitRef="USD" id="Tag948" decimals="-3" scale="3" format="ixt:num-dot-decimal" sign="-">2,133</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
</ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to the tables above, the Company issued various guarantees in favor of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; for further details, please see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (c and d)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>27</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to these Consolidated Financial Statemen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. No other material guarantees were issued in favor of other related parties.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and senior management compensation</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During the years ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none; line-height: inherit;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span style="border-left: none; border-right: none; line-height: inherit;">20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the cash compensation of Directors and Senior managers amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="USD" id="Tag959" decimals="-5" scale="6" format="ixt:num-dot-decimal">47.5</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="USD" id="Tag3066" decimals="-5" scale="6" format="ixt:num-dot-decimal">35.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" unitRef="USD" id="Tag3054" decimals="-5" scale="6" format="ixt:num-dot-decimal">37.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:UnitsIssuedRelatedPartyTransactions" unitRef="Shares" id="Tag987" decimals="-3" scale="3" format="ixt:num-dot-decimal">388</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:UnitsIssuedRelatedPartyTransactions" unitRef="Shares" id="Tag3052" decimals="-3" scale="3" format="ixt:num-dot-decimal">437</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231_KeyManagementPersonnelOfEntityOrParentMember" name="ts:UnitsIssuedRelatedPartyTransactions" unitRef="Shares" id="Tag3070" decimals="-3" scale="3" format="ixt:num-dot-decimal">382</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> thousand units for a total amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="USD" id="Tag3056" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="USD" id="Tag979" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment" unitRef="USD" id="Tag3043" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively in connection with the Employee retention and long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">term incentive program mentioned in note II.P.<span>3</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Employee benefits &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">term benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to these Consolidated Financial Statements.</span></p> </ix:nonNumeric> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfAdditionalInformationExplanatory" id="Tag1384" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">32&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Princ</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ipal a</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ccountant</span> <span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">f</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ees</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfAuditorsRemunerationExplanatory" id="Tag1395" escape="true">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 112px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9351%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="7" style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 33.8474%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 64.9351%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit fees </span></p> </td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AuditorsRemunerationForAuditServices" unitRef="USD" id="Tag1009" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,386</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AuditorsRemunerationForAuditServices" unitRef="USD" id="Tag1100" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,966</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AuditorsRemunerationForAuditServices" unitRef="USD" id="Tag1088" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,804</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit-related fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ts:AuditorsRemunerationForAuditrelatedFees" unitRef="USD" id="Tag3252" decimals="-3" scale="3" format="ixt:num-dot-decimal">273</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ts:AuditorsRemunerationForAuditrelatedFees" unitRef="USD" id="Tag1099" decimals="-3" scale="3" format="ixt:num-dot-decimal">255</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ts:AuditorsRemunerationForAuditrelatedFees" unitRef="USD" id="Tag1024" decimals="-3" scale="3" format="ixt:num-dot-decimal">220</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AuditorsRemunerationForTaxServices" unitRef="USD" id="Tag1104" decimals="-3" scale="3" format="ixt:num-dot-decimal">148</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AuditorsRemunerationForTaxServices" unitRef="USD" xsi:nil="true" id="Tag1006"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20211231" name="ifrs-full:AuditorsRemunerationForTaxServices" unitRef="USD" xsi:nil="true" id="Tag1007"/> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> All other fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AuditorsRemunerationForOtherServices" unitRef="USD" id="Tag1103" decimals="-3" scale="3" format="ixt:num-dot-decimal">14</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AuditorsRemunerationForOtherServices" unitRef="USD" id="Tag1090" decimals="-3" scale="3" format="ixt:num-dot-decimal">11</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AuditorsRemunerationForOtherServices" unitRef="USD" id="Tag1023" decimals="-3" scale="3" format="ixt:num-dot-decimal">5</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20231231_3" name="ifrs-full:AuditorsRemuneration" unitRef="USD" id="Tag1102" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,821</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20221231_3" name="ifrs-full:AuditorsRemuneration" unitRef="USD" id="Tag1089" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,232</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <ix:nonFraction contextRef="D20211231" name="ifrs-full:AuditorsRemuneration" unitRef="USD" id="Tag1010" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,029</ix:nonFraction> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 10pt; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In addition, PwC Network firms </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rendered $<span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="D20231231_3" name="ts:AuditorsRemunerationForAcquisitionServices" unitRef="USD" id="Tag1008" decimals="-3" scale="3" format="ixt:num-dot-decimal">242</ix:nonFraction></span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">thousand for tax services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to the recently acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-79</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br/></div> </div>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; color: #666666;">For the years ended 2023, 2022 and 2021 - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p xmlns="http://www.w3.org/1999/xhtml" style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>  </div> </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory" id="Tag1394" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 8pt 21.3pt; text-indent: -21.3pt;"><span style="text-indent: -21.3pt; font-size: 10pt; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">33&#160; &#160; &#160;&#160;</span></span></span><span style="text-indent: -21.3pt; font-size: 10pt; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Principal subsidiaries</span><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following is a list of Tenaris&#8217;s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" id="Tag1389" escape="true">
<div style="border-right: none; border-left: none;">
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 305px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 37.5731%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Company </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 12.7193%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Country of Incorporation </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 27.0468%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Main activity </span></p> </td>
<td colspan="3" style="padding: 0px; height: 10px; width: 22.3684%; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Percentage of ownership at December 31, <span style="line-height: inherit;"><sup>(*)</sup></span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> ALGOMA TUBES INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_CA_AlgomaTubesIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3237" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CA_AlgomaTubesIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3229" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CA_AlgomaTubesIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3248" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> BREDERO SHAW INTERNATIONAL B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company and supplier of pipe coating services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NL_BrederoShawInternationaBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3242" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> CONFAB INDUSTRIAL S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Brazil </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_BR_ConfabIndustrialSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3227" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_BR_ConfabIndustrialSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3219" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_BR_ConfabIndustrialSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag810" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> DALMINE S.p.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Italy </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_IT_DalmineSPAAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag812" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_IT_DalmineSPAAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3245" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_IT_DalmineSPAAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3217" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> EXIROS B.V. and subsidiaries (a) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Procurement and trading services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NL_ExirosBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3205" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_NL_ExirosBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag808" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NL_ExirosBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag807" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> HYDRIL COMPANY and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacture and marketing of premium connections </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_US_HydrilCompanyAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag720" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_US_HydrilCompanyAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3148" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_US_HydrilCompanyAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3263" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> MAVERICK TUBE CORPORATION and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_US_MaverickTubeCorporationAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3233" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_US_MaverickTubeCorporationAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag817" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_US_MaverickTubeCorporationAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3241" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> P.T. SEAMLESS PIPE INDONESIA JAYA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Indonesia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_ID_PtSeamlessPipeIndonesiaJayaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3265" decimals="2" scale="-2" format="ixt:num-dot-decimal">89</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_ID_PtSeamlessPipeIndonesiaJayaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3228" decimals="2" scale="-2" format="ixt:num-dot-decimal">89</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_ID_PtSeamlessPipeIndonesiaJayaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3230" decimals="2" scale="-2" format="ixt:num-dot-decimal">89</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> S.C. SILCOTUB S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Romania </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_RO_ScSilcotubSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3251" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_RO_ScSilcotubSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag809" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_RO_ScSilcotubSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3250" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SAUDI STEEL PIPE CO. and subsidiaries (b) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3264" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction>% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag811" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_SA_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3236" decimals="2" scale="-2" format="ixt:num-dot-decimal">48</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SIAT SOCIEDAD ANONIMA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AR_SiatSociedadAnonimaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag820" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AR_SiatSociedadAnonimaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3147" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_AR_SiatSociedadAnonimaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3243" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_AR_SidercaSaicAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3235" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_AR_SidercaSaicAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3340" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_AR_SidercaSaicAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag814" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TALTA - TRADING AND MARKETING SOCIEDADE UNIPESSOAL LDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Portugal </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_PT_TaltatradingEMarketingSociedadeUnipessoalLdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag673" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_PT_TaltatradingEMarketingSociedadeUnipessoalLdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag818" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_PT_TaltatradingEMarketingSociedadeUnipessoalLdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3220" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS BAY CITY, INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_US_TenarisBayCityIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3244" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_US_TenarisBayCityIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3207" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_US_TenarisBayCityIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3238" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS CONNECTIONS BV </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Development, management and licensing of intellectual property </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NL_TenarisConnectionsBvMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3222" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_NL_TenarisConnectionsBvMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3149" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NL_TenarisConnectionsBvMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3215" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS FINANCIAL SERVICES S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Uruguay </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Financial company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_UY_TenarisFinancialServicesSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3232" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_UY_TenarisFinancialServicesSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3256" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_UY_TenarisFinancialServicesSaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag719" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (CANADA) INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_CA_TenarisGlobalServicesCanadaIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag806" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CA_TenarisGlobalServicesCanadaIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag813" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CA_TenarisGlobalServicesCanadaIncMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag815" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_US_TenarisGlobalServicesUsaCorporationMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3231" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_US_TenarisGlobalServicesUsaCorporationMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag819" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_US_TenarisGlobalServicesUsaCorporationMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag816" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (UK) LTD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> United Kingdom </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company and marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_GB_TenarisGlobalServicesUkLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag672" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_GB_TenarisGlobalServicesUkLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag716" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_GB_TenarisGlobalServicesUkLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag715" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Uruguay </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company, marketing and distribution of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_UY_TenarisGlobalServicesSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3212" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_UY_TenarisGlobalServicesSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3216" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_UY_TenarisGlobalServicesSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3214" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3221" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3208" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3209" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES and INVESTMENTS S.&#224;r.l. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Luxembourg</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_LU" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag804" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_LU_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3239" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_LU_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3226" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS QINGDAO STEEL PIPES LTD. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> China </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Processing of premium joints, couplings and automotive components </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_CN_TenarisQingdaoSteelPipesLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3224" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CN_TenarisQingdaoSteelPipesLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3356" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CN_TenarisQingdaoSteelPipesLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag718" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS TUBOCARIBE LTDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Colombia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_CO_TenarisTubocaribeLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3223" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_CO_TenarisTubocaribeLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag805" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_CO_TenarisTubocaribeLtdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3211" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TUBOS DE ACERO DE MEXICO, SA and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Mexico </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20231231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3246" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20221231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3206" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> <ix:nonFraction contextRef="D20211231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3249" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction><span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-top: 0.5pt solid #000000; margin: 0pt; line-height: 1.2;">
<p style="line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span><span><ix:footnote xml:lang="en-US" id="footnote35" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> All percentages rounded.</span></span></ix:footnote></span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris holds <ix:nonFraction contextRef="D20231231_TubularTechnicalServicesAndPipeCoatersMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3247" decimals="2" scale="-2" format="ixt:num-dot-decimal">40</ix:nonFraction>% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., <ix:nonFraction contextRef="D20231231_TubularsFinishingNigeriaLimitedMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3213" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% of Tubulars Finishing Nigeria Limited, <ix:nonFraction contextRef="D20231231_AmajaTubularServicesLimitedMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3218" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% of Amaja Tubular Services Limited, <ix:nonFraction contextRef="D20231231_TenarisBaogangBaotouSteelPipesLtdMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3225" decimals="2" scale="-2" format="ixt:num-dot-decimal">60</ix:nonFraction>% of Tenaris </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Baogang</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Baotou Steel Pipes Ltd. Until <span>2022</span> held <ix:nonFraction contextRef="D20221231_TenarisSupplyChainSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag717" decimals="3" scale="-2" format="ixt:num-dot-decimal">98.4</ix:nonFraction>%</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;of Tenaris Supply Chain S.A. and, until <span>2021</span> held <ix:nonFraction contextRef="D20211231_TubularServicesAngolaLdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag28" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% of Tubular Services Angola </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Lda</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.&#160;after which years it started holding <ix:nonFraction contextRef="D20231231_TubularServicesAngolaLdaMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3396" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction contextRef="D20231231_TenarisSupplyChainSAMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3210" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction></ix:nonFraction>% of each of both companies.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(a) <span><ix:footnote xml:lang="en-US" id="footnote36" footnoteRole="http://www.xbrl.org/2003/role/footnote">Tenaris holds <ix:nonFraction contextRef="I20231231_ExirosBVAndSubsidiariesMember" name="ts:PercentOfCompanyVotingCapital" unitRef="Pure" id="Tag3240" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</ix:footnote></span></span></p> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">) </span><span><ix:footnote xml:lang="en-US" id="footnote37" footnoteRole="http://www.xbrl.org/2003/role/footnote"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> is a public company listed in the Saudi Arabian </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Stock Exchange</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tad</span><span style="font-family: Calibri; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">wul</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">), Tenaris holds <ix:nonFraction contextRef="D20231231_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3234" decimals="4" scale="-2" format="ixt:num-dot-decimal">47.79</ix:nonFraction>% and has the right to nominate the majority of the votes of the board of directors</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over SSPC</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Since May, 2023, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co. holds <ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_1" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3257" decimals="3" scale="-2" format="ixt:num-dot-decimal">57.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">% of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over GPC.</span></ix:footnote></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(c) <span><ix:footnote continuedAt="c99d3bd60-939a-4b64-8bd4-faff4cfc9379" xml:lang="en-US" id="footnote38" footnoteRole="http://www.xbrl.org/2003/role/footnote">Until its liquidation in April 2023</ix:footnote></span></span><ix:continuation id="c99d3bd60-939a-4b64-8bd4-faff4cfc9379"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> held <ix:nonFraction contextRef="D20230430_SidercaSaicAndSubsidiariesMember_NkktubesMember" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag803" decimals="2" scale="-2" format="ixt:num-dot-decimal">51</ix:nonFraction>% of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></ix:continuation></span></p> </div> </div> </ix:nonNumeric> </ix:nonNumeric>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfBusinessCombinationsExplanatory" id="Tag1718" escape="true">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"><span>34</span></span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'Times New Roman';">&#160; &#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Business combinations</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The application of the purchase method requires certain estimates and assumptions, mainly concerning the determination of the fair values of the acquired intangible assets, property, plant and equipment as well as the liabilities assumed at the date of the acquisition, including the timing and amounts of cash flow projections, the revenue growth rates, the customer attrition rates and the discount rate. The fair values determined at the acquisition date are based on discounted cash flows and other valuation techniques.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The preliminary purchase price allocations were carried out with the assistance of third-party experts. Following IFRS <span style="border-left: none; border-right: none;">3</span>, the Company will continue reviewing the allocations and make any necessary adjustments during the <span style="border-left: none; border-right: none;">twelve</span> months following each of the acquisition dates.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Whenever applicable, Tenaris recognizes the non-controlling interest at the proportionate share of the acquiree&#8217;s net identifiable assets.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Global Pipe Company acquisition</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On May 17, 2023, SSPC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_ErndtebrueckerEisenwerkMember" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" unitRef="Pure" id="Tag3163" decimals="3" scale="-2" format="ixt:num-dot-decimal">22.3</ix:nonFraction>% of the shares of GPC from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Erndtebruecker</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Eisenwerk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;EEW&#8221;), a German company that owned </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember_ErndtebrueckerEisenwerkMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag3182" decimals="2" scale="-2" format="ixt:num-dot-decimal">35</ix:nonFraction>% interest in GPC, for a purchase price of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_ErndtebrueckerEisenwerkMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="USD" id="Tag3172" decimals="-5" scale="6" format="ixt:num-dot-decimal">6.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> paid in cash. SSPC already owned <ix:nonFraction contextRef="D20230516_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" unitRef="Pure" id="Tag3193" decimals="2" scale="-2" format="ixt:num-dot-decimal">35</ix:nonFraction>% interest in GPC, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and, as a result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of this transaction, SSPC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">currently </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">holds </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_1" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" unitRef="Pure" id="Tag3176" decimals="3" scale="-2" format="ixt:num-dot-decimal">57.3</ix:nonFraction>% interest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GPC.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GPC&#8217;s balances and results of operations as from May 17, 2023. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquired business, which,&#160; contributed revenues of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_7" name="ifrs-full:RevenueOfAcquiree" unitRef="USD" id="Tag1872" decimals="-5" scale="6" format="ixt:num-dot-decimal">144.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a minor contribution to Tenaris&#8217;s results for the period starting May 17, 2023 and ending</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> assigned to Tubes segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pro forma net sales and net income would not have changed materially.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_GlobalPipeCompanyMember_4" name="ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" id="Tag3157" escape="true">
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (May, 17, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag1870" decimals="-6" scale="6" format="ixt:num-dot-decimal">173</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ts:WorkingCapitalRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3162" decimals="-6" scale="6" format="ixt:num-dot-decimal">34</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash and Cash Equivalents </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3325" decimals="-6" scale="6" format="ixt:num-dot-decimal">2</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Borrowings </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(<ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ifrs-full:BorrowingsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3180" decimals="-6" scale="6" format="ixt:num-dot-decimal">123</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(<ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther" unitRef="USD" id="Tag3159" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">6</ix:nonFraction> </span></p> </td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag3167" decimals="-6" scale="6" format="ixt:num-dot-decimal">80</ix:nonFraction> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris accounted for this transaction as a step-acquisition whereby Tenaris&#8217;s ownership interest in GPC held before the acquisition, which amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230516_GlobalPipeCompanyMember" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" unitRef="USD" id="Tag3187" decimals="-5" scale="6" format="ixt:num-dot-decimal">23.5</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million, was remeasured to fair value at that date. As a result, Tenaris recorded a gain of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember_5" name="ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" unitRef="USD" id="Tag3170" decimals="-5" scale="6" format="ixt:num-dot-decimal">4.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million resulting from the difference between the carrying value of its initial investments in GPC and the fair value, which was included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Equity in earnings of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.&#160;The non-controlling interests in GPC amounted to $<ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ifrs-full:NoncontrollingInterests" unitRef="USD" id="Tag3168" decimals="-5" scale="6" format="ixt:num-dot-decimal">34.1</ix:nonFraction> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230517_GlobalPipeCompanyMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag3360" decimals="-6" scale="6" format="ixt:num-dot-decimal">80</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. As a result of the acquisition, Tenaris recognized an additional gain for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230517_GlobalPipeCompanyMember_5" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag1871" decimals="-5" scale="6" format="ixt:num-dot-decimal">11.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million also included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Equity in&#160; earnings of non-consolidated companies</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the Consolidated Income Statement.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-81</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">&#160;</span><br/></div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for the year ended <span style="border-left: none; border-right: none;">2022</span> were not material and for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted to $<ix:nonFraction contextRef="D20231231_GlobalPipeCompanyMember_4" name="ts:AcquisitionRelatedCosts" unitRef="USD" id="Tag3155" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.3</ix:nonFraction> million and were included in general and administrative expenses. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SSPC and the other owners of GPC have issued corporate guarantees to secure the repayment of loan agreements entered into by GPC with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank and Banque Saudi Fransi to finance GPC&#8217;s capital expenditures and working capital.&#160; </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a result of this acquisition, SSPC assumed a portion of EEW&#8217;s corporate guarantees. As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> SSPC&#8217;s aggregate exposure to GPC&#8217;s financial debt amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231231_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember" name="ts:GuaranteeFinancialDebt" unitRef="USD" id="Tag3165" decimals="-6" scale="6" format="ixt:num-dot-decimal">72</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span><br/></p>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of Anticorrosion Coating Assets in Italy</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On July 1, 2023, an Italian subsidiary of the Company completed its previously announced acquisition of all of the assets and related rights, duties, liabilities and contracts of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mediterranean </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S.r.l.&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">anticorrosion coating division</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for EUR</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230701_AnticorrosionCoatingAssetsMember_IsoplusMediterraneanSRLSMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="EUR" id="Tag2982" decimals="-5" scale="6" format="ixt:num-dot-decimal">9.0</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230701_AnticorrosionCoatingAssetsMember_IsoplusMediterraneanSRLSMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="USD" id="Tag3183" decimals="-5" scale="6" format="ixt:num-dot-decimal">9.8</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million) paid in cash</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was established in <span style="border-left: none; border-right: none;">2009</span> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Villamarzana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Italy. It operates in an area of about <ix:nonFraction contextRef="I20230701" name="ts:AreaOfOperations" unitRef="SquareMetre" id="Tag1674" decimals="0" format="ixt:num-dot-decimal">65,000</ix:nonFraction> square meters (covered and uncovered) with pipe pre-insulation (district heating) and anticorrosive coating (oil &amp; gas) production lines.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> anticorrosion coating division balances and results of operations as from July 1, 2023. The acquired business revenues, assigned to Tubes segment, were not material, with a minor contribution to the Company&#8217;s results for the period starting July 1, 2023 and ending </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited pro forma net sales and net income would not have changed materially.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<ix:nonNumeric contextRef="D20231231_AnticorrosionCoatingAssetsMember" name="ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" id="Tag3158" escape="true">
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (July, 1, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 12%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230701_AnticorrosionCoatingAssetsMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3341" decimals="-6" scale="6" format="ixt:num-dot-decimal">11</ix:nonFraction></span> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230701_AnticorrosionCoatingAssetsMember" name="ts:WorkingCapitalRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3190" decimals="-6" scale="6" format="ixt:num-dot-decimal">2</ix:nonFraction></span> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230701_AnticorrosionCoatingAssetsMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag2980" decimals="-6" scale="6" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230701_AnticorrosionCoatingAssetsMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag3178" decimals="-6" scale="6" format="ixt:num-dot-decimal">13</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. As a result of the acquisition, Tenaris recognized an additional gain for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20230701_AnticorrosionCoatingAssetsMember" name="ifrs-full:GainRecognisedInBargainPurchaseTransaction" unitRef="USD" id="Tag3171" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.2</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million also included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other Income and Expenses</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the Consolidated Income Statement.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year ended December 31, 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were not material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and were included in general and administrative expenses.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of Republic Tube pipe processing facility</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 6, 2023, a U.S. subsidiary of the Company acquired all of the assets and related rights, duties, liabilities and contracts of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Republic Tube LLC&#8217;s OCTG pipe processing facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Houston, Texas.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">final acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> price amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230906_RepublicTubePipeProcessingFacilityMember_RepublicTubeLLCMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="USD" id="Tag50" decimals="-5" scale="6" format="ixt:num-dot-decimal">90.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in cash.</span></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-82</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">&#160;</span><br/></div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The plant, located on the northeast side of Houston, adds heat treatment and finishing lines, further complementing Tenaris&#8217;s existing operations, and increasing its capacity to serve the domestic market.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidated the balances and results of operations of the acquired business as from September 6, 2023.&#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">The acquired business revenues, assigned to Tubes segment, were not material, with a minor contribution to the Company&#8217;s results for the period starting </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">September</span> <span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">6</span></span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>, and ending </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>.</span> <span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited pro forma net sales and net income would not have changed materially.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (September, 6, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230906_RepublicTubePipeProcessingFacilityMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3188" decimals="-6" scale="6" format="ixt:num-dot-decimal">85</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; (<ix:nonFraction contextRef="I20230906_RepublicTubePipeProcessingFacilityMember" name="ts:WorkingCapitalRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3324" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">1</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160;&#160;<ix:nonFraction contextRef="I20230906_RepublicTubePipeProcessingFacilityMember" name="ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther" unitRef="USD" id="Tag2981" decimals="-6" scale="6" format="ixt:num-dot-decimal">2</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20230906_RepublicTubePipeProcessingFacilityMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag16" decimals="-6" scale="6" format="ixt:num-dot-decimal">85</ix:nonFraction></span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"><ix:nonFraction contextRef="I20230906_RepublicTubePipeProcessingFacilityMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag3160" decimals="-5" scale="6" format="ixt:num-dot-decimal">85.5</ix:nonFraction></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. As a result of the acquisition, Tenaris recognized goodwill for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20230906_RepublicTubePipeProcessingFacilityMember" name="ifrs-full:GoodwillExpectedDeductibleForTaxPurposes" unitRef="USD" id="Tag3191" decimals="-5" scale="6" format="ixt:num-dot-decimal">5.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. The goodwill is deductible for tax purposes.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The goodwill generated by the acquisition is mainly attributable to the synergy created following the integration between the businesses, which is expected to enhance Tenaris&#8217;s position as well as its local manufacturing presence in the U.S. market, and also expand its services capabilities.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_RepublicTubePipeProcessingFacilityMember" name="ts:AcquisitionRelatedCosts" unitRef="USD" id="Tag3154" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and were included in general and administrative expenses.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Pipe Coating Business Unit of Mattr</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 30, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris completed the acquisition of Mattr&#8217;s pipe coating business unit for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" unitRef="USD" id="Tag3174" decimals="-5" scale="6" format="ixt:num-dot-decimal">182.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> paid in cash</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the purchase contract, the acquisition price was paid based on an estimated closing statement; the final price is subject to a true-up adjustment based on actual amounts of cash, indebtedness, working capital and certain other items as of the closing date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which are currently being assessed by management and will be subsequently reviewed by the seller.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The business acquired includes <ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ts:NumberOfPlantsAcquired" unitRef="Pure" id="Tag3164" decimals="0" format="ixt-sec:numwordsen">nine</ix:nonFraction> plants located in Canada, Mexico, Norway, Indonesia, the UAE and the U.S., and several mobile concrete plants. The business also includes world-class R&amp;D facilities in Toronto and Norway and a wide IP/product portfolio.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidated the balances and results of operations of the acquired business as from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">November</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">30</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquired business contributed revenues of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_MattrsPipeCoatingBusinessUnitMember_1" name="ifrs-full:RevenueOfAcquiree" unitRef="USD" id="Tag3169" decimals="-5" scale="6" format="ixt:num-dot-decimal">77.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mainly related to spot projects, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a minor contribution to Tenaris&#8217;s results for the period starting November 30, 2023 and ending December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> assigned to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Others</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited pro forma net sales and net income would not have changed materially.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: !important;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023): </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3153" decimals="-6" scale="6" format="ixt:num-dot-decimal">126</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160;<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3192" decimals="-6" scale="6" format="ixt:num-dot-decimal">29</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ts:WorkingCapitalRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3173" decimals="-6" scale="6" format="ixt:num-dot-decimal" sign="-">13</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash and Cash Equivalents </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag1874" decimals="-6" scale="6" format="ixt:num-dot-decimal">21</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Provisions </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; (<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3175" decimals="-6" scale="6" format="ixt:num-dot-decimal">7</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;<ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther" unitRef="USD" id="Tag3177" decimals="-6" scale="6" format="ixt:num-dot-decimal">13</ix:nonFraction> </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
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<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag3189" decimals="-6" scale="6" format="ixt:num-dot-decimal">169</ix:nonFraction> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </ix:nonNumeric>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 11pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" unitRef="USD" id="Tag1873" decimals="-5" scale="6" format="ixt:num-dot-decimal">169.0</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million. As a result of the acquisition, Tenaris recognized goodwill for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" unitRef="USD" id="Tag3161" decimals="-5" scale="6" format="ixt:num-dot-decimal">13.6</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. The goodwill is not deductible for tax purposes.&#160;The allocations of the purchase price will be finalized once all the information is obtained, but not to exceed <ix:nonNumeric contextRef="D20231130" name="ts:MaximumPeriodToDecideAloocationsOfPurchasePrice" id="Tag3166" format="ixt-sec:durwordsen">one year</ix:nonNumeric> from the acquisition date.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><ix:nonFraction contextRef="D20231231_MattrsPipeCoatingBusinessUnitMember" name="ts:AcquisitionRelatedCosts" unitRef="USD" id="Tag3186" decimals="-5" scale="6" format="ixt:num-dot-decimal">1.1</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and were included in general and administrative expenses.</span></p> </ix:nonNumeric> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">35&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Nationalization of Venezuelan subsidiaries</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Following the nationalization by the Venezuelan government of the Company&#8217;s interests in its majority-owned subsidiaries TAVSA - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tubos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> de Acero de Venezuela S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tavsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;) and Matesi </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Materiales</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Sider&#250;rgicos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> S.A (&#8220;Matesi&#8221;) and in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Complejo</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Sider&#250;rgico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> de </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Guayana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, C.A (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comsigua</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), the Company and its wholly-owned subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - Trading e Marketing Sociedad </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Unipessoal</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Lda</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;) initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations and obtained favorable awards, which are final and not subject to further appeals.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Matesi</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of Matesi. The award upheld Tenaris&#8217;s and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> claim and granted compensation in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20160129_TaltatradingEMarketingSociedadeUnipessoalLdaMember_MatesiMaterialesSiderrgicosSaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" unitRef="USD" id="Tag3254" decimals="-5" scale="6" format="ixt:num-dot-decimal">87.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for the breaches and ordered Venezuela to pay an additional amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20160129_TaltatradingEMarketingSociedadeUnipessoalLdaMember_MatesiMaterialesSiderrgicosSaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesPreawardInterest" unitRef="USD" id="Tag3295" decimals="-5" scale="6" format="ixt:num-dot-decimal">85.5</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in pre-award interest, aggregating to a total award of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20160129_TaltatradingEMarketingSociedadeUnipessoalLdaMember_MatesiMaterialesSiderrgicosSaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterestAndLegalFees" unitRef="USD" id="Tag1520" decimals="-5" scale="6" format="ixt:num-dot-decimal">173.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million (including $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20160129_TaltatradingEMarketingSociedadeUnipessoalLdaMember_MatesiMaterialesSiderrgicosSaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesReimbursementOfLegalFees" unitRef="USD" id="Tag1344" decimals="-5" scale="6" format="ixt:num-dot-decimal">0.2</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million of legal fees), payable in full and net of any applicable Venezuelan tax, duty or charge.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On June 8, 2018, Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> filed an action in federal court in the District of Columbia to recognize and enforce the award in the United States. On July 17, 2020, the court entered judgment recognizing the Matesi award. The judgment orders Venezuela to pay to Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> an amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20200717_MatesiMaterialesSiderrgicosSaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_FederalCourtInDistrictOfColumbiaMember" name="ts:NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" unitRef="USD" id="Tag3253" decimals="-5" scale="6" format="ixt:num-dot-decimal">256.4</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, including principal and post-award interest through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal statutory rate.</span></p>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </ix:exclude> </div>
<div>&#160; &#160;&#160;</div>
<div><span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">Tavsa</span><span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"> and </span><span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">Comsigua</span><br/></div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On December 12, 2016, the tribunal issued its award upholding Tenaris&#8217;s and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> claim and granted compensation in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20161212_TavsaAndComsiguaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" unitRef="USD" id="Tag1323" decimals="-5" scale="6" format="ixt:num-dot-decimal">137.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and ordered Venezuela to pay an additional amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20161212_TavsaAndComsiguaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesPreawardInterest" unitRef="USD" id="Tag3296" decimals="-5" scale="6" format="ixt:num-dot-decimal">76.0</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in pre-award interest and to reimburse Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20161212_TavsaAndComsiguaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesReimbursementOfLegalFees" unitRef="USD" id="Tag1317" decimals="-5" scale="6" format="ixt:num-dot-decimal">3.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay interest from April 30, 2008, until the day of effective payment at a rate equivalent to <ix:nonNumeric contextRef="D20161212_TavsaAndComsiguaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember_VE" name="ts:NationalizationOfSubsidiariesInterestRateBasisSpread" id="Tag1448" escape="true">LIBOR</ix:nonNumeric> + <ix:nonFraction contextRef="I20161212_TavsaAndComsiguaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" name="ts:NationalizationOfSubsidiariesBasisSpreadOnVariableRate" unitRef="Pure" id="Tag1328" decimals="2" scale="-2" format="ixt:num-dot-decimal">4</ix:nonFraction>% per annum. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On June 8, 2018, Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> filed an action in federal court in the District of Columbia to recognize and enforce the award in the United States. On March 29, 2021, the court granted Tenaris&#8217;s and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> request to recognize the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tavsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> award and on August 24, 2021, the court entered judgment in favor of Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and against Venezuela in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20210824_TavsaAndComsiguaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_FederalCourtInDistrictOfColumbiaMember" name="ts:NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" unitRef="USD" id="Tag3137" decimals="-5" scale="6" format="ixt:num-dot-decimal">276.9</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, with post-judgment interest accruing from the date of judgment at the federal statutory post-judgment interest rate. On November 5, 2021, the court, in response to a motion by Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, amended the judgment amount to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20211105_TavsaAndComsiguaMember_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_FederalCourtInDistrictOfColumbiaMember" name="ts:NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" unitRef="USD" id="Tag1325" decimals="-5" scale="6" format="ixt:num-dot-decimal">280.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, with post-judgment interest continuing to accrue from August 24, 2021, at the federal statutory post-judgment interest rate. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Transfer of the Awards and Judgements</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On January 25, 2023, Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> entered into an awards purchase agreement with an unaffiliated purchaser pursuant to which Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> agreed to sell all of their rights, title and interests in the above-referenced claims, awards and judgements, including all post-award or post-judgement interest accruing on the awards and judgements, for a purchase price of $<ix:nonFraction contextRef="I20230125_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_AwardsPurchaseAgreementMember" name="ts:NationalizationOfSubsidiariesPurchaseAgreement" unitRef="USD" id="Tag1518" decimals="-6" scale="6" format="ixt:num-dot-decimal">81</ix:nonFraction> million, plus a non-refundable signing payment of $<ix:nonFraction contextRef="I20230125_TaltatradingEMarketingSociedadeUnipessoalLdaMember_VE_AwardsPurchaseAgreementMember" name="ts:NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" unitRef="USD" id="Tag3138" decimals="-6" scale="6" format="ixt:num-dot-decimal">1</ix:nonFraction> million as reimbursement of expenses. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">After the U.S. Office of Foreign Assets Control approved the transfer of the awards and judgements to the purchaser, the transfer was consummated on September 7, 2023. As a result, the Company collected $<ix:nonFraction contextRef="D20231231_3" name="ts:NationalizationOfSubsidiariesCompensationAwardCollected" unitRef="USD" id="Tag1342" decimals="-6" scale="6" format="ixt:num-dot-decimal">82</ix:nonFraction> million in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ended </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>2023</span>. The Company does not maintain any residual interest in these awards and judgements.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> derived from this operation amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:NationalizationOfSubsidiariesNetResults" unitRef="USD" id="Tag1511" decimals="-5" scale="6" format="ixt:num-dot-decimal">33.3</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million.&#160;</span></p> </ix:nonNumeric>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p> </div><div id="D573569fyxwfchkh73dz8cl">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfTerminationOfJointVentureTextBlock" id="Tag3261" escape="true">
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px; font-family: &quot;Frutiger 45 Light&quot;; color: rgb(0, 51, 102); font-size: 10pt; font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt; color: #003366;"><b style="color: #003363;">36</b></span></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Termination of NKKTubes joint venture</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, a company owned <ix:nonFraction contextRef="D20231231_NkktubesMember_1" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag1840" decimals="2" scale="-2" format="ixt:num-dot-decimal">51</ix:nonFraction>% by Tenaris and <ix:nonFraction contextRef="D20231231_NkktubesMember_JfeMember" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" unitRef="Pure" id="Tag1270" decimals="2" scale="-2" format="ixt:num-dot-decimal">49</ix:nonFraction>% by JFE Holdings Inc. (&#8220;JFE&#8221;), used to operate a seamless pipe manufacturing facility in Japan, located in the Keihin steel complex owned by JFE. On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE&#8217;s fiscal year ending March 2024 the operations of its steel manufacturing facilities located at the Keihin complex</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n November 2, 2021, Tenaris and JFE agreed to terminate amicably their joint venture and liquidate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n November 2, 2022, Tenaris and JFE entered into a definitive wrap-up agreement. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> was liquidated on April 28, 2023.</span></p> </ix:nonNumeric>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p> </div><div id="Dkznl4t9f0anryympikh3u">
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfShareBuybackTextBlock" id="Tag3146" escape="true">
<p style="line-height: 12pt;margin: 0px;text-align: justify;text-indent: 0px;font-family: 'Frutiger 45 Light';color: #003366;font-size: 10pt;font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt;"><b style="color: #003366;">37</b></span></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Share Buyback Program</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On November 1, 2023, the Company&#8217;s board of directors approved a share buyback program of up to $<ix:nonFraction contextRef="I20231101" name="ts:StockRepurchasedProgramPaymentAuthorised" unitRef="USD" id="Tag3145" decimals="-8" scale="9" format="ixt:num-dot-decimal">1.2</ix:nonFraction> billion (which, at the closing price of November 1, 2023 on the Milan Stock Exchange, would represent approximately <ix:nonFraction contextRef="I20231101" name="ts:StockRepurchasedProgramSharesAuthorised" unitRef="Shares" id="Tag3150" decimals="-5" scale="6" format="ixt:num-dot-decimal">75.4</ix:nonFraction> million shares, or <ix:nonFraction contextRef="I20231101" name="ts:PercentageOfStockRepurchasedProgramSharesAuthorised" unitRef="Pure" id="Tag3144" decimals="3" scale="-2" format="ixt:num-dot-decimal">6.4</ix:nonFraction>% of the outstanding shares), to be executed within a year, with the intention to cancel the ordinary shares acquired through the program.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The buyback program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> be</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, which may be renewed or extended, up to a maximum of <ix:nonFraction contextRef="I20200602" name="ts:PercentageOfLimitSharesBuybackAuthorized" unitRef="Pure" id="Tag3143" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% of the Company&#8217;s shares.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The buybacks may be ceased, paused and continued at any time, subject to compliance with applicable laws and regulations.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The program is divided into tranches. For purposes of carrying out the first tranche of the buyback program, Tenaris entered into a non-discretionary buyback agreement with a primary financial institution that makes trading decisions concerning the timing of the purchases of Tenaris&#8217;s ordinary shares independently of and uninfluenced by Tenaris and must act in compliance with applicable rules and regulations, including the Market Abuse Regulation <span>596</span>/<span>2014</span> and the Commission Delegated Regulation (EU) <span>2016</span>/<span>1052</span>. Under the buyback agreement, purchases of shares may continue during any blackout periods. </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During <span>2023</span>, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ts:NumberOfTreasurySharesPurchased" unitRef="Shares" id="Tag3262" decimals="0" format="ixt:num-dot-decimal">12,648,091</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shares, for a value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="D20231231_3" name="ifrs-full:PurchaseOfTreasuryShares" unitRef="USD" id="Tag10" decimals="-5" scale="6" format="ixt:num-dot-decimal">213.7</ix:nonFraction></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 2023, the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">held</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a liability in connection to the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hares to be settled under&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the first tranche of the</span>&#160;buyback program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><ix:nonFraction contextRef="I20231231" name="ts:AmountPayableUnderShareBuyback" unitRef="USD" id="Tag3151" decimals="-5" scale="6" format="ixt:num-dot-decimal">86.2</ix:nonFraction></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On January 12, 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the first tranche of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;share buyback program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> was completed.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Further information on the buyback transactions is available on Tenaris&#8217;s corporate website under the Share Buyback Program Section.&#160;</span></p> </ix:nonNumeric> </div><div id="Dkowpzdmtxf37fz0y2ij4j">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-85</span></span></td> </tr> </tbody> </table>
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<td style="width: 80%; height: 10px;"><span style="font-size: 8pt;"> <i style="mso-bidi-font-style: normal;"><span style="font-family: 'Frutiger 45 Light', sans-serif; color: #666666;">Consolidated Financial Statements</span></i> </span></td>
<td style="width: 20%; height: 20px; vertical-align: bottom; padding: 0px 0px 5px; border-bottom-width: 1pt; border-bottom-style: solid;" rowspan="2" valign="bottom"><img src="imge55e0a44b676430f8e0e.jpg" style="float: right;" alt="Graphics"/></td> </tr>
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<td style="height: 10px; border-bottom-width: 1pt; border-bottom-style: solid;"><i style="mso-bidi-font-style: normal;"><span style="font-size: 8.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #666666; mso-ansi-language: EN-US; mso-fareast-language: EN-US; mso-bidi-language: AR-SA;">For the years ended <span>2023</span>, <span>2022</span> and <span>2021</span> - all amounts in thousands of U.S. dollars, unless otherwise stated</span></i></td> </tr> </tbody> </table> </div>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"><br/></p>
<ix:nonNumeric contextRef="D20231231_3" name="ts:DisclosureOfClimateChangeTextBlock" id="Tag2084" escape="true">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt;"><b style="color: #003366;">38</b></span></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Climate change</span></p>
<p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris carefully assesses the potential impact of climate change and energy transition on its business and on the risks to its markets and its tangible and intangible assets, and adapts its business strategy accordingly. </span></p>
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At the same time, the Company is increasing its sales for low-carbon energy applications, such as hydrogen, geothermal and carbon capture and storage. These sales currently account for a relatively small proportion of overall sales but are expected to grow in the coming years.</span><br/></p>
<p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In its assessment, Tenaris also considers that the countries in which it operates and its customers are also establishing their own decarbonization strategies and objectives, and that some customers are requesting specific information from their suppliers, including Tenaris, concerning the carbon emissions and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Environmental, Social and Governance (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ESG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> practices in their supply chain, and that they may adjust their supply practices in light of that information. </span></p>
<p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"><br/></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p><div id="Dw2o57mpo5t8knjmx46eek">
<ix:nonNumeric contextRef="D20231231_3" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory" id="Tag612" escape="true">
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">39&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Events after the reporting period</span></p>
<p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Annual Dividend Proposal and Second Tranche of Share Buyback Program </span><sup><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">3</span></sup></span></p>
<p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Upon approval of the Company&#180;s annual accounts in March 2024, the Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on April 30, 2024, the payment of an annual dividend of $<ix:nonFraction contextRef="D20240430_AnnualDividendProposalMember" name="ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" unitRef="USDPerShare" id="Tag3142" decimals="2" format="ixt:num-dot-decimal">0.60</ix:nonFraction> per share ($<ix:nonFraction contextRef="D20240430_AnnualDividendProposalMember" name="ts:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag3139" decimals="2" format="ixt:num-dot-decimal">1.20</ix:nonFraction> per ADS), or approximately $<ix:nonFraction contextRef="D20240430_AnnualDividendProposalMember" name="ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" unitRef="USD" id="Tag27" decimals="-6" scale="6" format="ixt:num-dot-decimal">700</ix:nonFraction> million, which includes the interim dividend of $<ix:nonFraction contextRef="D20231122" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" unitRef="USDPerShare" id="Tag44" decimals="2" format="ixt:num-dot-decimal">0.20</ix:nonFraction> per outstanding share ($<ix:nonFraction contextRef="D20231122" name="ts:DividendsPaidPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag43" decimals="2" format="ixt:num-dot-decimal">0.40</ix:nonFraction> per ADS) or approximately $<ix:nonFraction contextRef="D20231122" name="ifrs-full:DividendsPaid" unitRef="USD" id="Tag42" decimals="-6" scale="6" format="ixt:num-dot-decimal">235</ix:nonFraction> million, paid on November 22, 2023. If the annual dividend is approved by the shareholders, a dividend of $<ix:nonFraction contextRef="I20220522_AnnualDividendProposalMember" name="ts:DividendsPayableAmountPerShares" unitRef="USDPerShare" id="Tag41" decimals="2" format="ixt:num-dot-decimal">0.40</ix:nonFraction> per share ($<ix:nonFraction contextRef="I20220522_AnnualDividendProposalMember" name="ts:DividendsPayableAmountPerAmericanDepositarySecurity" unitRef="USDPerShare" id="Tag40" decimals="2" format="ixt:num-dot-decimal">0.80</ix:nonFraction> per ADS), or approximately $<ix:nonFraction contextRef="I20220522_AnnualDividendProposalMember" name="ts:AnnualDividendPayable" unitRef="USD" id="Tag3" decimals="-6" scale="6" format="ixt:num-dot-decimal">465</ix:nonFraction> million will be paid on May 22, 2024, with an ex-dividend date of May 20, 2024. These Consolidated Financial Statements do not reflect this dividend payable.</span></span></p>
<p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The second $<ix:nonFraction contextRef="I20240226_SecondTrancheMember_MajorOrdinaryShareTransactionsMember" name="ts:StockRepurchasedProgramPaymentAuthorised" unitRef="USD" id="Tag1" decimals="-6" scale="6" format="ixt:num-dot-decimal">300</ix:nonFraction> million tranche of the Company&#8217;s previously announced $<ix:nonFraction contextRef="I20240226_MajorOrdinaryShareTransactionsMember" name="ts:StockRepurchasedProgramPaymentAuthorised" unitRef="USD" id="Tag2" decimals="-8" scale="9" format="ixt:num-dot-decimal">1.2</ix:nonFraction> billion share buyback began on Monday, February 26, 2024, and is expected to end no later than May 24, 2024.</span></span></p> </ix:nonNumeric>
<p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt 19.4pt 0pt 7.1pt; text-align: right; text-indent: -7.1pt;"><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160; &#160; &#160;<span style="text-decoration: underline;">/s/</span></span><span style="text-decoration: underline;">&#160;<span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: -9.46667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia&#160;</span><span style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: -9.46667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 10pt;">M&#243;ndolo</span></span></p>
<p style="line-height: 12pt; margin: 0pt 19.4pt 0pt 7.1pt; text-align: right; text-indent: -7.1pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">M&#243;ndolo</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 283.5pt; text-align: right; text-indent: 4.5pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Chief Financial Officer</span></p>
<table style="height: 18px; margin-left: 0.1px; width: 98.8585%; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr>
<td style="height: 10px; width: 15%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="width: 89.6642%;"/> </tr>
<tr>
<td style="height: 10px; font-family: 'Frutiger 45 Light';" colspan="2"><sup>3</sup>&#160;This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#8217;s Board of Directors on February 21, 2024.</td> </tr> </tbody> </table>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">
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<td class="pgno" style="padding: 0px; text-align: center;"><span style="font-size: 10pt;" class="pageno"><span>F-86</span></span></td> </tr> </tbody> </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/></div> </div></div></body></html>
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<DESCRIPTION>CALCULATION
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    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities" xml:lang="en-US" id="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities">Percentage of voting rights held in unconsolidated entities</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainRecognisedInBargainPurchaseTransaction" xlink:label="GainRecognisedInBargainPurchaseTransaction" xlink:title="GainRecognisedInBargainPurchaseTransaction" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainRecognisedInBargainPurchaseTransaction" xlink:to="label_GainRecognisedInBargainPurchaseTransaction" xlink:title="Label : GainRecognisedInBargainPurchaseTransaction to label_GainRecognisedInBargainPurchaseTransaction" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AreaOfOperations" xlink:label="AreaOfOperations" xlink:title="AreaOfOperations" />
    <link:label xlink:type="resource" xlink:label="label_AreaOfOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AreaOfOperations" xml:lang="en-US" id="label_AreaOfOperations">Area Of Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfOperations" xlink:to="label_AreaOfOperations" xlink:title="Label : AreaOfOperations to label_AreaOfOperations" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BrederoShawInternationaBVAndSubsidiariesMember" xlink:label="BrederoShawInternationaBVAndSubsidiariesMember" xlink:title="BrederoShawInternationaBVAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_BrederoShawInternationaBVAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BrederoShawInternationaBVAndSubsidiariesMember" xml:lang="en-US" id="label_BrederoShawInternationaBVAndSubsidiariesMember">BREDERO SHAW INTERNATIONAL B.V. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrederoShawInternationaBVAndSubsidiariesMember" xlink:to="label_BrederoShawInternationaBVAndSubsidiariesMember" xlink:title="Label : BrederoShawInternationaBVAndSubsidiariesMember to label_BrederoShawInternationaBVAndSubsidiariesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:label="ProfitLossAttributableToOwnersOfParent" xlink:title="ProfitLossAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossAttributableToOwnersOfParent" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent">Net income for the year attributable to shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:label="PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:title="PostemploymentBenefitExpenseDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PostemploymentBenefitExpenseDefinedBenefitPlans" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedBenefitPlans">Post-employment benefits - defined benefit plans</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_CN" xlink:label="CN" xlink:title="CN" />
    <link:label xlink:type="resource" xlink:label="label_CN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CN" xml:lang="en-US" id="label_CN">China</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CN" xlink:to="label_CN" xlink:title="Label : CN to label_CN" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="BorrowingsInterestRate" xlink:title="BorrowingsInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsInterestRate" xml:lang="en-US" id="label_BorrowingsInterestRate">Total borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate" xlink:title="Label : BorrowingsInterestRate to label_BorrowingsInterestRate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossFromDiscontinuedOperations" xlink:label="ProfitLossFromDiscontinuedOperations" xlink:title="ProfitLossFromDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossFromDiscontinuedOperations" xml:lang="en-US" id="label_ProfitLossFromDiscontinuedOperations">Net Income for discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromDiscontinuedOperations" xlink:to="label_ProfitLossFromDiscontinuedOperations" xlink:title="Label : ProfitLossFromDiscontinuedOperations to label_ProfitLossFromDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossFromDiscontinuedOperations_1" xml:lang="en-US" id="label_ProfitLossFromDiscontinuedOperations_1">Result for discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromDiscontinuedOperations" xlink:to="label_ProfitLossFromDiscontinuedOperations_1" xlink:title="Label : ProfitLossFromDiscontinuedOperations to label_ProfitLossFromDiscontinuedOperations_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:label="TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:title="TaxExpenseRelatingToGainLossOnDiscontinuance" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxExpenseRelatingToGainLossOnDiscontinuance" xml:lang="en-US" id="label_TaxExpenseRelatingToGainLossOnDiscontinuance">Income tax expense on gain</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:to="label_TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:title="Label : TaxExpenseRelatingToGainLossOnDiscontinuance to label_TaxExpenseRelatingToGainLossOnDiscontinuance" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseRelatingToGainLossOnDiscontinuance_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxExpenseRelatingToGainLossOnDiscontinuance_1" xml:lang="en-US" id="label_TaxExpenseRelatingToGainLossOnDiscontinuance_1">ifrs-full_TaxExpenseRelatingToGainLossOnDiscontinuance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseRelatingToGainLossOnDiscontinuance" xlink:to="label_TaxExpenseRelatingToGainLossOnDiscontinuance_1" xlink:title="Label : TaxExpenseRelatingToGainLossOnDiscontinuance to label_TaxExpenseRelatingToGainLossOnDiscontinuance_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NetAssetsSoldInDisposalCarryingAmount" xlink:label="NetAssetsSoldInDisposalCarryingAmount" xlink:title="NetAssetsSoldInDisposalCarryingAmount" />
    <link:label xlink:type="resource" xlink:label="label_NetAssetsSoldInDisposalCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetAssetsSoldInDisposalCarryingAmount" xml:lang="en-US" id="label_NetAssetsSoldInDisposalCarryingAmount">Net assets sold in disposal carrying amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetsSoldInDisposalCarryingAmount" xlink:to="label_NetAssetsSoldInDisposalCarryingAmount" xlink:title="Label : NetAssetsSoldInDisposalCarryingAmount to label_NetAssetsSoldInDisposalCarryingAmount" />
    <link:label xlink:type="resource" xlink:label="label_NetAssetsSoldInDisposalCarryingAmount_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_NetAssetsSoldInDisposalCarryingAmount_1" xml:lang="en-US" id="label_NetAssetsSoldInDisposalCarryingAmount_1">Carrying amount of net assets sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetsSoldInDisposalCarryingAmount" xlink:to="label_NetAssetsSoldInDisposalCarryingAmount_1" xlink:title="Label : NetAssetsSoldInDisposalCarryingAmount to label_NetAssetsSoldInDisposalCarryingAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_NetAssetsSoldInDisposalCarryingAmount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetAssetsSoldInDisposalCarryingAmount_2" xml:lang="en-US" id="label_NetAssetsSoldInDisposalCarryingAmount_2">The amount of net assets sold during the period in a disposal at carrying value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetsSoldInDisposalCarryingAmount" xlink:to="label_NetAssetsSoldInDisposalCarryingAmount_2" xlink:title="Label : NetAssetsSoldInDisposalCarryingAmount to label_NetAssetsSoldInDisposalCarryingAmount_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xlink:label="TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xlink:title="TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xml:lang="en-US" id="label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations">Transaction and other costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xlink:to="label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" xlink:title="Label : TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations to label_TransactionAndOtherCostsRelatedToDisposalsOfDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:label="CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:title="CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations">Used in financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:to="label_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" xlink:title="Label : CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations to label_CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:label="CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:title="CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations">Provided by (used in) investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:to="label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" xlink:title="Label : CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations to label_CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:label="CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:title="CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations">(Used in) provided by operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:to="label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" xlink:title="Label : CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations to label_CashFlowsFromUsedInOperatingActivitiesDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:label="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:title="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations">(Decrease) Increase in cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations to label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:label="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:title="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xml:lang="en-US" id="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale">Cash at the end</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:to="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:title="Label : CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale to label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:label="IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:title="IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xml:lang="en-US" id="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent">Income from discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:to="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:title="Label : IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent to label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1">Net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent" xlink:to="label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1" xlink:title="Label : IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent to label_IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:label="DisposalGroupsClassifiedAsHeldForSaleMember" xlink:title="DisposalGroupsClassifiedAsHeldForSaleMember" />
    <link:label xlink:type="resource" xlink:label="label_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalGroupsClassifiedAsHeldForSaleMember" xml:lang="en-US" id="label_DisposalGroupsClassifiedAsHeldForSaleMember">Disposal groups classified as held for sale [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalGroupsClassifiedAsHeldForSaleMember" xlink:to="label_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:title="Label : DisposalGroupsClassifiedAsHeldForSaleMember to label_DisposalGroupsClassifiedAsHeldForSaleMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate">ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate to label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1">Deferred Tax Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate to label_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="OtherLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate">Other liabilities recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for other liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : OtherLiabilitiesRecognisedAsOfAcquisitionDate to label_OtherLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProvisionsRecognisedAsOfAcquisitionDate" xlink:label="ProvisionsRecognisedAsOfAcquisitionDate" xlink:title="ProvisionsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_ProvisionsRecognisedAsOfAcquisitionDate">Provisions recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsRecognisedAsOfAcquisitionDate" xlink:to="label_ProvisionsRecognisedAsOfAcquisitionDate" xlink:title="Label : ProvisionsRecognisedAsOfAcquisitionDate to label_ProvisionsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_ProvisionsRecognisedAsOfAcquisitionDate_1">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsRecognisedAsOfAcquisitionDate" xlink:to="label_ProvisionsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : ProvisionsRecognisedAsOfAcquisitionDate to label_ProvisionsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionsRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_ProvisionsRecognisedAsOfAcquisitionDate_2">The amount recognised as of the acquisition date for provisions assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsRecognisedAsOfAcquisitionDate" xlink:to="label_ProvisionsRecognisedAsOfAcquisitionDate_2" xlink:title="Label : ProvisionsRecognisedAsOfAcquisitionDate to label_ProvisionsRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:label="BorrowingsRecognisedAsOfAcquisitionDate" xlink:title="BorrowingsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsRecognisedAsOfAcquisitionDate" xlink:to="label_BorrowingsRecognisedAsOfAcquisitionDate" xlink:title="Label : BorrowingsRecognisedAsOfAcquisitionDate to label_BorrowingsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_BorrowingsRecognisedAsOfAcquisitionDate_1">ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsRecognisedAsOfAcquisitionDate" xlink:to="label_BorrowingsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : BorrowingsRecognisedAsOfAcquisitionDate to label_BorrowingsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherAssetsRecognisedAsOfAcquisitionDate" xlink:label="OtherAssetsRecognisedAsOfAcquisitionDate" xlink:title="OtherAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_OtherAssetsRecognisedAsOfAcquisitionDate">The amount recognised as of the acquisition date for other assets acquired in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_OtherAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : OtherAssetsRecognisedAsOfAcquisitionDate to label_OtherAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_OtherAssetsRecognisedAsOfAcquisitionDate_1">Other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_OtherAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : OtherAssetsRecognisedAsOfAcquisitionDate to label_OtherAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:label="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:title="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate">Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:title="Label : CashAndCashEquivalentsRecognisedAsOfAcquisitionDate to label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:label="WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:title="WorkingCapitalRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WorkingCapitalRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_WorkingCapitalRecognisedAsOfAcquisitionDate">The amount of working capital recognised as of acquisition date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:to="label_WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:title="Label : WorkingCapitalRecognisedAsOfAcquisitionDate to label_WorkingCapitalRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1">Working Capital Recognised as of Acquisition Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:to="label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" xlink:title="Label : WorkingCapitalRecognisedAsOfAcquisitionDate to label_WorkingCapitalRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_WorkingCapitalRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WorkingCapitalRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_WorkingCapitalRecognisedAsOfAcquisitionDate_2">Working capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkingCapitalRecognisedAsOfAcquisitionDate" xlink:to="label_WorkingCapitalRecognisedAsOfAcquisitionDate_2" xlink:title="Label : WorkingCapitalRecognisedAsOfAcquisitionDate to label_WorkingCapitalRecognisedAsOfAcquisitionDate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:label="IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">Intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:title="Label : IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate to label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_1">Intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:to="label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate to label_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:label="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:title="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">Property, Plant and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:title="Label : PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate to label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice" xlink:label="NumberOfTradingDaysToCalculateMovingAverageSharePrice" xlink:title="NumberOfTradingDaysToCalculateMovingAverageSharePrice" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice" xml:lang="en-US" id="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice">Number of trading days to calculate moving average share price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTradingDaysToCalculateMovingAverageSharePrice" xlink:to="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice" xlink:title="Label : NumberOfTradingDaysToCalculateMovingAverageSharePrice to label_NumberOfTradingDaysToCalculateMovingAverageSharePrice" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_1" xml:lang="en-US" id="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_1">The number of trading days to calculate moving average share price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTradingDaysToCalculateMovingAverageSharePrice" xlink:to="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_1" xlink:title="Label : NumberOfTradingDaysToCalculateMovingAverageSharePrice to label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_2" xml:lang="en-US" id="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_2">Number of trading days to calculate moving average share price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTradingDaysToCalculateMovingAverageSharePrice" xlink:to="label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_2" xlink:title="Label : NumberOfTradingDaysToCalculateMovingAverageSharePrice to label_NumberOfTradingDaysToCalculateMovingAverageSharePrice_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MajorityPercentageOfControlGroupShares" xlink:label="MajorityPercentageOfControlGroupShares" xlink:title="MajorityPercentageOfControlGroupShares" />
    <link:label xlink:type="resource" xlink:label="label_MajorityPercentageOfControlGroupShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorityPercentageOfControlGroupShares" xml:lang="en-US" id="label_MajorityPercentageOfControlGroupShares">Majority percentage of control group shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorityPercentageOfControlGroupShares" xlink:to="label_MajorityPercentageOfControlGroupShares" xlink:title="Label : MajorityPercentageOfControlGroupShares to label_MajorityPercentageOfControlGroupShares" />
    <link:label xlink:type="resource" xlink:label="label_MajorityPercentageOfControlGroupShares_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MajorityPercentageOfControlGroupShares_1" xml:lang="en-US" id="label_MajorityPercentageOfControlGroupShares_1">The majority percentage of control group shares for ordinary decisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorityPercentageOfControlGroupShares" xlink:to="label_MajorityPercentageOfControlGroupShares_1" xlink:title="Label : MajorityPercentageOfControlGroupShares to label_MajorityPercentageOfControlGroupShares_1" />
    <link:label xlink:type="resource" xlink:label="label_MajorityPercentageOfControlGroupShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorityPercentageOfControlGroupShares_2" xml:lang="en-US" id="label_MajorityPercentageOfControlGroupShares_2">Majority percentage of control group shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorityPercentageOfControlGroupShares" xlink:to="label_MajorityPercentageOfControlGroupShares_2" xlink:title="Label : MajorityPercentageOfControlGroupShares to label_MajorityPercentageOfControlGroupShares_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfVotingCapitalInControlGroup" xlink:label="PercentageOfVotingCapitalInControlGroup" xlink:title="PercentageOfVotingCapitalInControlGroup" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalInControlGroup" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVotingCapitalInControlGroup" xml:lang="en-US" id="label_PercentageOfVotingCapitalInControlGroup">Percentage of voting capital in control group</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingCapitalInControlGroup" xlink:to="label_PercentageOfVotingCapitalInControlGroup" xlink:title="Label : PercentageOfVotingCapitalInControlGroup to label_PercentageOfVotingCapitalInControlGroup" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalInControlGroup_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfVotingCapitalInControlGroup_1" xml:lang="en-US" id="label_PercentageOfVotingCapitalInControlGroup_1">The percentage of company voting capital in control group upon the closing of the transaction under share purchase agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingCapitalInControlGroup" xlink:to="label_PercentageOfVotingCapitalInControlGroup_1" xlink:title="Label : PercentageOfVotingCapitalInControlGroup to label_PercentageOfVotingCapitalInControlGroup_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalInControlGroup_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVotingCapitalInControlGroup_2" xml:lang="en-US" id="label_PercentageOfVotingCapitalInControlGroup_2">Percentage of voting capital in control group</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingCapitalInControlGroup" xlink:to="label_PercentageOfVotingCapitalInControlGroup_2" xlink:title="Label : PercentageOfVotingCapitalInControlGroup to label_PercentageOfVotingCapitalInControlGroup_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfVotingCapitalIncreasedInControlGroup" xlink:label="PercentageOfVotingCapitalIncreasedInControlGroup" xlink:title="PercentageOfVotingCapitalIncreasedInControlGroup" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalIncreasedInControlGroup" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVotingCapitalIncreasedInControlGroup" xml:lang="en-US" id="label_PercentageOfVotingCapitalIncreasedInControlGroup">Percentage of voting capital increased in control group</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingCapitalIncreasedInControlGroup" xlink:to="label_PercentageOfVotingCapitalIncreasedInControlGroup" xlink:title="Label : PercentageOfVotingCapitalIncreasedInControlGroup to label_PercentageOfVotingCapitalIncreasedInControlGroup" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalIncreasedInControlGroup_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVotingCapitalIncreasedInControlGroup_1" xml:lang="en-US" id="label_PercentageOfVotingCapitalIncreasedInControlGroup_1">Percentage of voting capital increased in control group</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingCapitalIncreasedInControlGroup" xlink:to="label_PercentageOfVotingCapitalIncreasedInControlGroup_1" xlink:title="Label : PercentageOfVotingCapitalIncreasedInControlGroup to label_PercentageOfVotingCapitalIncreasedInControlGroup_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfSharesToBePurchasedUnderAgreement" xlink:label="NumberOfSharesToBePurchasedUnderAgreement" xlink:title="NumberOfSharesToBePurchasedUnderAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesToBePurchasedUnderAgreement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesToBePurchasedUnderAgreement" xml:lang="en-US" id="label_NumberOfSharesToBePurchasedUnderAgreement">Number of shares to be purchased under agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesToBePurchasedUnderAgreement" xlink:to="label_NumberOfSharesToBePurchasedUnderAgreement" xlink:title="Label : NumberOfSharesToBePurchasedUnderAgreement to label_NumberOfSharesToBePurchasedUnderAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesToBePurchasedUnderAgreement_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesToBePurchasedUnderAgreement_1" xml:lang="en-US" id="label_NumberOfSharesToBePurchasedUnderAgreement_1">The number of shares to be purchased under agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesToBePurchasedUnderAgreement" xlink:to="label_NumberOfSharesToBePurchasedUnderAgreement_1" xlink:title="Label : NumberOfSharesToBePurchasedUnderAgreement to label_NumberOfSharesToBePurchasedUnderAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesToBePurchasedUnderAgreement_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesToBePurchasedUnderAgreement_2" xml:lang="en-US" id="label_NumberOfSharesToBePurchasedUnderAgreement_2">Number of shares to be purchased under agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesToBePurchasedUnderAgreement" xlink:to="label_NumberOfSharesToBePurchasedUnderAgreement_2" xlink:title="Label : NumberOfSharesToBePurchasedUnderAgreement to label_NumberOfSharesToBePurchasedUnderAgreement_2" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesToBePurchasedUnderAgreement_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NumberOfSharesToBePurchasedUnderAgreement_3" xml:lang="en-US" id="label_NumberOfSharesToBePurchasedUnderAgreement_3">Number of shares outstanding in control group</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesToBePurchasedUnderAgreement" xlink:to="label_NumberOfSharesToBePurchasedUnderAgreement_3" xlink:title="Label : NumberOfSharesToBePurchasedUnderAgreement to label_NumberOfSharesToBePurchasedUnderAgreement_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MajorPurchasesOfAssetsMember" xlink:label="MajorPurchasesOfAssetsMember" xlink:title="MajorPurchasesOfAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_MajorPurchasesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorPurchasesOfAssetsMember" xml:lang="en-US" id="label_MajorPurchasesOfAssetsMember">Major purchases of assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorPurchasesOfAssetsMember" xlink:to="label_MajorPurchasesOfAssetsMember" xlink:title="Label : MajorPurchasesOfAssetsMember to label_MajorPurchasesOfAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AnnualDividendPayable" xlink:label="AnnualDividendPayable" xlink:title="AnnualDividendPayable" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AnnualDividendPayable" xml:lang="en-US" id="label_AnnualDividendPayable">Annual dividend payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendPayable" xlink:to="label_AnnualDividendPayable" xlink:title="Label : AnnualDividendPayable to label_AnnualDividendPayable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:label="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:title="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xml:lang="en-US" id="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale">ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:to="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:title="Label : LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale to label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendPayable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AnnualDividendPayable_1" xml:lang="en-US" id="label_AnnualDividendPayable_1">Annual dividend payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendPayable" xlink:to="label_AnnualDividendPayable_1" xlink:title="Label : AnnualDividendPayable to label_AnnualDividendPayable_1" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendPayable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AnnualDividendPayable_2" xml:lang="en-US" id="label_AnnualDividendPayable_2">The amount of annual dividend payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendPayable" xlink:to="label_AnnualDividendPayable_2" xlink:title="Label : AnnualDividendPayable to label_AnnualDividendPayable_2" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" xml:lang="en-US" id="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1">Total liabilities of disposal group classified as held for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:to="label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" xlink:title="Label : LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale to label_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsPayableAmountPerShares" xlink:label="DividendsPayableAmountPerShares" xlink:title="DividendsPayableAmountPerShares" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableAmountPerShares" xml:lang="en-US" id="label_DividendsPayableAmountPerShares">Dividends payable amount per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShares" xlink:to="label_DividendsPayableAmountPerShares" xlink:title="Label : DividendsPayableAmountPerShares to label_DividendsPayableAmountPerShares" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableAmountPerShares_1" xml:lang="en-US" id="label_DividendsPayableAmountPerShares_1">Dividends payable, amount per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShares" xlink:to="label_DividendsPayableAmountPerShares_1" xlink:title="Label : DividendsPayableAmountPerShares to label_DividendsPayableAmountPerShares_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableAmountPerShares_2" xml:lang="en-US" id="label_DividendsPayableAmountPerShares_2">The per share amount of a dividend payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShares" xlink:to="label_DividendsPayableAmountPerShares_2" xlink:title="Label : DividendsPayableAmountPerShares to label_DividendsPayableAmountPerShares_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfEnergyRequirementsInThatMillToBeSupplied" xlink:label="PercentageOfEnergyRequirementsInThatMillToBeSupplied" xlink:title="PercentageOfEnergyRequirementsInThatMillToBeSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied" xml:lang="en-US" id="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied">Percentage of energy requirements in that mill to be supplied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEnergyRequirementsInThatMillToBeSupplied" xlink:to="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied" xlink:title="Label : PercentageOfEnergyRequirementsInThatMillToBeSupplied to label_PercentageOfEnergyRequirementsInThatMillToBeSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_1" xml:lang="en-US" id="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_1">Percentage of energy requirements in that city to be supplied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEnergyRequirementsInThatMillToBeSupplied" xlink:to="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_1" xlink:title="Label : PercentageOfEnergyRequirementsInThatMillToBeSupplied to label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_2" xml:lang="en-US" id="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_2">The percentage of energy requirements in that mill to be supplied by a specific plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEnergyRequirementsInThatMillToBeSupplied" xlink:to="label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_2" xlink:title="Label : PercentageOfEnergyRequirementsInThatMillToBeSupplied to label_PercentageOfEnergyRequirementsInThatMillToBeSupplied_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" xlink:label="EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" xlink:title="EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" xml:lang="en-US" id="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry">Estimated reduction of carbon dioxide emissions in that country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" xlink:to="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" xlink:title="Label : EstimatedReductionOfCarbonDioxideEmissionsInThatCountry to label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1" xml:lang="en-US" id="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1">Estimated reduction of Carbon dioxide emissions of reporting entity in that country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" xlink:to="label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1" xlink:title="Label : EstimatedReductionOfCarbonDioxideEmissionsInThatCountry to label_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EstimatedInvestmentsPlanWindfarm" xlink:label="EstimatedInvestmentsPlanWindfarm" xlink:title="EstimatedInvestmentsPlanWindfarm" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsPlanWindfarm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedInvestmentsPlanWindfarm" xml:lang="en-US" id="label_EstimatedInvestmentsPlanWindfarm">Estimated investments plan windfarm</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsPlanWindfarm" xlink:to="label_EstimatedInvestmentsPlanWindfarm" xlink:title="Label : EstimatedInvestmentsPlanWindfarm to label_EstimatedInvestmentsPlanWindfarm" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsPlanWindfarm_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedInvestmentsPlanWindfarm_1" xml:lang="en-US" id="label_EstimatedInvestmentsPlanWindfarm_1">The amount of estimated investments to be made in a plan windfarm.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsPlanWindfarm" xlink:to="label_EstimatedInvestmentsPlanWindfarm_1" xlink:title="Label : EstimatedInvestmentsPlanWindfarm to label_EstimatedInvestmentsPlanWindfarm_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsPlanWindfarm_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedInvestmentsPlanWindfarm_2" xml:lang="en-US" id="label_EstimatedInvestmentsPlanWindfarm_2">Estimated investments in plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsPlanWindfarm" xlink:to="label_EstimatedInvestmentsPlanWindfarm_2" xlink:title="Label : EstimatedInvestmentsPlanWindfarm to label_EstimatedInvestmentsPlanWindfarm_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_WindFarmInArgentinaMember" xlink:label="WindFarmInArgentinaMember" xlink:title="WindFarmInArgentinaMember" />
    <link:label xlink:type="resource" xlink:label="label_WindFarmInArgentinaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WindFarmInArgentinaMember" xml:lang="en-US" id="label_WindFarmInArgentinaMember">Wind farm in Argentina</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WindFarmInArgentinaMember" xlink:to="label_WindFarmInArgentinaMember" xlink:title="Label : WindFarmInArgentinaMember to label_WindFarmInArgentinaMember" />
    <link:label xlink:type="resource" xlink:label="label_WindFarmInArgentinaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WindFarmInArgentinaMember_1" xml:lang="en-US" id="label_WindFarmInArgentinaMember_1">Wind farm in Argentina [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WindFarmInArgentinaMember" xlink:to="label_WindFarmInArgentinaMember_1" xlink:title="Label : WindFarmInArgentinaMember to label_WindFarmInArgentinaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_WindFarmInArgentinaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WindFarmInArgentinaMember_2" xml:lang="en-US" id="label_WindFarmInArgentinaMember_2">This member stands for the information pertaining to "Wind farm in Argentina".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WindFarmInArgentinaMember" xlink:to="label_WindFarmInArgentinaMember_2" xlink:title="Label : WindFarmInArgentinaMember to label_WindFarmInArgentinaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AnnualDividendProposalMember" xlink:label="AnnualDividendProposalMember" xlink:title="AnnualDividendProposalMember" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendProposalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AnnualDividendProposalMember" xml:lang="en-US" id="label_AnnualDividendProposalMember">Represents annual dividend proposal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendProposalMember" xlink:to="label_AnnualDividendProposalMember" xlink:title="Label : AnnualDividendProposalMember to label_AnnualDividendProposalMember" />
    <link:label xlink:type="resource" xlink:label="label_AnnualDividendProposalMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AnnualDividendProposalMember_1" xml:lang="en-US" id="label_AnnualDividendProposalMember_1">Annual Dividend Proposal [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnnualDividendProposalMember" xlink:to="label_AnnualDividendProposalMember_1" xlink:title="Label : AnnualDividendProposalMember to label_AnnualDividendProposalMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:label="NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:title="NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xml:lang="en-US" id="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:to="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:title="Label : NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners to label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" xml:lang="en-US" id="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1">Total assets of disposal group classified as held for sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:to="label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" xlink:title="Label : NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners to label_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations to label_IncreaseDecreaseInCashAndCashEquivalentsDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" xml:lang="en-US" id="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1">Cash at the beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:to="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" xlink:title="Label : CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale to label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_2" xml:lang="en-US" id="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_2">ifrs-full_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale" xlink:to="label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_2" xlink:title="Label : CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale to label_CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:label="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:title="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:to="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" xlink:title="Label : DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems to label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MajorBusinessCombinationMember" xlink:label="MajorBusinessCombinationMember" xlink:title="MajorBusinessCombinationMember" />
    <link:label xlink:type="resource" xlink:label="label_MajorBusinessCombinationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorBusinessCombinationMember" xml:lang="en-US" id="label_MajorBusinessCombinationMember">Major business combination [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorBusinessCombinationMember" xlink:to="label_MajorBusinessCombinationMember" xlink:title="Label : MajorBusinessCombinationMember to label_MajorBusinessCombinationMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="NonadjustingEventsMember" xlink:title="NonadjustingEventsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsMember" xml:lang="en-US" id="label_NonadjustingEventsMember">Non-adjusting events after reporting period [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsMember" xlink:to="label_NonadjustingEventsMember" xlink:title="Label : NonadjustingEventsMember to label_NonadjustingEventsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="NonadjustingEventsAfterReportingPeriodAxis" xlink:title="NonadjustingEventsAfterReportingPeriodAxis" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsAfterReportingPeriodAxis" xml:lang="en-US" id="label_NonadjustingEventsAfterReportingPeriodAxis">Non-adjusting events after reporting period [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsAfterReportingPeriodAxis" xlink:to="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:title="Label : NonadjustingEventsAfterReportingPeriodAxis to label_NonadjustingEventsAfterReportingPeriodAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xlink:label="BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xlink:title="BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" />
    <link:label xlink:type="resource" xlink:label="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xml:lang="en-US" id="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured">Baseline from which progress for climate-related target is measured</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xlink:to="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xlink:title="Label : BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured to label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" />
    <link:label xlink:type="resource" xlink:label="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_1" xml:lang="en-US" id="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_1">The description of the baseline from which progress for climate-related target is measured.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xlink:to="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_1" xlink:title="Label : BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured to label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_1" />
    <link:label xlink:type="resource" xlink:label="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_2" xml:lang="en-US" id="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_2">Baseline from which progress for climate-related target is measured</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" xlink:to="label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_2" xlink:title="Label : BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured to label_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PeriodOverClimateRelatedTargetApplies" xlink:label="PeriodOverClimateRelatedTargetApplies" xlink:title="PeriodOverClimateRelatedTargetApplies" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOverClimateRelatedTargetApplies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOverClimateRelatedTargetApplies" xml:lang="en-US" id="label_PeriodOverClimateRelatedTargetApplies">Period over climate-related target applies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOverClimateRelatedTargetApplies" xlink:to="label_PeriodOverClimateRelatedTargetApplies" xlink:title="Label : PeriodOverClimateRelatedTargetApplies to label_PeriodOverClimateRelatedTargetApplies" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOverClimateRelatedTargetApplies_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOverClimateRelatedTargetApplies_1" xml:lang="en-US" id="label_PeriodOverClimateRelatedTargetApplies_1">The description of the period over which the climate-related target applies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOverClimateRelatedTargetApplies" xlink:to="label_PeriodOverClimateRelatedTargetApplies_1" xlink:title="Label : PeriodOverClimateRelatedTargetApplies to label_PeriodOverClimateRelatedTargetApplies_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOverClimateRelatedTargetApplies_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOverClimateRelatedTargetApplies_2" xml:lang="en-US" id="label_PeriodOverClimateRelatedTargetApplies_2">Period over climate-related target applies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOverClimateRelatedTargetApplies" xlink:to="label_PeriodOverClimateRelatedTargetApplies_2" xlink:title="Label : PeriodOverClimateRelatedTargetApplies to label_PeriodOverClimateRelatedTargetApplies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfTargetForReducingCarbonEmissionsIntensity" xlink:label="PercentageOfTargetForReducingCarbonEmissionsIntensity" xlink:title="PercentageOfTargetForReducingCarbonEmissionsIntensity" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfTargetForReducingCarbonEmissionsIntensity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfTargetForReducingCarbonEmissionsIntensity" xml:lang="en-US" id="label_PercentageOfTargetForReducingCarbonEmissionsIntensity">Percentage of target for reducing carbon emissions intensity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfTargetForReducingCarbonEmissionsIntensity" xlink:to="label_PercentageOfTargetForReducingCarbonEmissionsIntensity" xlink:title="Label : PercentageOfTargetForReducingCarbonEmissionsIntensity to label_PercentageOfTargetForReducingCarbonEmissionsIntensity" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_1" xml:lang="en-US" id="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_1">The percentage of the target for reducing the intensity of carbon emissions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfTargetForReducingCarbonEmissionsIntensity" xlink:to="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_1" xlink:title="Label : PercentageOfTargetForReducingCarbonEmissionsIntensity to label_PercentageOfTargetForReducingCarbonEmissionsIntensity_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_2" xml:lang="en-US" id="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_2">Percentage of target for reducing carbon emissions intensity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfTargetForReducingCarbonEmissionsIntensity" xlink:to="label_PercentageOfTargetForReducingCarbonEmissionsIntensity_2" xlink:title="Label : PercentageOfTargetForReducingCarbonEmissionsIntensity to label_PercentageOfTargetForReducingCarbonEmissionsIntensity_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfClimateChangeLineItems" xlink:label="DisclosureOfClimateChangeLineItems" xlink:title="DisclosureOfClimateChangeLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfClimateChangeLineItems" xml:lang="en-US" id="label_DisclosureOfClimateChangeLineItems">Disclosure of climate change [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeLineItems" xlink:to="label_DisclosureOfClimateChangeLineItems" xlink:title="Label : DisclosureOfClimateChangeLineItems to label_DisclosureOfClimateChangeLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfClimateChangeLineItems_1" xml:lang="en-US" id="label_DisclosureOfClimateChangeLineItems_1">Disclosure of climate change [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeLineItems" xlink:to="label_DisclosureOfClimateChangeLineItems_1" xlink:title="Label : DisclosureOfClimateChangeLineItems to label_DisclosureOfClimateChangeLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MediumTermTargetMember" xlink:label="MediumTermTargetMember" xlink:title="MediumTermTargetMember" />
    <link:label xlink:type="resource" xlink:label="label_MediumTermTargetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MediumTermTargetMember" xml:lang="en-US" id="label_MediumTermTargetMember">Medium term target [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MediumTermTargetMember" xlink:to="label_MediumTermTargetMember" xlink:title="Label : MediumTermTargetMember to label_MediumTermTargetMember" />
    <link:label xlink:type="resource" xlink:label="label_MediumTermTargetMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MediumTermTargetMember_1" xml:lang="en-US" id="label_MediumTermTargetMember_1">This member stands for the information pertaining to medium term target, climate change time horizon.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MediumTermTargetMember" xlink:to="label_MediumTermTargetMember_1" xlink:title="Label : MediumTermTargetMember to label_MediumTermTargetMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MediumTermTargetMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MediumTermTargetMember_2" xml:lang="en-US" id="label_MediumTermTargetMember_2">Medium term target [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MediumTermTargetMember" xlink:to="label_MediumTermTargetMember_2" xlink:title="Label : MediumTermTargetMember to label_MediumTermTargetMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TimeHorizonMember" xlink:label="TimeHorizonMember" xlink:title="TimeHorizonMember" />
    <link:label xlink:type="resource" xlink:label="label_TimeHorizonMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TimeHorizonMember" xml:lang="en-US" id="label_TimeHorizonMember">Time horizon [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimeHorizonMember" xlink:to="label_TimeHorizonMember" xlink:title="Label : TimeHorizonMember to label_TimeHorizonMember" />
    <link:label xlink:type="resource" xlink:label="label_TimeHorizonMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TimeHorizonMember_1" xml:lang="en-US" id="label_TimeHorizonMember_1">Time horizon [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimeHorizonMember" xlink:to="label_TimeHorizonMember_1" xlink:title="Label : TimeHorizonMember to label_TimeHorizonMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TimeHorizonAxis" xlink:label="TimeHorizonAxis" xlink:title="TimeHorizonAxis" />
    <link:label xlink:type="resource" xlink:label="label_TimeHorizonAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TimeHorizonAxis" xml:lang="en-US" id="label_TimeHorizonAxis">Time horizon [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimeHorizonAxis" xlink:to="label_TimeHorizonAxis" xlink:title="Label : TimeHorizonAxis to label_TimeHorizonAxis" />
    <link:label xlink:type="resource" xlink:label="label_TimeHorizonAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TimeHorizonAxis_1" xml:lang="en-US" id="label_TimeHorizonAxis_1">Time horizon [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TimeHorizonAxis" xlink:to="label_TimeHorizonAxis_1" xlink:title="Label : TimeHorizonAxis to label_TimeHorizonAxis_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfClimateChangeTable" xlink:label="DisclosureOfClimateChangeTable" xlink:title="DisclosureOfClimateChangeTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfClimateChangeTable" xml:lang="en-US" id="label_DisclosureOfClimateChangeTable">Disclosure of climate change [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeTable" xlink:to="label_DisclosureOfClimateChangeTable" xlink:title="Label : DisclosureOfClimateChangeTable to label_DisclosureOfClimateChangeTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:label="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:title="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:to="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" xlink:title="Label : DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable to label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeTable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfClimateChangeTable_1" xml:lang="en-US" id="label_DisclosureOfClimateChangeTable_1">Disclosure of climate change [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeTable" xlink:to="label_DisclosureOfClimateChangeTable_1" xlink:title="Label : DisclosureOfClimateChangeTable to label_DisclosureOfClimateChangeTable_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xlink:label="ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xlink:title="ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" />
    <link:label xlink:type="resource" xlink:label="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xml:lang="en-US" id="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption">The thresold number of trading days immediately prior to date of exercising option to calculate moving average share price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xlink:to="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xlink:title="Label : ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption to label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" />
    <link:label xlink:type="resource" xlink:label="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_1" xml:lang="en-US" id="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_1">Thresold number of trading days immediately prior to date of exercising option</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xlink:to="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_1" xlink:title="Label : ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption to label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_1" />
    <link:label xlink:type="resource" xlink:label="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_2" xml:lang="en-US" id="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_2">Thresold number of trading days immediately prior to date of exercising option</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" xlink:to="label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_2" xlink:title="Label : ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption to label_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:label="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:title="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners">Annual dividend proposed to be distributed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" xlink:label="NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" xlink:title="NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:label="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:title="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xml:lang="en-US" id="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate">Percentage points added to the reference rate to compute the variable rate on the interest receivable associated with the nationalization of subsidiaries.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:label="NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:title="NationalizationOfSubsidiariesInterestRateBasisSpread" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:label="ReserveOfExchangeDifferencesOnTranslation" xlink:title="ReserveOfExchangeDifferencesOnTranslation" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:label="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:title="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xml:lang="en-US" id="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear">The number of steel pipe manufacturing capacity estimated in the next fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:to="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:title="Label : EstimatedManufacturingCapacitySteelPipesForNextFiscalYear to label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_1">Nationalization of subsidiaries, compensation award including principal, post-award interest and post-judgment interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_2">Nationalization of subsidiaries compensation award including principal post award interest and post judgment interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest_2" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" xml:lang="en-US" id="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1">Estimated manufacturing capacity steel Pipes for next fiscal year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:to="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" xlink:title="Label : EstimatedManufacturingCapacitySteelPipesForNextFiscalYear to label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest">The amount awarded, including pre-award interest and legal fees, as compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest to label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" xml:lang="en-US" id="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2">Annual manufacturing capacity which is estimated in the next fiscal year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" xlink:to="label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" xlink:title="Label : EstimatedManufacturingCapacitySteelPipesForNextFiscalYear to label_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:label="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:title="EstimatedInvestmentsInJointVenturesForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xml:lang="en-US" id="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear">Initial investment which is estimated to be completed during 2022</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:to="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:title="Label : EstimatedInvestmentsInJointVenturesForNextFiscalYear to label_EstimatedInvestmentsInJointVenturesForNextFiscalYear" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" xml:lang="en-US" id="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1">Estimated investments in joint ventures for next fiscal year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:to="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" xlink:title="Label : EstimatedInvestmentsInJointVenturesForNextFiscalYear to label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" xml:lang="en-US" id="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2">The amount of estimated investments in joint ventures to be completed in next fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsInJointVenturesForNextFiscalYear" xlink:to="label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" xlink:title="Label : EstimatedInvestmentsInJointVenturesForNextFiscalYear to label_EstimatedInvestmentsInJointVenturesForNextFiscalYear_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InvestmentsInJointVentures" xlink:label="InvestmentsInJointVentures" xlink:title="InvestmentsInJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInJointVentures" xml:lang="en-US" id="label_InvestmentsInJointVentures">Investments in joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInJointVentures_1" xml:lang="en-US" id="label_InvestmentsInJointVentures_1">ifrs-full_InvestmentsInJointVentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures_1" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ManufacturingCapacitySteelPipes" xlink:label="ManufacturingCapacitySteelPipes" xlink:title="ManufacturingCapacitySteelPipes" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingCapacitySteelPipes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManufacturingCapacitySteelPipes" xml:lang="en-US" id="label_ManufacturingCapacitySteelPipes">Manufacturing capacity steel pipes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingCapacitySteelPipes" xlink:to="label_ManufacturingCapacitySteelPipes" xlink:title="Label : ManufacturingCapacitySteelPipes to label_ManufacturingCapacitySteelPipes" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingCapacitySteelPipes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ManufacturingCapacitySteelPipes_1" xml:lang="en-US" id="label_ManufacturingCapacitySteelPipes_1">Manufacturing capacity, steel pipes (Metric Ton)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingCapacitySteelPipes" xlink:to="label_ManufacturingCapacitySteelPipes_1" xlink:title="Label : ManufacturingCapacitySteelPipes to label_ManufacturingCapacitySteelPipes_1" />
    <link:label xlink:type="resource" xlink:label="label_ManufacturingCapacitySteelPipes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManufacturingCapacitySteelPipes_2" xml:lang="en-US" id="label_ManufacturingCapacitySteelPipes_2">The amount of steel pipe manufacturing capacity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManufacturingCapacitySteelPipes" xlink:to="label_ManufacturingCapacitySteelPipes_2" xlink:title="Label : ManufacturingCapacitySteelPipes to label_ManufacturingCapacitySteelPipes_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfJointVenturesLineItems" xlink:label="DisclosureOfJointVenturesLineItems" xlink:title="DisclosureOfJointVenturesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfJointVenturesLineItems" xml:lang="en-US" id="label_DisclosureOfJointVenturesLineItems">Disclosure of joint ventures [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesLineItems" xlink:to="label_DisclosureOfJointVenturesLineItems" xlink:title="Label : DisclosureOfJointVenturesLineItems to label_DisclosureOfJointVenturesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesLineItems_1" xml:lang="en-US" id="label_DisclosureOfJointVenturesLineItems_1">Disclosure of joint ventures [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesLineItems" xlink:to="label_DisclosureOfJointVenturesLineItems_1" xlink:title="Label : DisclosureOfJointVenturesLineItems to label_DisclosureOfJointVenturesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DefinitiveAgreementMember" xlink:label="DefinitiveAgreementMember" xlink:title="DefinitiveAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_DefinitiveAgreementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DefinitiveAgreementMember" xml:lang="en-US" id="label_DefinitiveAgreementMember">Definitive agreement [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinitiveAgreementMember" xlink:to="label_DefinitiveAgreementMember" xlink:title="Label : DefinitiveAgreementMember to label_DefinitiveAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_DefinitiveAgreementMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DefinitiveAgreementMember_1" xml:lang="en-US" id="label_DefinitiveAgreementMember_1">This member stands for the information pertaining to definitive agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinitiveAgreementMember" xlink:to="label_DefinitiveAgreementMember_1" xlink:title="Label : DefinitiveAgreementMember to label_DefinitiveAgreementMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DefinitiveAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinitiveAgreementMember_2" xml:lang="en-US" id="label_DefinitiveAgreementMember_2">Definitive Agreement [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinitiveAgreementMember" xlink:to="label_DefinitiveAgreementMember_2" xlink:title="Label : DefinitiveAgreementMember to label_DefinitiveAgreementMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BentelerSteelAndTubeManufacturingCorporationMember" xlink:label="BentelerSteelAndTubeManufacturingCorporationMember" xlink:title="BentelerSteelAndTubeManufacturingCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_BentelerSteelAndTubeManufacturingCorporationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BentelerSteelAndTubeManufacturingCorporationMember" xml:lang="en-US" id="label_BentelerSteelAndTubeManufacturingCorporationMember">Benteler Steel &amp; Tube Manufacturing Corporation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BentelerSteelAndTubeManufacturingCorporationMember" xlink:to="label_BentelerSteelAndTubeManufacturingCorporationMember" xlink:title="Label : BentelerSteelAndTubeManufacturingCorporationMember to label_BentelerSteelAndTubeManufacturingCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_BentelerSteelAndTubeManufacturingCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BentelerSteelAndTubeManufacturingCorporationMember_1" xml:lang="en-US" id="label_BentelerSteelAndTubeManufacturingCorporationMember_1">This member stands for the information pertaining to Benteler Steel &amp; Tube Manufacturing Corporation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BentelerSteelAndTubeManufacturingCorporationMember" xlink:to="label_BentelerSteelAndTubeManufacturingCorporationMember_1" xlink:title="Label : BentelerSteelAndTubeManufacturingCorporationMember to label_BentelerSteelAndTubeManufacturingCorporationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BentelerSteelAndTubeManufacturingCorporationMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BentelerSteelAndTubeManufacturingCorporationMember_2" xml:lang="en-US" id="label_BentelerSteelAndTubeManufacturingCorporationMember_2">Benteler Steel and Tube Manufacturing Corporation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BentelerSteelAndTubeManufacturingCorporationMember" xlink:to="label_BentelerSteelAndTubeManufacturingCorporationMember_2" xlink:title="Label : BentelerSteelAndTubeManufacturingCorporationMember to label_BentelerSteelAndTubeManufacturingCorporationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_JfeMember" xlink:label="JfeMember" xlink:title="JfeMember" />
    <link:label xlink:type="resource" xlink:label="label_JfeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_JfeMember" xml:lang="en-US" id="label_JfeMember">Represents JFE.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JfeMember" xlink:to="label_JfeMember" xlink:title="Label : JfeMember to label_JfeMember" />
    <link:label xlink:type="resource" xlink:label="label_JfeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JfeMember_1" xml:lang="en-US" id="label_JfeMember_1">JFE [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JfeMember" xlink:to="label_JfeMember_1" xlink:title="Label : JfeMember to label_JfeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:label="InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:title="InnerMongoliaBaotouSteelUnionCompanyLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xml:lang="en-US" id="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember">Related to Inner Mongolia Baotou Steel Union Company Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:to="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:title="Label : InnerMongoliaBaotouSteelUnionCompanyLtdMember to label_InnerMongoliaBaotouSteelUnionCompanyLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" xml:lang="en-US" id="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1">Inner Mongolia Baotou Steel Union Company Ltd [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InnerMongoliaBaotouSteelUnionCompanyLtdMember" xlink:to="label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" xlink:title="Label : InnerMongoliaBaotouSteelUnionCompanyLtdMember to label_InnerMongoliaBaotouSteelUnionCompanyLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:label="SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:title="SteelPipePremiumConnectionThreadingPlantInBaotouMember" />
    <link:label xlink:type="resource" xlink:label="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xml:lang="en-US" id="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember">Related to a steel pipe premium connection threading plant in Baotou.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:to="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:title="Label : SteelPipePremiumConnectionThreadingPlantInBaotouMember to label_SteelPipePremiumConnectionThreadingPlantInBaotouMember" />
    <link:label xlink:type="resource" xlink:label="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" xml:lang="en-US" id="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1">Steel Pipe Premium Connection Threading Plant in Baotou [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SteelPipePremiumConnectionThreadingPlantInBaotouMember" xlink:to="label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" xlink:title="Label : SteelPipePremiumConnectionThreadingPlantInBaotouMember to label_SteelPipePremiumConnectionThreadingPlantInBaotouMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_WeldedPipePlantInWestSiberiaMember" xlink:label="WeldedPipePlantInWestSiberiaMember" xlink:title="WeldedPipePlantInWestSiberiaMember" />
    <link:label xlink:type="resource" xlink:label="label_WeldedPipePlantInWestSiberiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeldedPipePlantInWestSiberiaMember" xml:lang="en-US" id="label_WeldedPipePlantInWestSiberiaMember">Related to a welded pipe plant in West Siberia.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeldedPipePlantInWestSiberiaMember" xlink:to="label_WeldedPipePlantInWestSiberiaMember" xlink:title="Label : WeldedPipePlantInWestSiberiaMember to label_WeldedPipePlantInWestSiberiaMember" />
    <link:label xlink:type="resource" xlink:label="label_WeldedPipePlantInWestSiberiaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeldedPipePlantInWestSiberiaMember_1" xml:lang="en-US" id="label_WeldedPipePlantInWestSiberiaMember_1">Welded pipe plant in West Siberia [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeldedPipePlantInWestSiberiaMember" xlink:to="label_WeldedPipePlantInWestSiberiaMember_1" xlink:title="Label : WeldedPipePlantInWestSiberiaMember to label_WeldedPipePlantInWestSiberiaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfJointVenturesTable" xlink:label="DisclosureOfJointVenturesTable" xlink:title="DisclosureOfJointVenturesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesTable" xml:lang="en-US" id="label_DisclosureOfJointVenturesTable">Disclosure of joint ventures [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesTable" xlink:to="label_DisclosureOfJointVenturesTable" xlink:title="Label : DisclosureOfJointVenturesTable to label_DisclosureOfJointVenturesTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesPurchaseAgreement" xlink:label="NationalizationOfSubsidiariesPurchaseAgreement" xlink:title="NationalizationOfSubsidiariesPurchaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPurchaseAgreement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesPurchaseAgreement" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPurchaseAgreement">Purchase agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPurchaseAgreement" xlink:to="label_NationalizationOfSubsidiariesPurchaseAgreement" xlink:title="Label : NationalizationOfSubsidiariesPurchaseAgreement to label_NationalizationOfSubsidiariesPurchaseAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPurchaseAgreement_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesPurchaseAgreement_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPurchaseAgreement_1">The amount of price of the purchase agreement associated with the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPurchaseAgreement" xlink:to="label_NationalizationOfSubsidiariesPurchaseAgreement_1" xlink:title="Label : NationalizationOfSubsidiariesPurchaseAgreement to label_NationalizationOfSubsidiariesPurchaseAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPurchaseAgreement_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesPurchaseAgreement_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPurchaseAgreement_2">Nationalization of subsidiaries purchase agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPurchaseAgreement" xlink:to="label_NationalizationOfSubsidiariesPurchaseAgreement_2" xlink:title="Label : NationalizationOfSubsidiariesPurchaseAgreement to label_NationalizationOfSubsidiariesPurchaseAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesReimbursementExpenses" xlink:label="NationalizationOfSubsidiariesReimbursementExpenses" xlink:title="NationalizationOfSubsidiariesReimbursementExpenses" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesReimbursementExpenses" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementExpenses">Nationalization of subsidiaries, reimbursement expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementExpenses" xlink:to="label_NationalizationOfSubsidiariesReimbursementExpenses" xlink:title="Label : NationalizationOfSubsidiariesReimbursementExpenses to label_NationalizationOfSubsidiariesReimbursementExpenses" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesReimbursementExpenses_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementExpenses_1">Nationalization of subsidiaries, reimbursement expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementExpenses" xlink:to="label_NationalizationOfSubsidiariesReimbursementExpenses_1" xlink:title="Label : NationalizationOfSubsidiariesReimbursementExpenses to label_NationalizationOfSubsidiariesReimbursementExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesReimbursementExpenses_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementExpenses_2">The amount of reimbursement expenses associated with the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementExpenses" xlink:to="label_NationalizationOfSubsidiariesReimbursementExpenses_2" xlink:title="Label : NationalizationOfSubsidiariesReimbursementExpenses to label_NationalizationOfSubsidiariesReimbursementExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestReceivable" xlink:label="InterestReceivable" xlink:title="InterestReceivable" />
    <link:label xlink:type="resource" xlink:label="label_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestReceivable" xml:lang="en-US" id="label_InterestReceivable">Interest receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceivable" xlink:to="label_InterestReceivable" xlink:title="Label : InterestReceivable to label_InterestReceivable" />
    <link:label xlink:type="resource" xlink:label="label_InterestReceivable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestReceivable_1" xml:lang="en-US" id="label_InterestReceivable_1">ifrs-full_InterestReceivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceivable" xlink:to="label_InterestReceivable_1" xlink:title="Label : InterestReceivable to label_InterestReceivable_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1">Nationalization of subsidiaries basis spread on variable rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:to="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" xlink:title="Label : NationalizationOfSubsidiariesBasisSpreadOnVariableRate to label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2">Nationalization of subsidiaries, basis spread on variable rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" xlink:to="label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" xlink:title="Label : NationalizationOfSubsidiariesBasisSpreadOnVariableRate to label_NationalizationOfSubsidiariesBasisSpreadOnVariableRate_2" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesInterestRateBasisSpread_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesInterestRateBasisSpread_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesInterestRateBasisSpread_1">Nationalization of subsidiaries interest rate basis spread</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:to="label_NationalizationOfSubsidiariesInterestRateBasisSpread_1" xlink:title="Label : NationalizationOfSubsidiariesInterestRateBasisSpread to label_NationalizationOfSubsidiariesInterestRateBasisSpread_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesInterestRateBasisSpread_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesInterestRateBasisSpread_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesInterestRateBasisSpread_2">Nationalization of subsidiaries, interest rate basis spread</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesInterestRateBasisSpread" xlink:to="label_NationalizationOfSubsidiariesInterestRateBasisSpread_2" xlink:title="Label : NationalizationOfSubsidiariesInterestRateBasisSpread to label_NationalizationOfSubsidiariesInterestRateBasisSpread_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest">Nationalization of subsidiaries compensation award postaward interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1">Nationalization of subsidiaries, compensation award post-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesPostawardInterestRate" xlink:label="NationalizationOfSubsidiariesPostawardInterestRate" xlink:title="NationalizationOfSubsidiariesPostawardInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate">Nationalization of subsidiaries post award interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPostawardInterestRate" xlink:to="label_NationalizationOfSubsidiariesPostawardInterestRate" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate_1">Nationalization of subsidiaries, post-award interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPostawardInterestRate" xlink:to="label_NationalizationOfSubsidiariesPostawardInterestRate_1" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:label="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:title="NationalizationOfSubsidiariesReimbursementOfLegalFees" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesReimbursementOfLegalFees" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementOfLegalFees">The amount of reimbursement of legal fees associated with the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:to="label_NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:title="Label : NationalizationOfSubsidiariesReimbursementOfLegalFees to label_NationalizationOfSubsidiariesReimbursementOfLegalFees" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1">Nationalization of subsidiaries, reimbursement of legal fees and administrative costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:to="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" xlink:title="Label : NationalizationOfSubsidiariesReimbursementOfLegalFees to label_NationalizationOfSubsidiariesReimbursementOfLegalFees_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2">Nationalization of subsidiaries reimbursement of legal fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesReimbursementOfLegalFees" xlink:to="label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" xlink:title="Label : NationalizationOfSubsidiariesReimbursementOfLegalFees to label_NationalizationOfSubsidiariesReimbursementOfLegalFees_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesPreawardInterest" xlink:label="NationalizationOfSubsidiariesPreawardInterest" xlink:title="NationalizationOfSubsidiariesPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPreawardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesPreawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPreawardInterest">Nationalization of subsidiaries pre award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesPreawardInterest" xlink:title="Label : NationalizationOfSubsidiariesPreawardInterest to label_NationalizationOfSubsidiariesPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPreawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesPreawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPreawardInterest_1">Nationalization of subsidiaries, pre-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesPreawardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesPreawardInterest to label_NationalizationOfSubsidiariesPreawardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPreawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesPreawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPreawardInterest_2">The amount of pre-award interest associated with compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesPreawardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesPreawardInterest to label_NationalizationOfSubsidiariesPreawardInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AwardsPurchaseAgreementMember" xlink:label="AwardsPurchaseAgreementMember" xlink:title="AwardsPurchaseAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_AwardsPurchaseAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AwardsPurchaseAgreementMember" xml:lang="en-US" id="label_AwardsPurchaseAgreementMember">Awards Purchase Agreement [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AwardsPurchaseAgreementMember" xlink:to="label_AwardsPurchaseAgreementMember" xlink:title="Label : AwardsPurchaseAgreementMember to label_AwardsPurchaseAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_AwardsPurchaseAgreementMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AwardsPurchaseAgreementMember_1" xml:lang="en-US" id="label_AwardsPurchaseAgreementMember_1">This member stands for the information pertaining to awards purchase agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AwardsPurchaseAgreementMember" xlink:to="label_AwardsPurchaseAgreementMember_1" xlink:title="Label : AwardsPurchaseAgreementMember to label_AwardsPurchaseAgreementMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AwardsPurchaseAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AwardsPurchaseAgreementMember_2" xml:lang="en-US" id="label_AwardsPurchaseAgreementMember_2">Awards purchase agreement [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AwardsPurchaseAgreementMember" xlink:to="label_AwardsPurchaseAgreementMember_2" xlink:title="Label : AwardsPurchaseAgreementMember to label_AwardsPurchaseAgreementMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FederalCourtInDistrictOfColumbiaMember" xlink:label="FederalCourtInDistrictOfColumbiaMember" xlink:title="FederalCourtInDistrictOfColumbiaMember" />
    <link:label xlink:type="resource" xlink:label="label_FederalCourtInDistrictOfColumbiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FederalCourtInDistrictOfColumbiaMember" xml:lang="en-US" id="label_FederalCourtInDistrictOfColumbiaMember">This member stands for the information pertaining to "Federal court in District of Columbia".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FederalCourtInDistrictOfColumbiaMember" xlink:to="label_FederalCourtInDistrictOfColumbiaMember" xlink:title="Label : FederalCourtInDistrictOfColumbiaMember to label_FederalCourtInDistrictOfColumbiaMember" />
    <link:label xlink:type="resource" xlink:label="label_FederalCourtInDistrictOfColumbiaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FederalCourtInDistrictOfColumbiaMember_1" xml:lang="en-US" id="label_FederalCourtInDistrictOfColumbiaMember_1">Federal court in District of Columbia [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FederalCourtInDistrictOfColumbiaMember" xlink:to="label_FederalCourtInDistrictOfColumbiaMember_1" xlink:title="Label : FederalCourtInDistrictOfColumbiaMember to label_FederalCourtInDistrictOfColumbiaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FederalCourtInDistrictOfColumbiaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FederalCourtInDistrictOfColumbiaMember_2" xml:lang="en-US" id="label_FederalCourtInDistrictOfColumbiaMember_2">Federal Court in District of Columbia [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FederalCourtInDistrictOfColumbiaMember" xlink:to="label_FederalCourtInDistrictOfColumbiaMember_2" xlink:title="Label : FederalCourtInDistrictOfColumbiaMember to label_FederalCourtInDistrictOfColumbiaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" xlink:label="InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" xlink:title="InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" />
    <link:label xlink:type="resource" xlink:label="label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" xml:lang="en-US" id="label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember">ICSID in Washington D.C. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" xlink:to="label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" xlink:title="Label : InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember to label_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_LitigationCaseTypeDomain" xlink:label="LitigationCaseTypeDomain" xlink:title="LitigationCaseTypeDomain" />
    <link:label xlink:type="resource" xlink:label="label_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LitigationCaseTypeDomain" xml:lang="en-US" id="label_LitigationCaseTypeDomain">Litigation Case [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LitigationCaseTypeDomain" xlink:to="label_LitigationCaseTypeDomain" xlink:title="Label : LitigationCaseTypeDomain to label_LitigationCaseTypeDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_LitigationCaseAxis" xlink:label="LitigationCaseAxis" xlink:title="LitigationCaseAxis" />
    <link:label xlink:type="resource" xlink:label="label_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LitigationCaseAxis" xml:lang="en-US" id="label_LitigationCaseAxis">Litigation Case [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_VE" xlink:label="VE" xlink:title="VE" />
    <link:label xlink:type="resource" xlink:label="label_VE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VE" xml:lang="en-US" id="label_VE">VENEZUELA</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TavsaAndComsiguaMember" xlink:label="TavsaAndComsiguaMember" xlink:title="TavsaAndComsiguaMember" />
    <link:label xlink:type="resource" xlink:label="label_TavsaAndComsiguaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TavsaAndComsiguaMember" xml:lang="en-US" id="label_TavsaAndComsiguaMember">The entities AVSA - Tubos de Acero de Venezuela S.A. and Complejo Sider&#xFA;rgico de Guayana, C.A.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TavsaAndComsiguaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TavsaAndComsiguaMember_1" xml:lang="en-US" id="label_TavsaAndComsiguaMember_1">Tavsa and Comsigua [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TavsaAndComsiguaMember" xlink:to="label_TavsaAndComsiguaMember_1" xlink:title="Label : TavsaAndComsiguaMember to label_TavsaAndComsiguaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MatesiMaterialesSiderrgicosSaMember" xlink:label="MatesiMaterialesSiderrgicosSaMember" xlink:title="MatesiMaterialesSiderrgicosSaMember" />
    <link:label xlink:type="resource" xlink:label="label_MatesiMaterialesSiderrgicosSaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatesiMaterialesSiderrgicosSaMember" xml:lang="en-US" id="label_MatesiMaterialesSiderrgicosSaMember">The entity Matesi Materiales Sider&#xFA;rgicos S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatesiMaterialesSiderrgicosSaMember" xlink:to="label_MatesiMaterialesSiderrgicosSaMember" xlink:title="Label : MatesiMaterialesSiderrgicosSaMember to label_MatesiMaterialesSiderrgicosSaMember" />
    <link:label xlink:type="resource" xlink:label="label_MatesiMaterialesSiderrgicosSaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatesiMaterialesSiderrgicosSaMember_1" xml:lang="en-US" id="label_MatesiMaterialesSiderrgicosSaMember_1">Matesi Materiales Sider&#xFA;rgicos S.A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatesiMaterialesSiderrgicosSaMember" xlink:to="label_MatesiMaterialesSiderrgicosSaMember_1" xlink:title="Label : MatesiMaterialesSiderrgicosSaMember to label_MatesiMaterialesSiderrgicosSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:label="GoodwillRecognisedAsOfAcquisitionDate" xlink:title="GoodwillRecognisedAsOfAcquisitionDate" />
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    <link:label xlink:type="resource" xlink:label="label_GoodwillRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_GoodwillRecognisedAsOfAcquisitionDate_1">Goodwill recognised as of acquisition date</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:title="IdentifiableAssetsAcquiredLiabilitiesAssumed" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumed" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumed">Net assets acquired</link:label>
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    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_1">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</link:label>
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    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_2" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_2">Fair value of net assets and liabilities acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumed_2" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumed to label_IdentifiableAssetsAcquiredLiabilitiesAssumed_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="PercentageOfVotingEquityInterestsAcquired" xlink:title="PercentageOfVotingEquityInterestsAcquired" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsAcquired" xlink:to="label_PercentageOfVotingEquityInterestsAcquired" xlink:title="Label : PercentageOfVotingEquityInterestsAcquired to label_PercentageOfVotingEquityInterestsAcquired" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsAcquired_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVotingEquityInterestsAcquired_1" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsAcquired_1">Percentage of voting equity interests acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsAcquired" xlink:to="label_PercentageOfVotingEquityInterestsAcquired_1" xlink:title="Label : PercentageOfVotingEquityInterestsAcquired to label_PercentageOfVotingEquityInterestsAcquired_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardCollected" xlink:label="NationalizationOfSubsidiariesCompensationAwardCollected" xlink:title="NationalizationOfSubsidiariesCompensationAwardCollected" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardCollected" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardCollected" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardCollected">Nationalization of subsidiaries compensation award collected</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardCollected" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardCollected" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardCollected to label_NationalizationOfSubsidiariesCompensationAwardCollected" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_UY" xlink:label="UY" xlink:title="UY" />
    <link:label xlink:type="resource" xlink:label="label_UY" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UY" xml:lang="en-US" id="label_UY">Uruguay</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UY" xlink:to="label_UY" xlink:title="Label : UY to label_UY" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_GB" xlink:label="GB" xlink:title="GB" />
    <link:label xlink:type="resource" xlink:label="label_GB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GB" xml:lang="en-US" id="label_GB">United Kingdom</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TubosDeAceroDeMexicoSaAndSubsidiariesMember" xlink:label="TubosDeAceroDeMexicoSaAndSubsidiariesMember" xlink:title="TubosDeAceroDeMexicoSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember" xml:lang="en-US" id="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember">TUBOS DE ACERO DE MEXICO, S.A. and subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubosDeAceroDeMexicoSaAndSubsidiariesMember" xlink:to="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember" xlink:title="Label : TubosDeAceroDeMexicoSaAndSubsidiariesMember to label_TubosDeAceroDeMexicoSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_1" xml:lang="en-US" id="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_1">TUBOS DE ACERO DE MEXICO, SA and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubosDeAceroDeMexicoSaAndSubsidiariesMember" xlink:to="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_1" xlink:title="Label : TubosDeAceroDeMexicoSaAndSubsidiariesMember to label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisTubocaribeLtdaMember" xlink:label="TenarisTubocaribeLtdaMember" xlink:title="TenarisTubocaribeLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisTubocaribeLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisTubocaribeLtdaMember" xml:lang="en-US" id="label_TenarisTubocaribeLtdaMember">TENARIS TUBOCARIBE LTDA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisTubocaribeLtdaMember" xlink:to="label_TenarisTubocaribeLtdaMember" xlink:title="Label : TenarisTubocaribeLtdaMember to label_TenarisTubocaribeLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisTubocaribeLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisTubocaribeLtdaMember_1" xml:lang="en-US" id="label_TenarisTubocaribeLtdaMember_1">The entity TENARIS TUBOCARIBE LTDA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisTubocaribeLtdaMember" xlink:to="label_TenarisTubocaribeLtdaMember_1" xlink:title="Label : TenarisTubocaribeLtdaMember to label_TenarisTubocaribeLtdaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisQingdaoSteelPipesLtdMember" xlink:label="TenarisQingdaoSteelPipesLtdMember" xlink:title="TenarisQingdaoSteelPipesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisQingdaoSteelPipesLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisQingdaoSteelPipesLtdMember" xml:lang="en-US" id="label_TenarisQingdaoSteelPipesLtdMember">This member stands for the information pertaining to Tenaris Qingdao Steel Pipes Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisQingdaoSteelPipesLtdMember" xlink:to="label_TenarisQingdaoSteelPipesLtdMember" xlink:title="Label : TenarisQingdaoSteelPipesLtdMember to label_TenarisQingdaoSteelPipesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisQingdaoSteelPipesLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisQingdaoSteelPipesLtdMember_1" xml:lang="en-US" id="label_TenarisQingdaoSteelPipesLtdMember_1">TENARIS QINGDAO STEEL PIPES LTD. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisQingdaoSteelPipesLtdMember" xlink:to="label_TenarisQingdaoSteelPipesLtdMember_1" xlink:title="Label : TenarisQingdaoSteelPipesLtdMember to label_TenarisQingdaoSteelPipesLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TenarisQingdaoSteelPipesLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisQingdaoSteelPipesLtdMember_2" xml:lang="en-US" id="label_TenarisQingdaoSteelPipesLtdMember_2">TENARIS QINGDAO STEEL PIPES LTD. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisQingdaoSteelPipesLtdMember" xlink:to="label_TenarisQingdaoSteelPipesLtdMember_2" xlink:title="Label : TenarisQingdaoSteelPipesLtdMember to label_TenarisQingdaoSteelPipesLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:label="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:title="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xml:lang="en-US" id="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember">The entity TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:title="Label : TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember to label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" xml:lang="en-US" id="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1">TENARIS INVESTMENTS SWITZERLAND AG and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" xlink:title="Label : TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember to label_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" xlink:label="TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" xlink:title="TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" xml:lang="en-US" id="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember">The entity TENARIS GLOBAL SERVICES and INVESTMENTS S.&#xE0;r.l. and subsidiaries.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_1">TENARIS GLOBAL SERVICES and INVESTMENTS S.&#xE0;r.l. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" xlink:to="label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_1" xlink:title="Label : TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember to label_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_1" />
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    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisInvestmentsNLBVAndSubsidiariesMember" xml:lang="en-US" id="label_TenarisInvestmentsNLBVAndSubsidiariesMember">TENARIS INVESTMENTS (NL) B.V. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:title="Label : TenarisInvestmentsNLBVAndSubsidiariesMember to label_TenarisInvestmentsNLBVAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" xml:lang="en-US" id="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1">The entity TENARIS INVESTMENTS (NL) B.V. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVAndSubsidiariesMember" xlink:to="label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" xlink:title="Label : TenarisInvestmentsNLBVAndSubsidiariesMember to label_TenarisInvestmentsNLBVAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisInvestmentsNLBVMember" xlink:label="TenarisInvestmentsNLBVMember" xlink:title="TenarisInvestmentsNLBVMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisInvestmentsNLBVMember" xml:lang="en-US" id="label_TenarisInvestmentsNLBVMember">Represents information regarding Tenaris Investments (NL) B.V.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVMember" xlink:to="label_TenarisInvestmentsNLBVMember" xlink:title="Label : TenarisInvestmentsNLBVMember to label_TenarisInvestmentsNLBVMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisInvestmentsNLBVMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisInvestmentsNLBVMember_1" xml:lang="en-US" id="label_TenarisInvestmentsNLBVMember_1">Tenaris Investments (NL) B.V. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisInvestmentsNLBVMember" xlink:to="label_TenarisInvestmentsNLBVMember_1" xlink:title="Label : TenarisInvestmentsNLBVMember to label_TenarisInvestmentsNLBVMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisGlobalServicesSaAndSubsidiariesMember" xlink:label="TenarisGlobalServicesSaAndSubsidiariesMember" xlink:title="TenarisGlobalServicesSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesSaAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesSaAndSubsidiariesMember" xml:lang="en-US" id="label_TenarisGlobalServicesSaAndSubsidiariesMember">TENARIS GLOBAL SERVICES S.A. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesSaAndSubsidiariesMember" xlink:to="label_TenarisGlobalServicesSaAndSubsidiariesMember" xlink:title="Label : TenarisGlobalServicesSaAndSubsidiariesMember to label_TenarisGlobalServicesSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesSaAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesSaAndSubsidiariesMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesSaAndSubsidiariesMember_1">The entity TENARIS GLOBAL SERVICES S.A. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesSaAndSubsidiariesMember" xlink:to="label_TenarisGlobalServicesSaAndSubsidiariesMember_1" xlink:title="Label : TenarisGlobalServicesSaAndSubsidiariesMember to label_TenarisGlobalServicesSaAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisGlobalServicesUkLtdMember" xlink:label="TenarisGlobalServicesUkLtdMember" xlink:title="TenarisGlobalServicesUkLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUkLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesUkLtdMember" xml:lang="en-US" id="label_TenarisGlobalServicesUkLtdMember">TENARIS GLOBAL SERVICES (UK) LTD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUkLtdMember" xlink:to="label_TenarisGlobalServicesUkLtdMember" xlink:title="Label : TenarisGlobalServicesUkLtdMember to label_TenarisGlobalServicesUkLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUkLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesUkLtdMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesUkLtdMember_1">The entity TENARIS GLOBAL SERVICES (UK) LTD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUkLtdMember" xlink:to="label_TenarisGlobalServicesUkLtdMember_1" xlink:title="Label : TenarisGlobalServicesUkLtdMember to label_TenarisGlobalServicesUkLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisGlobalServicesUsaCorporationMember" xlink:label="TenarisGlobalServicesUsaCorporationMember" xlink:title="TenarisGlobalServicesUsaCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUsaCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesUsaCorporationMember" xml:lang="en-US" id="label_TenarisGlobalServicesUsaCorporationMember">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUsaCorporationMember" xlink:to="label_TenarisGlobalServicesUsaCorporationMember" xlink:title="Label : TenarisGlobalServicesUsaCorporationMember to label_TenarisGlobalServicesUsaCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUsaCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesUsaCorporationMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesUsaCorporationMember_1">The entity TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesUsaCorporationMember" xlink:to="label_TenarisGlobalServicesUsaCorporationMember_1" xlink:title="Label : TenarisGlobalServicesUsaCorporationMember to label_TenarisGlobalServicesUsaCorporationMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisGlobalServicesCanadaIncMember" xlink:label="TenarisGlobalServicesCanadaIncMember" xlink:title="TenarisGlobalServicesCanadaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesCanadaIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisGlobalServicesCanadaIncMember" xml:lang="en-US" id="label_TenarisGlobalServicesCanadaIncMember">TENARIS GLOBAL SERVICES (CANADA) INC. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesCanadaIncMember" xlink:to="label_TenarisGlobalServicesCanadaIncMember" xlink:title="Label : TenarisGlobalServicesCanadaIncMember to label_TenarisGlobalServicesCanadaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesCanadaIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisGlobalServicesCanadaIncMember_1" xml:lang="en-US" id="label_TenarisGlobalServicesCanadaIncMember_1">The entity TENARIS GLOBAL SERVICES (CANADA) INC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisGlobalServicesCanadaIncMember" xlink:to="label_TenarisGlobalServicesCanadaIncMember_1" xlink:title="Label : TenarisGlobalServicesCanadaIncMember to label_TenarisGlobalServicesCanadaIncMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisFinancialServicesSaMember" xlink:label="TenarisFinancialServicesSaMember" xlink:title="TenarisFinancialServicesSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisFinancialServicesSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisFinancialServicesSaMember" xml:lang="en-US" id="label_TenarisFinancialServicesSaMember">TENARIS FINANCIAL SERVICES S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisFinancialServicesSaMember" xlink:to="label_TenarisFinancialServicesSaMember" xlink:title="Label : TenarisFinancialServicesSaMember to label_TenarisFinancialServicesSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisFinancialServicesSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisFinancialServicesSaMember_1" xml:lang="en-US" id="label_TenarisFinancialServicesSaMember_1">The entity TENARIS FINANCIAL SERVICES S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisFinancialServicesSaMember" xlink:to="label_TenarisFinancialServicesSaMember_1" xlink:title="Label : TenarisFinancialServicesSaMember to label_TenarisFinancialServicesSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisConnectionsBvMember" xlink:label="TenarisConnectionsBvMember" xlink:title="TenarisConnectionsBvMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisConnectionsBvMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisConnectionsBvMember" xml:lang="en-US" id="label_TenarisConnectionsBvMember">TENARIS CONNECTIONS BV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisConnectionsBvMember" xlink:to="label_TenarisConnectionsBvMember" xlink:title="Label : TenarisConnectionsBvMember to label_TenarisConnectionsBvMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisConnectionsBvMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisConnectionsBvMember_1" xml:lang="en-US" id="label_TenarisConnectionsBvMember_1">The entity TENARIS CONNECTIONS BV.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisConnectionsBvMember" xlink:to="label_TenarisConnectionsBvMember_1" xlink:title="Label : TenarisConnectionsBvMember to label_TenarisConnectionsBvMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:label="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:title="TaltatradingEMarketingSociedadeUnipessoalLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xml:lang="en-US" id="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember">The entity TALTA&#x2014;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:to="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:title="Label : TaltatradingEMarketingSociedadeUnipessoalLdaMember to label_TaltatradingEMarketingSociedadeUnipessoalLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" xml:lang="en-US" id="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1">TALTA&#x2014;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:to="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" xlink:title="Label : TaltatradingEMarketingSociedadeUnipessoalLdaMember to label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_2" xml:lang="en-US" id="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_2">TALTA&#x2014;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:to="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_2" xlink:title="Label : TaltatradingEMarketingSociedadeUnipessoalLdaMember to label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SiatSociedadAnonimaMember" xlink:label="SiatSociedadAnonimaMember" xlink:title="SiatSociedadAnonimaMember" />
    <link:label xlink:type="resource" xlink:label="label_SiatSociedadAnonimaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SiatSociedadAnonimaMember" xml:lang="en-US" id="label_SiatSociedadAnonimaMember">SIAT SOCIEDAD ANONIMA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiatSociedadAnonimaMember" xlink:to="label_SiatSociedadAnonimaMember" xlink:title="Label : SiatSociedadAnonimaMember to label_SiatSociedadAnonimaMember" />
    <link:label xlink:type="resource" xlink:label="label_SiatSociedadAnonimaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SiatSociedadAnonimaMember_1" xml:lang="en-US" id="label_SiatSociedadAnonimaMember_1">The entity SIAT SOCIEDAD ANONIMA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SiatSociedadAnonimaMember" xlink:to="label_SiatSociedadAnonimaMember_1" xlink:title="Label : SiatSociedadAnonimaMember to label_SiatSociedadAnonimaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ScSilcotubSaMember" xlink:label="ScSilcotubSaMember" xlink:title="ScSilcotubSaMember" />
    <link:label xlink:type="resource" xlink:label="label_ScSilcotubSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScSilcotubSaMember" xml:lang="en-US" id="label_ScSilcotubSaMember">S.C. SILCOTUB S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScSilcotubSaMember" xlink:to="label_ScSilcotubSaMember" xlink:title="Label : ScSilcotubSaMember to label_ScSilcotubSaMember" />
    <link:label xlink:type="resource" xlink:label="label_ScSilcotubSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScSilcotubSaMember_1" xml:lang="en-US" id="label_ScSilcotubSaMember_1">The entity S.C. SILCOTUB S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScSilcotubSaMember" xlink:to="label_ScSilcotubSaMember_1" xlink:title="Label : ScSilcotubSaMember to label_ScSilcotubSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PrudentialSteelLtdMember" xlink:label="PrudentialSteelLtdMember" xlink:title="PrudentialSteelLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_PrudentialSteelLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrudentialSteelLtdMember" xml:lang="en-US" id="label_PrudentialSteelLtdMember">The entity PRUDENTIAL STEEL LTD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialSteelLtdMember" xlink:to="label_PrudentialSteelLtdMember" xlink:title="Label : PrudentialSteelLtdMember to label_PrudentialSteelLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_PrudentialSteelLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrudentialSteelLtdMember_1" xml:lang="en-US" id="label_PrudentialSteelLtdMember_1">PRUDENTIAL STEEL LTD. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrudentialSteelLtdMember" xlink:to="label_PrudentialSteelLtdMember_1" xlink:title="Label : PrudentialSteelLtdMember to label_PrudentialSteelLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PtSeamlessPipeIndonesiaJayaMember" xlink:label="PtSeamlessPipeIndonesiaJayaMember" xlink:title="PtSeamlessPipeIndonesiaJayaMember" />
    <link:label xlink:type="resource" xlink:label="label_PtSeamlessPipeIndonesiaJayaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PtSeamlessPipeIndonesiaJayaMember" xml:lang="en-US" id="label_PtSeamlessPipeIndonesiaJayaMember">P.T. SEAMLESS PIPE INDONESIA JAYA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PtSeamlessPipeIndonesiaJayaMember" xlink:to="label_PtSeamlessPipeIndonesiaJayaMember" xlink:title="Label : PtSeamlessPipeIndonesiaJayaMember to label_PtSeamlessPipeIndonesiaJayaMember" />
    <link:label xlink:type="resource" xlink:label="label_PtSeamlessPipeIndonesiaJayaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PtSeamlessPipeIndonesiaJayaMember_1" xml:lang="en-US" id="label_PtSeamlessPipeIndonesiaJayaMember_1">The entity PT SEAMLESS PIPE INDONESIA JAYA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PtSeamlessPipeIndonesiaJayaMember" xlink:to="label_PtSeamlessPipeIndonesiaJayaMember_1" xlink:title="Label : PtSeamlessPipeIndonesiaJayaMember to label_PtSeamlessPipeIndonesiaJayaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_KazakhstanPipeThreadersLimitedMember" xlink:label="KazakhstanPipeThreadersLimitedMember" xlink:title="KazakhstanPipeThreadersLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_KazakhstanPipeThreadersLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_KazakhstanPipeThreadersLimitedMember" xml:lang="en-US" id="label_KazakhstanPipeThreadersLimitedMember">Related to Kazakhstan Pipe Threaders Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KazakhstanPipeThreadersLimitedMember" xlink:to="label_KazakhstanPipeThreadersLimitedMember" xlink:title="Label : KazakhstanPipeThreadersLimitedMember to label_KazakhstanPipeThreadersLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_KazakhstanPipeThreadersLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KazakhstanPipeThreadersLimitedMember_1" xml:lang="en-US" id="label_KazakhstanPipeThreadersLimitedMember_1">Kazakhstan Pipe Threaders Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KazakhstanPipeThreadersLimitedMember" xlink:to="label_KazakhstanPipeThreadersLimitedMember_1" xlink:title="Label : KazakhstanPipeThreadersLimitedMember to label_KazakhstanPipeThreadersLimitedMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IPSCOTUBULARSINCAndSubsidiariesMember" xlink:label="IPSCOTUBULARSINCAndSubsidiariesMember" xlink:title="IPSCOTUBULARSINCAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOTUBULARSINCAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IPSCOTUBULARSINCAndSubsidiariesMember" xml:lang="en-US" id="label_IPSCOTUBULARSINCAndSubsidiariesMember">The entity IPSCO TUBULARS INC. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOTUBULARSINCAndSubsidiariesMember" xlink:to="label_IPSCOTUBULARSINCAndSubsidiariesMember" xlink:title="Label : IPSCOTUBULARSINCAndSubsidiariesMember to label_IPSCOTUBULARSINCAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOTUBULARSINCAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IPSCOTUBULARSINCAndSubsidiariesMember_1" xml:lang="en-US" id="label_IPSCOTUBULARSINCAndSubsidiariesMember_1">IPSCO TUBULARS INC. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOTUBULARSINCAndSubsidiariesMember" xlink:to="label_IPSCOTUBULARSINCAndSubsidiariesMember_1" xlink:title="Label : IPSCOTUBULARSINCAndSubsidiariesMember to label_IPSCOTUBULARSINCAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AlgomaTubesIncMember" xlink:label="AlgomaTubesIncMember" xlink:title="AlgomaTubesIncMember" />
    <link:label xlink:type="resource" xlink:label="label_AlgomaTubesIncMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AlgomaTubesIncMember" xml:lang="en-US" id="label_AlgomaTubesIncMember">ALGOMA TUBES INC. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AlgomaTubesIncMember" xlink:to="label_AlgomaTubesIncMember" xlink:title="Label : AlgomaTubesIncMember to label_AlgomaTubesIncMember" />
    <link:label xlink:type="resource" xlink:label="label_AlgomaTubesIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AlgomaTubesIncMember_1" xml:lang="en-US" id="label_AlgomaTubesIncMember_1">The entity ALGOMA TUBES INC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AlgomaTubesIncMember" xlink:to="label_AlgomaTubesIncMember_1" xlink:title="Label : AlgomaTubesIncMember to label_AlgomaTubesIncMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CN_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CN_1" xml:lang="en-US" id="label_CN_1">CHINA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CN" xlink:to="label_CN_1" xlink:title="Label : CN to label_CN_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_CH" xlink:label="CH" xlink:title="CH" />
    <link:label xlink:type="resource" xlink:label="label_CH" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CH" xml:lang="en-US" id="label_CH">SWITZERLAND</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CH" xlink:to="label_CH" xlink:title="Label : CH to label_CH" />
    <link:label xlink:type="resource" xlink:label="label_GB_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GB_1" xml:lang="en-US" id="label_GB_1">UNITED KINGDOM</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GB" xlink:to="label_GB_1" xlink:title="Label : GB to label_GB_1" />
    <link:label xlink:type="resource" xlink:label="label_UY_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UY_1" xml:lang="en-US" id="label_UY_1">URUGUAY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UY" xlink:to="label_UY_1" xlink:title="Label : UY to label_UY_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_NL" xlink:label="NL" xlink:title="NL" />
    <link:label xlink:type="resource" xlink:label="label_NL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NL" xml:lang="en-US" id="label_NL">Netherlands</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NL" xlink:to="label_NL" xlink:title="Label : NL to label_NL" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_PT" xlink:label="PT" xlink:title="PT" />
    <link:label xlink:type="resource" xlink:label="label_PT" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PT" xml:lang="en-US" id="label_PT">Portugal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PT" xlink:to="label_PT" xlink:title="Label : PT to label_PT" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_KZ" xlink:label="KZ" xlink:title="KZ" />
    <link:label xlink:type="resource" xlink:label="label_KZ" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KZ" xml:lang="en-US" id="label_KZ">KAZAKHSTAN</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KZ" xlink:to="label_KZ" xlink:title="Label : KZ to label_KZ" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">Disclosure of subsidiaries [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:title="Label : DisclosureOfSignificantInvestmentsInSubsidiariesLineItems to label_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisBaogangBaotouSteelPipesLtdMember" xlink:label="TenarisBaogangBaotouSteelPipesLtdMember" xlink:title="TenarisBaogangBaotouSteelPipesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBaogangBaotouSteelPipesLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisBaogangBaotouSteelPipesLtdMember" xml:lang="en-US" id="label_TenarisBaogangBaotouSteelPipesLtdMember">Represents information regarding Tenaris Baogang Baotou Steel Pipes Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBaogangBaotouSteelPipesLtdMember" xlink:to="label_TenarisBaogangBaotouSteelPipesLtdMember" xlink:title="Label : TenarisBaogangBaotouSteelPipesLtdMember to label_TenarisBaogangBaotouSteelPipesLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisBaogangBaotouSteelPipesLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisBaogangBaotouSteelPipesLtdMember_1" xml:lang="en-US" id="label_TenarisBaogangBaotouSteelPipesLtdMember_1">Tenaris Baogang Baotou Steel Pipes Ltd [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisBaogangBaotouSteelPipesLtdMember" xlink:to="label_TenarisBaogangBaotouSteelPipesLtdMember_1" xlink:title="Label : TenarisBaogangBaotouSteelPipesLtdMember to label_TenarisBaogangBaotouSteelPipesLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TubularServicesAngolaLdaMember" xlink:label="TubularServicesAngolaLdaMember" xlink:title="TubularServicesAngolaLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularServicesAngolaLdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubularServicesAngolaLdaMember" xml:lang="en-US" id="label_TubularServicesAngolaLdaMember">Represents information regarding Tubular Services Angola Lda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularServicesAngolaLdaMember" xlink:to="label_TubularServicesAngolaLdaMember" xlink:title="Label : TubularServicesAngolaLdaMember to label_TubularServicesAngolaLdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularServicesAngolaLdaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubularServicesAngolaLdaMember_1" xml:lang="en-US" id="label_TubularServicesAngolaLdaMember_1">Tubular Services Angola Lda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularServicesAngolaLdaMember" xlink:to="label_TubularServicesAngolaLdaMember_1" xlink:title="Label : TubularServicesAngolaLdaMember to label_TubularServicesAngolaLdaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AmajaTubularServicesLimitedMember" xlink:label="AmajaTubularServicesLimitedMember" xlink:title="AmajaTubularServicesLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_AmajaTubularServicesLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmajaTubularServicesLimitedMember" xml:lang="en-US" id="label_AmajaTubularServicesLimitedMember">The entity Amaja Tubular Services Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmajaTubularServicesLimitedMember" xlink:to="label_AmajaTubularServicesLimitedMember" xlink:title="Label : AmajaTubularServicesLimitedMember to label_AmajaTubularServicesLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_AmajaTubularServicesLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmajaTubularServicesLimitedMember_1" xml:lang="en-US" id="label_AmajaTubularServicesLimitedMember_1">Amaja Tubular Services Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmajaTubularServicesLimitedMember" xlink:to="label_AmajaTubularServicesLimitedMember_1" xlink:title="Label : AmajaTubularServicesLimitedMember to label_AmajaTubularServicesLimitedMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TubularTechnicalServicesAndPipeCoatersMember" xlink:label="TubularTechnicalServicesAndPipeCoatersMember" xlink:title="TubularTechnicalServicesAndPipeCoatersMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularTechnicalServicesAndPipeCoatersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubularTechnicalServicesAndPipeCoatersMember" xml:lang="en-US" id="label_TubularTechnicalServicesAndPipeCoatersMember">Tubular Technical Services and Pipe Coaters [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularTechnicalServicesAndPipeCoatersMember" xlink:to="label_TubularTechnicalServicesAndPipeCoatersMember" xlink:title="Label : TubularTechnicalServicesAndPipeCoatersMember to label_TubularTechnicalServicesAndPipeCoatersMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularTechnicalServicesAndPipeCoatersMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubularTechnicalServicesAndPipeCoatersMember_1" xml:lang="en-US" id="label_TubularTechnicalServicesAndPipeCoatersMember_1">The entity Tubular Technical Services and Pipe Coaters.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularTechnicalServicesAndPipeCoatersMember" xlink:to="label_TubularTechnicalServicesAndPipeCoatersMember_1" xlink:title="Label : TubularTechnicalServicesAndPipeCoatersMember to label_TubularTechnicalServicesAndPipeCoatersMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisSupplyChainSAMember" xlink:label="TenarisSupplyChainSAMember" xlink:title="TenarisSupplyChainSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisSupplyChainSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisSupplyChainSAMember" xml:lang="en-US" id="label_TenarisSupplyChainSAMember">The entity Tenaris Supply Chain S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisSupplyChainSAMember" xlink:to="label_TenarisSupplyChainSAMember" xlink:title="Label : TenarisSupplyChainSAMember to label_TenarisSupplyChainSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisSupplyChainSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisSupplyChainSAMember_1" xml:lang="en-US" id="label_TenarisSupplyChainSAMember_1">Tenaris Supply Chain S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisSupplyChainSAMember" xlink:to="label_TenarisSupplyChainSAMember_1" xlink:title="Label : TenarisSupplyChainSAMember to label_TenarisSupplyChainSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:label="TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:title="TechnicalDrillingProductionServicesNigeriaLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TechnicalDrillingProductionServicesNigeriaLtdMember" xml:lang="en-US" id="label_TechnicalDrillingProductionServicesNigeriaLtdMember">The entity Technical Drilling &amp; Production Services Nigeria. Ltd.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:to="label_TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:title="Label : TechnicalDrillingProductionServicesNigeriaLtdMember to label_TechnicalDrillingProductionServicesNigeriaLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" xml:lang="en-US" id="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1">Technical Drilling &amp; Production Services Nigeria. Ltd [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechnicalDrillingProductionServicesNigeriaLtdMember" xlink:to="label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" xlink:title="Label : TechnicalDrillingProductionServicesNigeriaLtdMember to label_TechnicalDrillingProductionServicesNigeriaLtdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_HydrilCompanyAndSubsidiariesMember" xlink:label="HydrilCompanyAndSubsidiariesMember" xlink:title="HydrilCompanyAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilCompanyAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrilCompanyAndSubsidiariesMember" xml:lang="en-US" id="label_HydrilCompanyAndSubsidiariesMember">HYDRIL COMPANY and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilCompanyAndSubsidiariesMember" xlink:to="label_HydrilCompanyAndSubsidiariesMember" xlink:title="Label : HydrilCompanyAndSubsidiariesMember to label_HydrilCompanyAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilCompanyAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrilCompanyAndSubsidiariesMember_1" xml:lang="en-US" id="label_HydrilCompanyAndSubsidiariesMember_1">The entity HYDRIL COMPANY and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilCompanyAndSubsidiariesMember" xlink:to="label_HydrilCompanyAndSubsidiariesMember_1" xlink:title="Label : HydrilCompanyAndSubsidiariesMember to label_HydrilCompanyAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable">Disclosure of subsidiaries [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:title="Label : DisclosureOfSignificantInvestmentsInSubsidiariesTable to label_DisclosureOfSignificantInvestmentsInSubsidiariesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AuditorsRemuneration" xlink:label="AuditorsRemuneration" xlink:title="AuditorsRemuneration" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemuneration" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AuditorsRemuneration" xml:lang="en-US" id="label_AuditorsRemuneration">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemuneration" xlink:to="label_AuditorsRemuneration" xlink:title="Label : AuditorsRemuneration to label_AuditorsRemuneration" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemuneration_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemuneration_1" xml:lang="en-US" id="label_AuditorsRemuneration_1">ifrs-full_AuditorsRemuneration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemuneration" xlink:to="label_AuditorsRemuneration_1" xlink:title="Label : AuditorsRemuneration to label_AuditorsRemuneration_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AuditorsRemunerationForOtherServices" xlink:label="AuditorsRemunerationForOtherServices" xlink:title="AuditorsRemunerationForOtherServices" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForOtherServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForOtherServices" xml:lang="en-US" id="label_AuditorsRemunerationForOtherServices">All other fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForOtherServices" xlink:to="label_AuditorsRemunerationForOtherServices" xlink:title="Label : AuditorsRemunerationForOtherServices to label_AuditorsRemunerationForOtherServices" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AuditorsRemunerationForTaxServices" xlink:label="AuditorsRemunerationForTaxServices" xlink:title="AuditorsRemunerationForTaxServices" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForTaxServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForTaxServices" xml:lang="en-US" id="label_AuditorsRemunerationForTaxServices">Tax fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForTaxServices" xlink:to="label_AuditorsRemunerationForTaxServices" xlink:title="Label : AuditorsRemunerationForTaxServices to label_AuditorsRemunerationForTaxServices" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AuditorsRemunerationForAuditrelatedFees" xlink:label="AuditorsRemunerationForAuditrelatedFees" xlink:title="AuditorsRemunerationForAuditrelatedFees" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAuditrelatedFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AuditorsRemunerationForAuditrelatedFees" xml:lang="en-US" id="label_AuditorsRemunerationForAuditrelatedFees">Audit-related fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAuditrelatedFees" xlink:to="label_AuditorsRemunerationForAuditrelatedFees" xlink:title="Label : AuditorsRemunerationForAuditrelatedFees to label_AuditorsRemunerationForAuditrelatedFees" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAuditrelatedFees_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForAuditrelatedFees_1" xml:lang="en-US" id="label_AuditorsRemunerationForAuditrelatedFees_1">Auditors remuneration for audit related fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAuditrelatedFees" xlink:to="label_AuditorsRemunerationForAuditrelatedFees_1" xlink:title="Label : AuditorsRemunerationForAuditrelatedFees to label_AuditorsRemunerationForAuditrelatedFees_1" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAuditrelatedFees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AuditorsRemunerationForAuditrelatedFees_2" xml:lang="en-US" id="label_AuditorsRemunerationForAuditrelatedFees_2">The amount of fees paid or payable to the entity's auditors for other audit-related fees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAuditrelatedFees" xlink:to="label_AuditorsRemunerationForAuditrelatedFees_2" xlink:title="Label : AuditorsRemunerationForAuditrelatedFees to label_AuditorsRemunerationForAuditrelatedFees_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AuditorsRemunerationForAuditServices" xlink:label="AuditorsRemunerationForAuditServices" xlink:title="AuditorsRemunerationForAuditServices" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAuditServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForAuditServices" xml:lang="en-US" id="label_AuditorsRemunerationForAuditServices">Audit fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAuditServices" xlink:to="label_AuditorsRemunerationForAuditServices" xlink:title="Label : AuditorsRemunerationForAuditServices to label_AuditorsRemunerationForAuditServices" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FinancialDebtRelatedParties" xlink:label="FinancialDebtRelatedParties" xlink:title="FinancialDebtRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinancialDebtRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialDebtRelatedParties" xml:lang="en-US" id="label_FinancialDebtRelatedParties">Financial debt related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialDebtRelatedParties" xlink:to="label_FinancialDebtRelatedParties" xlink:title="Label : FinancialDebtRelatedParties to label_FinancialDebtRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinancialDebtRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinancialDebtRelatedParties_1" xml:lang="en-US" id="label_FinancialDebtRelatedParties_1">Financial debt, related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialDebtRelatedParties" xlink:to="label_FinancialDebtRelatedParties_1" xlink:title="Label : FinancialDebtRelatedParties to label_FinancialDebtRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialDebtRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialDebtRelatedParties_2" xml:lang="en-US" id="label_FinancialDebtRelatedParties_2">Represents the amount of financial debt with related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialDebtRelatedParties" xlink:to="label_FinancialDebtRelatedParties_2" xlink:title="Label : FinancialDebtRelatedParties to label_FinancialDebtRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:label="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:title="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties">Finance lease liabilities from other related non-consolidated parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:to="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:title="Label : FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1">Finance lease liabilities from other related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" xlink:to="label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" xlink:title="Label : FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties to label_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FinanceLeaseLiabilitiesFromAssociatedCompanies" xlink:label="FinanceLeaseLiabilitiesFromAssociatedCompanies" xlink:title="FinanceLeaseLiabilitiesFromAssociatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromAssociatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeaseLiabilitiesFromAssociatedCompanies" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromAssociatedCompanies">Finance lease liabilities from associated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromAssociatedCompanies" xlink:to="label_FinanceLeaseLiabilitiesFromAssociatedCompanies" xlink:title="Label : FinanceLeaseLiabilitiesFromAssociatedCompanies to label_FinanceLeaseLiabilitiesFromAssociatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesFromAssociatedCompanies_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceLeaseLiabilitiesFromAssociatedCompanies_1" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesFromAssociatedCompanies_1">Represents the amount of finance lease liabilities from associated companies as of the specified date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesFromAssociatedCompanies" xlink:to="label_FinanceLeaseLiabilitiesFromAssociatedCompanies_1" xlink:title="Label : FinanceLeaseLiabilitiesFromAssociatedCompanies to label_FinanceLeaseLiabilitiesFromAssociatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_1">Nationalization of subsidiaries compensation award post judgment interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest to label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_2">Nationalization of subsidiaries, compensation award post-judgment interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest to label_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest">The amount awarded, including principal and post-award interest, as compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1">Nationalization of subsidiaries, compensation award including including principal and post-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AmountsReceivablePayableRelatedPartyTransactions" xlink:label="AmountsReceivablePayableRelatedPartyTransactions" xlink:title="AmountsReceivablePayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivablePayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AmountsReceivablePayableRelatedPartyTransactions" xml:lang="en-US" id="label_AmountsReceivablePayableRelatedPartyTransactions">Amounts receivable (payable), related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivablePayableRelatedPartyTransactions" xlink:to="label_AmountsReceivablePayableRelatedPartyTransactions" xlink:title="Label : AmountsReceivablePayableRelatedPartyTransactions to label_AmountsReceivablePayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivablePayableRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountsReceivablePayableRelatedPartyTransactions_1" xml:lang="en-US" id="label_AmountsReceivablePayableRelatedPartyTransactions_1">Amounts receivable payable related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivablePayableRelatedPartyTransactions" xlink:to="label_AmountsReceivablePayableRelatedPartyTransactions_1" xlink:title="Label : AmountsReceivablePayableRelatedPartyTransactions to label_AmountsReceivablePayableRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivablePayableRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountsReceivablePayableRelatedPartyTransactions_2" xml:lang="en-US" id="label_AmountsReceivablePayableRelatedPartyTransactions_2">The amounts receivable (payable) resulting from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivablePayableRelatedPartyTransactions" xlink:to="label_AmountsReceivablePayableRelatedPartyTransactions_2" xlink:title="Label : AmountsReceivablePayableRelatedPartyTransactions to label_AmountsReceivablePayableRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:label="AmountsPayableRelatedPartyTransactions" xlink:title="AmountsPayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsPayableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_AmountsPayableRelatedPartyTransactions" xml:lang="en-US" id="label_AmountsPayableRelatedPartyTransactions">Payables to non-consolidated parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsPayableRelatedPartyTransactions" xlink:to="label_AmountsPayableRelatedPartyTransactions" xlink:title="Label : AmountsPayableRelatedPartyTransactions to label_AmountsPayableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsPayableRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountsPayableRelatedPartyTransactions_1" xml:lang="en-US" id="label_AmountsPayableRelatedPartyTransactions_1">ifrs-full_AmountsPayableRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsPayableRelatedPartyTransactions" xlink:to="label_AmountsPayableRelatedPartyTransactions_1" xlink:title="Label : AmountsPayableRelatedPartyTransactions to label_AmountsPayableRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:label="AmountsReceivableRelatedPartyTransactions" xlink:title="AmountsReceivableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivableRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountsReceivableRelatedPartyTransactions" xml:lang="en-US" id="label_AmountsReceivableRelatedPartyTransactions">ifrs-full_AmountsReceivableRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivableRelatedPartyTransactions" xlink:to="label_AmountsReceivableRelatedPartyTransactions" xlink:title="Label : AmountsReceivableRelatedPartyTransactions to label_AmountsReceivableRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_AmountsReceivableRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AmountsReceivableRelatedPartyTransactions_1" xml:lang="en-US" id="label_AmountsReceivableRelatedPartyTransactions_1">Receivables from non-consolidated parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountsReceivableRelatedPartyTransactions" xlink:to="label_AmountsReceivableRelatedPartyTransactions_1" xlink:title="Label : AmountsReceivableRelatedPartyTransactions to label_AmountsReceivableRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:label="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:title="PurchasesOfGoodsAndServicesRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xml:lang="en-US" id="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions">Purchases of goods and services, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:title="Label : PurchasesOfGoodsAndServicesRelatedPartyTransactions to label_PurchasesOfGoodsAndServicesRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" xml:lang="en-US" id="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1">Purchases of goods and services related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" xlink:title="Label : PurchasesOfGoodsAndServicesRelatedPartyTransactions to label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" xml:lang="en-US" id="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2">The amount of purchases of goods and services in related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsAndServicesRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" xlink:title="Label : PurchasesOfGoodsAndServicesRelatedPartyTransactions to label_PurchasesOfGoodsAndServicesRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:label="PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:title="PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xml:lang="en-US" id="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions">Purchases of services to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:to="label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" xlink:title="Label : PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions to label_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:label="PurchasesOfGoodsRelatedPartyTransactions" xlink:title="PurchasesOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchasesOfGoodsRelatedPartyTransactions" xml:lang="en-US" id="label_PurchasesOfGoodsRelatedPartyTransactions">ifrs-full_PurchasesOfGoodsRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsRelatedPartyTransactions" xlink:title="Label : PurchasesOfGoodsRelatedPartyTransactions to label_PurchasesOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesOfGoodsRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchasesOfGoodsRelatedPartyTransactions_1" xml:lang="en-US" id="label_PurchasesOfGoodsRelatedPartyTransactions_1">Purchases of goods to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesOfGoodsRelatedPartyTransactions" xlink:to="label_PurchasesOfGoodsRelatedPartyTransactions_1" xlink:title="Label : PurchasesOfGoodsRelatedPartyTransactions to label_PurchasesOfGoodsRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RevenueRelatedPartyTransactions" xlink:label="RevenueRelatedPartyTransactions" xlink:title="RevenueRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueRelatedPartyTransactions" xml:lang="en-US" id="label_RevenueRelatedPartyTransactions">Revenue, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRelatedPartyTransactions" xlink:to="label_RevenueRelatedPartyTransactions" xlink:title="Label : RevenueRelatedPartyTransactions to label_RevenueRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueRelatedPartyTransactions_1" xml:lang="en-US" id="label_RevenueRelatedPartyTransactions_1">Revenue related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRelatedPartyTransactions" xlink:to="label_RevenueRelatedPartyTransactions_1" xlink:title="Label : RevenueRelatedPartyTransactions to label_RevenueRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2">Nationalization of subsidiaries compensation award including principal and post award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:label="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:title="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest">Nationalization of subsidiaries compensation award including preaward interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" />
    <link:label xlink:type="resource" xlink:label="label_RevenueRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueRelatedPartyTransactions_2" xml:lang="en-US" id="label_RevenueRelatedPartyTransactions_2">The amount of revenue arising from related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueRelatedPartyTransactions" xlink:to="label_RevenueRelatedPartyTransactions_2" xlink:title="Label : RevenueRelatedPartyTransactions to label_RevenueRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:label="RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:title="RevenueFromRenderingOfServicesRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueFromRenderingOfServicesRelatedPartyTransactions" xml:lang="en-US" id="label_RevenueFromRenderingOfServicesRelatedPartyTransactions">Sales of services to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:to="label_RevenueFromRenderingOfServicesRelatedPartyTransactions" xlink:title="Label : RevenueFromRenderingOfServicesRelatedPartyTransactions to label_RevenueFromRenderingOfServicesRelatedPartyTransactions" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:label="RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:title="RevenueFromSaleOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromSaleOfGoodsRelatedPartyTransactions" xml:lang="en-US" id="label_RevenueFromSaleOfGoodsRelatedPartyTransactions">ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:to="label_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:title="Label : RevenueFromSaleOfGoodsRelatedPartyTransactions to label_RevenueFromSaleOfGoodsRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" xml:lang="en-US" id="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1">Sales of goods to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:to="label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" xlink:title="Label : RevenueFromSaleOfGoodsRelatedPartyTransactions to label_RevenueFromSaleOfGoodsRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherRelatedPartiesMember" xlink:label="OtherRelatedPartiesMember" xlink:title="OtherRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherRelatedPartiesMember" xml:lang="en-US" id="label_OtherRelatedPartiesMember">Other related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRelatedPartiesMember" xlink:to="label_OtherRelatedPartiesMember" xlink:title="Label : OtherRelatedPartiesMember to label_OtherRelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AssociatesMember" xlink:label="AssociatesMember" xlink:title="AssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_AssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssociatesMember" xml:lang="en-US" id="label_AssociatesMember">Associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssociatesMember" xlink:to="label_AssociatesMember" xlink:title="Label : AssociatesMember to label_AssociatesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="KeyManagementPersonnelCompensationSharebasedPayment" xlink:title="KeyManagementPersonnelCompensationSharebasedPayment" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensationSharebasedPayment" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationSharebasedPayment">Key management personnel compensation, share-based payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment" xlink:title="Label : KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationSharebasedPayment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationSharebasedPayment_1" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationSharebasedPayment_1">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="label_KeyManagementPersonnelCompensationSharebasedPayment_1" xlink:title="Label : KeyManagementPersonnelCompensationSharebasedPayment to label_KeyManagementPersonnelCompensationSharebasedPayment_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UnitsIssuedRelatedPartyTransactions" xlink:label="UnitsIssuedRelatedPartyTransactions" xlink:title="UnitsIssuedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_UnitsIssuedRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnitsIssuedRelatedPartyTransactions" xml:lang="en-US" id="label_UnitsIssuedRelatedPartyTransactions">Units issued related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitsIssuedRelatedPartyTransactions" xlink:to="label_UnitsIssuedRelatedPartyTransactions" xlink:title="Label : UnitsIssuedRelatedPartyTransactions to label_UnitsIssuedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_UnitsIssuedRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnitsIssuedRelatedPartyTransactions_1" xml:lang="en-US" id="label_UnitsIssuedRelatedPartyTransactions_1">Units issued, related party transactions (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitsIssuedRelatedPartyTransactions" xlink:to="label_UnitsIssuedRelatedPartyTransactions_1" xlink:title="Label : UnitsIssuedRelatedPartyTransactions to label_UnitsIssuedRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_UnitsIssuedRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnitsIssuedRelatedPartyTransactions_2" xml:lang="en-US" id="label_UnitsIssuedRelatedPartyTransactions_2">The number of units issued in a related party transaction.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnitsIssuedRelatedPartyTransactions" xlink:to="label_UnitsIssuedRelatedPartyTransactions_2" xlink:title="Label : UnitsIssuedRelatedPartyTransactions to label_UnitsIssuedRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfOwnershipInterest" xlink:label="PercentageOfOwnershipInterest" xlink:title="PercentageOfOwnershipInterest" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOwnershipInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PercentageOfOwnershipInterest" xml:lang="en-US" id="label_PercentageOfOwnershipInterest">Proportion of ownership interest in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOwnershipInterest" xlink:to="label_PercentageOfOwnershipInterest" xlink:title="Label : PercentageOfOwnershipInterest to label_PercentageOfOwnershipInterest" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1">Nationalization of subsidiaries, compensation award including pre-award interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2">The amount awarded, including pre-award interest, as compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest to label_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest_2" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2">The amount of post-award interest for compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardPostawardInterest to label_NationalizationOfSubsidiariesCompensationAwardPostawardInterest_2" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOwnershipInterest_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfOwnershipInterest_1" xml:lang="en-US" id="label_PercentageOfOwnershipInterest_1">Percentage of ownership interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOwnershipInterest" xlink:to="label_PercentageOfOwnershipInterest_1" xlink:title="Label : PercentageOfOwnershipInterest to label_PercentageOfOwnershipInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfOwnershipInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfOwnershipInterest_2" xml:lang="en-US" id="label_PercentageOfOwnershipInterest_2">Percentage of the voting interest owned by the reporting entity (directly or indirectly).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfOwnershipInterest" xlink:to="label_PercentageOfOwnershipInterest_2" xlink:title="Label : PercentageOfOwnershipInterest to label_PercentageOfOwnershipInterest_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">Disclosure of transactions between related parties [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesLineItems to label_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:label="KeyManagementPersonnelOfEntityOrParentMember" xlink:title="KeyManagementPersonnelOfEntityOrParentMember" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelOfEntityOrParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelOfEntityOrParentMember" xml:lang="en-US" id="label_KeyManagementPersonnelOfEntityOrParentMember">Key management personnel of entity or parent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelOfEntityOrParentMember" xlink:to="label_KeyManagementPersonnelOfEntityOrParentMember" xlink:title="Label : KeyManagementPersonnelOfEntityOrParentMember to label_KeyManagementPersonnelOfEntityOrParentMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SanFaustinSaMember" xlink:label="SanFaustinSaMember" xlink:title="SanFaustinSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SanFaustinSaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SanFaustinSaMember" xml:lang="en-US" id="label_SanFaustinSaMember">Represents San Faustin S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SanFaustinSaMember" xlink:to="label_SanFaustinSaMember" xlink:title="Label : SanFaustinSaMember to label_SanFaustinSaMember" />
    <link:label xlink:type="resource" xlink:label="label_SanFaustinSaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SanFaustinSaMember_1" xml:lang="en-US" id="label_SanFaustinSaMember_1">San Faustin S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SanFaustinSaMember" xlink:to="label_SanFaustinSaMember_1" xlink:title="Label : SanFaustinSaMember to label_SanFaustinSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesTable">Disclosure of transactions between related parties [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesTable to label_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="InterestPaidClassifiedAsOperatingActivities" xlink:title="InterestPaidClassifiedAsOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPaidClassifiedAsOperatingActivities" xml:lang="en-US" id="label_InterestPaidClassifiedAsOperatingActivities">ifrs-full_InterestPaidClassifiedAsOperatingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsOperatingActivities" xlink:to="label_InterestPaidClassifiedAsOperatingActivities" xlink:title="Label : InterestPaidClassifiedAsOperatingActivities to label_InterestPaidClassifiedAsOperatingActivities" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xlink:label="NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xlink:title="NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault">Nationalization of subsidiaries period of post award interest from date of award to payment in default</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xlink:to="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xlink:title="Label : NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault to label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_1">Nationalization of subsidiaries, period of post-award interest from date of award to payment in default</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xlink:to="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_1" xlink:title="Label : NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault to label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_2">The period of post-award interest from the date of the award to payment in default related to compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" xlink:to="label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_2" xlink:title="Label : NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault to label_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault_2" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesPostawardInterestRate_2">The rate at which interest will accrue if compensation for the nationalization of subsidiaries is not received by the due date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesPostawardInterestRate" xlink:to="label_NationalizationOfSubsidiariesPostawardInterestRate_2" xlink:title="Label : NationalizationOfSubsidiariesPostawardInterestRate to label_NationalizationOfSubsidiariesPostawardInterestRate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" xlink:label="NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" xlink:title="NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" xml:lang="en-US" id="label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment">Nationalization of subsidiaries grace period granted from date of award to make payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" xlink:to="label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" xlink:title="Label : NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment to label_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestIncome" xlink:to="label_AdjustmentsForInterestIncome_1" xlink:title="Label : AdjustmentsForInterestIncome to label_AdjustmentsForInterestIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InterestAccrued" xlink:label="InterestAccrued" xlink:title="InterestAccrued" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysNetEquity" xlink:to="label_PercentageOfEntitysNetEquity" xlink:title="Label : PercentageOfEntitysNetEquity to label_PercentageOfEntitysNetEquity" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysNetEquity_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfEntitysNetEquity_1" xml:lang="en-US" id="label_PercentageOfEntitysNetEquity_1">The percentage of the entity's net equity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysNetEquity" xlink:to="label_PercentageOfEntitysNetEquity_1" xlink:title="Label : PercentageOfEntitysNetEquity to label_PercentageOfEntitysNetEquity_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysNetEquity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEntitysNetEquity_2" xml:lang="en-US" id="label_PercentageOfEntitysNetEquity_2">Percentage of entitys net equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysNetEquity" xlink:to="label_PercentageOfEntitysNetEquity_2" xlink:title="Label : PercentageOfEntitysNetEquity to label_PercentageOfEntitysNetEquity_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InternationalMarketMember" xlink:label="InternationalMarketMember" xlink:title="InternationalMarketMember" />
    <link:label xlink:type="resource" xlink:label="label_InternationalMarketMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InternationalMarketMember" xml:lang="en-US" id="label_InternationalMarketMember">International market [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InternationalMarketMember" xlink:to="label_InternationalMarketMember" xlink:title="Label : InternationalMarketMember to label_InternationalMarketMember" />
    <link:label xlink:type="resource" xlink:label="label_InternationalMarketMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InternationalMarketMember_1" xml:lang="en-US" id="label_InternationalMarketMember_1">This member stands for the information pertaining to international market.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InternationalMarketMember" xlink:to="label_InternationalMarketMember_1" xlink:title="Label : InternationalMarketMember to label_InternationalMarketMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InternationalMarketMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InternationalMarketMember_2" xml:lang="en-US" id="label_InternationalMarketMember_2">International market [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InternationalMarketMember" xlink:to="label_InternationalMarketMember_2" xlink:title="Label : InternationalMarketMember to label_InternationalMarketMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Land" xlink:label="Land" xlink:title="Land" />
    <link:label xlink:type="resource" xlink:label="label_Land" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Land" xml:lang="en-US" id="label_Land">Land</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Land" xlink:to="label_Land" xlink:title="Label : Land to label_Land" />
    <link:label xlink:type="resource" xlink:label="label_Land_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Land_1" xml:lang="en-US" id="label_Land_1">Land plots, carrying value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Land" xlink:to="label_Land_1" xlink:title="Label : Land to label_Land_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AreaOfLand1" xlink:label="AreaOfLand1" xlink:title="AreaOfLand1" />
    <link:label xlink:type="resource" xlink:label="label_AreaOfLand1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AreaOfLand1" xml:lang="en-US" id="label_AreaOfLand1">Area of land 1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfLand1" xlink:to="label_AreaOfLand1" xlink:title="Label : AreaOfLand1 to label_AreaOfLand1" />
    <link:label xlink:type="resource" xlink:label="label_AreaOfLand1_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AreaOfLand1_1" xml:lang="en-US" id="label_AreaOfLand1_1">Area of land (in square meters)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfLand1" xlink:to="label_AreaOfLand1_1" xlink:title="Label : AreaOfLand1 to label_AreaOfLand1_1" />
    <link:label xlink:type="resource" xlink:label="label_AreaOfLand1_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AreaOfLand1_2" xml:lang="en-US" id="label_AreaOfLand1_2">The area of land held by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaOfLand1" xlink:to="label_AreaOfLand1_2" xlink:title="Label : AreaOfLand1 to label_AreaOfLand1_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentOfMinimumTransferOfNetProfitToLegalReserve" xlink:label="PercentOfMinimumTransferOfNetProfitToLegalReserve" xlink:title="PercentOfMinimumTransferOfNetProfitToLegalReserve" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfMinimumTransferOfNetProfitToLegalReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentOfMinimumTransferOfNetProfitToLegalReserve" xml:lang="en-US" id="label_PercentOfMinimumTransferOfNetProfitToLegalReserve">Percent of minimum transfer of net profit to legal reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfMinimumTransferOfNetProfitToLegalReserve" xlink:to="label_PercentOfMinimumTransferOfNetProfitToLegalReserve" xlink:title="Label : PercentOfMinimumTransferOfNetProfitToLegalReserve to label_PercentOfMinimumTransferOfNetProfitToLegalReserve" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_1" xml:lang="en-US" id="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_1">The proportion of minimum transfer of net profit to legal reserve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfMinimumTransferOfNetProfitToLegalReserve" xlink:to="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_1" xlink:title="Label : PercentOfMinimumTransferOfNetProfitToLegalReserve to label_PercentOfMinimumTransferOfNetProfitToLegalReserve_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_2" xml:lang="en-US" id="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_2">Percent of minimum transfer of net profit to legal reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfMinimumTransferOfNetProfitToLegalReserve" xlink:to="label_PercentOfMinimumTransferOfNetProfitToLegalReserve_2" xlink:title="Label : PercentOfMinimumTransferOfNetProfitToLegalReserve to label_PercentOfMinimumTransferOfNetProfitToLegalReserve_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RenewableTermOfSupplyContract" xlink:label="RenewableTermOfSupplyContract" xlink:title="RenewableTermOfSupplyContract" />
    <link:label xlink:type="resource" xlink:label="label_RenewableTermOfSupplyContract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RenewableTermOfSupplyContract" xml:lang="en-US" id="label_RenewableTermOfSupplyContract">Renewable term of supply contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RenewableTermOfSupplyContract" xlink:to="label_RenewableTermOfSupplyContract" xlink:title="Label : RenewableTermOfSupplyContract to label_RenewableTermOfSupplyContract" />
    <link:label xlink:type="resource" xlink:label="label_RenewableTermOfSupplyContract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RenewableTermOfSupplyContract_1" xml:lang="en-US" id="label_RenewableTermOfSupplyContract_1">The renewable period of a supply contract term.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RenewableTermOfSupplyContract" xlink:to="label_RenewableTermOfSupplyContract_1" xlink:title="Label : RenewableTermOfSupplyContract to label_RenewableTermOfSupplyContract_1" />
    <link:label xlink:type="resource" xlink:label="label_RenewableTermOfSupplyContract_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RenewableTermOfSupplyContract_2" xml:lang="en-US" id="label_RenewableTermOfSupplyContract_2">Renewable term of supply contract (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RenewableTermOfSupplyContract" xlink:to="label_RenewableTermOfSupplyContract_2" xlink:title="Label : RenewableTermOfSupplyContract to label_RenewableTermOfSupplyContract_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DumpingRateImposed" xlink:label="DumpingRateImposed" xlink:title="DumpingRateImposed" />
    <link:label xlink:type="resource" xlink:label="label_DumpingRateImposed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DumpingRateImposed" xml:lang="en-US" id="label_DumpingRateImposed">Dumping rate imposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DumpingRateImposed" xlink:to="label_DumpingRateImposed" xlink:title="Label : DumpingRateImposed to label_DumpingRateImposed" />
    <link:label xlink:type="resource" xlink:label="label_DumpingRateImposed_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DumpingRateImposed_1" xml:lang="en-US" id="label_DumpingRateImposed_1">The percentage of the dumping duty rate imposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DumpingRateImposed" xlink:to="label_DumpingRateImposed_1" xlink:title="Label : DumpingRateImposed to label_DumpingRateImposed_1" />
    <link:label xlink:type="resource" xlink:label="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_1" xml:lang="en-US" id="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_1">The favourable percentage expected of duties and tariffs on import value of product under agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct" xlink:to="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_1" xlink:title="Label : FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct to label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_1" />
    <link:label xlink:type="resource" xlink:label="label_DumpingRateImposed_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DumpingRateImposed_2" xml:lang="en-US" id="label_DumpingRateImposed_2">Dumping rate imposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DumpingRateImposed" xlink:to="label_DumpingRateImposed_2" xlink:title="Label : DumpingRateImposed to label_DumpingRateImposed_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PenaltiesImposed" xlink:label="PenaltiesImposed" xlink:title="PenaltiesImposed" />
    <link:label xlink:type="resource" xlink:label="label_PenaltiesImposed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PenaltiesImposed" xml:lang="en-US" id="label_PenaltiesImposed">Penalties imposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltiesImposed" xlink:to="label_PenaltiesImposed" xlink:title="Label : PenaltiesImposed to label_PenaltiesImposed" />
    <link:label xlink:type="resource" xlink:label="label_PenaltiesImposed_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PenaltiesImposed_1" xml:lang="en-US" id="label_PenaltiesImposed_1">Penalties imposed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltiesImposed" xlink:to="label_PenaltiesImposed_1" xlink:title="Label : PenaltiesImposed to label_PenaltiesImposed_1" />
    <link:label xlink:type="resource" xlink:label="label_PenaltiesImposed_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PenaltiesImposed_2" xml:lang="en-US" id="label_PenaltiesImposed_2">The amount of expenses arising from penalties imposed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltiesImposed" xlink:to="label_PenaltiesImposed_2" xlink:title="Label : PenaltiesImposed to label_PenaltiesImposed_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TermOfSupplyContractAvailableExtension" xlink:label="TermOfSupplyContractAvailableExtension" xlink:title="TermOfSupplyContractAvailableExtension" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContractAvailableExtension" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermOfSupplyContractAvailableExtension" xml:lang="en-US" id="label_TermOfSupplyContractAvailableExtension">Represents the term of supply contract, available extension.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContractAvailableExtension" xlink:to="label_TermOfSupplyContractAvailableExtension" xlink:title="Label : TermOfSupplyContractAvailableExtension to label_TermOfSupplyContractAvailableExtension" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContractAvailableExtension_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TermOfSupplyContractAvailableExtension_1" xml:lang="en-US" id="label_TermOfSupplyContractAvailableExtension_1">Term of supply contract, available extension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContractAvailableExtension" xlink:to="label_TermOfSupplyContractAvailableExtension_1" xlink:title="Label : TermOfSupplyContractAvailableExtension to label_TermOfSupplyContractAvailableExtension_1" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContractAvailableExtension_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermOfSupplyContractAvailableExtension_2" xml:lang="en-US" id="label_TermOfSupplyContractAvailableExtension_2">Term of supply contract available extension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContractAvailableExtension" xlink:to="label_TermOfSupplyContractAvailableExtension_2" xlink:title="Label : TermOfSupplyContractAvailableExtension to label_TermOfSupplyContractAvailableExtension_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MasterDistributionAgreementTerm" xlink:label="MasterDistributionAgreementTerm" xlink:title="MasterDistributionAgreementTerm" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MasterDistributionAgreementTerm" xml:lang="en-US" id="label_MasterDistributionAgreementTerm">Represents the term of a master distribution agreement, wherein the acquirer is the exclusive distributor of products.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTerm" xlink:to="label_MasterDistributionAgreementTerm" xlink:title="Label : MasterDistributionAgreementTerm to label_MasterDistributionAgreementTerm" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTerm_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MasterDistributionAgreementTerm_1" xml:lang="en-US" id="label_MasterDistributionAgreementTerm_1">Master distribution agreement, term (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTerm" xlink:to="label_MasterDistributionAgreementTerm_1" xlink:title="Label : MasterDistributionAgreementTerm to label_MasterDistributionAgreementTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_MasterDistributionAgreementTerm_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MasterDistributionAgreementTerm_2" xml:lang="en-US" id="label_MasterDistributionAgreementTerm_2">Master distribution agreement term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MasterDistributionAgreementTerm" xlink:to="label_MasterDistributionAgreementTerm_2" xlink:title="Label : MasterDistributionAgreementTerm to label_MasterDistributionAgreementTerm_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PerformanceGuaranteesIssued" xlink:label="PerformanceGuaranteesIssued" xlink:title="PerformanceGuaranteesIssued" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceGuaranteesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PerformanceGuaranteesIssued" xml:lang="en-US" id="label_PerformanceGuaranteesIssued">Performance guarantees issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceGuaranteesIssued" xlink:to="label_PerformanceGuaranteesIssued" xlink:title="Label : PerformanceGuaranteesIssued to label_PerformanceGuaranteesIssued" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceGuaranteesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PerformanceGuaranteesIssued_1" xml:lang="en-US" id="label_PerformanceGuaranteesIssued_1">Performance Guarantees Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceGuaranteesIssued" xlink:to="label_PerformanceGuaranteesIssued_1" xlink:title="Label : PerformanceGuaranteesIssued to label_PerformanceGuaranteesIssued_1" />
    <link:label xlink:type="resource" xlink:label="label_PerformanceGuaranteesIssued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PerformanceGuaranteesIssued_2" xml:lang="en-US" id="label_PerformanceGuaranteesIssued_2">Represents the amount of performance guarantees issued as of the specified date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PerformanceGuaranteesIssued" xlink:to="label_PerformanceGuaranteesIssued_2" xlink:title="Label : PerformanceGuaranteesIssued to label_PerformanceGuaranteesIssued_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:label="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:title="MaximumNumberOfTonsOfPelletsSuppliedAnnually" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xml:lang="en-US" id="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually">Maximum number of tons of pellets supplied annually</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:to="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:title="Label : MaximumNumberOfTonsOfPelletsSuppliedAnnually to label_MaximumNumberOfTonsOfPelletsSuppliedAnnually" />
    <link:label xlink:type="resource" xlink:label="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_2" xml:lang="en-US" id="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_2">Favourable percentage expected of duties and tariffs on import value of product</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct" xlink:to="label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_2" xlink:title="Label : FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct to label_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct_2" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" xml:lang="en-US" id="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1">Maximum number of tons of pellets supplied annually (Metric Ton)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:to="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" xlink:title="Label : MaximumNumberOfTonsOfPelletsSuppliedAnnually to label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" xml:lang="en-US" id="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2">The maximum number of metric tons of pellets supplied annually.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfTonsOfPelletsSuppliedAnnually" xlink:to="label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" xlink:title="Label : MaximumNumberOfTonsOfPelletsSuppliedAnnually to label_MaximumNumberOfTonsOfPelletsSuppliedAnnually_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentOfAnnualIronOreNeedsSupplied" xlink:label="PercentOfAnnualIronOreNeedsSupplied" xlink:title="PercentOfAnnualIronOreNeedsSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfAnnualIronOreNeedsSupplied" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentOfAnnualIronOreNeedsSupplied" xml:lang="en-US" id="label_PercentOfAnnualIronOreNeedsSupplied">Percent of annual iron ore needs supplied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfAnnualIronOreNeedsSupplied" xlink:to="label_PercentOfAnnualIronOreNeedsSupplied" xlink:title="Label : PercentOfAnnualIronOreNeedsSupplied to label_PercentOfAnnualIronOreNeedsSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfAnnualIronOreNeedsSupplied_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentOfAnnualIronOreNeedsSupplied_1" xml:lang="en-US" id="label_PercentOfAnnualIronOreNeedsSupplied_1">Percent of annual iron ore needs supplied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfAnnualIronOreNeedsSupplied" xlink:to="label_PercentOfAnnualIronOreNeedsSupplied_1" xlink:title="Label : PercentOfAnnualIronOreNeedsSupplied to label_PercentOfAnnualIronOreNeedsSupplied_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentOfAnnualIronOreNeedsSupplied_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentOfAnnualIronOreNeedsSupplied_2" xml:lang="en-US" id="label_PercentOfAnnualIronOreNeedsSupplied_2">The percent of annual iron ore needs that will be supplied.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentOfAnnualIronOreNeedsSupplied" xlink:to="label_PercentOfAnnualIronOreNeedsSupplied_2" xlink:title="Label : PercentOfAnnualIronOreNeedsSupplied to label_PercentOfAnnualIronOreNeedsSupplied_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProportionOfPowerGenerationCapacity" xlink:label="ProportionOfPowerGenerationCapacity" xlink:title="ProportionOfPowerGenerationCapacity" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfPowerGenerationCapacity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProportionOfPowerGenerationCapacity" xml:lang="en-US" id="label_ProportionOfPowerGenerationCapacity">Represents the proportion of power generation capacity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfPowerGenerationCapacity" xlink:to="label_ProportionOfPowerGenerationCapacity" xlink:title="Label : ProportionOfPowerGenerationCapacity to label_ProportionOfPowerGenerationCapacity" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfPowerGenerationCapacity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfPowerGenerationCapacity_1" xml:lang="en-US" id="label_ProportionOfPowerGenerationCapacity_1">Proportion of power generation capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfPowerGenerationCapacity" xlink:to="label_ProportionOfPowerGenerationCapacity_1" xlink:title="Label : ProportionOfPowerGenerationCapacity to label_ProportionOfPowerGenerationCapacity_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfPowerGenerationCapacity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfPowerGenerationCapacity_2" xml:lang="en-US" id="label_ProportionOfPowerGenerationCapacity_2">Proportion of power generation capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfPowerGenerationCapacity" xlink:to="label_ProportionOfPowerGenerationCapacity_2" xlink:title="Label : ProportionOfPowerGenerationCapacity to label_ProportionOfPowerGenerationCapacity_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PurchaseCommitmentsPercentageToBeMade" xlink:label="PurchaseCommitmentsPercentageToBeMade" xlink:title="PurchaseCommitmentsPercentageToBeMade" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitmentsPercentageToBeMade" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseCommitmentsPercentageToBeMade" xml:lang="en-US" id="label_PurchaseCommitmentsPercentageToBeMade">Purchase commitments percentage to be made</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitmentsPercentageToBeMade" xlink:to="label_PurchaseCommitmentsPercentageToBeMade" xlink:title="Label : PurchaseCommitmentsPercentageToBeMade to label_PurchaseCommitmentsPercentageToBeMade" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitmentsPercentageToBeMade_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseCommitmentsPercentageToBeMade_1" xml:lang="en-US" id="label_PurchaseCommitmentsPercentageToBeMade_1">Purchase commitments percentage to be made</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitmentsPercentageToBeMade" xlink:to="label_PurchaseCommitmentsPercentageToBeMade_1" xlink:title="Label : PurchaseCommitmentsPercentageToBeMade to label_PurchaseCommitmentsPercentageToBeMade_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitmentsPercentageToBeMade_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchaseCommitmentsPercentageToBeMade_2" xml:lang="en-US" id="label_PurchaseCommitmentsPercentageToBeMade_2">The percentage of purchase commitments to be made under purchase contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitmentsPercentageToBeMade" xlink:to="label_PurchaseCommitmentsPercentageToBeMade_2" xlink:title="Label : PurchaseCommitmentsPercentageToBeMade to label_PurchaseCommitmentsPercentageToBeMade_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PurchaseCommitments" xlink:label="PurchaseCommitments" xlink:title="PurchaseCommitments" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchaseCommitments" xml:lang="en-US" id="label_PurchaseCommitments">The amount liable for purchase commitments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitments" xlink:to="label_PurchaseCommitments" xlink:title="Label : PurchaseCommitments to label_PurchaseCommitments" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseCommitments_1" xml:lang="en-US" id="label_PurchaseCommitments_1">Purchase commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitments" xlink:to="label_PurchaseCommitments_1" xlink:title="Label : PurchaseCommitments to label_PurchaseCommitments_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseCommitments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseCommitments_2" xml:lang="en-US" id="label_PurchaseCommitments_2">Purchase commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseCommitments" xlink:to="label_PurchaseCommitments_2" xlink:title="Label : PurchaseCommitments to label_PurchaseCommitments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TermOfSupplyContract" xlink:label="TermOfSupplyContract" xlink:title="TermOfSupplyContract" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermOfSupplyContract" xml:lang="en-US" id="label_TermOfSupplyContract">The term of a supply contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContract" xlink:to="label_TermOfSupplyContract" xlink:title="Label : TermOfSupplyContract to label_TermOfSupplyContract" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TermOfSupplyContract_1" xml:lang="en-US" id="label_TermOfSupplyContract_1">Term of supply contract (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContract" xlink:to="label_TermOfSupplyContract_1" xlink:title="Label : TermOfSupplyContract to label_TermOfSupplyContract_1" />
    <link:label xlink:type="resource" xlink:label="label_TermOfSupplyContract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermOfSupplyContract_2" xml:lang="en-US" id="label_TermOfSupplyContract_2">Term of supply contract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOfSupplyContract" xlink:to="label_TermOfSupplyContract_2" xlink:title="Label : TermOfSupplyContract to label_TermOfSupplyContract_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FineImposedPercentageOfAllegedlyUndueCredits" xlink:label="FineImposedPercentageOfAllegedlyUndueCredits" xlink:title="FineImposedPercentageOfAllegedlyUndueCredits" />
    <link:label xlink:type="resource" xlink:label="label_FineImposedPercentageOfAllegedlyUndueCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FineImposedPercentageOfAllegedlyUndueCredits" xml:lang="en-US" id="label_FineImposedPercentageOfAllegedlyUndueCredits">Fine imposed percentage of allegedly undue credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FineImposedPercentageOfAllegedlyUndueCredits" xlink:to="label_FineImposedPercentageOfAllegedlyUndueCredits" xlink:title="Label : FineImposedPercentageOfAllegedlyUndueCredits to label_FineImposedPercentageOfAllegedlyUndueCredits" />
    <link:label xlink:type="resource" xlink:label="label_FineImposedPercentageOfAllegedlyUndueCredits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FineImposedPercentageOfAllegedlyUndueCredits_1" xml:lang="en-US" id="label_FineImposedPercentageOfAllegedlyUndueCredits_1">Fine imposed, percentage of allegedly undue credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FineImposedPercentageOfAllegedlyUndueCredits" xlink:to="label_FineImposedPercentageOfAllegedlyUndueCredits_1" xlink:title="Label : FineImposedPercentageOfAllegedlyUndueCredits to label_FineImposedPercentageOfAllegedlyUndueCredits_1" />
    <link:label xlink:type="resource" xlink:label="label_FineImposedPercentageOfAllegedlyUndueCredits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FineImposedPercentageOfAllegedlyUndueCredits_2" xml:lang="en-US" id="label_FineImposedPercentageOfAllegedlyUndueCredits_2">Represents the amount of fine imposed, expressed as a percentage of the allegedly undue credits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FineImposedPercentageOfAllegedlyUndueCredits" xlink:to="label_FineImposedPercentageOfAllegedlyUndueCredits_2" xlink:title="Label : FineImposedPercentageOfAllegedlyUndueCredits to label_FineImposedPercentageOfAllegedlyUndueCredits_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:label="EstimatedFinancialEffectOfContingentLiabilities" xlink:title="EstimatedFinancialEffectOfContingentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedFinancialEffectOfContingentLiabilities" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentLiabilities">Estimated financial effect of contingent liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentLiabilities" xlink:to="label_EstimatedFinancialEffectOfContingentLiabilities" xlink:title="Label : EstimatedFinancialEffectOfContingentLiabilities to label_EstimatedFinancialEffectOfContingentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedFinancialEffectOfContingentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedFinancialEffectOfContingentLiabilities_1" xml:lang="en-US" id="label_EstimatedFinancialEffectOfContingentLiabilities_1">ifrs-full_EstimatedFinancialEffectOfContingentLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedFinancialEffectOfContingentLiabilities" xlink:to="label_EstimatedFinancialEffectOfContingentLiabilities_1" xlink:title="Label : EstimatedFinancialEffectOfContingentLiabilities to label_EstimatedFinancialEffectOfContingentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AllegedOverpriceThatWillBeReducedAmount" xlink:label="AllegedOverpriceThatWillBeReducedAmount" xlink:title="AllegedOverpriceThatWillBeReducedAmount" />
    <link:label xlink:type="resource" xlink:label="label_AllegedOverpriceThatWillBeReducedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllegedOverpriceThatWillBeReducedAmount" xml:lang="en-US" id="label_AllegedOverpriceThatWillBeReducedAmount">Alleged overprice that will be reduced amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllegedOverpriceThatWillBeReducedAmount" xlink:to="label_AllegedOverpriceThatWillBeReducedAmount" xlink:title="Label : AllegedOverpriceThatWillBeReducedAmount to label_AllegedOverpriceThatWillBeReducedAmount" />
    <link:label xlink:type="resource" xlink:label="label_AllegedOverpriceThatWillBeReducedAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllegedOverpriceThatWillBeReducedAmount_1" xml:lang="en-US" id="label_AllegedOverpriceThatWillBeReducedAmount_1">Alleged overprice that will be reduced amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllegedOverpriceThatWillBeReducedAmount" xlink:to="label_AllegedOverpriceThatWillBeReducedAmount_1" xlink:title="Label : AllegedOverpriceThatWillBeReducedAmount to label_AllegedOverpriceThatWillBeReducedAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_AllegedOverpriceThatWillBeReducedAmount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllegedOverpriceThatWillBeReducedAmount_2" xml:lang="en-US" id="label_AllegedOverpriceThatWillBeReducedAmount_2">The reducable amount of alleged price overcharges on goods supplied under a supply contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllegedOverpriceThatWillBeReducedAmount" xlink:to="label_AllegedOverpriceThatWillBeReducedAmount_2" xlink:title="Label : AllegedOverpriceThatWillBeReducedAmount to label_AllegedOverpriceThatWillBeReducedAmount_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SettlementAmountOrderedToPayDamages" xlink:label="SettlementAmountOrderedToPayDamages" xlink:title="SettlementAmountOrderedToPayDamages" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayDamages" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementAmountOrderedToPayDamages" xml:lang="en-US" id="label_SettlementAmountOrderedToPayDamages">Settlement amount ordered to pay damages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayDamages" xlink:to="label_SettlementAmountOrderedToPayDamages" xlink:title="Label : SettlementAmountOrderedToPayDamages to label_SettlementAmountOrderedToPayDamages" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayDamages_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementAmountOrderedToPayDamages_1" xml:lang="en-US" id="label_SettlementAmountOrderedToPayDamages_1">Settlement, amount ordered to pay, damages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayDamages" xlink:to="label_SettlementAmountOrderedToPayDamages_1" xlink:title="Label : SettlementAmountOrderedToPayDamages to label_SettlementAmountOrderedToPayDamages_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayDamages_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementAmountOrderedToPayDamages_2" xml:lang="en-US" id="label_SettlementAmountOrderedToPayDamages_2">The amount of settlement ordered to be pay, related to damages.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayDamages" xlink:to="label_SettlementAmountOrderedToPayDamages_2" xlink:title="Label : SettlementAmountOrderedToPayDamages to label_SettlementAmountOrderedToPayDamages_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SettlementAmountOrderedToPayInsuranceDeductible" xlink:label="SettlementAmountOrderedToPayInsuranceDeductible" xlink:title="SettlementAmountOrderedToPayInsuranceDeductible" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayInsuranceDeductible" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementAmountOrderedToPayInsuranceDeductible" xml:lang="en-US" id="label_SettlementAmountOrderedToPayInsuranceDeductible">Settlement amount ordered to pay insurance deductible</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayInsuranceDeductible" xlink:to="label_SettlementAmountOrderedToPayInsuranceDeductible" xlink:title="Label : SettlementAmountOrderedToPayInsuranceDeductible to label_SettlementAmountOrderedToPayInsuranceDeductible" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayInsuranceDeductible_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementAmountOrderedToPayInsuranceDeductible_1" xml:lang="en-US" id="label_SettlementAmountOrderedToPayInsuranceDeductible_1">Settlement, amount ordered to pay, insurance deductible</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayInsuranceDeductible" xlink:to="label_SettlementAmountOrderedToPayInsuranceDeductible_1" xlink:title="Label : SettlementAmountOrderedToPayInsuranceDeductible to label_SettlementAmountOrderedToPayInsuranceDeductible_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPayInsuranceDeductible_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementAmountOrderedToPayInsuranceDeductible_2" xml:lang="en-US" id="label_SettlementAmountOrderedToPayInsuranceDeductible_2">The amount ordered to pay in a settlement, related to the insurance deductible.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPayInsuranceDeductible" xlink:to="label_SettlementAmountOrderedToPayInsuranceDeductible_2" xlink:title="Label : SettlementAmountOrderedToPayInsuranceDeductible to label_SettlementAmountOrderedToPayInsuranceDeductible_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SettlementAmountOrderedToPay" xlink:label="SettlementAmountOrderedToPay" xlink:title="SettlementAmountOrderedToPay" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPay" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SettlementAmountOrderedToPay" xml:lang="en-US" id="label_SettlementAmountOrderedToPay">Settlement amount ordered to pay</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPay" xlink:to="label_SettlementAmountOrderedToPay" xlink:title="Label : SettlementAmountOrderedToPay to label_SettlementAmountOrderedToPay" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPay_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SettlementAmountOrderedToPay_1" xml:lang="en-US" id="label_SettlementAmountOrderedToPay_1">Settlement, amount ordered to pay</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPay" xlink:to="label_SettlementAmountOrderedToPay_1" xlink:title="Label : SettlementAmountOrderedToPay to label_SettlementAmountOrderedToPay_1" />
    <link:label xlink:type="resource" xlink:label="label_SettlementAmountOrderedToPay_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SettlementAmountOrderedToPay_2" xml:lang="en-US" id="label_SettlementAmountOrderedToPay_2">The amount of liability associated with amount ordered to pay in a settlement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SettlementAmountOrderedToPay" xlink:to="label_SettlementAmountOrderedToPay_2" xlink:title="Label : SettlementAmountOrderedToPay to label_SettlementAmountOrderedToPay_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PaymentsForSettlement" xlink:label="PaymentsForSettlement" xlink:title="PaymentsForSettlement" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForSettlement" xml:lang="en-US" id="label_PaymentsForSettlement">Payments for settlement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForSettlement" xlink:to="label_PaymentsForSettlement" xlink:title="Label : PaymentsForSettlement to label_PaymentsForSettlement" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForSettlement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsForSettlement_1" xml:lang="en-US" id="label_PaymentsForSettlement_1">Payments for settlement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForSettlement" xlink:to="label_PaymentsForSettlement_1" xlink:title="Label : PaymentsForSettlement to label_PaymentsForSettlement_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForSettlement_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsForSettlement_2" xml:lang="en-US" id="label_PaymentsForSettlement_2">The amount of payments made for settlements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForSettlement" xlink:to="label_PaymentsForSettlement_2" xlink:title="Label : PaymentsForSettlement to label_PaymentsForSettlement_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:label="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:title="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability">Tagalong tender offer to noncontrolling interests contingent liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1">Tag-along tender offer to non-controlling interests, contingent liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TagalongTenderOfferToNoncontrollingInterestsShares" xlink:label="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:title="TagalongTenderOfferToNoncontrollingInterestsShares" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsShares" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsShares">The required tag-along tender offer to non-controlling interests in an acquisition expressed in shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsShares" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsShares to label_TagalongTenderOfferToNoncontrollingInterestsShares" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsShares_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsShares_1">Tag-along tender offer to non-controlling interests, shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsShares_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsShares to label_TagalongTenderOfferToNoncontrollingInterestsShares_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsShares_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsShares_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsShares_2">Tagalong tender offer to noncontrolling interests shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsShares" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsShares_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsShares to label_TagalongTenderOfferToNoncontrollingInterestsShares_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TagalongTenderOfferToNoncontrollingInterests" xlink:label="TagalongTenderOfferToNoncontrollingInterests" xlink:title="TagalongTenderOfferToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterests" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterests">The required tag-along tender offer to non-controlling interests in an acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterests" xlink:to="label_TagalongTenderOfferToNoncontrollingInterests" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterests to label_TagalongTenderOfferToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterests_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterests_1">Tag-along tender offer to non-controlling interests (in BRL per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterests" xlink:to="label_TagalongTenderOfferToNoncontrollingInterests_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterests to label_TagalongTenderOfferToNoncontrollingInterests_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterests_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterests_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterests_2">Tagalong tender offer to noncontrolling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterests" xlink:to="label_TagalongTenderOfferToNoncontrollingInterests_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterests to label_TagalongTenderOfferToNoncontrollingInterests_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:label="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:title="TagalongTenderOfferToNoncontrollingInterestsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage">Tagalong tender offer to noncontrolling interests percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1">Tag-along tender offer to non-controlling interests, percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:label="DisclosureOfContingentLiabilitiesLineItems" xlink:title="DisclosureOfContingentLiabilitiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfContingentLiabilitiesLineItems" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesLineItems">Contingencies, commitments and restrictions on the distribution of profits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingentLiabilitiesLineItems" xlink:to="label_DisclosureOfContingentLiabilitiesLineItems" xlink:title="Label : DisclosureOfContingentLiabilitiesLineItems to label_DisclosureOfContingentLiabilitiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingentLiabilitiesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingentLiabilitiesLineItems_1" xml:lang="en-US" id="label_DisclosureOfContingentLiabilitiesLineItems_1">Disclosure of contingent liabilities [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContingentLiabilitiesLineItems" xlink:to="label_DisclosureOfContingentLiabilitiesLineItems_1" xlink:title="Label : DisclosureOfContingentLiabilitiesLineItems to label_DisclosureOfContingentLiabilitiesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2">The percentage of the tag-along tender offer to non-controlling interests accounted for as a contingent liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsContingentLiability to label_TagalongTenderOfferToNoncontrollingInterestsContingentLiability_2" />
    <link:label xlink:type="resource" xlink:label="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xml:lang="en-US" id="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2">The required Tag-along tender offer to non-controlling interests in an acquisition expressed as a percentage of the price per share paid in such acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TagalongTenderOfferToNoncontrollingInterestsPercentage" xlink:to="label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" xlink:title="Label : TagalongTenderOfferToNoncontrollingInterestsPercentage to label_TagalongTenderOfferToNoncontrollingInterestsPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PresidenteNestorKirchnerGasPipelineMember" xlink:label="PresidenteNestorKirchnerGasPipelineMember" xlink:title="PresidenteNestorKirchnerGasPipelineMember" />
    <link:label xlink:type="resource" xlink:label="label_PresidenteNestorKirchnerGasPipelineMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PresidenteNestorKirchnerGasPipelineMember" xml:lang="en-US" id="label_PresidenteNestorKirchnerGasPipelineMember">Presidente Nestor Kirchner Gas Pipeline (&#x201C;GPNK&#x201D;) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresidenteNestorKirchnerGasPipelineMember" xlink:to="label_PresidenteNestorKirchnerGasPipelineMember" xlink:title="Label : PresidenteNestorKirchnerGasPipelineMember to label_PresidenteNestorKirchnerGasPipelineMember" />
    <link:label xlink:type="resource" xlink:label="label_PresidenteNestorKirchnerGasPipelineMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PresidenteNestorKirchnerGasPipelineMember_1" xml:lang="en-US" id="label_PresidenteNestorKirchnerGasPipelineMember_1">This member stands for the information pertaining to Presidente Nestor Kirchner Gas Pipeline (&#x201C;GPNK&#x201D;).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresidenteNestorKirchnerGasPipelineMember" xlink:to="label_PresidenteNestorKirchnerGasPipelineMember_1" xlink:title="Label : PresidenteNestorKirchnerGasPipelineMember to label_PresidenteNestorKirchnerGasPipelineMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PresidenteNestorKirchnerGasPipelineMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PresidenteNestorKirchnerGasPipelineMember_2" xml:lang="en-US" id="label_PresidenteNestorKirchnerGasPipelineMember_2">Presidente Nestor Kirchner Gas Pipeline [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresidenteNestorKirchnerGasPipelineMember" xlink:to="label_PresidenteNestorKirchnerGasPipelineMember_2" xlink:title="Label : PresidenteNestorKirchnerGasPipelineMember to label_PresidenteNestorKirchnerGasPipelineMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TerniumUsaIncMember" xlink:label="TerniumUsaIncMember" xlink:title="TerniumUsaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumUsaIncMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TerniumUsaIncMember" xml:lang="en-US" id="label_TerniumUsaIncMember">Ternium USA, Inc. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumUsaIncMember" xlink:to="label_TerniumUsaIncMember" xlink:title="Label : TerniumUsaIncMember to label_TerniumUsaIncMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumUsaIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerniumUsaIncMember_1" xml:lang="en-US" id="label_TerniumUsaIncMember_1">This member stands for the information pertaining to Ternium USA, Inc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumUsaIncMember" xlink:to="label_TerniumUsaIncMember_1" xlink:title="Label : TerniumUsaIncMember to label_TerniumUsaIncMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TerniumUsaIncMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumUsaIncMember_2" xml:lang="en-US" id="label_TerniumUsaIncMember_2">Ternium USA, Inc. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumUsaIncMember" xlink:to="label_TerniumUsaIncMember_2" xlink:title="Label : TerniumUsaIncMember to label_TerniumUsaIncMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_VestasGroupMember" xlink:label="VestasGroupMember" xlink:title="VestasGroupMember" />
    <link:label xlink:type="resource" xlink:label="label_VestasGroupMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VestasGroupMember" xml:lang="en-US" id="label_VestasGroupMember">Vestas Group [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestasGroupMember" xlink:to="label_VestasGroupMember" xlink:title="Label : VestasGroupMember to label_VestasGroupMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xlink:label="ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xlink:title="ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xml:lang="en-US" id="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember">This member stands for the information pertaining to contingent liability for disgorgement and prejudgment interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xlink:to="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xlink:title="Label : ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember to label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:label="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:title="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember">Represents the interest and penalties portion of tax contingent liabilities related to fiscal year 2015.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember to label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" />
    <link:label xlink:type="resource" xlink:label="label_VestasGroupMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VestasGroupMember_1" xml:lang="en-US" id="label_VestasGroupMember_1">This member stands for the information pertaining to Vestas Group.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestasGroupMember" xlink:to="label_VestasGroupMember_1" xlink:title="Label : VestasGroupMember to label_VestasGroupMember_1" />
    <link:label xlink:type="resource" xlink:label="label_VestasGroupMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VestasGroupMember_2" xml:lang="en-US" id="label_VestasGroupMember_2">Vestas Group [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VestasGroupMember" xlink:to="label_VestasGroupMember_2" xlink:title="Label : VestasGroupMember to label_VestasGroupMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_VeracelCeluloseSaMember" xlink:label="VeracelCeluloseSaMember" xlink:title="VeracelCeluloseSaMember" />
    <link:label xlink:type="resource" xlink:label="label_VeracelCeluloseSaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VeracelCeluloseSaMember" xml:lang="en-US" id="label_VeracelCeluloseSaMember">The entity Veracel Celulose S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VeracelCeluloseSaMember" xlink:to="label_VeracelCeluloseSaMember" xlink:title="Label : VeracelCeluloseSaMember to label_VeracelCeluloseSaMember" />
    <link:label xlink:type="resource" xlink:label="label_VeracelCeluloseSaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VeracelCeluloseSaMember_1" xml:lang="en-US" id="label_VeracelCeluloseSaMember_1">Veracel Celulose S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VeracelCeluloseSaMember" xlink:to="label_VeracelCeluloseSaMember_1" xlink:title="Label : VeracelCeluloseSaMember to label_VeracelCeluloseSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ChubbMember" xlink:label="ChubbMember" xlink:title="ChubbMember" />
    <link:label xlink:type="resource" xlink:label="label_ChubbMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChubbMember" xml:lang="en-US" id="label_ChubbMember">Related to the entity Chubb.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChubbMember" xlink:to="label_ChubbMember" xlink:title="Label : ChubbMember to label_ChubbMember" />
    <link:label xlink:type="resource" xlink:label="label_ChubbMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChubbMember_1" xml:lang="en-US" id="label_ChubbMember_1">Chubb [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChubbMember" xlink:to="label_ChubbMember_1" xlink:title="Label : ChubbMember to label_ChubbMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_VoestalpineGrobblechGmbhMember" xlink:label="VoestalpineGrobblechGmbhMember" xlink:title="VoestalpineGrobblechGmbhMember" />
    <link:label xlink:type="resource" xlink:label="label_VoestalpineGrobblechGmbhMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VoestalpineGrobblechGmbhMember" xml:lang="en-US" id="label_VoestalpineGrobblechGmbhMember">Voestalpine Grobblech GmbH [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VoestalpineGrobblechGmbhMember" xlink:to="label_VoestalpineGrobblechGmbhMember" xlink:title="Label : VoestalpineGrobblechGmbhMember to label_VoestalpineGrobblechGmbhMember" />
    <link:label xlink:type="resource" xlink:label="label_VoestalpineGrobblechGmbhMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VoestalpineGrobblechGmbhMember_1" xml:lang="en-US" id="label_VoestalpineGrobblechGmbhMember_1">This member stands for the information pertaining to "Voestalpine Grobblech GmbH", a counterparty of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VoestalpineGrobblechGmbhMember" xlink:to="label_VoestalpineGrobblechGmbhMember_1" xlink:title="Label : VoestalpineGrobblechGmbhMember to label_VoestalpineGrobblechGmbhMember_1" />
    <link:label xlink:type="resource" xlink:label="label_VoestalpineGrobblechGmbhMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VoestalpineGrobblechGmbhMember_2" xml:lang="en-US" id="label_VoestalpineGrobblechGmbhMember_2">Voestalpine Grobblech GmbH [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VoestalpineGrobblechGmbhMember" xlink:to="label_VoestalpineGrobblechGmbhMember_2" xlink:title="Label : VoestalpineGrobblechGmbhMember to label_VoestalpineGrobblechGmbhMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TerniumMexicoSADeCVMember" xlink:label="TerniumMexicoSADeCVMember" xlink:title="TerniumMexicoSADeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumMexicoSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumMexicoSADeCVMember" xml:lang="en-US" id="label_TerniumMexicoSADeCVMember">Ternium M&#xE9;xico S.A. de C.V. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumMexicoSADeCVMember" xlink:to="label_TerniumMexicoSADeCVMember" xlink:title="Label : TerniumMexicoSADeCVMember to label_TerniumMexicoSADeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumMexicoSADeCVMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerniumMexicoSADeCVMember_1" xml:lang="en-US" id="label_TerniumMexicoSADeCVMember_1">This member stands for the information pertaining to "Ternium M&#xE9;xico S.A. de C.V.", a counterparty of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumMexicoSADeCVMember" xlink:to="label_TerniumMexicoSADeCVMember_1" xlink:title="Label : TerniumMexicoSADeCVMember to label_TerniumMexicoSADeCVMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TerniumMexicoSADeCVMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TerniumMexicoSADeCVMember_2" xml:lang="en-US" id="label_TerniumMexicoSADeCVMember_2">Ternium M&#xE9;xico S.A. de C.V. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumMexicoSADeCVMember" xlink:to="label_TerniumMexicoSADeCVMember_2" xlink:title="Label : TerniumMexicoSADeCVMember to label_TerniumMexicoSADeCVMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NucorSteelMemphisIncMember" xlink:label="NucorSteelMemphisIncMember" xlink:title="NucorSteelMemphisIncMember" />
    <link:label xlink:type="resource" xlink:label="label_NucorSteelMemphisIncMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NucorSteelMemphisIncMember" xml:lang="en-US" id="label_NucorSteelMemphisIncMember">Represents information related to Nucor Steel Memphis Inc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NucorSteelMemphisIncMember" xlink:to="label_NucorSteelMemphisIncMember" xlink:title="Label : NucorSteelMemphisIncMember to label_NucorSteelMemphisIncMember" />
    <link:label xlink:type="resource" xlink:label="label_NucorSteelMemphisIncMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NucorSteelMemphisIncMember_1" xml:lang="en-US" id="label_NucorSteelMemphisIncMember_1">Nucor Steel Memphis Inc. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NucorSteelMemphisIncMember" xlink:to="label_NucorSteelMemphisIncMember_1" xlink:title="Label : NucorSteelMemphisIncMember to label_NucorSteelMemphisIncMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AirLiquideMexicoSDeRLDeCVMember" xlink:label="AirLiquideMexicoSDeRLDeCVMember" xlink:title="AirLiquideMexicoSDeRLDeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_AirLiquideMexicoSDeRLDeCVMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AirLiquideMexicoSDeRLDeCVMember" xml:lang="en-US" id="label_AirLiquideMexicoSDeRLDeCVMember">Related to a certain entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AirLiquideMexicoSDeRLDeCVMember" xlink:to="label_AirLiquideMexicoSDeRLDeCVMember" xlink:title="Label : AirLiquideMexicoSDeRLDeCVMember to label_AirLiquideMexicoSDeRLDeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_AirLiquideMexicoSDeRLDeCVMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AirLiquideMexicoSDeRLDeCVMember_1" xml:lang="en-US" id="label_AirLiquideMexicoSDeRLDeCVMember_1">Air Liquide Mexico S. de R.L. de C.V. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AirLiquideMexicoSDeRLDeCVMember" xlink:to="label_AirLiquideMexicoSDeRLDeCVMember_1" xlink:title="Label : AirLiquideMexicoSDeRLDeCVMember to label_AirLiquideMexicoSDeRLDeCVMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CanadianNationalRailwayMember" xlink:label="CanadianNationalRailwayMember" xlink:title="CanadianNationalRailwayMember" />
    <link:label xlink:type="resource" xlink:label="label_CanadianNationalRailwayMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CanadianNationalRailwayMember" xml:lang="en-US" id="label_CanadianNationalRailwayMember">Related to the Canadian National Railway.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CanadianNationalRailwayMember" xlink:to="label_CanadianNationalRailwayMember" xlink:title="Label : CanadianNationalRailwayMember to label_CanadianNationalRailwayMember" />
    <link:label xlink:type="resource" xlink:label="label_CanadianNationalRailwayMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CanadianNationalRailwayMember_1" xml:lang="en-US" id="label_CanadianNationalRailwayMember_1">Canadian National Railway [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CanadianNationalRailwayMember" xlink:to="label_CanadianNationalRailwayMember_1" xlink:title="Label : CanadianNationalRailwayMember to label_CanadianNationalRailwayMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ValeInternationalSAMember" xlink:label="ValeInternationalSAMember" xlink:title="ValeInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_ValeInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValeInternationalSAMember" xml:lang="en-US" id="label_ValeInternationalSAMember">Related to the entity Vale International S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValeInternationalSAMember" xlink:to="label_ValeInternationalSAMember" xlink:title="Label : ValeInternationalSAMember to label_ValeInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_ValeInternationalSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValeInternationalSAMember_1" xml:lang="en-US" id="label_ValeInternationalSAMember_1">Vale International S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValeInternationalSAMember" xlink:to="label_ValeInternationalSAMember_1" xlink:title="Label : ValeInternationalSAMember to label_ValeInternationalSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_GraftechMember" xlink:label="GraftechMember" xlink:title="GraftechMember" />
    <link:label xlink:type="resource" xlink:label="label_GraftechMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GraftechMember" xml:lang="en-US" id="label_GraftechMember">Refers to information regarding the company Graftech.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GraftechMember" xlink:to="label_GraftechMember" xlink:title="Label : GraftechMember to label_GraftechMember" />
    <link:label xlink:type="resource" xlink:label="label_GraftechMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GraftechMember_1" xml:lang="en-US" id="label_GraftechMember_1">Graftech [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GraftechMember" xlink:to="label_GraftechMember_1" xlink:title="Label : GraftechMember to label_GraftechMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PraxairSAMember" xlink:label="PraxairSAMember" xlink:title="PraxairSAMember" />
    <link:label xlink:type="resource" xlink:label="label_PraxairSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PraxairSAMember" xml:lang="en-US" id="label_PraxairSAMember">Refers to information regarding the company Praxair S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PraxairSAMember" xlink:to="label_PraxairSAMember" xlink:title="Label : PraxairSAMember to label_PraxairSAMember" />
    <link:label xlink:type="resource" xlink:label="label_PraxairSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PraxairSAMember_1" xml:lang="en-US" id="label_PraxairSAMember_1">Praxair S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PraxairSAMember" xlink:to="label_PraxairSAMember_1" xlink:title="Label : PraxairSAMember to label_PraxairSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TransportadoraDeGasDelNorteSaMember" xlink:label="TransportadoraDeGasDelNorteSaMember" xlink:title="TransportadoraDeGasDelNorteSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TransportadoraDeGasDelNorteSaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransportadoraDeGasDelNorteSaMember" xml:lang="en-US" id="label_TransportadoraDeGasDelNorteSaMember">Refers to information regarding Transportadora de Gas del Norte S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportadoraDeGasDelNorteSaMember" xlink:to="label_TransportadoraDeGasDelNorteSaMember" xlink:title="Label : TransportadoraDeGasDelNorteSaMember to label_TransportadoraDeGasDelNorteSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TransportadoraDeGasDelNorteSaMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransportadoraDeGasDelNorteSaMember_1" xml:lang="en-US" id="label_TransportadoraDeGasDelNorteSaMember_1">Transportadora de Gas del Norte S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportadoraDeGasDelNorteSaMember" xlink:to="label_TransportadoraDeGasDelNorteSaMember_1" xlink:title="Label : TransportadoraDeGasDelNorteSaMember to label_TransportadoraDeGasDelNorteSaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TribunalDeContasDaUniaoMember" xlink:label="TribunalDeContasDaUniaoMember" xlink:title="TribunalDeContasDaUniaoMember" />
    <link:label xlink:type="resource" xlink:label="label_TribunalDeContasDaUniaoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TribunalDeContasDaUniaoMember" xml:lang="en-US" id="label_TribunalDeContasDaUniaoMember">Related to the Tribunal de Contas da Uniao.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TribunalDeContasDaUniaoMember" xlink:to="label_TribunalDeContasDaUniaoMember" xlink:title="Label : TribunalDeContasDaUniaoMember to label_TribunalDeContasDaUniaoMember" />
    <link:label xlink:type="resource" xlink:label="label_TribunalDeContasDaUniaoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TribunalDeContasDaUniaoMember_1" xml:lang="en-US" id="label_TribunalDeContasDaUniaoMember_1">Tribunal de Contas da Uniao [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TribunalDeContasDaUniaoMember" xlink:to="label_TribunalDeContasDaUniaoMember_1" xlink:title="Label : TribunalDeContasDaUniaoMember to label_TribunalDeContasDaUniaoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CompanhiaSiderrgicaNacionalMember" xlink:label="CompanhiaSiderrgicaNacionalMember" xlink:title="CompanhiaSiderrgicaNacionalMember" />
    <link:label xlink:type="resource" xlink:label="label_CompanhiaSiderrgicaNacionalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CompanhiaSiderrgicaNacionalMember" xml:lang="en-US" id="label_CompanhiaSiderrgicaNacionalMember">The entity Companhia Sider&#xFA;rgica Nacional.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompanhiaSiderrgicaNacionalMember" xlink:to="label_CompanhiaSiderrgicaNacionalMember" xlink:title="Label : CompanhiaSiderrgicaNacionalMember to label_CompanhiaSiderrgicaNacionalMember" />
    <link:label xlink:type="resource" xlink:label="label_CompanhiaSiderrgicaNacionalMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompanhiaSiderrgicaNacionalMember_1" xml:lang="en-US" id="label_CompanhiaSiderrgicaNacionalMember_1">Companhia Sider&#xFA;rgica Nacional [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompanhiaSiderrgicaNacionalMember" xlink:to="label_CompanhiaSiderrgicaNacionalMember_1" xlink:title="Label : CompanhiaSiderrgicaNacionalMember to label_CompanhiaSiderrgicaNacionalMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_RepurchaseAgreementCounterpartyNameDomain" xlink:label="RepurchaseAgreementCounterpartyNameDomain" xlink:title="RepurchaseAgreementCounterpartyNameDomain" />
    <link:label xlink:type="resource" xlink:label="label_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepurchaseAgreementCounterpartyNameDomain" xml:lang="en-US" id="label_RepurchaseAgreementCounterpartyNameDomain">Counterparty Name [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepurchaseAgreementCounterpartyNameDomain" xlink:to="label_RepurchaseAgreementCounterpartyNameDomain" xlink:title="Label : RepurchaseAgreementCounterpartyNameDomain to label_RepurchaseAgreementCounterpartyNameDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_CounterpartyNameAxis" xlink:label="CounterpartyNameAxis" xlink:title="CounterpartyNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartyNameAxis" xml:lang="en-US" id="label_CounterpartyNameAxis">Counterparty Name [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyNameAxis" xlink:to="label_CounterpartyNameAxis" xlink:title="Label : CounterpartyNameAxis to label_CounterpartyNameAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PetroleoBrasileiroSaMember" xlink:label="PetroleoBrasileiroSaMember" xlink:title="PetroleoBrasileiroSaMember" />
    <link:label xlink:type="resource" xlink:label="label_PetroleoBrasileiroSaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PetroleoBrasileiroSaMember" xml:lang="en-US" id="label_PetroleoBrasileiroSaMember">Petr&#xF3;leo Brasileiro S.A. (&#x201C;Petrobras&#x201D;) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PetroleoBrasileiroSaMember" xlink:to="label_PetroleoBrasileiroSaMember" xlink:title="Label : PetroleoBrasileiroSaMember to label_PetroleoBrasileiroSaMember" />
    <link:label xlink:type="resource" xlink:label="label_PetroleoBrasileiroSaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PetroleoBrasileiroSaMember_1" xml:lang="en-US" id="label_PetroleoBrasileiroSaMember_1">This member stands for the information pertaining to Petroleo Brasileiro S.A. (&#x201C;Petrobras&#x201D;).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PetroleoBrasileiroSaMember" xlink:to="label_PetroleoBrasileiroSaMember_1" xlink:title="Label : PetroleoBrasileiroSaMember to label_PetroleoBrasileiroSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1">Tax contingent liability related to fiscal year 2015, interest and penalties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember to label_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PetroleoBrasileiroSaMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PetroleoBrasileiroSaMember_2" xml:lang="en-US" id="label_PetroleoBrasileiroSaMember_2">Petroleo Brasileiro S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PetroleoBrasileiroSaMember" xlink:to="label_PetroleoBrasileiroSaMember_2" xlink:title="Label : PetroleoBrasileiroSaMember to label_PetroleoBrasileiroSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LinePipeProductMember" xlink:label="LinePipeProductMember" xlink:title="LinePipeProductMember" />
    <link:label xlink:type="resource" xlink:label="label_LinePipeProductMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LinePipeProductMember" xml:lang="en-US" id="label_LinePipeProductMember">Steel line pipe product [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LinePipeProductMember" xlink:to="label_LinePipeProductMember" xlink:title="Label : LinePipeProductMember to label_LinePipeProductMember" />
    <link:label xlink:type="resource" xlink:label="label_LinePipeProductMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LinePipeProductMember_1" xml:lang="en-US" id="label_LinePipeProductMember_1">This member stands for the information pertaining to "Steel line pipe product".</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember">This member stands for the portion of a contingent liability, related to the 2014 fiscal year, for taxes attributable to principal.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForCivilPenaltyMember" xlink:to="label_ContingentLiabilityForCivilPenaltyMember_2" xlink:title="Label : ContingentLiabilityForCivilPenaltyMember to label_ContingentLiabilityForCivilPenaltyMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xlink:to="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_1" xlink:title="Label : ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember to label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" xlink:to="label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_2" xlink:title="Label : ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember to label_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember_2" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember_2">Tax contingent liability related to fiscal years 2014 and 2015, principal, interest and penalties [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" xlink:label="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" xlink:title="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember">Tax contingent liability related to fiscal years 2014 and 2015, principal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_1" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember_1">This member stands for the information pertaining to principal portion of tax contingent liabilities related to fiscal years 2014 and 2015.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember_1" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xlink:label="TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xlink:title="TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member">This member stands for the information pertaining to tax contingent liabilities related to fiscal years 2014 and 2015.</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xlink:label="GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" xlink:title="GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeAndCommoditiesDerivativesContractsMember" xlink:label="ForeignExchangeAndCommoditiesDerivativesContractsMember" xlink:title="ForeignExchangeAndCommoditiesDerivativesContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeAndCommoditiesDerivativesContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeAndCommoditiesDerivativesContractsMember" xml:lang="en-US" id="label_ForeignExchangeAndCommoditiesDerivativesContractsMember">This member stands for the information pertaining to foreign exchange and commodities derivatives contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeAndCommoditiesDerivativesContractsMember" xlink:to="label_ForeignExchangeAndCommoditiesDerivativesContractsMember" xlink:title="Label : ForeignExchangeAndCommoditiesDerivativesContractsMember to label_ForeignExchangeAndCommoditiesDerivativesContractsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xlink:label="CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xlink:title="CommoditiesDerivativeContractsTitleTransferFacilityGasMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember" xml:lang="en-US" id="label_CommoditiesDerivativeContractsTitleTransferFacilityGasMember">This member stands for the information pertaining to Title Transfer Facility Gas, commodities derivative contracts.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2015Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2015Member to label_TaxContingentLiabilityRelatedToFiscalYear2015Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CommoditiesDerivativeContractsHoustonShipChannelGasMember" xlink:label="CommoditiesDerivativeContractsHoustonShipChannelGasMember" xlink:title="CommoditiesDerivativeContractsHoustonShipChannelGasMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember" xml:lang="en-US" id="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember">This member stands for the information pertaining to Houston Ship Channel Gas, commodities derivative contracts.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember to label_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:title="Label : DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems to label_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember">Represents a foreign exchange contract where the purchase currency is BRL and the sell currency USD.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxContingentLiabilityRelatedToFiscalYear2014Member" xml:lang="en-US" id="label_TaxContingentLiabilityRelatedToFiscalYear2014Member">Represents information about a tax contingent liability related to the 2014 fiscal year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014Member to label_TaxContingentLiabilityRelatedToFiscalYear2014Member" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency CNY.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency GBP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency CAD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency KWD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency BRL.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember">Represents a foreign exchange contract where the purchase currency is JPY and the sell currency USD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency EUR.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember">Represents a foreign exchange contract where the purchase currency is EUR and the sell currency USD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:label="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:title="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember">Represents a foreign exchange contract where the purchase currency is USD and the sell currency MXN.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYear2014Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYear2014Member to label_TaxContingentLiabilityRelatedToFiscalYear2014Member_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_1" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYears2014And2015Member to label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" xlink:to="label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_2" xlink:title="Label : TaxContingentLiabilityRelatedToFiscalYears2014And2015Member to label_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TaxContingentLiabilityMember" xlink:label="TaxContingentLiabilityMember" xlink:title="TaxContingentLiabilityMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxContingentLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxContingentLiabilityMember" xml:lang="en-US" id="label_TaxContingentLiabilityMember">Tax contingent liability [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxContingentLiabilityMember" xlink:to="label_TaxContingentLiabilityMember" xlink:title="Label : TaxContingentLiabilityMember to label_TaxContingentLiabilityMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ContingentLiabilityForGuaranteesMember" xlink:label="ContingentLiabilityForGuaranteesMember" xlink:title="ContingentLiabilityForGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilityForGuaranteesMember" xml:lang="en-US" id="label_ContingentLiabilityForGuaranteesMember">Commitments and guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForGuaranteesMember" xlink:to="label_ContingentLiabilityForGuaranteesMember" xlink:title="Label : ContingentLiabilityForGuaranteesMember to label_ContingentLiabilityForGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilityForGuaranteesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilityForGuaranteesMember_1" xml:lang="en-US" id="label_ContingentLiabilityForGuaranteesMember_1">Contingent liability for guarantees [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilityForGuaranteesMember" xlink:to="label_ContingentLiabilityForGuaranteesMember_1" xlink:title="Label : ContingentLiabilityForGuaranteesMember to label_ContingentLiabilityForGuaranteesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LegalProceedingsContingentLiabilityMember" xlink:label="LegalProceedingsContingentLiabilityMember" xlink:title="LegalProceedingsContingentLiabilityMember" />
    <link:label xlink:type="resource" xlink:label="label_LegalProceedingsContingentLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalProceedingsContingentLiabilityMember" xml:lang="en-US" id="label_LegalProceedingsContingentLiabilityMember">Legal proceedings contingent liability [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalProceedingsContingentLiabilityMember" xlink:to="label_LegalProceedingsContingentLiabilityMember" xlink:title="Label : LegalProceedingsContingentLiabilityMember to label_LegalProceedingsContingentLiabilityMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ContingentLiabilitiesMember" xlink:label="ContingentLiabilitiesMember" xlink:title="ContingentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilitiesMember" xml:lang="en-US" id="label_ContingentLiabilitiesMember">Contingent liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesMember" xlink:to="label_ContingentLiabilitiesMember" xlink:title="Label : ContingentLiabilitiesMember to label_ContingentLiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:label="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:title="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember">Represents a foreign exchange contract where the purchase currency is MXN and the sell currency USD.</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:label="ItemsOfContingentLiabilitiesMember" xlink:title="ItemsOfContingentLiabilitiesMember" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisBayCityIncMember" xlink:label="TenarisBayCityIncMember" xlink:title="TenarisBayCityIncMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:label="ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:title="ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract" xlink:label="ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract" xlink:title="ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract" xlink:to="label_ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract" xlink:title="Label : ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract to label_ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract" />
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    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xml:lang="en-US" id="label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards">The amount of increase (decrease) in deferred tax assets due to the adoption of new accounting standards.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards_1" xml:lang="en-US" id="label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards_1">Deferred tax asset increase decrease due to adoption of new accounting standards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xlink:to="label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards_1" xlink:title="Label : DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards to label_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards_1" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_2" xml:lang="en-US" id="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_2">Commodities derivative contracts, London Metal Exchange Scrap [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" xlink:to="label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_2" xlink:title="Label : CommoditiesDerivativeContractsLondonMetalExchangeScrapMember to label_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember_2" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_1" xml:lang="en-US" id="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_1">Commodities derivative contracts, Houston Ship Channel Gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsHoustonShipChannelGasMember" xlink:to="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_1" xlink:title="Label : CommoditiesDerivativeContractsHoustonShipChannelGasMember to label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xlink:label="DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xlink:title="DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xml:lang="en-US" id="label_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards">The amount of increase (decrease) in deferred tax assets due to adoption of new accounting standards.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xlink:to="label_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" xlink:title="Label : DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards to label_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_2" xml:lang="en-US" id="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_2">Commodities derivative contracts, Houston Ship Channel Gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsHoustonShipChannelGasMember" xlink:to="label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_2" xlink:title="Label : CommoditiesDerivativeContractsHoustonShipChannelGasMember to label_CommoditiesDerivativeContractsHoustonShipChannelGasMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CommodityDerivativesContractMember" xlink:label="CommodityDerivativesContractMember" xlink:title="CommodityDerivativesContractMember" />
    <link:label xlink:type="resource" xlink:label="label_CommodityDerivativesContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommodityDerivativesContractMember" xml:lang="en-US" id="label_CommodityDerivativesContractMember">Commodity Derivatives [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommodityDerivativesContractMember" xlink:to="label_CommodityDerivativesContractMember" xlink:title="Label : CommodityDerivativesContractMember to label_CommodityDerivativesContractMember" />
    <link:label xlink:type="resource" xlink:label="label_CommodityDerivativesContractMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommodityDerivativesContractMember_1" xml:lang="en-US" id="label_CommodityDerivativesContractMember_1">This member stands for the information pertaining to commodity derivatives contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommodityDerivativesContractMember" xlink:to="label_CommodityDerivativesContractMember_1" xlink:title="Label : CommodityDerivativesContractMember to label_CommodityDerivativesContractMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommodityDerivativesContractMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommodityDerivativesContractMember_2" xml:lang="en-US" id="label_CommodityDerivativesContractMember_2">Commodity derivatives contract [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommodityDerivativesContractMember" xlink:to="label_CommodityDerivativesContractMember_2" xlink:title="Label : CommodityDerivativesContractMember to label_CommodityDerivativesContractMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TermTwoMember" xlink:label="TermTwoMember" xlink:title="TermTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TermTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermTwoMember" xml:lang="en-US" id="label_TermTwoMember">This member stands for a term, two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermTwoMember" xlink:to="label_TermTwoMember" xlink:title="Label : TermTwoMember to label_TermTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TermTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermTwoMember_1" xml:lang="en-US" id="label_TermTwoMember_1">Term Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermTwoMember" xlink:to="label_TermTwoMember_1" xlink:title="Label : TermTwoMember to label_TermTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TermOneMember" xlink:label="TermOneMember" xlink:title="TermOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TermOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermOneMember" xml:lang="en-US" id="label_TermOneMember">This member stands for a term, one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOneMember" xlink:to="label_TermOneMember" xlink:title="Label : TermOneMember to label_TermOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TermOneMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermOneMember_1" xml:lang="en-US" id="label_TermOneMember_1">Term, One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermOneMember" xlink:to="label_TermOneMember_1" xlink:title="Label : TermOneMember to label_TermOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowHedgesMember" xlink:label="CashFlowHedgesMember" xlink:title="CashFlowHedgesMember" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowHedgesMember" xml:lang="en-US" id="label_CashFlowHedgesMember">Cash flow hedges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowHedgesMember" xlink:to="label_CashFlowHedgesMember" xlink:title="Label : CashFlowHedgesMember to label_CashFlowHedgesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="TypesOfHedgesMember" xlink:title="TypesOfHedgesMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfHedgesMember" xml:lang="en-US" id="label_TypesOfHedgesMember">Hedges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesMember" xlink:to="label_TypesOfHedgesMember" xlink:title="Label : TypesOfHedgesMember to label_TypesOfHedgesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:label="IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:title="IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:title="Label : IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="TypesOfHedgesAxis" xlink:title="TypesOfHedgesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfHedgesAxis" xml:lang="en-US" id="label_TypesOfHedgesAxis">Types of hedges [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesAxis" xlink:to="label_TypesOfHedgesAxis" xlink:title="Label : TypesOfHedgesAxis to label_TypesOfHedgesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeContractOtherMember" xlink:label="ForeignExchangeContractOtherMember" xlink:title="ForeignExchangeContractOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeContractOtherMember" xml:lang="en-US" id="label_ForeignExchangeContractOtherMember">Represents a foreign exchange contract classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractOtherMember" xlink:to="label_ForeignExchangeContractOtherMember" xlink:title="Label : ForeignExchangeContractOtherMember to label_ForeignExchangeContractOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractOtherMember_1" xml:lang="en-US" id="label_ForeignExchangeContractOtherMember_1">Foreign exchange contract, Other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractOtherMember" xlink:to="label_ForeignExchangeContractOtherMember_1" xlink:title="Label : ForeignExchangeContractOtherMember to label_ForeignExchangeContractOtherMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_1">Foreign exchange contract, purchase currency BRL, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1">Foreign exchange contract, purchase currency USD, sell currency CNY [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1">Foreign exchange contract, purchase currency USD, sell currency GPB [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1">Foreign exchange contract, purchase currency USD, sell currency CAD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1">Foreign exchange contract, purchase currency USD, sell currency KWD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1">Foreign exchange contract, purchase currency USD, sell currency BRL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_1">Foreign exchange contract, purchase currency RON, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1">Foreign exchange contract, purchase currency USD, sell currency EUR [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1">Foreign exchange contract, purchase currency EUR, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1">Foreign exchange contract, purchase currency USD, sell currency MXN [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember to label_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" xml:lang="en-US" id="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1">Foreign exchange contract, purchase currency MXN, sell currency USD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" xlink:to="label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" xlink:title="Label : ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember to label_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PurchaseForeignExchangeContractMember" xlink:label="PurchaseForeignExchangeContractMember" xlink:title="PurchaseForeignExchangeContractMember" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseForeignExchangeContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseForeignExchangeContractMember" xml:lang="en-US" id="label_PurchaseForeignExchangeContractMember">Purchase currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseForeignExchangeContractMember" xlink:to="label_PurchaseForeignExchangeContractMember" xlink:title="Label : PurchaseForeignExchangeContractMember to label_PurchaseForeignExchangeContractMember" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseForeignExchangeContractMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PurchaseForeignExchangeContractMember_1" xml:lang="en-US" id="label_PurchaseForeignExchangeContractMember_1">This member stands for the information pertaining to purchase foreign exchange contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseForeignExchangeContractMember" xlink:to="label_PurchaseForeignExchangeContractMember_1" xlink:title="Label : PurchaseForeignExchangeContractMember to label_PurchaseForeignExchangeContractMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseForeignExchangeContractMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseForeignExchangeContractMember_2" xml:lang="en-US" id="label_PurchaseForeignExchangeContractMember_2">Purchase foreign exchange contract [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseForeignExchangeContractMember" xlink:to="label_PurchaseForeignExchangeContractMember_2" xlink:title="Label : PurchaseForeignExchangeContractMember to label_PurchaseForeignExchangeContractMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_HedgedItemsMember" xlink:label="HedgedItemsMember" xlink:title="HedgedItemsMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgedItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgedItemsMember" xml:lang="en-US" id="label_HedgedItemsMember">Hedged items [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgedItemsMember" xlink:to="label_HedgedItemsMember" xlink:title="Label : HedgedItemsMember to label_HedgedItemsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_HedgedItemsAxis" xlink:label="HedgedItemsAxis" xlink:title="HedgedItemsAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgedItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgedItemsAxis" xml:lang="en-US" id="label_HedgedItemsAxis">Hedged items [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgedItemsAxis" xlink:to="label_HedgedItemsAxis" xlink:title="Label : HedgedItemsAxis to label_HedgedItemsAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DerivativeFinancialAssetsLiabilities" xlink:label="DerivativeFinancialAssetsLiabilities" xlink:title="DerivativeFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssetsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeFinancialAssetsLiabilities" xml:lang="en-US" id="label_DerivativeFinancialAssetsLiabilities">Derivative financial assets liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssetsLiabilities" xlink:to="label_DerivativeFinancialAssetsLiabilities" xlink:title="Label : DerivativeFinancialAssetsLiabilities to label_DerivativeFinancialAssetsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssetsLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_DerivativeFinancialAssetsLiabilities_1" xml:lang="en-US" id="label_DerivativeFinancialAssetsLiabilities_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssetsLiabilities" xlink:to="label_DerivativeFinancialAssetsLiabilities_1" xlink:title="Label : DerivativeFinancialAssetsLiabilities to label_DerivativeFinancialAssetsLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssetsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DerivativeFinancialAssetsLiabilities_2" xml:lang="en-US" id="label_DerivativeFinancialAssetsLiabilities_2">The amount of financial assets (liabilities) classified as derivative instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssetsLiabilities" xlink:to="label_DerivativeFinancialAssetsLiabilities_2" xlink:title="Label : DerivativeFinancialAssetsLiabilities to label_DerivativeFinancialAssetsLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssetsLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DerivativeFinancialAssetsLiabilities_3" xml:lang="en-US" id="label_DerivativeFinancialAssetsLiabilities_3">Fair value of derivatives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssetsLiabilities" xlink:to="label_DerivativeFinancialAssetsLiabilities_3" xlink:title="Label : DerivativeFinancialAssetsLiabilities to label_DerivativeFinancialAssetsLiabilities_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherDerivativesMember" xlink:label="OtherDerivativesMember" xlink:title="OtherDerivativesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherDerivativesMember" xml:lang="en-US" id="label_OtherDerivativesMember">Related to other derivatives.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDerivativesMember" xlink:to="label_OtherDerivativesMember" xlink:title="Label : OtherDerivativesMember to label_OtherDerivativesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherDerivativesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherDerivativesMember_1" xml:lang="en-US" id="label_OtherDerivativesMember_1">Other derivatives [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherDerivativesMember" xlink:to="label_OtherDerivativesMember_1" xlink:title="Label : OtherDerivativesMember to label_OtherDerivativesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:label="DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:title="DerivativesHedgingBorrowingsAndInvestmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DerivativesHedgingBorrowingsAndInvestmentsMember" xml:lang="en-US" id="label_DerivativesHedgingBorrowingsAndInvestmentsMember">Related to derivatives used for hedging borrowings and investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:to="label_DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:title="Label : DerivativesHedgingBorrowingsAndInvestmentsMember to label_DerivativesHedgingBorrowingsAndInvestmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" xml:lang="en-US" id="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1">Derivatives hedging borrowings and investments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesHedgingBorrowingsAndInvestmentsMember" xlink:to="label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" xlink:title="Label : DerivativesHedgingBorrowingsAndInvestmentsMember to label_DerivativesHedgingBorrowingsAndInvestmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AdditionalProvisionsOtherProvisionsReversals" xlink:label="AdditionalProvisionsOtherProvisionsReversals" xlink:title="AdditionalProvisionsOtherProvisionsReversals" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisionsReversals" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalProvisionsOtherProvisionsReversals" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisionsReversals">Additional provisions other provisions reversals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisionsReversals" xlink:to="label_AdditionalProvisionsOtherProvisionsReversals" xlink:title="Label : AdditionalProvisionsOtherProvisionsReversals to label_AdditionalProvisionsOtherProvisionsReversals" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisionsReversals_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalProvisionsOtherProvisionsReversals_1" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisionsReversals_1">Additional provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisionsReversals" xlink:to="label_AdditionalProvisionsOtherProvisionsReversals_1" xlink:title="Label : AdditionalProvisionsOtherProvisionsReversals to label_AdditionalProvisionsOtherProvisionsReversals_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisionsReversals_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalProvisionsOtherProvisionsReversals_2" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisionsReversals_2">The amount of additional other provisions (reversals) made.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisionsReversals" xlink:to="label_AdditionalProvisionsOtherProvisionsReversals_2" xlink:title="Label : AdditionalProvisionsOtherProvisionsReversals to label_AdditionalProvisionsOtherProvisionsReversals_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MiscellaneousOtherProvisionsMember" xlink:label="MiscellaneousOtherProvisionsMember" xlink:title="MiscellaneousOtherProvisionsMember" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherProvisionsMember" xml:lang="en-US" id="label_MiscellaneousOtherProvisionsMember">Miscellaneous other provisions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherProvisionsMember" xlink:to="label_MiscellaneousOtherProvisionsMember" xlink:title="Label : MiscellaneousOtherProvisionsMember to label_MiscellaneousOtherProvisionsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SalesRisksMember" xlink:label="SalesRisksMember" xlink:title="SalesRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_SalesRisksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalesRisksMember" xml:lang="en-US" id="label_SalesRisksMember">Represents the sales risks provision.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesRisksMember" xlink:to="label_SalesRisksMember" xlink:title="Label : SalesRisksMember to label_SalesRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_SalesRisksMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalesRisksMember_1" xml:lang="en-US" id="label_SalesRisksMember_1">Sales risks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesRisksMember" xlink:to="label_SalesRisksMember_1" xlink:title="Label : SalesRisksMember to label_SalesRisksMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProvisionsForCurrentLiabilitiesMember" xlink:label="ProvisionsForCurrentLiabilitiesMember" xlink:title="ProvisionsForCurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForCurrentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionsForCurrentLiabilitiesMember" xml:lang="en-US" id="label_ProvisionsForCurrentLiabilitiesMember">Represents the provision for current liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForCurrentLiabilitiesMember" xlink:to="label_ProvisionsForCurrentLiabilitiesMember" xlink:title="Label : ProvisionsForCurrentLiabilitiesMember to label_ProvisionsForCurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForCurrentLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsForCurrentLiabilitiesMember_1" xml:lang="en-US" id="label_ProvisionsForCurrentLiabilitiesMember_1">Provision for current liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForCurrentLiabilitiesMember" xlink:to="label_ProvisionsForCurrentLiabilitiesMember_1" xlink:title="Label : ProvisionsForCurrentLiabilitiesMember to label_ProvisionsForCurrentLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:label="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:title="IncreaseDecreaseAdditionalAllowancesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions">The amount of increase (decrease) due to additional allowances, of other provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:to="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:title="Label : IncreaseDecreaseAdditionalAllowancesOtherProvisions to label_IncreaseDecreaseAdditionalAllowancesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" xml:lang="en-US" id="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1">(Additional) allowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:to="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" xlink:title="Label : IncreaseDecreaseAdditionalAllowancesOtherProvisions to label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" xml:lang="en-US" id="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2">Increase decrease additional allowances other provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseAdditionalAllowancesOtherProvisions" xlink:to="label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" xlink:title="Label : IncreaseDecreaseAdditionalAllowancesOtherProvisions to label_IncreaseDecreaseAdditionalAllowancesOtherProvisions_2" />
    <link:label xlink:type="resource" xlink:label="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" xml:lang="en-US" id="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1">Used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UtilisationAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:title="Label : UtilisationAllowanceAccountForCreditLossesOfFinancialAssets to label_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:label="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:title="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xml:lang="en-US" id="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances">Increase decrease through reversals and additional allowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:to="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:title="Label : IncreaseDecreaseThroughReversalsAndAdditionalAllowances to label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1">(Additional) / reversal allowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:to="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" xlink:title="Label : IncreaseDecreaseThroughReversalsAndAdditionalAllowances to label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2">The increase (decrease) through reversals and (additional) allowances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" xlink:to="label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" xlink:title="Label : IncreaseDecreaseThroughReversalsAndAdditionalAllowances to label_IncreaseDecreaseThroughReversalsAndAdditionalAllowances_2" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_1" xml:lang="en-US" id="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_1">Decrease due to sale of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions" xlink:to="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_1" xlink:title="Label : DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions to label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_2" xml:lang="en-US" id="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_2">Decrease due to sale of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions" xlink:to="label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_2" xlink:title="Label : DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions to label_DecreaseThroughLossOfControlOfSubsidiaryOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="AllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets_1">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets_2">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AllowanceForInventoryObsolescenceMember" xlink:label="AllowanceForInventoryObsolescenceMember" xlink:title="AllowanceForInventoryObsolescenceMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForInventoryObsolescenceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForInventoryObsolescenceMember" xml:lang="en-US" id="label_AllowanceForInventoryObsolescenceMember">Represents the allowance for inventory obsolescence.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForInventoryObsolescenceMember" xlink:to="label_AllowanceForInventoryObsolescenceMember" xlink:title="Label : AllowanceForInventoryObsolescenceMember to label_AllowanceForInventoryObsolescenceMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForInventoryObsolescenceMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForInventoryObsolescenceMember_1" xml:lang="en-US" id="label_AllowanceForInventoryObsolescenceMember_1">Allowance for inventory obsolescence [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForInventoryObsolescenceMember" xlink:to="label_AllowanceForInventoryObsolescenceMember_1" xlink:title="Label : AllowanceForInventoryObsolescenceMember to label_AllowanceForInventoryObsolescenceMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:label="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:title="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xml:lang="en-US" id="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember">Represents the allowance for other doubtful accounts attributable to other receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:to="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:title="Label : AllowanceForOtherDoubtfulAccountsOtherReceivablesMember to label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" xml:lang="en-US" id="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1">Allowance for other doubtful accounts - other receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" xlink:to="label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" xlink:title="Label : AllowanceForOtherDoubtfulAccountsOtherReceivablesMember to label_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProvisionUsedOtherProvisionsMovements" xlink:label="ProvisionUsedOtherProvisionsMovements" xlink:title="ProvisionUsedOtherProvisionsMovements" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisionsMovements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionUsedOtherProvisionsMovements" xml:lang="en-US" id="label_ProvisionUsedOtherProvisionsMovements">The amount used (ie incurred and charged against the provision) and other provisions movements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisionsMovements" xlink:to="label_ProvisionUsedOtherProvisionsMovements" xlink:title="Label : ProvisionUsedOtherProvisionsMovements to label_ProvisionUsedOtherProvisionsMovements" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisionsMovements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionUsedOtherProvisionsMovements_1" xml:lang="en-US" id="label_ProvisionUsedOtherProvisionsMovements_1">Used and other movements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisionsMovements" xlink:to="label_ProvisionUsedOtherProvisionsMovements_1" xlink:title="Label : ProvisionUsedOtherProvisionsMovements to label_ProvisionUsedOtherProvisionsMovements_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisionsMovements_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionUsedOtherProvisionsMovements_2" xml:lang="en-US" id="label_ProvisionUsedOtherProvisionsMovements_2">Provision used other provisions movements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisionsMovements" xlink:to="label_ProvisionUsedOtherProvisionsMovements_2" xlink:title="Label : ProvisionUsedOtherProvisionsMovements to label_ProvisionUsedOtherProvisionsMovements_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProvisionUsedOtherProvisions" xlink:label="ProvisionUsedOtherProvisions" xlink:title="ProvisionUsedOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ProvisionUsedOtherProvisions" xml:lang="en-US" id="label_ProvisionUsedOtherProvisions">Used and other movements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisions" xlink:to="label_ProvisionUsedOtherProvisions" xlink:title="Label : ProvisionUsedOtherProvisions to label_ProvisionUsedOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionUsedOtherProvisions_1" xml:lang="en-US" id="label_ProvisionUsedOtherProvisions_1">Used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisions" xlink:to="label_ProvisionUsedOtherProvisions_1" xlink:title="Label : ProvisionUsedOtherProvisions to label_ProvisionUsedOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionUsedOtherProvisions_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionUsedOtherProvisions_2" xml:lang="en-US" id="label_ProvisionUsedOtherProvisions_2">Used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionUsedOtherProvisions" xlink:to="label_ProvisionUsedOtherProvisions_2" xlink:title="Label : ProvisionUsedOtherProvisions to label_ProvisionUsedOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:label="IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:title="IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions">Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions to label_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdditionalProvisionsOtherProvisions" xlink:label="AdditionalProvisionsOtherProvisions" xlink:title="AdditionalProvisionsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalProvisionsOtherProvisions" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisions">Additional provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisions" xlink:to="label_AdditionalProvisionsOtherProvisions" xlink:title="Label : AdditionalProvisionsOtherProvisions to label_AdditionalProvisionsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalProvisionsOtherProvisions_1" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisions_1">Additional allowance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisions" xlink:to="label_AdditionalProvisionsOtherProvisions_1" xlink:title="Label : AdditionalProvisionsOtherProvisions to label_AdditionalProvisionsOtherProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:label="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:title="AcquisitionsThroughBusinessCombinationsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:to="label_AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:to="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsOtherProvisions" xlink:to="label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsOtherProvisions to label_AcquisitionsThroughBusinessCombinationsOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions to label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions to label_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherProvisions" xlink:label="OtherProvisions" xlink:title="OtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_OtherProvisions" xml:lang="en-US" id="label_OtherProvisions">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions" xlink:title="Label : OtherProvisions to label_OtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_OtherProvisions_1" xml:lang="en-US" id="label_OtherProvisions_1">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_1" xlink:title="Label : OtherProvisions to label_OtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_1">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherProvisions_2" xml:lang="en-US" id="label_OtherProvisions_2">Total other provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_2" xlink:title="Label : OtherProvisions to label_OtherProvisions_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherProvisions_3" xml:lang="en-US" id="label_OtherProvisions_3">ifrs-full_OtherProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_3" xlink:title="Label : OtherProvisions to label_OtherProvisions_3" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_4" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_OtherProvisions_4" xml:lang="en-US" id="label_OtherProvisions_4">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_4" xlink:title="Label : OtherProvisions to label_OtherProvisions_4" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_5" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:title="label_OtherProvisions_5" xml:lang="en-US" id="label_OtherProvisions_5">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_5" xlink:title="Label : OtherProvisions to label_OtherProvisions_5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:label="ReconciliationOfChangesInOtherProvisionsAbstract" xlink:title="ReconciliationOfChangesInOtherProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInOtherProvisionsAbstract" xml:lang="en-US" id="label_ReconciliationOfChangesInOtherProvisionsAbstract">Reconciliation of changes in other provisions [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInOtherProvisionsAbstract" xlink:to="label_ReconciliationOfChangesInOtherProvisionsAbstract" xlink:title="Label : ReconciliationOfChangesInOtherProvisionsAbstract to label_ReconciliationOfChangesInOtherProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_2">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_2" xlink:title="Label : IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:label="IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:title="IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset">Decrease due to sale of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:title="Label : IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOtherProvisionsLineItems" xlink:label="DisclosureOfOtherProvisionsLineItems" xlink:title="DisclosureOfOtherProvisionsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherProvisionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherProvisionsLineItems" xml:lang="en-US" id="label_DisclosureOfOtherProvisionsLineItems">Disclosure of other provisions [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherProvisionsLineItems" xlink:to="label_DisclosureOfOtherProvisionsLineItems" xlink:title="Label : DisclosureOfOtherProvisionsLineItems to label_DisclosureOfOtherProvisionsLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProvisionForNoncurrentLiabilitiesMember" xlink:label="ProvisionForNoncurrentLiabilitiesMember" xlink:title="ProvisionForNoncurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForNoncurrentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForNoncurrentLiabilitiesMember" xml:lang="en-US" id="label_ProvisionForNoncurrentLiabilitiesMember">Represents the provision for non-current liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForNoncurrentLiabilitiesMember" xlink:to="label_ProvisionForNoncurrentLiabilitiesMember" xlink:title="Label : ProvisionForNoncurrentLiabilitiesMember to label_ProvisionForNoncurrentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForNoncurrentLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForNoncurrentLiabilitiesMember_1" xml:lang="en-US" id="label_ProvisionForNoncurrentLiabilitiesMember_1">Provision for non-current liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForNoncurrentLiabilitiesMember" xlink:to="label_ProvisionForNoncurrentLiabilitiesMember_1" xlink:title="Label : ProvisionForNoncurrentLiabilitiesMember to label_ProvisionForNoncurrentLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOtherProvisionsTable" xlink:label="DisclosureOfOtherProvisionsTable" xlink:title="DisclosureOfOtherProvisionsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherProvisionsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherProvisionsTable" xml:lang="en-US" id="label_DisclosureOfOtherProvisionsTable">Disclosure of other provisions [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherProvisionsTable" xlink:to="label_DisclosureOfOtherProvisionsTable" xlink:title="Label : DisclosureOfOtherProvisionsTable to label_DisclosureOfOtherProvisionsTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherCurrentMiscellaneousLiabilities" xlink:label="OtherCurrentMiscellaneousLiabilities" xlink:title="OtherCurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentMiscellaneousLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherCurrentMiscellaneousLiabilities" xml:lang="en-US" id="label_OtherCurrentMiscellaneousLiabilities">Miscellaneous</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentMiscellaneousLiabilities" xlink:to="label_OtherCurrentMiscellaneousLiabilities" xlink:title="Label : OtherCurrentMiscellaneousLiabilities to label_OtherCurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentMiscellaneousLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentMiscellaneousLiabilities_1" xml:lang="en-US" id="label_OtherCurrentMiscellaneousLiabilities_1">Other current miscellaneous liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentMiscellaneousLiabilities" xlink:to="label_OtherCurrentMiscellaneousLiabilities_1" xlink:title="Label : OtherCurrentMiscellaneousLiabilities to label_OtherCurrentMiscellaneousLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentMiscellaneousLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCurrentMiscellaneousLiabilities_2" xml:lang="en-US" id="label_OtherCurrentMiscellaneousLiabilities_2">The amount of other current miscellaneous liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentMiscellaneousLiabilities" xlink:to="label_OtherCurrentMiscellaneousLiabilities_2" xlink:title="Label : OtherCurrentMiscellaneousLiabilities to label_OtherCurrentMiscellaneousLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentEmployeeRelatedLiabilities" xlink:label="CurrentEmployeeRelatedLiabilities" xlink:title="CurrentEmployeeRelatedLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentEmployeeRelatedLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentEmployeeRelatedLiabilities" xml:lang="en-US" id="label_CurrentEmployeeRelatedLiabilities">Payroll and social security payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentEmployeeRelatedLiabilities" xlink:to="label_CurrentEmployeeRelatedLiabilities" xlink:title="Label : CurrentEmployeeRelatedLiabilities to label_CurrentEmployeeRelatedLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentEmployeeRelatedLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentEmployeeRelatedLiabilities_1" xml:lang="en-US" id="label_CurrentEmployeeRelatedLiabilities_1">Current employee related liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentEmployeeRelatedLiabilities" xlink:to="label_CurrentEmployeeRelatedLiabilities_1" xlink:title="Label : CurrentEmployeeRelatedLiabilities to label_CurrentEmployeeRelatedLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentEmployeeRelatedLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentEmployeeRelatedLiabilities_2" xml:lang="en-US" id="label_CurrentEmployeeRelatedLiabilities_2">The amount of current employee related liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentEmployeeRelatedLiabilities" xlink:to="label_CurrentEmployeeRelatedLiabilities_2" xlink:title="Label : CurrentEmployeeRelatedLiabilities to label_CurrentEmployeeRelatedLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" xml:lang="en-US" id="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1">Other assets percent contributed to fair value of plan assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:to="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" xlink:title="Label : OtherAssetsPercentContributedToFairValueOfPlanAssets to label_OtherAssetsPercentContributedToFairValueOfPlanAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" xml:lang="en-US" id="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsPercentContributedToFairValueOfPlanAssets" xlink:to="label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" xlink:title="Label : OtherAssetsPercentContributedToFairValueOfPlanAssets to label_OtherAssetsPercentContributedToFairValueOfPlanAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1" xml:lang="en-US" id="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1">Debt instruments percent contributed to fair value of plan assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1" xlink:title="Label : DebtInstrumentsPercentContributedToFairValueOfPlanAssets to label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" xml:lang="en-US" id="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2">Debt instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:title="Label : DebtInstrumentsPercentContributedToFairValueOfPlanAssets to label_DebtInstrumentsPercentContributedToFairValueOfPlanAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1" xml:lang="en-US" id="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1">Equity instruments percent contributed to fair value of plan assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1" xlink:title="Label : EquityInstrumentsPercentContributedToFairValueOfPlanAssets to label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" xml:lang="en-US" id="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2">Equity instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" xlink:to="label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" xlink:title="Label : EquityInstrumentsPercentContributedToFairValueOfPlanAssets to label_EquityInstrumentsPercentContributedToFairValueOfPlanAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FairValueOfFundedPostemploymentBenefitsMember" xlink:label="FairValueOfFundedPostemploymentBenefitsMember" xlink:title="FairValueOfFundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfFundedPostemploymentBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FairValueOfFundedPostemploymentBenefitsMember" xml:lang="en-US" id="label_FairValueOfFundedPostemploymentBenefitsMember">This member stands for the fair value of funded post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfFundedPostemploymentBenefitsMember" xlink:to="label_FairValueOfFundedPostemploymentBenefitsMember" xlink:title="Label : FairValueOfFundedPostemploymentBenefitsMember to label_FairValueOfFundedPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfFundedPostemploymentBenefitsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueOfFundedPostemploymentBenefitsMember_1" xml:lang="en-US" id="label_FairValueOfFundedPostemploymentBenefitsMember_1">Fair value of funded post-employment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfFundedPostemploymentBenefitsMember" xlink:to="label_FairValueOfFundedPostemploymentBenefitsMember_1" xlink:title="Label : FairValueOfFundedPostemploymentBenefitsMember to label_FairValueOfFundedPostemploymentBenefitsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:title="ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xml:lang="en-US" id="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases">Rate of compensation increase</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:title="Label : ActuarialAssumptionOfExpectedRatesOfSalaryIncreases to label_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ActuarialAssumptionOfDiscountRates" xlink:title="ActuarialAssumptionOfDiscountRates" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionOfDiscountRates" xml:lang="en-US" id="label_ActuarialAssumptionOfDiscountRates">Discount rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfDiscountRates" xlink:to="label_ActuarialAssumptionOfDiscountRates" xlink:title="Label : ActuarialAssumptionOfDiscountRates to label_ActuarialAssumptionOfDiscountRates" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SurplusDeficitInPlan" xlink:label="SurplusDeficitInPlan" xlink:title="SurplusDeficitInPlan" />
    <link:label xlink:type="resource" xlink:label="label_SurplusDeficitInPlan" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_SurplusDeficitInPlan" xml:lang="en-US" id="label_SurplusDeficitInPlan">Asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SurplusDeficitInPlan" xlink:to="label_SurplusDeficitInPlan" xlink:title="Label : SurplusDeficitInPlan to label_SurplusDeficitInPlan" />
    <link:label xlink:type="resource" xlink:label="label_SurplusDeficitInPlan_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SurplusDeficitInPlan_1" xml:lang="en-US" id="label_SurplusDeficitInPlan_1">ifrs-full_SurplusDeficitInPlan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SurplusDeficitInPlan" xlink:to="label_SurplusDeficitInPlan_1" xlink:title="Label : SurplusDeficitInPlan to label_SurplusDeficitInPlan_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PlanAssetsAtFairValue" xlink:label="PlanAssetsAtFairValue" xlink:title="PlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_PlanAssetsAtFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_PlanAssetsAtFairValue" xml:lang="en-US" id="label_PlanAssetsAtFairValue">Fair value of plan assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanAssetsAtFairValue" xlink:to="label_PlanAssetsAtFairValue" xlink:title="Label : PlanAssetsAtFairValue to label_PlanAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_PlanAssetsAtFairValue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PlanAssetsAtFairValue_1" xml:lang="en-US" id="label_PlanAssetsAtFairValue_1">ifrs-full_PlanAssetsAtFairValue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlanAssetsAtFairValue" xlink:to="label_PlanAssetsAtFairValue_1" xlink:title="Label : PlanAssetsAtFairValue to label_PlanAssetsAtFairValue_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:label="DefinedBenefitObligationAtPresentValue" xlink:title="DefinedBenefitObligationAtPresentValue" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitObligationAtPresentValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DefinedBenefitObligationAtPresentValue" xml:lang="en-US" id="label_DefinedBenefitObligationAtPresentValue">Present value of funded obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitObligationAtPresentValue" xlink:to="label_DefinedBenefitObligationAtPresentValue" xlink:title="Label : DefinedBenefitObligationAtPresentValue to label_DefinedBenefitObligationAtPresentValue" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitObligationAtPresentValue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitObligationAtPresentValue_1" xml:lang="en-US" id="label_DefinedBenefitObligationAtPresentValue_1">ifrs-full_DefinedBenefitObligationAtPresentValue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitObligationAtPresentValue" xlink:to="label_DefinedBenefitObligationAtPresentValue_1" xlink:title="Label : DefinedBenefitObligationAtPresentValue to label_DefinedBenefitObligationAtPresentValue_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset to label_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1">Benefits paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : PaymentsFromPlanNetDefinedBenefitLiabilityAsset to label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" xml:lang="en-US" id="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2">Benefits paid from the plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" xlink:title="Label : PaymentsFromPlanNetDefinedBenefitLiabilityAsset to label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_2" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_3" xml:lang="en-US" id="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_3">Benefits paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_3" xlink:title="Label : PaymentsFromPlanNetDefinedBenefitLiabilityAsset to label_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_3" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : InterestExpenseIncomeNetDefinedBenefitLiabilityAsset to label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" xml:lang="en-US" id="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2">Interest cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" xlink:title="Label : InterestExpenseIncomeNetDefinedBenefitLiabilityAsset to label_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1">Current service cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : CurrentServiceCostNetDefinedBenefitLiabilityAsset to label_CurrentServiceCostNetDefinedBenefitLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset_1">Increase (decrease) through loss of control of subsidiary, deferred tax liability (asset)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherNoncurrentMiscellaneousLiabilities" xlink:label="OtherNoncurrentMiscellaneousLiabilities" xlink:title="OtherNoncurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentMiscellaneousLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherNoncurrentMiscellaneousLiabilities" xml:lang="en-US" id="label_OtherNoncurrentMiscellaneousLiabilities">Miscellaneous</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentMiscellaneousLiabilities" xlink:to="label_OtherNoncurrentMiscellaneousLiabilities" xlink:title="Label : OtherNoncurrentMiscellaneousLiabilities to label_OtherNoncurrentMiscellaneousLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentMiscellaneousLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentMiscellaneousLiabilities_1" xml:lang="en-US" id="label_OtherNoncurrentMiscellaneousLiabilities_1">Other noncurrent miscellaneous liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentMiscellaneousLiabilities" xlink:to="label_OtherNoncurrentMiscellaneousLiabilities_1" xlink:title="Label : OtherNoncurrentMiscellaneousLiabilities to label_OtherNoncurrentMiscellaneousLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentMiscellaneousLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherNoncurrentMiscellaneousLiabilities_2" xml:lang="en-US" id="label_OtherNoncurrentMiscellaneousLiabilities_2">The amount of other non-current miscellaneous liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentMiscellaneousLiabilities" xlink:to="label_OtherNoncurrentMiscellaneousLiabilities_2" xlink:title="Label : OtherNoncurrentMiscellaneousLiabilities to label_OtherNoncurrentMiscellaneousLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherNoncurrentBenefitsLiability" xlink:label="OtherNoncurrentBenefitsLiability" xlink:title="OtherNoncurrentBenefitsLiability" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentBenefitsLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherNoncurrentBenefitsLiability" xml:lang="en-US" id="label_OtherNoncurrentBenefitsLiability">Other long-term benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentBenefitsLiability" xlink:to="label_OtherNoncurrentBenefitsLiability" xlink:title="Label : OtherNoncurrentBenefitsLiability to label_OtherNoncurrentBenefitsLiability" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset to label_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:label="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:title="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xml:lang="en-US" id="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember">This member stands for deferred tax liability attributable to taxable temporary differences from intangible assets and other assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:to="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:title="Label : DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember to label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentBenefitsLiability_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentBenefitsLiability_1" xml:lang="en-US" id="label_OtherNoncurrentBenefitsLiability_1">Other Noncurrent Benefits Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentBenefitsLiability" xlink:to="label_OtherNoncurrentBenefitsLiability_1" xlink:title="Label : OtherNoncurrentBenefitsLiability to label_OtherNoncurrentBenefitsLiability_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:label="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:title="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears">Unused tax losses for which no deferred tax asset recognised percent expiring in more than five years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:to="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" xlink:title="Label : UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears to label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentBenefitsLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherNoncurrentBenefitsLiability_2" xml:lang="en-US" id="label_OtherNoncurrentBenefitsLiability_2">The amount of other non-current benefits liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentBenefitsLiability" xlink:to="label_OtherNoncurrentBenefitsLiability_2" xlink:title="Label : OtherNoncurrentBenefitsLiability to label_OtherNoncurrentBenefitsLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentPostemploymentBenefitsLiability" xlink:label="NoncurrentPostemploymentBenefitsLiability" xlink:title="NoncurrentPostemploymentBenefitsLiability" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPostemploymentBenefitsLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentPostemploymentBenefitsLiability" xml:lang="en-US" id="label_NoncurrentPostemploymentBenefitsLiability">Post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPostemploymentBenefitsLiability" xlink:to="label_NoncurrentPostemploymentBenefitsLiability" xlink:title="Label : NoncurrentPostemploymentBenefitsLiability to label_NoncurrentPostemploymentBenefitsLiability" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPostemploymentBenefitsLiability_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentPostemploymentBenefitsLiability_1" xml:lang="en-US" id="label_NoncurrentPostemploymentBenefitsLiability_1">The amount of non-current post-employment benefits liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPostemploymentBenefitsLiability" xlink:to="label_NoncurrentPostemploymentBenefitsLiability_1" xlink:title="Label : NoncurrentPostemploymentBenefitsLiability to label_NoncurrentPostemploymentBenefitsLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPostemploymentBenefitsLiability_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentPostemploymentBenefitsLiability_2" xml:lang="en-US" id="label_NoncurrentPostemploymentBenefitsLiability_2">Noncurrent post employment benefits Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPostemploymentBenefitsLiability" xlink:to="label_NoncurrentPostemploymentBenefitsLiability_2" xlink:title="Label : NoncurrentPostemploymentBenefitsLiability to label_NoncurrentPostemploymentBenefitsLiability_2" />
    <link:label xlink:type="resource" xlink:label="label_EstimateOfContributionsExpectedToBePaidToPlan_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimateOfContributionsExpectedToBePaidToPlan_1" xml:lang="en-US" id="label_EstimateOfContributionsExpectedToBePaidToPlan_1">ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="label_EstimateOfContributionsExpectedToBePaidToPlan_1" xlink:title="Label : EstimateOfContributionsExpectedToBePaidToPlan to label_EstimateOfContributionsExpectedToBePaidToPlan_1" />
    <link:label xlink:type="resource" xlink:label="label_OverfundedPlan_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OverfundedPlan_1" xml:lang="en-US" id="label_OverfundedPlan_1">Overfunded plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OverfundedPlan" xlink:to="label_OverfundedPlan_1" xlink:title="Label : OverfundedPlan to label_OverfundedPlan_1" />
    <link:label xlink:type="resource" xlink:label="label_OverfundedPlan_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OverfundedPlan_2" xml:lang="en-US" id="label_OverfundedPlan_2">Overfunded Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OverfundedPlan" xlink:to="label_OverfundedPlan_2" xlink:title="Label : OverfundedPlan to label_OverfundedPlan_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:label="DisclosureOfDefinedBenefitPlansLineItems" xlink:title="DisclosureOfDefinedBenefitPlansLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDefinedBenefitPlansLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDefinedBenefitPlansLineItems" xml:lang="en-US" id="label_DisclosureOfDefinedBenefitPlansLineItems">Disclosure of defined benefit plans [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDefinedBenefitPlansLineItems" xlink:to="label_DisclosureOfDefinedBenefitPlansLineItems" xlink:title="Label : DisclosureOfDefinedBenefitPlansLineItems to label_DisclosureOfDefinedBenefitPlansLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:label="ActuarialAssumptionOfDiscountRatesMember" xlink:title="ActuarialAssumptionOfDiscountRatesMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionOfDiscountRatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionOfDiscountRatesMember" xml:lang="en-US" id="label_ActuarialAssumptionOfDiscountRatesMember">Actuarial assumption of discount rates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfDiscountRatesMember" xlink:to="label_ActuarialAssumptionOfDiscountRatesMember" xlink:title="Label : ActuarialAssumptionOfDiscountRatesMember to label_ActuarialAssumptionOfDiscountRatesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionsMember" xlink:label="ActuarialAssumptionsMember" xlink:title="ActuarialAssumptionsMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionsMember" xml:lang="en-US" id="label_ActuarialAssumptionsMember">Actuarial assumptions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsMember" xlink:to="label_ActuarialAssumptionsMember" xlink:title="Label : ActuarialAssumptionsMember to label_ActuarialAssumptionsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ActuarialAssumptionsAxis" xlink:label="ActuarialAssumptionsAxis" xlink:title="ActuarialAssumptionsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionsAxis" xml:lang="en-US" id="label_ActuarialAssumptionsAxis">Actuarial assumptions [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsAxis" xlink:to="label_ActuarialAssumptionsAxis" xlink:title="Label : ActuarialAssumptionsAxis to label_ActuarialAssumptionsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember" xlink:label="WhollyOrPartlyFundedDefinedBenefitPlansMember" xlink:title="WhollyOrPartlyFundedDefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_WhollyOrPartlyFundedDefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WhollyOrPartlyFundedDefinedBenefitPlansMember" xml:lang="en-US" id="label_WhollyOrPartlyFundedDefinedBenefitPlansMember">Funded</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WhollyOrPartlyFundedDefinedBenefitPlansMember" xlink:to="label_WhollyOrPartlyFundedDefinedBenefitPlansMember" xlink:title="Label : WhollyOrPartlyFundedDefinedBenefitPlansMember to label_WhollyOrPartlyFundedDefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_WhollyOrPartlyFundedDefinedBenefitPlansMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WhollyOrPartlyFundedDefinedBenefitPlansMember_1" xml:lang="en-US" id="label_WhollyOrPartlyFundedDefinedBenefitPlansMember_1">Wholly or partly funded defined benefit plans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WhollyOrPartlyFundedDefinedBenefitPlansMember" xlink:to="label_WhollyOrPartlyFundedDefinedBenefitPlansMember_1" xlink:title="Label : WhollyOrPartlyFundedDefinedBenefitPlansMember to label_WhollyOrPartlyFundedDefinedBenefitPlansMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_WhollyUnfundedDefinedBenefitPlansMember" xlink:label="WhollyUnfundedDefinedBenefitPlansMember" xlink:title="WhollyUnfundedDefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_WhollyUnfundedDefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WhollyUnfundedDefinedBenefitPlansMember" xml:lang="en-US" id="label_WhollyUnfundedDefinedBenefitPlansMember">Unfunded</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WhollyUnfundedDefinedBenefitPlansMember" xlink:to="label_WhollyUnfundedDefinedBenefitPlansMember" xlink:title="Label : WhollyUnfundedDefinedBenefitPlansMember to label_WhollyUnfundedDefinedBenefitPlansMember" />
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    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears_2">Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in more than five years.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" xlink:label="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" xlink:title="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" />
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    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_1" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_1">Unused tax losses for which no deferred tax asset recognised, percent expiring between two and five years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" xlink:to="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_1" xlink:title="Label : UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears to label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_1" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_2" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears_2">Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in two to five years.</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FundingArrangementsOfDefinedBenefitPlansMember" xlink:label="FundingArrangementsOfDefinedBenefitPlansMember" xlink:title="FundingArrangementsOfDefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_FundingArrangementsOfDefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FundingArrangementsOfDefinedBenefitPlansMember" xml:lang="en-US" id="label_FundingArrangementsOfDefinedBenefitPlansMember">Funding arrangements of defined benefit plans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FundingArrangementsOfDefinedBenefitPlansMember" xlink:to="label_FundingArrangementsOfDefinedBenefitPlansMember" xlink:title="Label : FundingArrangementsOfDefinedBenefitPlansMember to label_FundingArrangementsOfDefinedBenefitPlansMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis" xlink:label="FundingArrangementsOfDefinedBenefitPlansAxis" xlink:title="FundingArrangementsOfDefinedBenefitPlansAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FundingArrangementsOfDefinedBenefitPlansAxis" xlink:to="label_FundingArrangementsOfDefinedBenefitPlansAxis" xlink:title="Label : FundingArrangementsOfDefinedBenefitPlansAxis to label_FundingArrangementsOfDefinedBenefitPlansAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PensionDefinedBenefitPlansMember" xlink:label="PensionDefinedBenefitPlansMember" xlink:title="PensionDefinedBenefitPlansMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanOneYearMember" xlink:label="LaterThanOneYearMember" xlink:title="LaterThanOneYearMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearMember" xlink:to="label_LaterThanOneYearMember" xlink:title="Label : LaterThanOneYearMember to label_LaterThanOneYearMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" xlink:label="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" xlink:title="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear">Unused tax losses for which no deferred tax asset recognised percent expiring in less than one year</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" xlink:to="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear_1" xlink:title="Label : UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear to label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear_1" />
    <link:label xlink:type="resource" xlink:label="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear_2" xml:lang="en-US" id="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear_2">Regarding the unused tax losses for which no deferred tax asset is recognized in the statement of financial position, this element represents the percentage expiring in less than one year.</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:label="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" xlink:title="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:title="DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:title="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:to="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_1" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_DeferredTaxLiabilityAsset_2" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset_2">Net deferred tax liability (asset)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_2" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilityAsset_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilityAsset_3" xml:lang="en-US" id="label_DeferredTaxLiabilityAsset_3">ifrs-full_DeferredTaxLiabilityAsset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilityAsset" xlink:to="label_DeferredTaxLiabilityAsset_3" xlink:title="Label : DeferredTaxLiabilityAsset to label_DeferredTaxLiabilityAsset_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:label="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" xlink:title="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsTable" />
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    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsMember" xml:lang="en-US" id="label_DeferredTaxAssetsMember">This member stands for deferred tax assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsMember" xlink:to="label_DeferredTaxAssetsMember" xlink:title="Label : DeferredTaxAssetsMember to label_DeferredTaxAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsMember_1">Deferred tax assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsMember" xlink:to="label_DeferredTaxAssetsMember_1" xlink:title="Label : DeferredTaxAssetsMember to label_DeferredTaxAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxAssetsOtherMember" xlink:label="DeferredTaxAssetsOtherMember" xlink:title="DeferredTaxAssetsOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsOtherMember" xml:lang="en-US" id="label_DeferredTaxAssetsOtherMember">This member stands for deferred tax asset attributable to deductible temporary differences, classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsOtherMember" xlink:to="label_DeferredTaxAssetsOtherMember" xlink:title="Label : DeferredTaxAssetsOtherMember to label_DeferredTaxAssetsOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsOtherMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsOtherMember_1">Deferred tax assets, other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsOtherMember" xlink:to="label_DeferredTaxAssetsOtherMember_1" xlink:title="Label : DeferredTaxAssetsOtherMember to label_DeferredTaxAssetsOtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxAssetsTaxLossMember" xlink:label="DeferredTaxAssetsTaxLossMember" xlink:title="DeferredTaxAssetsTaxLossMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsTaxLossMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsTaxLossMember" xml:lang="en-US" id="label_DeferredTaxAssetsTaxLossMember">This member stands for deferred tax asset attributable to deductible temporary differences from tax loss.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsTaxLossMember" xlink:to="label_DeferredTaxAssetsTaxLossMember" xlink:title="Label : DeferredTaxAssetsTaxLossMember to label_DeferredTaxAssetsTaxLossMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsTaxLossMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsTaxLossMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsTaxLossMember_1">Deferred tax assets, tax loss [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsTaxLossMember" xlink:to="label_DeferredTaxAssetsTaxLossMember_1" xlink:title="Label : DeferredTaxAssetsTaxLossMember to label_DeferredTaxAssetsTaxLossMember_1" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxAssetsInventoryMember" xlink:label="DeferredTaxAssetsInventoryMember" xlink:title="DeferredTaxAssetsInventoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsInventoryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsInventoryMember" xml:lang="en-US" id="label_DeferredTaxAssetsInventoryMember">This member stands for deferred tax asset attributable to deductible temporary differences from inventory.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsInventoryMember" xlink:to="label_DeferredTaxAssetsInventoryMember" xlink:title="Label : DeferredTaxAssetsInventoryMember to label_DeferredTaxAssetsInventoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsInventoryMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsInventoryMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsInventoryMember_1">Deferred tax assets, inventory [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsInventoryMember" xlink:to="label_DeferredTaxAssetsInventoryMember_1" xlink:title="Label : DeferredTaxAssetsInventoryMember to label_DeferredTaxAssetsInventoryMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:label="DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:title="DeferredTaxAssetsProvisionsAndAllowancesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxAssetsProvisionsAndAllowancesMember" xml:lang="en-US" id="label_DeferredTaxAssetsProvisionsAndAllowancesMember">This member stands for deferred tax asset attributable to deductible temporary differences from provisions and allowances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:to="label_DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:title="Label : DeferredTaxAssetsProvisionsAndAllowancesMember to label_DeferredTaxAssetsProvisionsAndAllowancesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" xml:lang="en-US" id="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1">Deferred tax assets, provisions and allowances [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssetsProvisionsAndAllowancesMember" xlink:to="label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" xlink:title="Label : DeferredTaxAssetsProvisionsAndAllowancesMember to label_DeferredTaxAssetsProvisionsAndAllowancesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxLiabilitiesMember" xlink:label="DeferredTaxLiabilitiesMember" xlink:title="DeferredTaxLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesMember" xml:lang="en-US" id="label_DeferredTaxLiabilitiesMember">Deferred Tax liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesMember" xlink:to="label_DeferredTaxLiabilitiesMember" xlink:title="Label : DeferredTaxLiabilitiesMember to label_DeferredTaxLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilitiesMember_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesMember_1">This member stands for deferred tax liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesMember" xlink:to="label_DeferredTaxLiabilitiesMember_1" xlink:title="Label : DeferredTaxLiabilitiesMember to label_DeferredTaxLiabilitiesMember_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1">Deferred tax liabilities, intangible assets and other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" xlink:to="label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" xlink:title="Label : DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember to label_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxLiabilitiesInventoryMember" xlink:label="DeferredTaxLiabilitiesInventoryMember" xlink:title="DeferredTaxLiabilitiesInventoryMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesInventoryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilitiesInventoryMember" xml:lang="en-US" id="label_DeferredTaxLiabilitiesInventoryMember">This member stands for deferred tax consequences attributable to taxable temporary differences derived from inventory.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesInventoryMember" xlink:to="label_DeferredTaxLiabilitiesInventoryMember" xlink:title="Label : DeferredTaxLiabilitiesInventoryMember to label_DeferredTaxLiabilitiesInventoryMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:title="Label : EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesInventoryMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesInventoryMember_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesInventoryMember_1">Deferred tax liabilities, inventory [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesInventoryMember" xlink:to="label_DeferredTaxLiabilitiesInventoryMember_1" xlink:title="Label : DeferredTaxLiabilitiesInventoryMember to label_DeferredTaxLiabilitiesInventoryMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxLiabilitiesFixedAssetsMember" xlink:label="DeferredTaxLiabilitiesFixedAssetsMember" xlink:title="DeferredTaxLiabilitiesFixedAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesFixedAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxLiabilitiesFixedAssetsMember" xml:lang="en-US" id="label_DeferredTaxLiabilitiesFixedAssetsMember">This member stands for deferred tax liability attributable to taxable temporary differences from fixed assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesFixedAssetsMember" xlink:to="label_DeferredTaxLiabilitiesFixedAssetsMember" xlink:title="Label : DeferredTaxLiabilitiesFixedAssetsMember to label_DeferredTaxLiabilitiesFixedAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilitiesFixedAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilitiesFixedAssetsMember_1" xml:lang="en-US" id="label_DeferredTaxLiabilitiesFixedAssetsMember_1">Deferred tax liabilities, fixed assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilitiesFixedAssetsMember" xlink:to="label_DeferredTaxLiabilitiesFixedAssetsMember_1" xlink:title="Label : DeferredTaxLiabilitiesFixedAssetsMember to label_DeferredTaxLiabilitiesFixedAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:label="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:title="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:to="label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:title="Label : UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised to label_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" xlink:to="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" xlink:title="Label : RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage to label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_1" xml:lang="en-US" id="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_1">Recognized tax losses expiring in more than five years, percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" xlink:to="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_1" xlink:title="Label : RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage to label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_2" xml:lang="en-US" id="label_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage_2">Represents the percentage of recognized tax losses expected to expire in more than five years.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" xlink:label="DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" xlink:title="DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EffectOfOverdraftsVariationOnLongtermBorrowings" xlink:label="EffectOfOverdraftsVariationOnLongtermBorrowings" xlink:title="EffectOfOverdraftsVariationOnLongtermBorrowings" />
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    <link:label xlink:type="resource" xlink:label="label_EffectOfReclassificationsOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfReclassificationsOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfReclassificationsOnLongtermBorrowings_2">Reclassifications, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfReclassificationsOnLongtermBorrowings" xlink:to="label_EffectOfReclassificationsOnLongtermBorrowings_2" xlink:title="Label : EffectOfReclassificationsOnLongtermBorrowings to label_EffectOfReclassificationsOnLongtermBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1">Effect of interests accrued net of payments on long term borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_2">Interests accrued less payments, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" xlink:to="label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_2" xlink:title="Label : EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings to label_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:label="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:title="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings">Effect of net proceeds and repayments on long term borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings to label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1">Proceeds and repayments, net, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings to label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:label="EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:title="EffectOfTranslationDifferencesOnLongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfTranslationDifferencesOnLongtermBorrowings" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnLongtermBorrowings">Effect of translation differences on long term borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:title="Label : EffectOfTranslationDifferencesOnLongtermBorrowings to label_EffectOfTranslationDifferencesOnLongtermBorrowings" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Proceeds and repayments, net, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">The increase (decrease) in the total current borrowings and current portion of non-current borrowings resulting from net proceeds and repayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2">Effect of net proceeds and repayments on current borrowings and current portion of noncurrent borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2">The increase (decrease) in the non-current portion of non-current borrowings resulting from net proceeds and repayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" xlink:to="label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2" xlink:title="Label : EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings to label_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">Translation differences, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1">Translation differences, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" xlink:title="Label : EffectOfTranslationDifferencesOnLongtermBorrowings to label_EffectOfTranslationDifferencesOnLongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">Effect of translation differences on current borrowings and current portion of noncurrent borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2">The increase (decrease) in the current borrowings and current portion of non-current borrowings resulting from translation differences.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:title="Label : EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_OtherCurrencyMember" xlink:label="OtherCurrencyMember" xlink:title="OtherCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrencyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrencyMember" xml:lang="en-US" id="label_OtherCurrencyMember">Other currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrencyMember" xlink:to="label_OtherCurrencyMember" xlink:title="Label : OtherCurrencyMember to label_OtherCurrencyMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2023/currency-2023.xsd#currency_ARS" xlink:label="ARS" xlink:title="ARS" />
    <link:label xlink:type="resource" xlink:label="label_ARS" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ARS" xml:lang="en-US" id="label_ARS">Argentina, Pesos</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ARS" xlink:to="label_ARS" xlink:title="Label : ARS to label_ARS" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfTranslationDifferencesOnLongtermBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectOfTranslationDifferencesOnLongtermBorrowings_2" xml:lang="en-US" id="label_EffectOfTranslationDifferencesOnLongtermBorrowings_2">The increase (decrease) in the non-current portion of non-current borrowings resulting from translation differences.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfTranslationDifferencesOnLongtermBorrowings" xlink:to="label_EffectOfTranslationDifferencesOnLongtermBorrowings_2" xlink:title="Label : EffectOfTranslationDifferencesOnLongtermBorrowings to label_EffectOfTranslationDifferencesOnLongtermBorrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:label="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:title="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts">The amount of nominative allowances for doubtful accounts from current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:label="DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:title="DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xml:lang="en-US" id="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems">Disclosure of financial assets that are either past due or impaired [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:to="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:title="Label : DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems to label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:label="DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:title="DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xml:lang="en-US" id="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable">Disclosure of financial assets that are either past due or impaired [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:to="label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:title="Label : DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable to label_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:label="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:title="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts">Represents a valuation allowance for trade receivables due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:title="Label : CurrentTradeReceivablesAllowanceForDoubtfulAccounts to label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2023/currency-2023.xsd#currency_MXN" xlink:label="MXN" xlink:title="MXN" />
    <link:label xlink:type="resource" xlink:label="label_MXN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MXN" xml:lang="en-US" id="label_MXN">Mexico, Pesos</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MXN" xlink:to="label_MXN" xlink:title="Label : MXN to label_MXN" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:label="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:title="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xml:lang="en-US" id="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract">Note 22 - Deferred tax assets and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:to="label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" xlink:title="Label : DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract to label_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2023/currency-2023.xsd#currency_EUR" xlink:label="EUR" xlink:title="EUR" />
    <link:label xlink:type="resource" xlink:label="label_EUR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EUR" xml:lang="en-US" id="label_EUR">Euro Member Countries, Euro</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EUR" xlink:to="label_EUR" xlink:title="Label : EUR to label_EUR" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2023/currency-2023.xsd#currency_SAR" xlink:label="SAR" xlink:title="SAR" />
    <link:label xlink:type="resource" xlink:label="label_SAR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SAR" xml:lang="en-US" id="label_SAR">Saudi Arabia, Riyals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SAR" xlink:to="label_SAR" xlink:title="Label : SAR to label_SAR" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2023/currency-2023.xsd#currency_USD" xlink:label="USD" xlink:title="USD" />
    <link:label xlink:type="resource" xlink:label="label_USD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_USD" xml:lang="en-US" id="label_USD">United States of America, Dollars</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USD" xlink:to="label_USD" xlink:title="Label : USD to label_USD" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2023/currency-2023.xsd#currency_AllCurrenciesDomain" xlink:label="AllCurrenciesDomain" xlink:title="AllCurrenciesDomain" />
    <link:label xlink:type="resource" xlink:label="label_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllCurrenciesDomain" xml:lang="en-US" id="label_AllCurrenciesDomain">All Currencies [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllCurrenciesDomain" xlink:to="label_AllCurrenciesDomain" xlink:title="Label : AllCurrenciesDomain to label_AllCurrenciesDomain" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:label="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:title="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties">The amount of current receivables from related parties that are attributable to receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:to="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:title="Label : CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties to label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:label="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:title="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances">Current receivables and prepayments advances to suppliers and other advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:to="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:title="Label : CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances to label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1">The amount of advances to suppliers and other advances that are attributable to current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:to="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances to label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_CurrencyAxis" xlink:label="CurrencyAxis" xlink:title="CurrencyAxis" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyAxis" xml:lang="en-US" id="label_CurrencyAxis">Currency [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyAxis" xlink:to="label_CurrencyAxis" xlink:title="Label : CurrencyAxis to label_CurrencyAxis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsInterestRate_1" xml:lang="en-US" id="label_BorrowingsInterestRate_1">Total borrowings, weighted average interest rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate_1" xlink:title="Label : BorrowingsInterestRate to label_BorrowingsInterestRate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_WeightedAverageMember" xlink:label="WeightedAverageMember" xlink:title="WeightedAverageMember" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageMember" xml:lang="en-US" id="label_WeightedAverageMember">Weighted average [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageMember" xlink:to="label_WeightedAverageMember" xlink:title="Label : WeightedAverageMember to label_WeightedAverageMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TamsaMember" xlink:label="TamsaMember" xlink:title="TamsaMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaMember" xml:lang="en-US" id="label_TamsaMember">Tamsa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaMember" xlink:to="label_TamsaMember" xlink:title="Label : TamsaMember to label_TamsaMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaMember_1" xml:lang="en-US" id="label_TamsaMember_1">This member stands for the information pertaining to "Tamsa".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaMember" xlink:to="label_TamsaMember_1" xlink:title="Label : TamsaMember to label_TamsaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TamsaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TamsaMember_2" xml:lang="en-US" id="label_TamsaMember_2">Tamsa [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaMember" xlink:to="label_TamsaMember_2" xlink:title="Label : TamsaMember to label_TamsaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SidercaSaicAndSubsidiariesMember" xlink:label="SidercaSaicAndSubsidiariesMember" xlink:title="SidercaSaicAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaSaicAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SidercaSaicAndSubsidiariesMember" xml:lang="en-US" id="label_SidercaSaicAndSubsidiariesMember">The entity SIDERCA S.A.I.C. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaSaicAndSubsidiariesMember" xlink:to="label_SidercaSaicAndSubsidiariesMember" xlink:title="Label : SidercaSaicAndSubsidiariesMember to label_SidercaSaicAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaSaicAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SidercaSaicAndSubsidiariesMember_1" xml:lang="en-US" id="label_SidercaSaicAndSubsidiariesMember_1">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaSaicAndSubsidiariesMember" xlink:to="label_SidercaSaicAndSubsidiariesMember_1" xlink:title="Label : SidercaSaicAndSubsidiariesMember to label_SidercaSaicAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TamsaHydrilAndOtherThreeMember" xlink:label="TamsaHydrilAndOtherThreeMember" xlink:title="TamsaHydrilAndOtherThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherThreeMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherThreeMember">The cash generating unit Tamsa (Hydril and other), Three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherThreeMember" xlink:to="label_TamsaHydrilAndOtherThreeMember" xlink:title="Label : TamsaHydrilAndOtherThreeMember to label_TamsaHydrilAndOtherThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherThreeMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherThreeMember_1">Tamsa Hydril and Other Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherThreeMember" xlink:to="label_TamsaHydrilAndOtherThreeMember_1" xlink:title="Label : TamsaHydrilAndOtherThreeMember to label_TamsaHydrilAndOtherThreeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TamsaHydrilAndOtherTwoMember" xlink:label="TamsaHydrilAndOtherTwoMember" xlink:title="TamsaHydrilAndOtherTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherTwoMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherTwoMember">The cash generating unit Tamsa (Hydril and other), Two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherTwoMember" xlink:to="label_TamsaHydrilAndOtherTwoMember" xlink:title="Label : TamsaHydrilAndOtherTwoMember to label_TamsaHydrilAndOtherTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherTwoMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherTwoMember_1">Tamsa Hydril and Other Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherTwoMember" xlink:to="label_TamsaHydrilAndOtherTwoMember_1" xlink:title="Label : TamsaHydrilAndOtherTwoMember to label_TamsaHydrilAndOtherTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TamsaHydrilAndOtherOneMember" xlink:label="TamsaHydrilAndOtherOneMember" xlink:title="TamsaHydrilAndOtherOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherOneMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherOneMember">The cash generating unit Tamsa (Hydril and other), One.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherOneMember" xlink:to="label_TamsaHydrilAndOtherOneMember" xlink:title="Label : TamsaHydrilAndOtherOneMember to label_TamsaHydrilAndOtherOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherOneMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherOneMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherOneMember_1">Tamsa Hydril and Other One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherOneMember" xlink:to="label_TamsaHydrilAndOtherOneMember_1" xlink:title="Label : TamsaHydrilAndOtherOneMember to label_TamsaHydrilAndOtherOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TubosDelCaribeMember" xlink:label="TubosDelCaribeMember" xlink:title="TubosDelCaribeMember" />
    <link:label xlink:type="resource" xlink:label="label_TubosDelCaribeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TubosDelCaribeMember" xml:lang="en-US" id="label_TubosDelCaribeMember">Tubos del Caribe [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubosDelCaribeMember" xlink:to="label_TubosDelCaribeMember" xlink:title="Label : TubosDelCaribeMember to label_TubosDelCaribeMember" />
    <link:label xlink:type="resource" xlink:label="label_TubosDelCaribeMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubosDelCaribeMember_1" xml:lang="en-US" id="label_TubosDelCaribeMember_1">This member stands for the information pertaining to Tubos del Caribe.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubosDelCaribeMember" xlink:to="label_TubosDelCaribeMember_1" xlink:title="Label : TubosDelCaribeMember to label_TubosDelCaribeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TubosDelCaribeMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubosDelCaribeMember_2" xml:lang="en-US" id="label_TubosDelCaribeMember_2">Tubos del Caribe [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubosDelCaribeMember" xlink:to="label_TubosDelCaribeMember_2" xlink:title="Label : TubosDelCaribeMember to label_TubosDelCaribeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaverickTubeCorporationAndSubsidiariesMember" xlink:label="MaverickTubeCorporationAndSubsidiariesMember" xlink:title="MaverickTubeCorporationAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickTubeCorporationAndSubsidiariesMember" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesMember">MAVERICK TUBE CORPORATION and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesMember" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesMember to label_MaverickTubeCorporationAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickTubeCorporationAndSubsidiariesMember_1" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesMember_1">The entity MAVERICK TUBE CORPORATION and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesMember_1" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesMember to label_MaverickTubeCorporationAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:label="MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:title="MaverickTubeCorporationAndSubsidiariesTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickTubeCorporationAndSubsidiariesTwoMember" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesTwoMember">The entity MAVERICK TUBE CORPORATION and subsidiaries, Two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesTwoMember to label_MaverickTubeCorporationAndSubsidiariesTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1">Maverick Tube Corporation and Subsidiaries Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesTwoMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesTwoMember to label_MaverickTubeCorporationAndSubsidiariesTwoMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaverickTubeCorporationAndSubsidiariesOneMember" xlink:label="MaverickTubeCorporationAndSubsidiariesOneMember" xlink:title="MaverickTubeCorporationAndSubsidiariesOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesOneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickTubeCorporationAndSubsidiariesOneMember" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesOneMember">The entity MAVERICK TUBE CORPORATION and subsidiaries, One.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesOneMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesOneMember" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesOneMember to label_MaverickTubeCorporationAndSubsidiariesOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesOneMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickTubeCorporationAndSubsidiariesOneMember_1" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesOneMember_1">Maverick Tube Corporation and Subsidiaries One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationAndSubsidiariesOneMember" xlink:to="label_MaverickTubeCorporationAndSubsidiariesOneMember_1" xlink:title="Label : MaverickTubeCorporationAndSubsidiariesOneMember to label_MaverickTubeCorporationAndSubsidiariesOneMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SignificantBorrowingsFourAsOfClosingDateMember" xlink:label="SignificantBorrowingsFourAsOfClosingDateMember" xlink:title="SignificantBorrowingsFourAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsFourAsOfClosingDateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SignificantBorrowingsFourAsOfClosingDateMember" xml:lang="en-US" id="label_SignificantBorrowingsFourAsOfClosingDateMember">Significant borrowings four, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsFourAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsFourAsOfClosingDateMember" xlink:title="Label : SignificantBorrowingsFourAsOfClosingDateMember to label_SignificantBorrowingsFourAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsFourAsOfClosingDateMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SignificantBorrowingsFourAsOfClosingDateMember_1" xml:lang="en-US" id="label_SignificantBorrowingsFourAsOfClosingDateMember_1">This member stands for the information pertaining to "Significant borrowings four, as of closing date".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsFourAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsFourAsOfClosingDateMember_1" xlink:title="Label : SignificantBorrowingsFourAsOfClosingDateMember to label_SignificantBorrowingsFourAsOfClosingDateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsFourAsOfClosingDateMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantBorrowingsFourAsOfClosingDateMember_2" xml:lang="en-US" id="label_SignificantBorrowingsFourAsOfClosingDateMember_2">Significant borrowings four, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsFourAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsFourAsOfClosingDateMember_2" xlink:title="Label : SignificantBorrowingsFourAsOfClosingDateMember to label_SignificantBorrowingsFourAsOfClosingDateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SignificantBorrowingsThreeAsOfClosingDateMember" xlink:label="SignificantBorrowingsThreeAsOfClosingDateMember" xlink:title="SignificantBorrowingsThreeAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsThreeAsOfClosingDateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SignificantBorrowingsThreeAsOfClosingDateMember" xml:lang="en-US" id="label_SignificantBorrowingsThreeAsOfClosingDateMember">This member stands for the information pertaining to "Significant borrowings three, as of closing date".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsThreeAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsThreeAsOfClosingDateMember" xlink:title="Label : SignificantBorrowingsThreeAsOfClosingDateMember to label_SignificantBorrowingsThreeAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsThreeAsOfClosingDateMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SignificantBorrowingsThreeAsOfClosingDateMember_1" xml:lang="en-US" id="label_SignificantBorrowingsThreeAsOfClosingDateMember_1">Significant borrowings three, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsThreeAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsThreeAsOfClosingDateMember_1" xlink:title="Label : SignificantBorrowingsThreeAsOfClosingDateMember to label_SignificantBorrowingsThreeAsOfClosingDateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsThreeAsOfClosingDateMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantBorrowingsThreeAsOfClosingDateMember_2" xml:lang="en-US" id="label_SignificantBorrowingsThreeAsOfClosingDateMember_2">Significant borrowings three, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsThreeAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsThreeAsOfClosingDateMember_2" xlink:title="Label : SignificantBorrowingsThreeAsOfClosingDateMember to label_SignificantBorrowingsThreeAsOfClosingDateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SignificantBorrowingsTwoAsOfClosingDateMember" xlink:label="SignificantBorrowingsTwoAsOfClosingDateMember" xlink:title="SignificantBorrowingsTwoAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsTwoAsOfClosingDateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SignificantBorrowingsTwoAsOfClosingDateMember" xml:lang="en-US" id="label_SignificantBorrowingsTwoAsOfClosingDateMember">Significant borrowings two, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsTwoAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsTwoAsOfClosingDateMember" xlink:title="Label : SignificantBorrowingsTwoAsOfClosingDateMember to label_SignificantBorrowingsTwoAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsTwoAsOfClosingDateMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SignificantBorrowingsTwoAsOfClosingDateMember_1" xml:lang="en-US" id="label_SignificantBorrowingsTwoAsOfClosingDateMember_1">This member stands for the information pertaining to "Significant borrowings two, as of closing date".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsTwoAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsTwoAsOfClosingDateMember_1" xlink:title="Label : SignificantBorrowingsTwoAsOfClosingDateMember to label_SignificantBorrowingsTwoAsOfClosingDateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsTwoAsOfClosingDateMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantBorrowingsTwoAsOfClosingDateMember_2" xml:lang="en-US" id="label_SignificantBorrowingsTwoAsOfClosingDateMember_2">Significant borrowings two, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsTwoAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsTwoAsOfClosingDateMember_2" xlink:title="Label : SignificantBorrowingsTwoAsOfClosingDateMember to label_SignificantBorrowingsTwoAsOfClosingDateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SignificantBorrowingsOneAsOfClosingDateMember" xlink:label="SignificantBorrowingsOneAsOfClosingDateMember" xlink:title="SignificantBorrowingsOneAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsOneAsOfClosingDateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SignificantBorrowingsOneAsOfClosingDateMember" xml:lang="en-US" id="label_SignificantBorrowingsOneAsOfClosingDateMember">Significant borrowings one, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsOneAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsOneAsOfClosingDateMember" xlink:title="Label : SignificantBorrowingsOneAsOfClosingDateMember to label_SignificantBorrowingsOneAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsOneAsOfClosingDateMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SignificantBorrowingsOneAsOfClosingDateMember_1" xml:lang="en-US" id="label_SignificantBorrowingsOneAsOfClosingDateMember_1">This member stands for the information pertaining to "Significant borrowings one, as of closing date".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsOneAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsOneAsOfClosingDateMember_1" xlink:title="Label : SignificantBorrowingsOneAsOfClosingDateMember to label_SignificantBorrowingsOneAsOfClosingDateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsOneAsOfClosingDateMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantBorrowingsOneAsOfClosingDateMember_2" xml:lang="en-US" id="label_SignificantBorrowingsOneAsOfClosingDateMember_2">Significant borrowings one, as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsOneAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsOneAsOfClosingDateMember_2" xlink:title="Label : SignificantBorrowingsOneAsOfClosingDateMember to label_SignificantBorrowingsOneAsOfClosingDateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SignificantBorrowingsAsOfClosingDateMember" xlink:label="SignificantBorrowingsAsOfClosingDateMember" xlink:title="SignificantBorrowingsAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsAsOfClosingDateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SignificantBorrowingsAsOfClosingDateMember" xml:lang="en-US" id="label_SignificantBorrowingsAsOfClosingDateMember">Refers to information regarding significant borrowings as of closing date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsAsOfClosingDateMember" xlink:title="Label : SignificantBorrowingsAsOfClosingDateMember to label_SignificantBorrowingsAsOfClosingDateMember" />
    <link:label xlink:type="resource" xlink:label="label_SignificantBorrowingsAsOfClosingDateMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantBorrowingsAsOfClosingDateMember_1" xml:lang="en-US" id="label_SignificantBorrowingsAsOfClosingDateMember_1">Significant borrowings as of closing date [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantBorrowingsAsOfClosingDateMember" xlink:to="label_SignificantBorrowingsAsOfClosingDateMember_1" xlink:title="Label : SignificantBorrowingsAsOfClosingDateMember to label_SignificantBorrowingsAsOfClosingDateMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BorrowingsIncludingInterestToBeAccrued" xlink:label="BorrowingsIncludingInterestToBeAccrued" xlink:title="BorrowingsIncludingInterestToBeAccrued" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIncludingInterestToBeAccrued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsIncludingInterestToBeAccrued" xml:lang="en-US" id="label_BorrowingsIncludingInterestToBeAccrued">The amount of borrowings including interest to be accrued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIncludingInterestToBeAccrued" xlink:to="label_BorrowingsIncludingInterestToBeAccrued" xlink:title="Label : BorrowingsIncludingInterestToBeAccrued to label_BorrowingsIncludingInterestToBeAccrued" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:label="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:title="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans">The amount of employee advances and loans that are attributable to current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:to="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:title="Label : CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans to label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIncludingInterestToBeAccrued_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_BorrowingsIncludingInterestToBeAccrued_1" xml:lang="en-US" id="label_BorrowingsIncludingInterestToBeAccrued_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIncludingInterestToBeAccrued" xlink:to="label_BorrowingsIncludingInterestToBeAccrued_1" xlink:title="Label : BorrowingsIncludingInterestToBeAccrued to label_BorrowingsIncludingInterestToBeAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsIncludingInterestToBeAccrued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsIncludingInterestToBeAccrued_2" xml:lang="en-US" id="label_BorrowingsIncludingInterestToBeAccrued_2">Borrowings including interest to be accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsIncludingInterestToBeAccrued" xlink:to="label_BorrowingsIncludingInterestToBeAccrued_2" xlink:title="Label : BorrowingsIncludingInterestToBeAccrued to label_BorrowingsIncludingInterestToBeAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestPayable" xlink:label="InterestPayable" xlink:title="InterestPayable" />
    <link:label xlink:type="resource" xlink:label="label_InterestPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestPayable" xml:lang="en-US" id="label_InterestPayable">Interest to be accrued (*)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPayable" xlink:to="label_InterestPayable" xlink:title="Label : InterestPayable to label_InterestPayable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember">Later than four years and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanFourYearsAndNotLaterThanFiveYearsMember to label_LaterThanFourYearsAndNotLaterThanFiveYearsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember">Later than three years and not later than four years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanThreeYearsMember" xlink:label="LaterThanThreeYearsMember" xlink:title="LaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsMember">Later than three years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsMember" xlink:to="label_LaterThanThreeYearsMember" xlink:title="Label : LaterThanThreeYearsMember to label_LaterThanThreeYearsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">Later than two years and not later than three years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember">Later than one year and not later than two years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherBorrowingsMember" xlink:label="OtherBorrowingsMember" xlink:title="OtherBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherBorrowingsMember" xml:lang="en-US" id="label_OtherBorrowingsMember">Represents other borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherBorrowingsMember" xlink:to="label_OtherBorrowingsMember" xlink:title="Label : OtherBorrowingsMember to label_OtherBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherBorrowingsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherBorrowingsMember_1" xml:lang="en-US" id="label_OtherBorrowingsMember_1">Other borrowings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherBorrowingsMember" xlink:to="label_OtherBorrowingsMember_1" xlink:title="Label : OtherBorrowingsMember to label_OtherBorrowingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentCostsOfIssueOfDebt" xlink:label="CurrentCostsOfIssueOfDebt" xlink:title="CurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentCostsOfIssueOfDebt" xml:lang="en-US" id="label_CurrentCostsOfIssueOfDebt">The amount of costs of issue of debt classified as current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentCostsOfIssueOfDebt" xlink:to="label_CurrentCostsOfIssueOfDebt" xlink:title="Label : CurrentCostsOfIssueOfDebt to label_CurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_CurrentCostsOfIssueOfDebt_1">Current costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentCostsOfIssueOfDebt" xlink:to="label_CurrentCostsOfIssueOfDebt_1" xlink:title="Label : CurrentCostsOfIssueOfDebt to label_CurrentCostsOfIssueOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentCostsOfIssueOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentCostsOfIssueOfDebt_2" xml:lang="en-US" id="label_CurrentCostsOfIssueOfDebt_2">Current costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentCostsOfIssueOfDebt" xlink:to="label_CurrentCostsOfIssueOfDebt_2" xlink:title="Label : CurrentCostsOfIssueOfDebt to label_CurrentCostsOfIssueOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:label="CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="CurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xml:lang="en-US" id="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt">The amount of current borrowings before the costs of issue of debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="Label : CurrentBorrowingsBeforeCostsOfIssueOfDebt to label_CurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1">Current borrowings before costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:title="Label : CurrentBorrowingsBeforeCostsOfIssueOfDebt to label_CurrentBorrowingsBeforeCostsOfIssueOfDebt_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentCostsOfIssueOfDebt" xlink:label="NoncurrentCostsOfIssueOfDebt" xlink:title="NoncurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentCostsOfIssueOfDebt" xml:lang="en-US" id="label_NoncurrentCostsOfIssueOfDebt">The amount of costs of issue of debt classified as non-current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentCostsOfIssueOfDebt" xlink:to="label_NoncurrentCostsOfIssueOfDebt" xlink:title="Label : NoncurrentCostsOfIssueOfDebt to label_NoncurrentCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_NoncurrentCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_NoncurrentCostsOfIssueOfDebt_1">Non-current costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentCostsOfIssueOfDebt" xlink:to="label_NoncurrentCostsOfIssueOfDebt_1" xlink:title="Label : NoncurrentCostsOfIssueOfDebt to label_NoncurrentCostsOfIssueOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentCostsOfIssueOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentCostsOfIssueOfDebt_2" xml:lang="en-US" id="label_NoncurrentCostsOfIssueOfDebt_2">Noncurrent costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentCostsOfIssueOfDebt" xlink:to="label_NoncurrentCostsOfIssueOfDebt_2" xlink:title="Label : NoncurrentCostsOfIssueOfDebt to label_NoncurrentCostsOfIssueOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:label="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xml:lang="en-US" id="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt">The amount of non-current borrowings before the costs of issue of debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:title="Label : NoncurrentBorrowingsBeforeCostsOfIssueOfDebt to label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xml:lang="en-US" id="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1">Total borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" xlink:title="Label : NoncurrentBorrowingsBeforeCostsOfIssueOfDebt to label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" xml:lang="en-US" id="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2">Non-current borrowings before costs of issue of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" xlink:to="label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" xlink:title="Label : NoncurrentBorrowingsBeforeCostsOfIssueOfDebt to label_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:title="Label : DisclosureOfDetailedInformationAboutBorrowingsLineItems to label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FinanceLeaseLiabilitiesMember" xlink:label="FinanceLeaseLiabilitiesMember" xlink:title="FinanceLeaseLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceLeaseLiabilitiesMember" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesMember">Represents finance lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesMember" xlink:to="label_FinanceLeaseLiabilitiesMember" xlink:title="Label : FinanceLeaseLiabilitiesMember to label_FinanceLeaseLiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:label="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:title="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables">Current receivables and prepayments prepaid expenses and other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:to="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:title="Label : CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables to label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeaseLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeaseLiabilitiesMember_1" xml:lang="en-US" id="label_FinanceLeaseLiabilitiesMember_1">Finance lease liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeaseLiabilitiesMember" xlink:to="label_FinanceLeaseLiabilitiesMember_1" xlink:title="Label : FinanceLeaseLiabilitiesMember to label_FinanceLeaseLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BankOverdrafts1Member" xlink:label="BankOverdrafts1Member" xlink:title="BankOverdrafts1Member" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdrafts1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BankOverdrafts1Member" xml:lang="en-US" id="label_BankOverdrafts1Member">Represents bank overdrafts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdrafts1Member" xlink:to="label_BankOverdrafts1Member" xlink:title="Label : BankOverdrafts1Member to label_BankOverdrafts1Member" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdrafts1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankOverdrafts1Member_1" xml:lang="en-US" id="label_BankOverdrafts1Member_1">Bank overdrafts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdrafts1Member" xlink:to="label_BankOverdrafts1Member_1" xlink:title="Label : BankOverdrafts1Member to label_BankOverdrafts1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BankBorrowingsMember" xlink:label="BankBorrowingsMember" xlink:title="BankBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_BankBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BankBorrowingsMember" xml:lang="en-US" id="label_BankBorrowingsMember">Represents bank borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankBorrowingsMember" xlink:to="label_BankBorrowingsMember" xlink:title="Label : BankBorrowingsMember to label_BankBorrowingsMember" />
    <link:label xlink:type="resource" xlink:label="label_BankBorrowingsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankBorrowingsMember_1" xml:lang="en-US" id="label_BankBorrowingsMember_1">Bank borrowings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankBorrowingsMember" xlink:to="label_BankBorrowingsMember_1" xlink:title="Label : BankBorrowingsMember to label_BankBorrowingsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_1">The amount of prepaid expenses and other receivables attributable to current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:to="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables to label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:label="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:title="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" />
    <link:label xlink:type="resource" xlink:label="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xml:lang="en-US" id="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember">This member stands for the information pertaining to Social Integration Program (PIS) and Contribution for Social Security Financing (COFINS).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:to="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:title="Label : SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember to label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" />
    <link:label xlink:type="resource" xlink:label="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_1" xml:lang="en-US" id="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_1">Social Integration Program Pis and Contribution for Social Security Financing Cofins [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:to="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_1" xlink:title="Label : SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember to label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBorrowingsTable">Disclosure of detailed information about borrowings [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:title="Label : DisclosureOfDetailedInformationAboutBorrowingsTable to label_DisclosureOfDetailedInformationAboutBorrowingsTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestmentsNoncurrentOthers" xlink:label="OtherInvestmentsNoncurrentOthers" xlink:title="OtherInvestmentsNoncurrentOthers" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentOthers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsNoncurrentOthers" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentOthers">Other investments noncurrent others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentOthers" xlink:to="label_OtherInvestmentsNoncurrentOthers" xlink:title="Label : OtherInvestmentsNoncurrentOthers to label_OtherInvestmentsNoncurrentOthers" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentOthers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsNoncurrentOthers_1" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentOthers_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentOthers" xlink:to="label_OtherInvestmentsNoncurrentOthers_1" xlink:title="Label : OtherInvestmentsNoncurrentOthers to label_OtherInvestmentsNoncurrentOthers_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentOthers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestmentsNoncurrentOthers_2" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentOthers_2">Others' with proposed documentation "The amount of other non-current investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentOthers" xlink:to="label_OtherInvestmentsNoncurrentOthers_2" xlink:title="Label : OtherInvestmentsNoncurrentOthers to label_OtherInvestmentsNoncurrentOthers_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xlink:label="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xlink:title="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome">Other investments noncurrent bonds and other fixed income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xlink:to="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xlink:title="Label : OtherInvestmentsNoncurrentBondsAndOtherFixedIncome to label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_1" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_1">Bonds and other fixed income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xlink:to="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_1" xlink:title="Label : OtherInvestmentsNoncurrentBondsAndOtherFixedIncome to label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_2" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_2">The amount of bonds and other fixed income non-current investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" xlink:to="label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_2" xlink:title="Label : OtherInvestmentsNoncurrentBondsAndOtherFixedIncome to label_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:label="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:title="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax">Share of other comprehensive income of associates and joint ventures accounted for using equity method Including dividends declared net of tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1">The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, including dividends declared, net of tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestmentsNoncurrentAbstract" xlink:label="OtherInvestmentsNoncurrentAbstract" xlink:title="OtherInvestmentsNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsNoncurrentAbstract" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentAbstract">Other investments - non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentAbstract" xlink:to="label_OtherInvestmentsNoncurrentAbstract" xlink:title="Label : OtherInvestmentsNoncurrentAbstract to label_OtherInvestmentsNoncurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsNoncurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsNoncurrentAbstract_1" xml:lang="en-US" id="label_OtherInvestmentsNoncurrentAbstract_1">Other investments noncurrent [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsNoncurrentAbstract" xlink:to="label_OtherInvestmentsNoncurrentAbstract_1" xlink:title="Label : OtherInvestmentsNoncurrentAbstract to label_OtherInvestmentsNoncurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestmentsCurrentFundInvestments" xlink:label="OtherInvestmentsCurrentFundInvestments" xlink:title="OtherInvestmentsCurrentFundInvestments" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentFundInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsCurrentFundInvestments" xml:lang="en-US" id="label_OtherInvestmentsCurrentFundInvestments">Fund investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentFundInvestments" xlink:to="label_OtherInvestmentsCurrentFundInvestments" xlink:title="Label : OtherInvestmentsCurrentFundInvestments to label_OtherInvestmentsCurrentFundInvestments" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_2" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_2">(Decrease) / increase in equity reserves and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_2" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations">Investments in subsidiaries joint ventures and associates increase due to business combinations</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentFundInvestments_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestmentsCurrentFundInvestments_1" xml:lang="en-US" id="label_OtherInvestmentsCurrentFundInvestments_1">The amount of current investment related to fund investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentFundInvestments" xlink:to="label_OtherInvestmentsCurrentFundInvestments_1" xlink:title="Label : OtherInvestmentsCurrentFundInvestments to label_OtherInvestmentsCurrentFundInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentFundInvestments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsCurrentFundInvestments_2" xml:lang="en-US" id="label_OtherInvestmentsCurrentFundInvestments_2">Other investments current, fund investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentFundInvestments" xlink:to="label_OtherInvestmentsCurrentFundInvestments_2" xlink:title="Label : OtherInvestmentsCurrentFundInvestments to label_OtherInvestmentsCurrentFundInvestments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome" xlink:label="OtherInvestmentsCurrentBondsAndOtherFixedIncome" xlink:title="OtherInvestmentsCurrentBondsAndOtherFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome" xml:lang="en-US" id="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome">Other investments current bonds and other fixed income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentBondsAndOtherFixedIncome" xlink:to="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome" xlink:title="Label : OtherInvestmentsCurrentBondsAndOtherFixedIncome to label_OtherInvestmentsCurrentBondsAndOtherFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_1" xml:lang="en-US" id="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_1">Bonds and other fixed income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentBondsAndOtherFixedIncome" xlink:to="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_1" xlink:title="Label : OtherInvestmentsCurrentBondsAndOtherFixedIncome to label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_2" xml:lang="en-US" id="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_2">The amount of bonds and other fixed income current investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentBondsAndOtherFixedIncome" xlink:to="label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_2" xlink:title="Label : OtherInvestmentsCurrentBondsAndOtherFixedIncome to label_OtherInvestmentsCurrentBondsAndOtherFixedIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestmentsCurrentFixedIncome" xlink:label="OtherInvestmentsCurrentFixedIncome" xlink:title="OtherInvestmentsCurrentFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentFixedIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestmentsCurrentFixedIncome" xml:lang="en-US" id="label_OtherInvestmentsCurrentFixedIncome">The amount of fixed income current investments which may include but not limited to time-deposit, zero coupon bonds, commercial papers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentFixedIncome" xlink:to="label_OtherInvestmentsCurrentFixedIncome" xlink:title="Label : OtherInvestmentsCurrentFixedIncome to label_OtherInvestmentsCurrentFixedIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentFixedIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsCurrentFixedIncome_1" xml:lang="en-US" id="label_OtherInvestmentsCurrentFixedIncome_1">Fixed income (time-deposit, zero coupon bonds, commercial papers)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentFixedIncome" xlink:to="label_OtherInvestmentsCurrentFixedIncome_1" xlink:title="Label : OtherInvestmentsCurrentFixedIncome to label_OtherInvestmentsCurrentFixedIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentFixedIncome_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsCurrentFixedIncome_2" xml:lang="en-US" id="label_OtherInvestmentsCurrentFixedIncome_2">Other investments current fixed income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentFixedIncome" xlink:to="label_OtherInvestmentsCurrentFixedIncome_2" xlink:title="Label : OtherInvestmentsCurrentFixedIncome to label_OtherInvestmentsCurrentFixedIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestmentsCurrentAbstract" xlink:label="OtherInvestmentsCurrentAbstract" xlink:title="OtherInvestmentsCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherInvestmentsCurrentAbstract" xml:lang="en-US" id="label_OtherInvestmentsCurrentAbstract">Other investments - current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentAbstract" xlink:to="label_OtherInvestmentsCurrentAbstract" xlink:title="Label : OtherInvestmentsCurrentAbstract to label_OtherInvestmentsCurrentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestmentsCurrentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestmentsCurrentAbstract_1" xml:lang="en-US" id="label_OtherInvestmentsCurrentAbstract_1">Other investments current [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestmentsCurrentAbstract" xlink:to="label_OtherInvestmentsCurrentAbstract_1" xlink:title="Label : OtherInvestmentsCurrentAbstract to label_OtherInvestmentsCurrentAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:label="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="ShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_ShorttermInvestmentsClassifiedAsCashEquivalents">Short-term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="label_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:title="Label : ShorttermInvestmentsClassifiedAsCashEquivalents to label_ShorttermInvestmentsClassifiedAsCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:label="ShorttermDepositsClassifiedAsCashEquivalents" xlink:title="ShorttermDepositsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermDepositsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermDepositsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_ShorttermDepositsClassifiedAsCashEquivalents">Liquidity funds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="label_ShorttermDepositsClassifiedAsCashEquivalents" xlink:title="Label : ShorttermDepositsClassifiedAsCashEquivalents to label_ShorttermDepositsClassifiedAsCashEquivalents" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BalancesWithBanks" xlink:label="BalancesWithBanks" xlink:title="BalancesWithBanks" />
    <link:label xlink:type="resource" xlink:label="label_BalancesWithBanks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BalancesWithBanks" xml:lang="en-US" id="label_BalancesWithBanks">Cash at banks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalancesWithBanks" xlink:to="label_BalancesWithBanks" xlink:title="Label : BalancesWithBanks to label_BalancesWithBanks" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1">Nominative allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2">Current trade receivables nominative allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" xlink:title="Label : CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts to label_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xlink:label="AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xlink:title="AllowanceForDoubtfulAccountsNetOfNominativeAllowances" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances">Allowance for doubtful accounts net of nominative allowances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xlink:to="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xlink:title="Label : AllowanceForDoubtfulAccountsNetOfNominativeAllowances to label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_1" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_1">Allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xlink:to="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_1" xlink:title="Label : AllowanceForDoubtfulAccountsNetOfNominativeAllowances to label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_1" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_2" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_2">The amount of allowance for doubtful accounts, net of nominative allowances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsNetOfNominativeAllowances" xlink:to="label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_2" xlink:title="Label : AllowanceForDoubtfulAccountsNetOfNominativeAllowances to label_AllowanceForDoubtfulAccountsNetOfNominativeAllowances_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesExpectedLossRate" xlink:label="CurrentTradeReceivablesExpectedLossRate" xlink:title="CurrentTradeReceivablesExpectedLossRate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesExpectedLossRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesExpectedLossRate" xml:lang="en-US" id="label_CurrentTradeReceivablesExpectedLossRate">The expected loss rate of current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesExpectedLossRate" xlink:to="label_CurrentTradeReceivablesExpectedLossRate" xlink:title="Label : CurrentTradeReceivablesExpectedLossRate to label_CurrentTradeReceivablesExpectedLossRate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesExpectedLossRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesExpectedLossRate_1" xml:lang="en-US" id="label_CurrentTradeReceivablesExpectedLossRate_1">Current trade receivables expected loss rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesExpectedLossRate" xlink:to="label_CurrentTradeReceivablesExpectedLossRate_1" xlink:title="Label : CurrentTradeReceivablesExpectedLossRate to label_CurrentTradeReceivablesExpectedLossRate_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesExpectedLossRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivablesExpectedLossRate_2" xml:lang="en-US" id="label_CurrentTradeReceivablesExpectedLossRate_2">Expected loss rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesExpectedLossRate" xlink:to="label_CurrentTradeReceivablesExpectedLossRate_2" xlink:title="Label : CurrentTradeReceivablesExpectedLossRate to label_CurrentTradeReceivablesExpectedLossRate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesNotGuaranteed" xlink:label="CurrentTradeReceivablesNotGuaranteed" xlink:title="CurrentTradeReceivablesNotGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotGuaranteed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesNotGuaranteed" xml:lang="en-US" id="label_CurrentTradeReceivablesNotGuaranteed">Represents the amount of current trade receivables that are not guaranteed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotGuaranteed" xlink:to="label_CurrentTradeReceivablesNotGuaranteed" xlink:title="Label : CurrentTradeReceivablesNotGuaranteed to label_CurrentTradeReceivablesNotGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotGuaranteed_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesNotGuaranteed_1" xml:lang="en-US" id="label_CurrentTradeReceivablesNotGuaranteed_1">Current trade receivables not guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotGuaranteed" xlink:to="label_CurrentTradeReceivablesNotGuaranteed_1" xlink:title="Label : CurrentTradeReceivablesNotGuaranteed to label_CurrentTradeReceivablesNotGuaranteed_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1">Acquisition of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2">Represents the increase in investments in subsidiaries, joint ventures and associates during the period due to business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotGuaranteed_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivablesNotGuaranteed_2" xml:lang="en-US" id="label_CurrentTradeReceivablesNotGuaranteed_2">Not guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotGuaranteed" xlink:to="label_CurrentTradeReceivablesNotGuaranteed_2" xlink:title="Label : CurrentTradeReceivablesNotGuaranteed to label_CurrentTradeReceivablesNotGuaranteed_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesGuaranteed" xlink:label="CurrentTradeReceivablesGuaranteed" xlink:title="CurrentTradeReceivablesGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGuaranteed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesGuaranteed" xml:lang="en-US" id="label_CurrentTradeReceivablesGuaranteed">Represents the amount current trade receivables that are guaranteed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGuaranteed" xlink:to="label_CurrentTradeReceivablesGuaranteed" xlink:title="Label : CurrentTradeReceivablesGuaranteed to label_CurrentTradeReceivablesGuaranteed" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGuaranteed_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesGuaranteed_1" xml:lang="en-US" id="label_CurrentTradeReceivablesGuaranteed_1">Current trade receivables guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGuaranteed" xlink:to="label_CurrentTradeReceivablesGuaranteed_1" xlink:title="Label : CurrentTradeReceivablesGuaranteed to label_CurrentTradeReceivablesGuaranteed_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGuaranteed_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivablesGuaranteed_2" xml:lang="en-US" id="label_CurrentTradeReceivablesGuaranteed_2">Guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGuaranteed" xlink:to="label_CurrentTradeReceivablesGuaranteed_2" xlink:title="Label : CurrentTradeReceivablesGuaranteed to label_CurrentTradeReceivablesGuaranteed_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:label="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:title="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember">Information related to current trade receivables that are greater than 180 days past due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:title="Label : CurrentTradeReceivablesPastDueGreaterThan180DaysMember to label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1">Current trade receivables, past due, greater than 180 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" xlink:title="Label : CurrentTradeReceivablesPastDueGreaterThan180DaysMember to label_CurrentTradeReceivablesPastDueGreaterThan180DaysMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:label="CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:title="CurrentTradeReceivablesPastDueLessThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesPastDueLessThan180DaysMember" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueLessThan180DaysMember">Information about current trade receivables that are less than 180 days past due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:title="Label : CurrentTradeReceivablesPastDueLessThan180DaysMember to label_CurrentTradeReceivablesPastDueLessThan180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" xml:lang="en-US" id="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1">Current trade receivables, past due, less than 180 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesPastDueLessThan180DaysMember" xlink:to="label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" xlink:title="Label : CurrentTradeReceivablesPastDueLessThan180DaysMember to label_CurrentTradeReceivablesPastDueLessThan180DaysMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesNotDueMember" xlink:label="CurrentTradeReceivablesNotDueMember" xlink:title="CurrentTradeReceivablesNotDueMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotDueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesNotDueMember" xml:lang="en-US" id="label_CurrentTradeReceivablesNotDueMember">Information related to current trade receivables that currently not due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotDueMember" xlink:to="label_CurrentTradeReceivablesNotDueMember" xlink:title="Label : CurrentTradeReceivablesNotDueMember to label_CurrentTradeReceivablesNotDueMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesNotDueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesNotDueMember_1" xml:lang="en-US" id="label_CurrentTradeReceivablesNotDueMember_1">Current trade receivables, not due [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesNotDueMember" xlink:to="label_CurrentTradeReceivablesNotDueMember_1" xlink:title="Label : CurrentTradeReceivablesNotDueMember to label_CurrentTradeReceivablesNotDueMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementTable" xml:lang="en-US" id="label_StatementTable">Statement Table [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="label_StatementTable" xlink:title="Label : StatementTable to label_StatementTable" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1">Allowance for doubtful accounts, see note 25 (i)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" xlink:title="Label : CurrentTradeReceivablesAllowanceForDoubtfulAccounts to label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2">Current trade receivables allowance for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" xlink:to="label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" xlink:title="Label : CurrentTradeReceivablesAllowanceForDoubtfulAccounts to label_CurrentTradeReceivablesAllowanceForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesGross" xlink:label="CurrentTradeReceivablesGross" xlink:title="CurrentTradeReceivablesGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesGross" xml:lang="en-US" id="label_CurrentTradeReceivablesGross">The gross amount of current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGross" xlink:to="label_CurrentTradeReceivablesGross" xlink:title="Label : CurrentTradeReceivablesGross to label_CurrentTradeReceivablesGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGross_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTradeReceivablesGross_1" xml:lang="en-US" id="label_CurrentTradeReceivablesGross_1">Guaranteed and not guaranteed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGross" xlink:to="label_CurrentTradeReceivablesGross_1" xlink:title="Label : CurrentTradeReceivablesGross to label_CurrentTradeReceivablesGross_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGross_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesGross_2" xml:lang="en-US" id="label_CurrentTradeReceivablesGross_2">Current trade receivables gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGross" xlink:to="label_CurrentTradeReceivablesGross_2" xlink:title="Label : CurrentTradeReceivablesGross to label_CurrentTradeReceivablesGross_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesGross_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivablesGross_3" xml:lang="en-US" id="label_CurrentTradeReceivablesGross_3">Current trade receivables, gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesGross" xlink:to="label_CurrentTradeReceivablesGross_3" xlink:title="Label : CurrentTradeReceivablesGross to label_CurrentTradeReceivablesGross_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:label="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:title="TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties">Receivables from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:to="label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" xlink:title="Label : TradeAndOtherCurrentReceivablesDueFromRelatedParties to label_TradeAndOtherCurrentReceivablesDueFromRelatedParties" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTradeReceivablesCurrentAccounts" xlink:label="CurrentTradeReceivablesCurrentAccounts" xlink:title="CurrentTradeReceivablesCurrentAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesCurrentAccounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTradeReceivablesCurrentAccounts" xml:lang="en-US" id="label_CurrentTradeReceivablesCurrentAccounts">Represents the amount of current accounts attributable to current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesCurrentAccounts" xlink:to="label_CurrentTradeReceivablesCurrentAccounts" xlink:title="Label : CurrentTradeReceivablesCurrentAccounts to label_CurrentTradeReceivablesCurrentAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesCurrentAccounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivablesCurrentAccounts_1" xml:lang="en-US" id="label_CurrentTradeReceivablesCurrentAccounts_1">Current trade receivables current accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesCurrentAccounts" xlink:to="label_CurrentTradeReceivablesCurrentAccounts_1" xlink:title="Label : CurrentTradeReceivablesCurrentAccounts to label_CurrentTradeReceivablesCurrentAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivablesCurrentAccounts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivablesCurrentAccounts_2" xml:lang="en-US" id="label_CurrentTradeReceivablesCurrentAccounts_2">Current accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivablesCurrentAccounts" xlink:to="label_CurrentTradeReceivablesCurrentAccounts_2" xlink:title="Label : CurrentTradeReceivablesCurrentAccounts to label_CurrentTradeReceivablesCurrentAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentOtherTaxLiabilities" xlink:label="CurrentOtherTaxLiabilities" xlink:title="CurrentOtherTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentOtherTaxLiabilities" xml:lang="en-US" id="label_CurrentOtherTaxLiabilities">Represents the amount of current other tax liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherTaxLiabilities" xlink:to="label_CurrentOtherTaxLiabilities" xlink:title="Label : CurrentOtherTaxLiabilities to label_CurrentOtherTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentOtherTaxLiabilities_1" xml:lang="en-US" id="label_CurrentOtherTaxLiabilities_1">Current other tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherTaxLiabilities" xlink:to="label_CurrentOtherTaxLiabilities_1" xlink:title="Label : CurrentOtherTaxLiabilities to label_CurrentOtherTaxLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentOtherTaxLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentOtherTaxLiabilities_2" xml:lang="en-US" id="label_CurrentOtherTaxLiabilities_2">Other taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentOtherTaxLiabilities" xlink:to="label_CurrentOtherTaxLiabilities_2" xlink:title="Label : CurrentOtherTaxLiabilities to label_CurrentOtherTaxLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentValueAddedTaxPayables" xlink:label="CurrentValueAddedTaxPayables" xlink:title="CurrentValueAddedTaxPayables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentValueAddedTaxPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentValueAddedTaxPayables" xml:lang="en-US" id="label_CurrentValueAddedTaxPayables">V.A.T. liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentValueAddedTaxPayables" xlink:to="label_CurrentValueAddedTaxPayables" xlink:title="Label : CurrentValueAddedTaxPayables to label_CurrentValueAddedTaxPayables" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentIncomeTaxLiabilities" xlink:label="CurrentIncomeTaxLiabilities" xlink:title="CurrentIncomeTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentIncomeTaxLiabilities" xml:lang="en-US" id="label_CurrentIncomeTaxLiabilities">The amount of current income tax liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxLiabilities" xlink:to="label_CurrentIncomeTaxLiabilities" xlink:title="Label : CurrentIncomeTaxLiabilities to label_CurrentIncomeTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentIncomeTaxLiabilities_1" xml:lang="en-US" id="label_CurrentIncomeTaxLiabilities_1">Current income tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxLiabilities" xlink:to="label_CurrentIncomeTaxLiabilities_1" xlink:title="Label : CurrentIncomeTaxLiabilities to label_CurrentIncomeTaxLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentIncomeTaxLiabilities_2" xml:lang="en-US" id="label_CurrentIncomeTaxLiabilities_2">Income tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxLiabilities" xlink:to="label_CurrentIncomeTaxLiabilities_2" xlink:title="Label : CurrentIncomeTaxLiabilities to label_CurrentIncomeTaxLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentPrepaidTaxes" xlink:label="CurrentPrepaidTaxes" xlink:title="CurrentPrepaidTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPrepaidTaxes" xml:lang="en-US" id="label_CurrentPrepaidTaxes">Other prepaid taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidTaxes" xlink:to="label_CurrentPrepaidTaxes" xlink:title="Label : CurrentPrepaidTaxes to label_CurrentPrepaidTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidTaxes_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentPrepaidTaxes_1" xml:lang="en-US" id="label_CurrentPrepaidTaxes_1">Represents the amount of current prepaid taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidTaxes" xlink:to="label_CurrentPrepaidTaxes_1" xlink:title="Label : CurrentPrepaidTaxes to label_CurrentPrepaidTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidTaxes_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaidTaxes_2" xml:lang="en-US" id="label_CurrentPrepaidTaxes_2">Current prepaid taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidTaxes" xlink:to="label_CurrentPrepaidTaxes_2" xlink:title="Label : CurrentPrepaidTaxes to label_CurrentPrepaidTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentValueAddedTaxReceivables" xlink:label="CurrentValueAddedTaxReceivables" xlink:title="CurrentValueAddedTaxReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentValueAddedTaxReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentValueAddedTaxReceivables" xml:lang="en-US" id="label_CurrentValueAddedTaxReceivables">V.A.T. credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentValueAddedTaxReceivables" xlink:to="label_CurrentValueAddedTaxReceivables" xlink:title="Label : CurrentValueAddedTaxReceivables to label_CurrentValueAddedTaxReceivables" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentIncomeTaxAssets" xlink:label="CurrentIncomeTaxAssets" xlink:title="CurrentIncomeTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentIncomeTaxAssets" xml:lang="en-US" id="label_CurrentIncomeTaxAssets">The amount of current income tax assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxAssets" xlink:to="label_CurrentIncomeTaxAssets" xlink:title="Label : CurrentIncomeTaxAssets to label_CurrentIncomeTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentIncomeTaxAssets_1" xml:lang="en-US" id="label_CurrentIncomeTaxAssets_1">Current income tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxAssets" xlink:to="label_CurrentIncomeTaxAssets_1" xlink:title="Label : CurrentIncomeTaxAssets to label_CurrentIncomeTaxAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentIncomeTaxAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentIncomeTaxAssets_2" xml:lang="en-US" id="label_CurrentIncomeTaxAssets_2">Income tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentIncomeTaxAssets" xlink:to="label_CurrentIncomeTaxAssets_2" xlink:title="Label : CurrentIncomeTaxAssets to label_CurrentIncomeTaxAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentAllowanceForOtherDoubtfulAccounts" xlink:label="CurrentAllowanceForOtherDoubtfulAccounts" xlink:title="CurrentAllowanceForOtherDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAllowanceForOtherDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentAllowanceForOtherDoubtfulAccounts" xml:lang="en-US" id="label_CurrentAllowanceForOtherDoubtfulAccounts">Represents a valuation allowance for other doubtful accounts due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAllowanceForOtherDoubtfulAccounts" xlink:to="label_CurrentAllowanceForOtherDoubtfulAccounts" xlink:title="Label : CurrentAllowanceForOtherDoubtfulAccounts to label_CurrentAllowanceForOtherDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAllowanceForOtherDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentAllowanceForOtherDoubtfulAccounts_1" xml:lang="en-US" id="label_CurrentAllowanceForOtherDoubtfulAccounts_1">Allowance for other doubtful accounts, see note 25 (i)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAllowanceForOtherDoubtfulAccounts" xlink:to="label_CurrentAllowanceForOtherDoubtfulAccounts_1" xlink:title="Label : CurrentAllowanceForOtherDoubtfulAccounts to label_CurrentAllowanceForOtherDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAllowanceForOtherDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAllowanceForOtherDoubtfulAccounts_2" xml:lang="en-US" id="label_CurrentAllowanceForOtherDoubtfulAccounts_2">Current allowance for other doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAllowanceForOtherDoubtfulAccounts" xlink:to="label_CurrentAllowanceForOtherDoubtfulAccounts_2" xlink:title="Label : CurrentAllowanceForOtherDoubtfulAccounts to label_CurrentAllowanceForOtherDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentReceivablesAndPrepaymentsGross" xlink:label="CurrentReceivablesAndPrepaymentsGross" xlink:title="CurrentReceivablesAndPrepaymentsGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGross" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsGross" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGross">Receivables and prepayments, gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGross" xlink:to="label_CurrentReceivablesAndPrepaymentsGross" xlink:title="Label : CurrentReceivablesAndPrepaymentsGross to label_CurrentReceivablesAndPrepaymentsGross" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGross_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsGross_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGross_1">The gross amount of current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGross" xlink:to="label_CurrentReceivablesAndPrepaymentsGross_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsGross to label_CurrentReceivablesAndPrepaymentsGross_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGross_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsGross_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGross_2">Current receivables and prepayments gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGross" xlink:to="label_CurrentReceivablesAndPrepaymentsGross_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsGross to label_CurrentReceivablesAndPrepaymentsGross_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="OtherCurrentReceivables" xlink:title="OtherCurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentReceivables" xml:lang="en-US" id="label_OtherCurrentReceivables">Other current receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivables" xlink:to="label_OtherCurrentReceivables" xlink:title="Label : OtherCurrentReceivables to label_OtherCurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentReceivables_1" xml:lang="en-US" id="label_OtherCurrentReceivables_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentReceivables" xlink:to="label_OtherCurrentReceivables_1" xlink:title="Label : OtherCurrentReceivables to label_OtherCurrentReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1">Current receivables and prepayments receivables from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:to="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties to label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2">Receivables from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" xlink:to="label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties to label_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="CurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US" id="label_CurrentReceivablesFromTaxesOtherThanIncomeTax">Government tax refunds on exports</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="Label : CurrentReceivablesFromTaxesOtherThanIncomeTax to label_CurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xml:lang="en-US" id="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1">Current receivables from taxes other than income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:title="Label : CurrentReceivablesFromTaxesOtherThanIncomeTax to label_CurrentReceivablesFromTaxesOtherThanIncomeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2">Advances to suppliers and other advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" xlink:to="label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances to label_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1">Current receivables and prepayments employee advances and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:to="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans to label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2">Employee advances and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" xlink:to="label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans to label_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:label="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:title="CurrentReceivablesAndPrepaymentsGovernmentEntities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentReceivablesAndPrepaymentsGovernmentEntities" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGovernmentEntities">Current receivables and prepayments government entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:to="label_CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:title="Label : CurrentReceivablesAndPrepaymentsGovernmentEntities to label_CurrentReceivablesAndPrepaymentsGovernmentEntities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1">Government entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:to="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" xlink:title="Label : CurrentReceivablesAndPrepaymentsGovernmentEntities to label_CurrentReceivablesAndPrepaymentsGovernmentEntities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2">The amount of government entities attributable to current receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsGovernmentEntities" xlink:to="label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsGovernmentEntities to label_CurrentReceivablesAndPrepaymentsGovernmentEntities_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_2" xml:lang="en-US" id="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_2">Prepaid expenses and other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" xlink:to="label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_2" xlink:title="Label : CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables to label_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InventoriesAllowanceForObsolescence" xlink:label="InventoriesAllowanceForObsolescence" xlink:title="InventoriesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAllowanceForObsolescence" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesAllowanceForObsolescence" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence">The amount of the allowance for obsolescence for inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAllowanceForObsolescence" xlink:to="label_InventoriesAllowanceForObsolescence" xlink:title="Label : InventoriesAllowanceForObsolescence to label_InventoriesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAllowanceForObsolescence_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InventoriesAllowanceForObsolescence_1" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence_1">Allowance for obsolescence, see note 25 (i)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAllowanceForObsolescence" xlink:to="label_InventoriesAllowanceForObsolescence_1" xlink:title="Label : InventoriesAllowanceForObsolescence to label_InventoriesAllowanceForObsolescence_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAllowanceForObsolescence_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesAllowanceForObsolescence_2" xml:lang="en-US" id="label_InventoriesAllowanceForObsolescence_2">Inventories allowance for obsolescence</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAllowanceForObsolescence" xlink:to="label_InventoriesAllowanceForObsolescence_2" xlink:title="Label : InventoriesAllowanceForObsolescence to label_InventoriesAllowanceForObsolescence_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InventoriesGross" xlink:label="InventoriesGross" xlink:title="InventoriesGross" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesGross" xml:lang="en-US" id="label_InventoriesGross">Amount of inventories before allowance for obsolescence.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesGross" xlink:to="label_InventoriesGross" xlink:title="Label : InventoriesGross to label_InventoriesGross" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesGross_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_InventoriesGross_1" xml:lang="en-US" id="label_InventoriesGross_1">Inventories, Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesGross" xlink:to="label_InventoriesGross_1" xlink:title="Label : InventoriesGross to label_InventoriesGross_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesGross_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesGross_2" xml:lang="en-US" id="label_InventoriesGross_2">Inventories gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesGross" xlink:to="label_InventoriesGross_2" xlink:title="Label : InventoriesGross to label_InventoriesGross_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentInventoriesInTransit" xlink:label="CurrentInventoriesInTransit" xlink:title="CurrentInventoriesInTransit" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInventoriesInTransit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInventoriesInTransit" xml:lang="en-US" id="label_CurrentInventoriesInTransit">Goods in transit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInventoriesInTransit" xlink:to="label_CurrentInventoriesInTransit" xlink:title="Label : CurrentInventoriesInTransit to label_CurrentInventoriesInTransit" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProductionSupplies" xlink:label="ProductionSupplies" xlink:title="ProductionSupplies" />
    <link:label xlink:type="resource" xlink:label="label_ProductionSupplies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductionSupplies" xml:lang="en-US" id="label_ProductionSupplies">Supplies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductionSupplies" xlink:to="label_ProductionSupplies" xlink:title="Label : ProductionSupplies to label_ProductionSupplies" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RawMaterials" xlink:label="RawMaterials" xlink:title="RawMaterials" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterials" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RawMaterials" xml:lang="en-US" id="label_RawMaterials">Raw materials</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterials" xlink:to="label_RawMaterials" xlink:title="Label : RawMaterials to label_RawMaterials" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_WorkInProgress" xlink:label="WorkInProgress" xlink:title="WorkInProgress" />
    <link:label xlink:type="resource" xlink:label="label_WorkInProgress" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WorkInProgress" xml:lang="en-US" id="label_WorkInProgress">Goods in process</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkInProgress" xlink:to="label_WorkInProgress" xlink:title="Label : WorkInProgress to label_WorkInProgress" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinishedGoods" xlink:label="FinishedGoods" xlink:title="FinishedGoods" />
    <link:label xlink:type="resource" xlink:label="label_FinishedGoods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinishedGoods" xml:lang="en-US" id="label_FinishedGoods">Finished goods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinishedGoods" xlink:to="label_FinishedGoods" xlink:title="Label : FinishedGoods to label_FinishedGoods" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentReceivablesLineItems" xlink:label="NoncurrentReceivablesLineItems" xlink:title="NoncurrentReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesLineItems" xml:lang="en-US" id="label_NoncurrentReceivablesLineItems">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesLineItems" xlink:to="label_NoncurrentReceivablesLineItems" xlink:title="Label : NoncurrentReceivablesLineItems to label_NoncurrentReceivablesLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:label="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:title="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies">Income loss from equity method investments in nonconsolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:to="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1">From non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:to="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesLineItems_1" xml:lang="en-US" id="label_NoncurrentReceivablesLineItems_1">Non-current Receivables [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesLineItems" xlink:to="label_NoncurrentReceivablesLineItems_1" xlink:title="Label : NoncurrentReceivablesLineItems to label_NoncurrentReceivablesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_2" xml:lang="en-US" id="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_2">PIS and COFINS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" xlink:to="label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_2" xlink:title="Label : SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember to label_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxesDomain" xlink:label="TaxesDomain" xlink:title="TaxesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TaxesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesDomain" xml:lang="en-US" id="label_TaxesDomain">Taxes [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesDomain" xlink:to="label_TaxesDomain" xlink:title="Label : TaxesDomain to label_TaxesDomain" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxesAxis" xlink:label="TaxesAxis" xlink:title="TaxesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TaxesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesAxis" xml:lang="en-US" id="label_TaxesAxis">Taxes [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesAxis" xlink:to="label_TaxesAxis" xlink:title="Label : TaxesAxis to label_TaxesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentReceivablesTable" xlink:label="NoncurrentReceivablesTable" xlink:title="NoncurrentReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesTable" xml:lang="en-US" id="label_NoncurrentReceivablesTable">Schedule disclosing information related to non-current receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesTable" xlink:to="label_NoncurrentReceivablesTable" xlink:title="Label : NoncurrentReceivablesTable to label_NoncurrentReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesTable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesTable_1" xml:lang="en-US" id="label_NoncurrentReceivablesTable_1">Non-current Receivables [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesTable" xlink:to="label_NoncurrentReceivablesTable_1" xlink:title="Label : NoncurrentReceivablesTable to label_NoncurrentReceivablesTable_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherNoncurrentReceivables" xlink:label="OtherNoncurrentReceivables" xlink:title="OtherNoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentReceivables" xml:lang="en-US" id="label_OtherNoncurrentReceivables">ifrs-full_OtherNoncurrentReceivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentReceivables" xlink:to="label_OtherNoncurrentReceivables" xlink:title="Label : OtherNoncurrentReceivables to label_OtherNoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherNoncurrentReceivables_1" xml:lang="en-US" id="label_OtherNoncurrentReceivables_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentReceivables" xlink:to="label_OtherNoncurrentReceivables_1" xlink:title="Label : OtherNoncurrentReceivables to label_OtherNoncurrentReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:label="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:title="NoncurrentReceivablesFromInterestInVenezuelanCompanies" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xml:lang="en-US" id="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies">Noncurrent receivables from interest in venezuelan companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:to="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:title="Label : NoncurrentReceivablesFromInterestInVenezuelanCompanies to label_NoncurrentReceivablesFromInterestInVenezuelanCompanies" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" xml:lang="en-US" id="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1">Receivable Venezuelan subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:to="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" xlink:title="Label : NoncurrentReceivablesFromInterestInVenezuelanCompanies to label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" xml:lang="en-US" id="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2">The amount of non-current receivables from interest in Venezuelan companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromInterestInVenezuelanCompanies" xlink:to="label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" xlink:title="Label : NoncurrentReceivablesFromInterestInVenezuelanCompanies to label_NoncurrentReceivablesFromInterestInVenezuelanCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:label="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:title="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xml:lang="en-US" id="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances">The amount of non-current receivables from advances to suppliers and other advances.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:to="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:title="Label : NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances to label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" xml:lang="en-US" id="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1">Noncurrent receivables advances to suppliers and other advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:to="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" xlink:title="Label : NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances to label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" xml:lang="en-US" id="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2">Advances to suppliers and other advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" xlink:to="label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" xlink:title="Label : NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances to label_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NonCurrentLegalDeposits" xlink:label="NonCurrentLegalDeposits" xlink:title="NonCurrentLegalDeposits" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentLegalDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentLegalDeposits" xml:lang="en-US" id="label_NonCurrentLegalDeposits">Legal deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentLegalDeposits" xlink:to="label_NonCurrentLegalDeposits" xlink:title="Label : NonCurrentLegalDeposits to label_NonCurrentLegalDeposits" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentLegalDeposits_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentLegalDeposits_1" xml:lang="en-US" id="label_NonCurrentLegalDeposits_1">The amount of non-current legal deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentLegalDeposits" xlink:to="label_NonCurrentLegalDeposits_1" xlink:title="Label : NonCurrentLegalDeposits to label_NonCurrentLegalDeposits_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentLegalDeposits_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentLegalDeposits_2" xml:lang="en-US" id="label_NonCurrentLegalDeposits_2">Non-current legal deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentLegalDeposits" xlink:to="label_NonCurrentLegalDeposits_2" xlink:title="Label : NonCurrentLegalDeposits to label_NonCurrentLegalDeposits_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:label="NoncurrentReceivablesDueFromRelatedParties" xlink:title="NoncurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesDueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesDueFromRelatedParties" xml:lang="en-US" id="label_NoncurrentReceivablesDueFromRelatedParties">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesDueFromRelatedParties" xlink:to="label_NoncurrentReceivablesDueFromRelatedParties" xlink:title="Label : NoncurrentReceivablesDueFromRelatedParties to label_NoncurrentReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesDueFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesDueFromRelatedParties_1" xml:lang="en-US" id="label_NoncurrentReceivablesDueFromRelatedParties_1">Receivables from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesDueFromRelatedParties" xlink:to="label_NoncurrentReceivablesDueFromRelatedParties_1" xlink:title="Label : NoncurrentReceivablesDueFromRelatedParties to label_NoncurrentReceivablesDueFromRelatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US" id="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax">Tax credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="Label : NoncurrentReceivablesFromTaxesOtherThanIncomeTax to label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xml:lang="en-US" id="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1">Non-current receivables from taxes other than income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:title="Label : NoncurrentReceivablesFromTaxesOtherThanIncomeTax to label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_2" xml:lang="en-US" id="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_2">Tax recovery of ICMS, PIS and COFINS credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_2" xlink:title="Label : NoncurrentReceivablesFromTaxesOtherThanIncomeTax to label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:label="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:title="NoncurrentReceivablesEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentReceivablesEmployeeAdvancesAndLoans" xml:lang="en-US" id="label_NoncurrentReceivablesEmployeeAdvancesAndLoans">The amount of non-current receivables from employee advances and loans.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:to="label_NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:title="Label : NoncurrentReceivablesEmployeeAdvancesAndLoans to label_NoncurrentReceivablesEmployeeAdvancesAndLoans" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" xml:lang="en-US" id="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1">Noncurrent receivables employee advances and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:to="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" xlink:title="Label : NoncurrentReceivablesEmployeeAdvancesAndLoans to label_NoncurrentReceivablesEmployeeAdvancesAndLoans_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" xml:lang="en-US" id="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2">Employee advances and loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesEmployeeAdvancesAndLoans" xlink:to="label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" xlink:title="Label : NoncurrentReceivablesEmployeeAdvancesAndLoans to label_NoncurrentReceivablesEmployeeAdvancesAndLoans_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherMember" xlink:label="OtherMember" xlink:title="OtherMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherMember" xml:lang="en-US" id="label_OtherMember">Information related to other non-consolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherMember" xlink:to="label_OtherMember" xlink:title="Label : OtherMember to label_OtherMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherMember_1" xml:lang="en-US" id="label_OtherMember_1">Other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherMember" xlink:to="label_OtherMember_1" xlink:title="Label : OtherMember to label_OtherMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2">Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:to="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_3" xml:lang="en-US" id="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_3">The amount of income (loss) from equity method investments in non-consolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" xlink:to="label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_3" xlink:title="Label : IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies to label_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:label="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:title="AcquisitiondateFairValueOfTotalConsiderationTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred">Consideration transferred, acquisition-date fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xml:lang="en-US" id="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1">Acquisition price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" xlink:title="Label : AcquisitiondateFairValueOfTotalConsiderationTransferred to label_AcquisitiondateFairValueOfTotalConsiderationTransferred_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsDeclaredByNonconsolidatedCompanies" xlink:label="DividendsDeclaredByNonconsolidatedCompanies" xlink:title="DividendsDeclaredByNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDeclaredByNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsDeclaredByNonconsolidatedCompanies" xml:lang="en-US" id="label_DividendsDeclaredByNonconsolidatedCompanies">Dividends and distributions declared</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredByNonconsolidatedCompanies" xlink:to="label_DividendsDeclaredByNonconsolidatedCompanies" xlink:title="Label : DividendsDeclaredByNonconsolidatedCompanies to label_DividendsDeclaredByNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDeclaredByNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsDeclaredByNonconsolidatedCompanies_1" xml:lang="en-US" id="label_DividendsDeclaredByNonconsolidatedCompanies_1">Dividends declared by nonconsolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredByNonconsolidatedCompanies" xlink:to="label_DividendsDeclaredByNonconsolidatedCompanies_1" xlink:title="Label : DividendsDeclaredByNonconsolidatedCompanies to label_DividendsDeclaredByNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDeclaredByNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsDeclaredByNonconsolidatedCompanies_2" xml:lang="en-US" id="label_DividendsDeclaredByNonconsolidatedCompanies_2">Dividends and distributions declared</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredByNonconsolidatedCompanies" xlink:to="label_DividendsDeclaredByNonconsolidatedCompanies_2" xlink:title="Label : DividendsDeclaredByNonconsolidatedCompanies to label_DividendsDeclaredByNonconsolidatedCompanies_2" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDeclaredByNonconsolidatedCompanies_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsDeclaredByNonconsolidatedCompanies_3" xml:lang="en-US" id="label_DividendsDeclaredByNonconsolidatedCompanies_3">Represents the amount of divdends declared by nonconsolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDeclaredByNonconsolidatedCompanies" xlink:to="label_DividendsDeclaredByNonconsolidatedCompanies_3" xlink:title="Label : DividendsDeclaredByNonconsolidatedCompanies to label_DividendsDeclaredByNonconsolidatedCompanies_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:label="ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:title="ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies">Impairment loss in non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies to label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:label="ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:title="ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xml:lang="en-US" id="label_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract">Reconciliation of changes in investments in subsidiaries joint ventures and associates [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:to="label_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" xlink:title="Label : ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract to label_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncreaseInCorporateGuaranteeCoveringObligations" xlink:label="IncreaseInCorporateGuaranteeCoveringObligations" xlink:title="IncreaseInCorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInCorporateGuaranteeCoveringObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseInCorporateGuaranteeCoveringObligations" xml:lang="en-US" id="label_IncreaseInCorporateGuaranteeCoveringObligations">Increase in corporate guarantee covering obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInCorporateGuaranteeCoveringObligations" xlink:to="label_IncreaseInCorporateGuaranteeCoveringObligations" xlink:title="Label : IncreaseInCorporateGuaranteeCoveringObligations to label_IncreaseInCorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_1">Impairment loss on non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_1" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies to label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" xlink:label="LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" xlink:title="LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" xml:lang="en-US" id="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies">Loss Recognised Due to Particiaption Increase in Nonconsolidated Companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" xlink:to="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" xlink:title="Label : LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies to label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInCorporateGuaranteeCoveringObligations_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseInCorporateGuaranteeCoveringObligations_1" xml:lang="en-US" id="label_IncreaseInCorporateGuaranteeCoveringObligations_1">The amount of increase in corporate guarantee that covers obligations made under a loan agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInCorporateGuaranteeCoveringObligations" xlink:to="label_IncreaseInCorporateGuaranteeCoveringObligations_1" xlink:title="Label : IncreaseInCorporateGuaranteeCoveringObligations to label_IncreaseInCorporateGuaranteeCoveringObligations_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInCorporateGuaranteeCoveringObligations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseInCorporateGuaranteeCoveringObligations_2" xml:lang="en-US" id="label_IncreaseInCorporateGuaranteeCoveringObligations_2">Increase in corporate guarantee covering obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInCorporateGuaranteeCoveringObligations" xlink:to="label_IncreaseInCorporateGuaranteeCoveringObligations_2" xlink:title="Label : IncreaseInCorporateGuaranteeCoveringObligations to label_IncreaseInCorporateGuaranteeCoveringObligations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProportionOfOwnershipInterestPurchaseInAssociate" xlink:label="ProportionOfOwnershipInterestPurchaseInAssociate" xlink:title="ProportionOfOwnershipInterestPurchaseInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestPurchaseInAssociate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestPurchaseInAssociate" xml:lang="en-US" id="label_ProportionOfOwnershipInterestPurchaseInAssociate">Proportion of ownership interest in associate after acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestPurchaseInAssociate" xlink:to="label_ProportionOfOwnershipInterestPurchaseInAssociate" xlink:title="Label : ProportionOfOwnershipInterestPurchaseInAssociate to label_ProportionOfOwnershipInterestPurchaseInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestPurchaseInAssociate_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProportionOfOwnershipInterestPurchaseInAssociate_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestPurchaseInAssociate_1">The proportion of ownership interest after acquisitions in a joint operation attributable to the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestPurchaseInAssociate" xlink:to="label_ProportionOfOwnershipInterestPurchaseInAssociate_1" xlink:title="Label : ProportionOfOwnershipInterestPurchaseInAssociate to label_ProportionOfOwnershipInterestPurchaseInAssociate_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestPurchaseInAssociate_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestPurchaseInAssociate_2" xml:lang="en-US" id="label_ProportionOfOwnershipInterestPurchaseInAssociate_2">Proportion of ownership interest in associate after acquisitions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestPurchaseInAssociate" xlink:to="label_ProportionOfOwnershipInterestPurchaseInAssociate_2" xlink:title="Label : ProportionOfOwnershipInterestPurchaseInAssociate to label_ProportionOfOwnershipInterestPurchaseInAssociate_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashTransferred" xlink:label="CashTransferred" xlink:title="CashTransferred" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashTransferred" xml:lang="en-US" id="label_CashTransferred">Cash transferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred" xlink:title="Label : CashTransferred to label_CashTransferred" />
    <link:label xlink:type="resource" xlink:label="label_CashTransferred_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashTransferred_1" xml:lang="en-US" id="label_CashTransferred_1">ifrs-full_CashTransferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashTransferred" xlink:to="label_CashTransferred_1" xlink:title="Label : CashTransferred to label_CashTransferred_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PeriodOverWhichManagementHasProjectedCashFlows" xlink:label="PeriodOverWhichManagementHasProjectedCashFlows" xlink:title="PeriodOverWhichManagementHasProjectedCashFlows" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOverWhichManagementHasProjectedCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOverWhichManagementHasProjectedCashFlows" xml:lang="en-US" id="label_PeriodOverWhichManagementHasProjectedCashFlows">Period over which management has projected cash flows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOverWhichManagementHasProjectedCashFlows" xlink:to="label_PeriodOverWhichManagementHasProjectedCashFlows" xlink:title="Label : PeriodOverWhichManagementHasProjectedCashFlows to label_PeriodOverWhichManagementHasProjectedCashFlows" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOverWhichManagementHasProjectedCashFlows_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOverWhichManagementHasProjectedCashFlows_1" xml:lang="en-US" id="label_PeriodOverWhichManagementHasProjectedCashFlows_1">Period over which management has projected cash flows based on financial budgets/forecasts approved by management.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOverWhichManagementHasProjectedCashFlows" xlink:to="label_PeriodOverWhichManagementHasProjectedCashFlows_1" xlink:title="Label : PeriodOverWhichManagementHasProjectedCashFlows to label_PeriodOverWhichManagementHasProjectedCashFlows_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOverWhichManagementHasProjectedCashFlows_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOverWhichManagementHasProjectedCashFlows_2" xml:lang="en-US" id="label_PeriodOverWhichManagementHasProjectedCashFlows_2">Period over which management has projected cash flows</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOverWhichManagementHasProjectedCashFlows" xlink:to="label_PeriodOverWhichManagementHasProjectedCashFlows_2" xlink:title="Label : PeriodOverWhichManagementHasProjectedCashFlows to label_PeriodOverWhichManagementHasProjectedCashFlows_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_WriteDownsOfInvestment" xlink:label="WriteDownsOfInvestment" xlink:title="WriteDownsOfInvestment" />
    <link:label xlink:type="resource" xlink:label="label_WriteDownsOfInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WriteDownsOfInvestment" xml:lang="en-US" id="label_WriteDownsOfInvestment">Write-downs of investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteDownsOfInvestment" xlink:to="label_WriteDownsOfInvestment" xlink:title="Label : WriteDownsOfInvestment to label_WriteDownsOfInvestment" />
    <link:label xlink:type="resource" xlink:label="label_WriteDownsOfInvestment_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WriteDownsOfInvestment_1" xml:lang="en-US" id="label_WriteDownsOfInvestment_1">The amount recognised resulting from the write-down of investment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteDownsOfInvestment" xlink:to="label_WriteDownsOfInvestment_1" xlink:title="Label : WriteDownsOfInvestment to label_WriteDownsOfInvestment_1" />
    <link:label xlink:type="resource" xlink:label="label_WriteDownsOfInvestment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WriteDownsOfInvestment_2" xml:lang="en-US" id="label_WriteDownsOfInvestment_2">Write-downs of investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteDownsOfInvestment" xlink:to="label_WriteDownsOfInvestment_2" xlink:title="Label : WriteDownsOfInvestment to label_WriteDownsOfInvestment_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CorporateGuaranteeCoveringObligations" xlink:label="CorporateGuaranteeCoveringObligations" xlink:title="CorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_CorporateGuaranteeCoveringObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CorporateGuaranteeCoveringObligations" xml:lang="en-US" id="label_CorporateGuaranteeCoveringObligations">Corporate guarantee covering obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateGuaranteeCoveringObligations" xlink:to="label_CorporateGuaranteeCoveringObligations" xlink:title="Label : CorporateGuaranteeCoveringObligations to label_CorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_CorporateGuaranteeCoveringObligations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CorporateGuaranteeCoveringObligations_1" xml:lang="en-US" id="label_CorporateGuaranteeCoveringObligations_1">Amount of exposure under the corporate guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateGuaranteeCoveringObligations" xlink:to="label_CorporateGuaranteeCoveringObligations_1" xlink:title="Label : CorporateGuaranteeCoveringObligations to label_CorporateGuaranteeCoveringObligations_1" />
    <link:label xlink:type="resource" xlink:label="label_CorporateGuaranteeCoveringObligations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CorporateGuaranteeCoveringObligations_2" xml:lang="en-US" id="label_CorporateGuaranteeCoveringObligations_2">Represents the amount of a corporate guarantee that covers obligations made under a loan agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporateGuaranteeCoveringObligations" xlink:to="label_CorporateGuaranteeCoveringObligations_2" xlink:title="Label : CorporateGuaranteeCoveringObligations to label_CorporateGuaranteeCoveringObligations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LettersOfCreditCovered" xlink:label="LettersOfCreditCovered" xlink:title="LettersOfCreditCovered" />
    <link:label xlink:type="resource" xlink:label="label_LettersOfCreditCovered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LettersOfCreditCovered" xml:lang="en-US" id="label_LettersOfCreditCovered">The amount of covered letters of credit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LettersOfCreditCovered" xlink:to="label_LettersOfCreditCovered" xlink:title="Label : LettersOfCreditCovered to label_LettersOfCreditCovered" />
    <link:label xlink:type="resource" xlink:label="label_LettersOfCreditCovered_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LettersOfCreditCovered_1" xml:lang="en-US" id="label_LettersOfCreditCovered_1">Letters of credit, covered</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LettersOfCreditCovered" xlink:to="label_LettersOfCreditCovered_1" xlink:title="Label : LettersOfCreditCovered to label_LettersOfCreditCovered_1" />
    <link:label xlink:type="resource" xlink:label="label_LettersOfCreditCovered_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LettersOfCreditCovered_2" xml:lang="en-US" id="label_LettersOfCreditCovered_2">Letters of credit covered</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LettersOfCreditCovered" xlink:to="label_LettersOfCreditCovered_2" xlink:title="Label : LettersOfCreditCovered to label_LettersOfCreditCovered_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DebtServiceCoverageRatioCoveredPercent" xlink:label="DebtServiceCoverageRatioCoveredPercent" xlink:title="DebtServiceCoverageRatioCoveredPercent" />
    <link:label xlink:type="resource" xlink:label="label_DebtServiceCoverageRatioCoveredPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtServiceCoverageRatioCoveredPercent" xml:lang="en-US" id="label_DebtServiceCoverageRatioCoveredPercent">The percent amount of covered debt service coverage ratio.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageRatioCoveredPercent" xlink:to="label_DebtServiceCoverageRatioCoveredPercent" xlink:title="Label : DebtServiceCoverageRatioCoveredPercent to label_DebtServiceCoverageRatioCoveredPercent" />
    <link:label xlink:type="resource" xlink:label="label_DebtServiceCoverageRatioCoveredPercent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtServiceCoverageRatioCoveredPercent_1" xml:lang="en-US" id="label_DebtServiceCoverageRatioCoveredPercent_1">Debt service coverage ratio, covered, percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageRatioCoveredPercent" xlink:to="label_DebtServiceCoverageRatioCoveredPercent_1" xlink:title="Label : DebtServiceCoverageRatioCoveredPercent to label_DebtServiceCoverageRatioCoveredPercent_1" />
    <link:label xlink:type="resource" xlink:label="label_DebtServiceCoverageRatioCoveredPercent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtServiceCoverageRatioCoveredPercent_2" xml:lang="en-US" id="label_DebtServiceCoverageRatioCoveredPercent_2">Debt service coverage ratio covered percent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtServiceCoverageRatioCoveredPercent" xlink:to="label_DebtServiceCoverageRatioCoveredPercent_2" xlink:title="Label : DebtServiceCoverageRatioCoveredPercent to label_DebtServiceCoverageRatioCoveredPercent_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProportionOfCorporateGuaranteeCoveringObligations" xlink:label="ProportionOfCorporateGuaranteeCoveringObligations" xlink:title="ProportionOfCorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfCorporateGuaranteeCoveringObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProportionOfCorporateGuaranteeCoveringObligations" xml:lang="en-US" id="label_ProportionOfCorporateGuaranteeCoveringObligations">Represents the proportion of a corporate guarantee that covers obligations made under a syndicated loan agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfCorporateGuaranteeCoveringObligations" xlink:to="label_ProportionOfCorporateGuaranteeCoveringObligations" xlink:title="Label : ProportionOfCorporateGuaranteeCoveringObligations to label_ProportionOfCorporateGuaranteeCoveringObligations" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfCorporateGuaranteeCoveringObligations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfCorporateGuaranteeCoveringObligations_1" xml:lang="en-US" id="label_ProportionOfCorporateGuaranteeCoveringObligations_1">Proportion of corporate guarantee covering obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfCorporateGuaranteeCoveringObligations" xlink:to="label_ProportionOfCorporateGuaranteeCoveringObligations_1" xlink:title="Label : ProportionOfCorporateGuaranteeCoveringObligations to label_ProportionOfCorporateGuaranteeCoveringObligations_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfCorporateGuaranteeCoveringObligations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfCorporateGuaranteeCoveringObligations_2" xml:lang="en-US" id="label_ProportionOfCorporateGuaranteeCoveringObligations_2">Proportion of corporate guarantee covering obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfCorporateGuaranteeCoveringObligations" xlink:to="label_ProportionOfCorporateGuaranteeCoveringObligations_2" xlink:title="Label : ProportionOfCorporateGuaranteeCoveringObligations to label_ProportionOfCorporateGuaranteeCoveringObligations_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DebtSecurities" xlink:label="DebtSecurities" xlink:title="DebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtSecurities" xml:lang="en-US" id="label_DebtSecurities">Debt instruments issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecurities" xlink:to="label_DebtSecurities" xlink:title="Label : DebtSecurities to label_DebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_DebtSecurities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtSecurities_1" xml:lang="en-US" id="label_DebtSecurities_1">ifrs-full_DebtSecurities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecurities" xlink:to="label_DebtSecurities_1" xlink:title="Label : DebtSecurities to label_DebtSecurities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LoansAndReceivables" xlink:label="LoansAndReceivables" xlink:title="LoansAndReceivables" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansAndReceivables" xml:lang="en-US" id="label_LoansAndReceivables">Loans and receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndReceivables" xlink:to="label_LoansAndReceivables" xlink:title="Label : LoansAndReceivables to label_LoansAndReceivables" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansAndReceivables_1" xml:lang="en-US" id="label_LoansAndReceivables_1">ifrs-full_LoansAndReceivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndReceivables" xlink:to="label_LoansAndReceivables_1" xlink:title="Label : LoansAndReceivables to label_LoansAndReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:label="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:title="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xml:lang="en-US" id="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties">The amount of proceeds from (repayments of loans) receivable from related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:to="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:title="Label : ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties to label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" xml:lang="en-US" id="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1">Proceeds From (Repayments of Loans) Receivable From Related Parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:to="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" xlink:title="Label : ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties to label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" xml:lang="en-US" id="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2">Proceeds from repayments of loans receivable from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" xlink:to="label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" xlink:title="Label : ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties to label_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ExposureToThePurchaseOfCleanEnergyCertificates" xlink:label="ExposureToThePurchaseOfCleanEnergyCertificates" xlink:title="ExposureToThePurchaseOfCleanEnergyCertificates" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToThePurchaseOfCleanEnergyCertificates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExposureToThePurchaseOfCleanEnergyCertificates" xml:lang="en-US" id="label_ExposureToThePurchaseOfCleanEnergyCertificates">The amount of exposure to the purchase of clean energy certificates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToThePurchaseOfCleanEnergyCertificates" xlink:to="label_ExposureToThePurchaseOfCleanEnergyCertificates" xlink:title="Label : ExposureToThePurchaseOfCleanEnergyCertificates to label_ExposureToThePurchaseOfCleanEnergyCertificates" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToThePurchaseOfCleanEnergyCertificates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExposureToThePurchaseOfCleanEnergyCertificates_1" xml:lang="en-US" id="label_ExposureToThePurchaseOfCleanEnergyCertificates_1">Exposure to the purchase of clean energy certificates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToThePurchaseOfCleanEnergyCertificates" xlink:to="label_ExposureToThePurchaseOfCleanEnergyCertificates_1" xlink:title="Label : ExposureToThePurchaseOfCleanEnergyCertificates to label_ExposureToThePurchaseOfCleanEnergyCertificates_1" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToThePurchaseOfCleanEnergyCertificates_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureToThePurchaseOfCleanEnergyCertificates_2" xml:lang="en-US" id="label_ExposureToThePurchaseOfCleanEnergyCertificates_2">Exposure to the purchase of clean energy certificates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToThePurchaseOfCleanEnergyCertificates" xlink:to="label_ExposureToThePurchaseOfCleanEnergyCertificates_2" xlink:title="Label : ExposureToThePurchaseOfCleanEnergyCertificates to label_ExposureToThePurchaseOfCleanEnergyCertificates_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ExposureToPurchaseAndOtherServiceAgreements" xlink:label="ExposureToPurchaseAndOtherServiceAgreements" xlink:title="ExposureToPurchaseAndOtherServiceAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToPurchaseAndOtherServiceAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExposureToPurchaseAndOtherServiceAgreements" xml:lang="en-US" id="label_ExposureToPurchaseAndOtherServiceAgreements">Exposure to purchase and other service agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToPurchaseAndOtherServiceAgreements" xlink:to="label_ExposureToPurchaseAndOtherServiceAgreements" xlink:title="Label : ExposureToPurchaseAndOtherServiceAgreements to label_ExposureToPurchaseAndOtherServiceAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToPurchaseAndOtherServiceAgreements_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureToPurchaseAndOtherServiceAgreements_1" xml:lang="en-US" id="label_ExposureToPurchaseAndOtherServiceAgreements_1">Exposure to purchase and other service agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToPurchaseAndOtherServiceAgreements" xlink:to="label_ExposureToPurchaseAndOtherServiceAgreements_1" xlink:title="Label : ExposureToPurchaseAndOtherServiceAgreements to label_ExposureToPurchaseAndOtherServiceAgreements_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ExposureToTransportationCapacityAgreements" xlink:label="ExposureToTransportationCapacityAgreements" xlink:title="ExposureToTransportationCapacityAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToTransportationCapacityAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExposureToTransportationCapacityAgreements" xml:lang="en-US" id="label_ExposureToTransportationCapacityAgreements">Represents the amount of exposure risk from transportation capacity agreements.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToTransportationCapacityAgreements" xlink:to="label_ExposureToTransportationCapacityAgreements" xlink:title="Label : ExposureToTransportationCapacityAgreements to label_ExposureToTransportationCapacityAgreements" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToTransportationCapacityAgreements_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExposureToTransportationCapacityAgreements_1" xml:lang="en-US" id="label_ExposureToTransportationCapacityAgreements_1">Exposure to transportation capacity agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToTransportationCapacityAgreements" xlink:to="label_ExposureToTransportationCapacityAgreements_1" xlink:title="Label : ExposureToTransportationCapacityAgreements to label_ExposureToTransportationCapacityAgreements_1" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToTransportationCapacityAgreements_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureToTransportationCapacityAgreements_2" xml:lang="en-US" id="label_ExposureToTransportationCapacityAgreements_2">Exposure to transportation capacity agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToTransportationCapacityAgreements" xlink:to="label_ExposureToTransportationCapacityAgreements_2" xlink:title="Label : ExposureToTransportationCapacityAgreements to label_ExposureToTransportationCapacityAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ClosingPricePerShare" xlink:label="ClosingPricePerShare" xlink:title="ClosingPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClosingPricePerShare" xml:lang="en-US" id="label_ClosingPricePerShare">Represents the quoted closing price per share of stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerShare" xlink:to="label_ClosingPricePerShare" xlink:title="Label : ClosingPricePerShare to label_ClosingPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClosingPricePerShare_1" xml:lang="en-US" id="label_ClosingPricePerShare_1">Closing price, per share (in BRL per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerShare" xlink:to="label_ClosingPricePerShare_1" xlink:title="Label : ClosingPricePerShare to label_ClosingPricePerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClosingPricePerShare_2" xml:lang="en-US" id="label_ClosingPricePerShare_2">Closing price per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerShare" xlink:to="label_ClosingPricePerShare_2" xlink:title="Label : ClosingPricePerShare to label_ClosingPricePerShare_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ClosingPricePerAmericanDepositarySecurity" xlink:label="ClosingPricePerAmericanDepositarySecurity" xlink:title="ClosingPricePerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerAmericanDepositarySecurity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClosingPricePerAmericanDepositarySecurity" xml:lang="en-US" id="label_ClosingPricePerAmericanDepositarySecurity">The amount of a closing price per American Depositary Security (ADS) as quoted on the New York Stock Exchange. Each ADS equals two shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerAmericanDepositarySecurity" xlink:to="label_ClosingPricePerAmericanDepositarySecurity" xlink:title="Label : ClosingPricePerAmericanDepositarySecurity to label_ClosingPricePerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerAmericanDepositarySecurity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClosingPricePerAmericanDepositarySecurity_1" xml:lang="en-US" id="label_ClosingPricePerAmericanDepositarySecurity_1">Closing price, per ads (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerAmericanDepositarySecurity" xlink:to="label_ClosingPricePerAmericanDepositarySecurity_1" xlink:title="Label : ClosingPricePerAmericanDepositarySecurity to label_ClosingPricePerAmericanDepositarySecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_ClosingPricePerAmericanDepositarySecurity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClosingPricePerAmericanDepositarySecurity_2" xml:lang="en-US" id="label_ClosingPricePerAmericanDepositarySecurity_2">Closing price per american depositary security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClosingPricePerAmericanDepositarySecurity" xlink:to="label_ClosingPricePerAmericanDepositarySecurity_2" xlink:title="Label : ClosingPricePerAmericanDepositarySecurity to label_ClosingPricePerAmericanDepositarySecurity_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems" xlink:label="DisclosureOfUnconsolidatedStructuredEntitiesLineItems" xlink:title="DisclosureOfUnconsolidatedStructuredEntitiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfUnconsolidatedStructuredEntitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfUnconsolidatedStructuredEntitiesLineItems" xml:lang="en-US" id="label_DisclosureOfUnconsolidatedStructuredEntitiesLineItems">Disclosure of unconsolidated structured entities [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfUnconsolidatedStructuredEntitiesLineItems" xlink:to="label_DisclosureOfUnconsolidatedStructuredEntitiesLineItems" xlink:title="Label : DisclosureOfUnconsolidatedStructuredEntitiesLineItems to label_DisclosureOfUnconsolidatedStructuredEntitiesLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PAOPSeverstalMember" xlink:label="PAOPSeverstalMember" xlink:title="PAOPSeverstalMember" />
    <link:label xlink:type="resource" xlink:label="label_PAOPSeverstalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PAOPSeverstalMember" xml:lang="en-US" id="label_PAOPSeverstalMember">PAO Severstal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PAOPSeverstalMember" xlink:to="label_PAOPSeverstalMember" xlink:title="Label : PAOPSeverstalMember to label_PAOPSeverstalMember" />
    <link:label xlink:type="resource" xlink:label="label_PAOPSeverstalMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PAOPSeverstalMember_1" xml:lang="en-US" id="label_PAOPSeverstalMember_1">Related to PAO Severstal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PAOPSeverstalMember" xlink:to="label_PAOPSeverstalMember_1" xlink:title="Label : PAOPSeverstalMember to label_PAOPSeverstalMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherStakeholderMember" xlink:label="OtherStakeholderMember" xlink:title="OtherStakeholderMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherStakeholderMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherStakeholderMember" xml:lang="en-US" id="label_OtherStakeholderMember">This member stands for the information pertaining to other stakeholder.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherStakeholderMember" xlink:to="label_OtherStakeholderMember" xlink:title="Label : OtherStakeholderMember to label_OtherStakeholderMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherStakeholderMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherStakeholderMember_1" xml:lang="en-US" id="label_OtherStakeholderMember_1">Other stakeholder [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherStakeholderMember" xlink:to="label_OtherStakeholderMember_1" xlink:title="Label : OtherStakeholderMember to label_OtherStakeholderMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherStakeholderMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherStakeholderMember_2" xml:lang="en-US" id="label_OtherStakeholderMember_2">Other Stakeholder [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherStakeholderMember" xlink:to="label_OtherStakeholderMember_2" xlink:title="Label : OtherStakeholderMember to label_OtherStakeholderMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EewMember" xlink:label="EewMember" xlink:title="EewMember" />
    <link:label xlink:type="resource" xlink:label="label_EewMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EewMember" xml:lang="en-US" id="label_EewMember">EEW [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EewMember" xlink:to="label_EewMember" xlink:title="Label : EewMember to label_EewMember" />
    <link:label xlink:type="resource" xlink:label="label_EewMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EewMember_1" xml:lang="en-US" id="label_EewMember_1">This member stands for the information pertaining to EEW.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EewMember" xlink:to="label_EewMember_1" xlink:title="Label : EewMember to label_EewMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EewMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EewMember_2" xml:lang="en-US" id="label_EewMember_2">EEW [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EewMember" xlink:to="label_EewMember_2" xlink:title="Label : EewMember to label_EewMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SeveralBanksToRefinanceObligationsMember" xlink:label="SeveralBanksToRefinanceObligationsMember" xlink:title="SeveralBanksToRefinanceObligationsMember" />
    <link:label xlink:type="resource" xlink:label="label_SeveralBanksToRefinanceObligationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SeveralBanksToRefinanceObligationsMember" xml:lang="en-US" id="label_SeveralBanksToRefinanceObligationsMember">Related to several banks borrowings, used to refinance obligations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeveralBanksToRefinanceObligationsMember" xlink:to="label_SeveralBanksToRefinanceObligationsMember" xlink:title="Label : SeveralBanksToRefinanceObligationsMember to label_SeveralBanksToRefinanceObligationsMember" />
    <link:label xlink:type="resource" xlink:label="label_SeveralBanksToRefinanceObligationsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeveralBanksToRefinanceObligationsMember_1" xml:lang="en-US" id="label_SeveralBanksToRefinanceObligationsMember_1">Several banks, to refinance obligations [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeveralBanksToRefinanceObligationsMember" xlink:to="label_SeveralBanksToRefinanceObligationsMember_1" xlink:title="Label : SeveralBanksToRefinanceObligationsMember to label_SeveralBanksToRefinanceObligationsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="BorrowingsByNameMember" xlink:title="BorrowingsByNameMember" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameMember" xml:lang="en-US" id="label_BorrowingsByNameMember">Borrowings by name [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameMember" xlink:to="label_BorrowingsByNameMember" xlink:title="Label : BorrowingsByNameMember to label_BorrowingsByNameMember" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_2" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_2">Impairment loss in non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_2" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies to label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_2" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_3" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_3">Impairment loss on non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_3" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies to label_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="BorrowingsByNameAxis" xlink:title="BorrowingsByNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameAxis" xml:lang="en-US" id="label_BorrowingsByNameAxis">Borrowings by name [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameAxis" xlink:to="label_BorrowingsByNameAxis" xlink:title="Label : BorrowingsByNameAxis to label_BorrowingsByNameAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisSAMember" xlink:label="TenarisSAMember" xlink:title="TenarisSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisSAMember" xml:lang="en-US" id="label_TenarisSAMember">Tenaris SA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisSAMember" xlink:to="label_TenarisSAMember" xlink:title="Label : TenarisSAMember to label_TenarisSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisSAMember_1" xml:lang="en-US" id="label_TenarisSAMember_1">Tenaris SA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisSAMember" xlink:to="label_TenarisSAMember_1" xlink:title="Label : TenarisSAMember to label_TenarisSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TenarisSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisSAMember_2" xml:lang="en-US" id="label_TenarisSAMember_2">This member stands for the information pertaining to Tenaris SA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisSAMember" xlink:to="label_TenarisSAMember_2" xlink:title="Label : TenarisSAMember to label_TenarisSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="EntitysTotalForRelatedPartiesMember" xlink:title="EntitysTotalForRelatedPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForRelatedPartiesMember" xml:lang="en-US" id="label_EntitysTotalForRelatedPartiesMember">Entity's total for related parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForRelatedPartiesMember" xlink:to="label_EntitysTotalForRelatedPartiesMember" xlink:title="Label : EntitysTotalForRelatedPartiesMember to label_EntitysTotalForRelatedPartiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="CategoriesOfRelatedPartiesAxis" xlink:title="CategoriesOfRelatedPartiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfRelatedPartiesAxis" xml:lang="en-US" id="label_CategoriesOfRelatedPartiesAxis">Categories of related parties [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfRelatedPartiesAxis" xlink:to="label_CategoriesOfRelatedPartiesAxis" xlink:title="Label : CategoriesOfRelatedPartiesAxis to label_CategoriesOfRelatedPartiesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TerniumAndUsiminasMember" xlink:label="TerniumAndUsiminasMember" xlink:title="TerniumAndUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumAndUsiminasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerniumAndUsiminasMember" xml:lang="en-US" id="label_TerniumAndUsiminasMember">Related to Ternium and Usiminas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumAndUsiminasMember" xlink:to="label_TerniumAndUsiminasMember" xlink:title="Label : TerniumAndUsiminasMember to label_TerniumAndUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumAndUsiminasMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumAndUsiminasMember_1" xml:lang="en-US" id="label_TerniumAndUsiminasMember_1">Ternium and Usiminas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumAndUsiminasMember" xlink:to="label_TerniumAndUsiminasMember_1" xlink:title="Label : TerniumAndUsiminasMember to label_TerniumAndUsiminasMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesTable" xlink:label="DisclosureOfUnconsolidatedStructuredEntitiesTable" xlink:title="DisclosureOfUnconsolidatedStructuredEntitiesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfUnconsolidatedStructuredEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfUnconsolidatedStructuredEntitiesTable" xml:lang="en-US" id="label_DisclosureOfUnconsolidatedStructuredEntitiesTable">Disclosure of unconsolidated structured entities [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfUnconsolidatedStructuredEntitiesTable" xlink:to="label_DisclosureOfUnconsolidatedStructuredEntitiesTable" xlink:title="Label : DisclosureOfUnconsolidatedStructuredEntitiesTable to label_DisclosureOfUnconsolidatedStructuredEntitiesTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilitiesInterestAccrued" xlink:label="LeaseLiabilitiesInterestAccrued" xlink:title="LeaseLiabilitiesInterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesInterestAccrued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesInterestAccrued" xml:lang="en-US" id="label_LeaseLiabilitiesInterestAccrued">Represents the change in lease liabilities during the period attributable to interest accrued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesInterestAccrued" xlink:to="label_LeaseLiabilitiesInterestAccrued" xlink:title="Label : LeaseLiabilitiesInterestAccrued to label_LeaseLiabilitiesInterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesInterestAccrued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesInterestAccrued_1" xml:lang="en-US" id="label_LeaseLiabilitiesInterestAccrued_1">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesInterestAccrued" xlink:to="label_LeaseLiabilitiesInterestAccrued_1" xlink:title="Label : LeaseLiabilitiesInterestAccrued to label_LeaseLiabilitiesInterestAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesInterestAccrued_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesInterestAccrued_2" xml:lang="en-US" id="label_LeaseLiabilitiesInterestAccrued_2">Lease liabilities interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesInterestAccrued" xlink:to="label_LeaseLiabilitiesInterestAccrued_2" xlink:title="Label : LeaseLiabilitiesInterestAccrued to label_LeaseLiabilitiesInterestAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilitiesRepayments" xlink:label="LeaseLiabilitiesRepayments" xlink:title="LeaseLiabilitiesRepayments" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesRepayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesRepayments" xml:lang="en-US" id="label_LeaseLiabilitiesRepayments">Represents the change in lease liabilities during the period from repayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesRepayments" xlink:to="label_LeaseLiabilitiesRepayments" xlink:title="Label : LeaseLiabilitiesRepayments to label_LeaseLiabilitiesRepayments" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesRepayments_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LeaseLiabilitiesRepayments_1" xml:lang="en-US" id="label_LeaseLiabilitiesRepayments_1">Repayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesRepayments" xlink:to="label_LeaseLiabilitiesRepayments_1" xlink:title="Label : LeaseLiabilitiesRepayments to label_LeaseLiabilitiesRepayments_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesRepayments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesRepayments_2" xml:lang="en-US" id="label_LeaseLiabilitiesRepayments_2">Lease liabilities repayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesRepayments" xlink:to="label_LeaseLiabilitiesRepayments_2" xlink:title="Label : LeaseLiabilitiesRepayments to label_LeaseLiabilitiesRepayments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilitiesAdditions" xlink:label="LeaseLiabilitiesAdditions" xlink:title="LeaseLiabilitiesAdditions" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesAdditions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesAdditions" xml:lang="en-US" id="label_LeaseLiabilitiesAdditions">Represents the amount of additions to lease liabilities during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesAdditions" xlink:to="label_LeaseLiabilitiesAdditions" xlink:title="Label : LeaseLiabilitiesAdditions to label_LeaseLiabilitiesAdditions" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesAdditions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesAdditions_1" xml:lang="en-US" id="label_LeaseLiabilitiesAdditions_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesAdditions" xlink:to="label_LeaseLiabilitiesAdditions_1" xlink:title="Label : LeaseLiabilitiesAdditions to label_LeaseLiabilitiesAdditions_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesAdditions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesAdditions_2" xml:lang="en-US" id="label_LeaseLiabilitiesAdditions_2">Lease liabilities additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesAdditions" xlink:to="label_LeaseLiabilitiesAdditions_2" xlink:title="Label : LeaseLiabilitiesAdditions to label_LeaseLiabilitiesAdditions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilitiesTranslationDifferences" xlink:label="LeaseLiabilitiesTranslationDifferences" xlink:title="LeaseLiabilitiesTranslationDifferences" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesTranslationDifferences" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesTranslationDifferences" xml:lang="en-US" id="label_LeaseLiabilitiesTranslationDifferences">Represents the impact of translation differences on lease liabilities during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesTranslationDifferences" xlink:to="label_LeaseLiabilitiesTranslationDifferences" xlink:title="Label : LeaseLiabilitiesTranslationDifferences to label_LeaseLiabilitiesTranslationDifferences" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesTranslationDifferences_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesTranslationDifferences_1" xml:lang="en-US" id="label_LeaseLiabilitiesTranslationDifferences_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesTranslationDifferences" xlink:to="label_LeaseLiabilitiesTranslationDifferences_1" xlink:title="Label : LeaseLiabilitiesTranslationDifferences to label_LeaseLiabilitiesTranslationDifferences_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesTranslationDifferences_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesTranslationDifferences_2" xml:lang="en-US" id="label_LeaseLiabilitiesTranslationDifferences_2">Lease liabilities translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesTranslationDifferences" xlink:to="label_LeaseLiabilitiesTranslationDifferences_2" xlink:title="Label : LeaseLiabilitiesTranslationDifferences to label_LeaseLiabilitiesTranslationDifferences_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:label="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:title="LeaseLiabilitiesIncreaseDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations">Represents the increase in lease liabilities during the period due to business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:to="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:title="Label : LeaseLiabilitiesIncreaseDueToBusinessCombinations to label_LeaseLiabilitiesIncreaseDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:to="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" xlink:title="Label : LeaseLiabilitiesIncreaseDueToBusinessCombinations to label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" xml:lang="en-US" id="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2">Lease liabilities increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesIncreaseDueToBusinessCombinations" xlink:to="label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" xlink:title="Label : LeaseLiabilitiesIncreaseDueToBusinessCombinations to label_LeaseLiabilitiesIncreaseDueToBusinessCombinations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RightofuseAssetsCost" xlink:label="RightofuseAssetsCost" xlink:title="RightofuseAssetsCost" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RightofuseAssetsCost" xml:lang="en-US" id="label_RightofuseAssetsCost">Represents the cost of right-of-use assets as of the specified date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_RightofuseAssetsCost_1" xml:lang="en-US" id="label_RightofuseAssetsCost_1">Closing net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost_1" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost_1" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_RightofuseAssetsCost_2" xml:lang="en-US" id="label_RightofuseAssetsCost_2">Opening net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost_2" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost_2" />
    <link:label xlink:type="resource" xlink:label="label_ExposureToPurchaseAndOtherServiceAgreements_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExposureToPurchaseAndOtherServiceAgreements_2" xml:lang="en-US" id="label_ExposureToPurchaseAndOtherServiceAgreements_2">Represents the amount of exposure related to contracts for the purchase of power generation equipment and other services related to the equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureToPurchaseAndOtherServiceAgreements" xlink:to="label_ExposureToPurchaseAndOtherServiceAgreements_2" xlink:title="Label : ExposureToPurchaseAndOtherServiceAgreements to label_ExposureToPurchaseAndOtherServiceAgreements_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:label="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:title="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" />
    <link:label xlink:type="resource" xlink:label="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xml:lang="en-US" id="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay">Transportation capacity agreement purchasing capacity of natural gas per day</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:to="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:title="Label : TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay to label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" />
    <link:label xlink:type="resource" xlink:label="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" xml:lang="en-US" id="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1">Represents the amount of purchasing capacity of MMBtu/Gas per day under a transportation capacity agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:to="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" xlink:title="Label : TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay to label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_1" />
    <link:label xlink:type="resource" xlink:label="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" xml:lang="en-US" id="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2">Transportation capacity agreement, purchasing capacity of natural gas per day</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" xlink:to="label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" xlink:title="Label : TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay to label_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:label="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:title="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xml:lang="en-US" id="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished">Fair value of investments in associates for which there are quoted market prices</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:to="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:title="Label : FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished to label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsCost_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssetsCost_3" xml:lang="en-US" id="label_RightofuseAssetsCost_3">ts_RightofuseAssetsCost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsCost" xlink:to="label_RightofuseAssetsCost_3" xlink:title="Label : RightofuseAssetsCost to label_RightofuseAssetsCost_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RightofuseAssetsAccumulatedDepreciation" xlink:label="RightofuseAssetsAccumulatedDepreciation" xlink:title="RightofuseAssetsAccumulatedDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RightofuseAssetsAccumulatedDepreciation" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation">Represents the amount of accumulated depreciation for right-of-use assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_RightofuseAssetsAccumulatedDepreciation_1" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation_1">Accumulated at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation_1" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation_1" />
    <link:label xlink:type="resource" xlink:label="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xml:lang="en-US" id="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1">ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished" xlink:to="label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" xlink:title="Label : FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished to label_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:label="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:title="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets">The increase (decrease) in right-of-use assets resulting from transfers, reclassifications and other changes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:to="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:title="Label : IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets to label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_RightofuseAssetsAccumulatedDepreciation_2" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation_2">Accumulated at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation_2" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation_2" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsAccumulatedDepreciation_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssetsAccumulatedDepreciation_3" xml:lang="en-US" id="label_RightofuseAssetsAccumulatedDepreciation_3">ts_RightofuseAssetsAccumulatedDepreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsAccumulatedDepreciation" xlink:to="label_RightofuseAssetsAccumulatedDepreciation_3" xlink:title="Label : RightofuseAssetsAccumulatedDepreciation to label_RightofuseAssetsAccumulatedDepreciation_3" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_1">Increase decrease through transfers reclassifications and other changes right of use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:to="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_1" xlink:title="Label : IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets to label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdditionsToRightofuseAssets" xlink:label="AdditionsToRightofuseAssets" xlink:title="AdditionsToRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToRightofuseAssets" xml:lang="en-US" id="label_AdditionsToRightofuseAssets">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_2">Transfers / Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" xlink:to="label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_2" xlink:title="Label : IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets to label_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:label="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:title="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets">The increase (decrease) in right-of-use assets resulting from acquisitions through business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:to="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:title="Label : AcquisitionsThroughBusinessCombinationsRightOfUseAssets to label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToRightofuseAssets_1" xml:lang="en-US" id="label_AdditionsToRightofuseAssets_1">Additions to right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets_1" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_1">Acquisitions through business combinations right of use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:to="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsRightOfUseAssets to label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_2">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" xlink:to="label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsRightOfUseAssets to label_AcquisitionsThroughBusinessCombinationsRightOfUseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="DepreciationRightofuseAssets" xlink:title="DepreciationRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationRightofuseAssets" xml:lang="en-US" id="label_DepreciationRightofuseAssets">Depreciation charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets" xlink:title="Label : DepreciationRightofuseAssets to label_DepreciationRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationRightofuseAssets_1" xml:lang="en-US" id="label_DepreciationRightofuseAssets_1">ifrs-full_DepreciationRightofuseAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets_1" xlink:title="Label : DepreciationRightofuseAssets to label_DepreciationRightofuseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets">Increase decrease through net exchange differences right of use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets to label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1">The increase (decrease) in right-of-use assets resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets to label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_2">Currency translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_2" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets to label_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">Disclosure of maturity analysis of operating lease payments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:title="Label : DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ReconciliationOfChangesInRightOfUseAssetsAbstract" xlink:label="ReconciliationOfChangesInRightOfUseAssetsAbstract" xlink:title="ReconciliationOfChangesInRightOfUseAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInRightOfUseAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInRightOfUseAssetsAbstract" xml:lang="en-US" id="label_ReconciliationOfChangesInRightOfUseAssetsAbstract">Reconciliation of changes in right of use assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInRightOfUseAssetsAbstract" xlink:to="label_ReconciliationOfChangesInRightOfUseAssetsAbstract" xlink:title="Label : ReconciliationOfChangesInRightOfUseAssetsAbstract to label_ReconciliationOfChangesInRightOfUseAssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherAssetsMember" xlink:label="OtherAssetsMember" xlink:title="OtherAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsMember" xml:lang="en-US" id="label_OtherAssetsMember">Other assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsMember" xlink:to="label_OtherAssetsMember" xlink:title="Label : OtherAssetsMember to label_OtherAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="InterestExpenseOnLeaseLiabilities" xlink:title="InterestExpenseOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseOnLeaseLiabilities" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities">Interest expense on lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities" xlink:title="Label : InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilitiesCapitalRepayments" xlink:label="LeaseLiabilitiesCapitalRepayments" xlink:title="LeaseLiabilitiesCapitalRepayments" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCapitalRepayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesCapitalRepayments" xml:lang="en-US" id="label_LeaseLiabilitiesCapitalRepayments">The amount of capital repayments of lease liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCapitalRepayments" xlink:to="label_LeaseLiabilitiesCapitalRepayments" xlink:title="Label : LeaseLiabilitiesCapitalRepayments to label_LeaseLiabilitiesCapitalRepayments" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCapitalRepayments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesCapitalRepayments_1" xml:lang="en-US" id="label_LeaseLiabilitiesCapitalRepayments_1">Repayments of lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCapitalRepayments" xlink:to="label_LeaseLiabilitiesCapitalRepayments_1" xlink:title="Label : LeaseLiabilitiesCapitalRepayments to label_LeaseLiabilitiesCapitalRepayments_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCapitalRepayments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesCapitalRepayments_2" xml:lang="en-US" id="label_LeaseLiabilitiesCapitalRepayments_2">Lease Liabilities Capital Repayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCapitalRepayments" xlink:to="label_LeaseLiabilitiesCapitalRepayments_2" xlink:title="Label : LeaseLiabilitiesCapitalRepayments to label_LeaseLiabilitiesCapitalRepayments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilitiesCancellations" xlink:label="LeaseLiabilitiesCancellations" xlink:title="LeaseLiabilitiesCancellations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCancellations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilitiesCancellations" xml:lang="en-US" id="label_LeaseLiabilitiesCancellations">Cancellations of lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCancellations" xlink:to="label_LeaseLiabilitiesCancellations" xlink:title="Label : LeaseLiabilitiesCancellations to label_LeaseLiabilitiesCancellations" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCancellations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesCancellations_1" xml:lang="en-US" id="label_LeaseLiabilitiesCancellations_1">Lease liabilities cancellations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCancellations" xlink:to="label_LeaseLiabilitiesCancellations_1" xlink:title="Label : LeaseLiabilitiesCancellations to label_LeaseLiabilitiesCancellations_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable">Disclosure of maturity analysis of operating lease payments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:title="Label : DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCancellations_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LeaseLiabilitiesCancellations_2" xml:lang="en-US" id="label_LeaseLiabilitiesCancellations_2">Cancellations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCancellations" xlink:to="label_LeaseLiabilitiesCancellations_2" xlink:title="Label : LeaseLiabilitiesCancellations to label_LeaseLiabilitiesCancellations_2" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesCancellations_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilitiesCancellations_3" xml:lang="en-US" id="label_LeaseLiabilitiesCancellations_3">Represents the change in lease liabilities during the period attributable to cancellations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesCancellations" xlink:to="label_LeaseLiabilitiesCancellations_3" xlink:title="Label : LeaseLiabilitiesCancellations to label_LeaseLiabilitiesCancellations_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisposalsConsumptionsRightOfUseAssets" xlink:label="DisposalsConsumptionsRightOfUseAssets" xlink:title="DisposalsConsumptionsRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsConsumptionsRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisposalsConsumptionsRightOfUseAssets" xml:lang="en-US" id="label_DisposalsConsumptionsRightOfUseAssets">Net disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsConsumptionsRightOfUseAssets" xlink:to="label_DisposalsConsumptionsRightOfUseAssets" xlink:title="Label : DisposalsConsumptionsRightOfUseAssets to label_DisposalsConsumptionsRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsConsumptionsRightOfUseAssets_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisposalsConsumptionsRightOfUseAssets_1" xml:lang="en-US" id="label_DisposalsConsumptionsRightOfUseAssets_1">The decrease in right-of-use assets resulting from disposals and consumptions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsConsumptionsRightOfUseAssets" xlink:to="label_DisposalsConsumptionsRightOfUseAssets_1" xlink:title="Label : DisposalsConsumptionsRightOfUseAssets to label_DisposalsConsumptionsRightOfUseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsConsumptionsRightOfUseAssets_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DisposalsConsumptionsRightOfUseAssets_2" xml:lang="en-US" id="label_DisposalsConsumptionsRightOfUseAssets_2">Disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsConsumptionsRightOfUseAssets" xlink:to="label_DisposalsConsumptionsRightOfUseAssets_2" xlink:title="Label : DisposalsConsumptionsRightOfUseAssets to label_DisposalsConsumptionsRightOfUseAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsConsumptionsRightOfUseAssets_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsConsumptionsRightOfUseAssets_3" xml:lang="en-US" id="label_DisposalsConsumptionsRightOfUseAssets_3">Disposals consumptions right of use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsConsumptionsRightOfUseAssets" xlink:to="label_DisposalsConsumptionsRightOfUseAssets_3" xlink:title="Label : DisposalsConsumptionsRightOfUseAssets to label_DisposalsConsumptionsRightOfUseAssets_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RemainingLeasePaymentsToBeMadePercentage" xlink:label="RemainingLeasePaymentsToBeMadePercentage" xlink:title="RemainingLeasePaymentsToBeMadePercentage" />
    <link:label xlink:type="resource" xlink:label="label_RemainingLeasePaymentsToBeMadePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RemainingLeasePaymentsToBeMadePercentage" xml:lang="en-US" id="label_RemainingLeasePaymentsToBeMadePercentage">Percentage of total remaining payments to be made.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingLeasePaymentsToBeMadePercentage" xlink:to="label_RemainingLeasePaymentsToBeMadePercentage" xlink:title="Label : RemainingLeasePaymentsToBeMadePercentage to label_RemainingLeasePaymentsToBeMadePercentage" />
    <link:label xlink:type="resource" xlink:label="label_RemainingLeasePaymentsToBeMadePercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RemainingLeasePaymentsToBeMadePercentage_1" xml:lang="en-US" id="label_RemainingLeasePaymentsToBeMadePercentage_1">Remaining lease payments to be made, percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingLeasePaymentsToBeMadePercentage" xlink:to="label_RemainingLeasePaymentsToBeMadePercentage_1" xlink:title="Label : RemainingLeasePaymentsToBeMadePercentage to label_RemainingLeasePaymentsToBeMadePercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_RemainingLeasePaymentsToBeMadePercentage_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RemainingLeasePaymentsToBeMadePercentage_2" xml:lang="en-US" id="label_RemainingLeasePaymentsToBeMadePercentage_2">Remaining lease payments to be made percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingLeasePaymentsToBeMadePercentage" xlink:to="label_RemainingLeasePaymentsToBeMadePercentage_2" xlink:title="Label : RemainingLeasePaymentsToBeMadePercentage to label_RemainingLeasePaymentsToBeMadePercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseAgreementMember" xlink:label="LeaseAgreementMember" xlink:title="LeaseAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseAgreementMember" xml:lang="en-US" id="label_LeaseAgreementMember">Lease Agreement [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementMember" xlink:to="label_LeaseAgreementMember" xlink:title="Label : LeaseAgreementMember to label_LeaseAgreementMember" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseAgreementMember_1" xml:lang="en-US" id="label_LeaseAgreementMember_1">Lease agreements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementMember" xlink:to="label_LeaseAgreementMember_1" xlink:title="Label : LeaseAgreementMember to label_LeaseAgreementMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseAgreementMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseAgreementMember_2" xml:lang="en-US" id="label_LeaseAgreementMember_2">This member stands for the information pertaining to lease agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseAgreementMember" xlink:to="label_LeaseAgreementMember_2" xlink:title="Label : LeaseAgreementMember to label_LeaseAgreementMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="LaterThanFiveYearsMember" xlink:title="LaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsMember">Later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsMember" xlink:to="label_LaterThanFiveYearsMember" xlink:title="Label : LaterThanFiveYearsMember to label_LaterThanFiveYearsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanFiveYearsMember">Later than one year and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanFiveYearsMember to label_LaterThanOneYearAndNotLaterThanFiveYearsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xlink:label="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xlink:title="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xml:lang="en-US" id="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems">Disclosure of information for cash-generating units [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xlink:to="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" xlink:title="Label : DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems to label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="NotLaterThanOneYearMember" xlink:title="NotLaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanOneYearMember" xml:lang="en-US" id="label_NotLaterThanOneYearMember">Not later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="AggregatedTimeBandsMember" xlink:title="AggregatedTimeBandsMember" />
    <link:label xlink:type="resource" xlink:label="label_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AggregatedTimeBandsMember" xml:lang="en-US" id="label_AggregatedTimeBandsMember">Aggregated time bands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregatedTimeBandsMember" xlink:to="label_AggregatedTimeBandsMember" xlink:title="Label : AggregatedTimeBandsMember to label_AggregatedTimeBandsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MaturityAxis" xlink:label="MaturityAxis" xlink:title="MaturityAxis" />
    <link:label xlink:type="resource" xlink:label="label_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityAxis" xml:lang="en-US" id="label_MaturityAxis">Maturity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityAxis" xlink:to="label_MaturityAxis" xlink:title="Label : MaturityAxis to label_MaturityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xlink:label="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xlink:title="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xml:lang="en-US" id="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable">Disclosure of information for cash-generating units [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xlink:to="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" xlink:title="Label : DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable to label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherCguMember" xlink:label="OtherCguMember" xlink:title="OtherCguMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCguMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCguMember" xml:lang="en-US" id="label_OtherCguMember">The cash generating unit classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCguMember" xlink:to="label_OtherCguMember" xlink:title="Label : OtherCguMember to label_OtherCguMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCguMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCguMember_1" xml:lang="en-US" id="label_OtherCguMember_1">Other CGU [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCguMember" xlink:to="label_OtherCguMember_1" xlink:title="Label : OtherCguMember to label_OtherCguMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_HydrilMember" xlink:label="HydrilMember" xlink:title="HydrilMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrilMember" xml:lang="en-US" id="label_HydrilMember">The cash generating unit Hydril.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilMember" xlink:to="label_HydrilMember" xlink:title="Label : HydrilMember to label_HydrilMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrilMember_1" xml:lang="en-US" id="label_HydrilMember_1">Hydril [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilMember" xlink:to="label_HydrilMember_1" xlink:title="Label : HydrilMember to label_HydrilMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SidercaMember" xlink:label="SidercaMember" xlink:title="SidercaMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SidercaMember" xml:lang="en-US" id="label_SidercaMember">Siderca [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaMember" xlink:to="label_SidercaMember" xlink:title="Label : SidercaMember to label_SidercaMember" />
    <link:label xlink:type="resource" xlink:label="label_SidercaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SidercaMember_1" xml:lang="en-US" id="label_SidercaMember_1">The cash generating unit Siderca (Hydril and other).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SidercaMember" xlink:to="label_SidercaMember_1" xlink:title="Label : SidercaMember to label_SidercaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:label="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:title="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill">Transfers / Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TamsaHydrilAndOtherMember" xlink:label="TamsaHydrilAndOtherMember" xlink:title="TamsaHydrilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TamsaHydrilAndOtherMember" xml:lang="en-US" id="label_TamsaHydrilAndOtherMember">The cash generating unit Tamsa (Hydril and other).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherMember" xlink:to="label_TamsaHydrilAndOtherMember" xlink:title="Label : TamsaHydrilAndOtherMember to label_TamsaHydrilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_TamsaHydrilAndOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TamsaHydrilAndOtherMember_1" xml:lang="en-US" id="label_TamsaHydrilAndOtherMember_1">Tamsa (Hydril and other) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TamsaHydrilAndOtherMember" xlink:to="label_TamsaHydrilAndOtherMember_1" xlink:title="Label : TamsaHydrilAndOtherMember to label_TamsaHydrilAndOtherMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherBusinessCombinationsMember" xlink:label="OtherBusinessCombinationsMember" xlink:title="OtherBusinessCombinationsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherBusinessCombinationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherBusinessCombinationsMember" xml:lang="en-US" id="label_OtherBusinessCombinationsMember">Other acquisition [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherBusinessCombinationsMember" xlink:to="label_OtherBusinessCombinationsMember" xlink:title="Label : OtherBusinessCombinationsMember to label_OtherBusinessCombinationsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherBusinessCombinationsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherBusinessCombinationsMember_1" xml:lang="en-US" id="label_OtherBusinessCombinationsMember_1">This member stands for the information pertaining to "other business combinations", which an acquirer obtains control of one or more businesses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherBusinessCombinationsMember" xlink:to="label_OtherBusinessCombinationsMember_1" xlink:title="Label : OtherBusinessCombinationsMember to label_OtherBusinessCombinationsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherBusinessCombinationsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherBusinessCombinationsMember_2" xml:lang="en-US" id="label_OtherBusinessCombinationsMember_2">Other business combinations [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherBusinessCombinationsMember" xlink:to="label_OtherBusinessCombinationsMember_2" xlink:title="Label : OtherBusinessCombinationsMember to label_OtherBusinessCombinationsMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:label="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:title="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">Impairment loss recognised in profit or loss, intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill to label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:label="DisposalsIntangibleAssetsAndGoodwill" xlink:title="DisposalsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_DisposalsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_DisposalsIntangibleAssetsAndGoodwill">Disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsIntangibleAssetsAndGoodwill" xlink:to="label_DisposalsIntangibleAssetsAndGoodwill" xlink:title="Label : DisposalsIntangibleAssetsAndGoodwill to label_DisposalsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill to label_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:title="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_DisposalsIntangibleAssetsAndGoodwill_1">ifrs-full_DisposalsIntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsIntangibleAssetsAndGoodwill" xlink:to="label_DisposalsIntangibleAssetsAndGoodwill_1" xlink:title="Label : DisposalsIntangibleAssetsAndGoodwill to label_DisposalsIntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1">Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill to label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:title="AmortisationIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortisationIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_AmortisationIntangibleAssetsOtherThanGoodwill">Amortization charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="label_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:title="Label : AmortisationIntangibleAssetsOtherThanGoodwill to label_AmortisationIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_AmortisationIntangibleAssetsOtherThanGoodwill_1">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="label_AmortisationIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : AmortisationIntangibleAssetsOtherThanGoodwill to label_AmortisationIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GoodwillMember" xlink:label="GoodwillMember" xlink:title="GoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillMember" xml:lang="en-US" id="label_GoodwillMember">Goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillMember" xlink:to="label_GoodwillMember" xlink:title="Label : GoodwillMember to label_GoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2">Currency translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill to label_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LicensesPatentsAndTrademarksMember" xlink:label="LicensesPatentsAndTrademarksMember" xlink:title="LicensesPatentsAndTrademarksMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsAndTrademarksMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LicensesPatentsAndTrademarksMember" xml:lang="en-US" id="label_LicensesPatentsAndTrademarksMember">Intangible assets classified as licenses, patents and trademarks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsAndTrademarksMember" xlink:to="label_LicensesPatentsAndTrademarksMember" xlink:title="Label : LicensesPatentsAndTrademarksMember to label_LicensesPatentsAndTrademarksMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsAndTrademarksMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LicensesPatentsAndTrademarksMember_1" xml:lang="en-US" id="label_LicensesPatentsAndTrademarksMember_1">Licenses, patents and trademarks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsAndTrademarksMember" xlink:to="label_LicensesPatentsAndTrademarksMember_1" xlink:title="Label : LicensesPatentsAndTrademarksMember to label_LicensesPatentsAndTrademarksMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Goodwill" xlink:label="Goodwill" xlink:title="Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_Goodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Goodwill" xml:lang="en-US" id="label_Goodwill">Goodwill at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="label_Goodwill" xlink:title="Label : Goodwill to label_Goodwill" />
    <link:label xlink:type="resource" xlink:label="label_Goodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Goodwill_1" xml:lang="en-US" id="label_Goodwill_1">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Goodwill" xlink:to="label_Goodwill_1" xlink:title="Label : Goodwill to label_Goodwill_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems" xlink:label="DisclosureOfReconciliationOfChangesInGoodwillLineItems" xlink:title="DisclosureOfReconciliationOfChangesInGoodwillLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfReconciliationOfChangesInGoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfReconciliationOfChangesInGoodwillLineItems" xml:lang="en-US" id="label_DisclosureOfReconciliationOfChangesInGoodwillLineItems">Disclosure of reconciliation of changes in goodwill [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfReconciliationOfChangesInGoodwillLineItems" xlink:to="label_DisclosureOfReconciliationOfChangesInGoodwillLineItems" xlink:title="Label : DisclosureOfReconciliationOfChangesInGoodwillLineItems to label_DisclosureOfReconciliationOfChangesInGoodwillLineItems" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="DepreciationPropertyPlantAndEquipment" xlink:title="DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment">ifrs-full_DepreciationPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DepreciationPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment_1">Depreciation charge</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:label="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">Transfers / Reclassifications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:label="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:title="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:to="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:title="Label : DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems to label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:label="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:title="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xml:lang="en-US" id="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable">Disclosure of reconciliation of changes in intangible assets and goodwill [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:to="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:title="Label : DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable to label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:label="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:title="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xml:lang="en-US" id="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment">Decrease due to sale of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:to="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:title="Label : DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment to label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_1">Decrease through loss of control of subsidiary, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment" xlink:to="label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_1" xlink:title="Label : DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment to label_DecreaseThroughLossOfControlOfSubsidiaryPropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:title="ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">Impairment loss recognised in profit or loss, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment to label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1">Additions</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_1">Impairment charge (See note 5)</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment">Disposals / Consumptions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:to="label_DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:title="Label : DisposalsAndRetirementsPropertyPlantAndEquipment to label_DisposalsAndRetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsAndRetirementsPropertyPlantAndEquipment" xlink:to="label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" xlink:title="Label : DisposalsAndRetirementsPropertyPlantAndEquipment to label_DisposalsAndRetirementsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SparePartsAndEquipmentMember" xlink:label="SparePartsAndEquipmentMember" xlink:title="SparePartsAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_SparePartsAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SparePartsAndEquipmentMember" xml:lang="en-US" id="label_SparePartsAndEquipmentMember">This member stands for a class of property, plant and equipment representing spare parts and equipment used in the entity's operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SparePartsAndEquipmentMember" xlink:to="label_SparePartsAndEquipmentMember" xlink:title="Label : SparePartsAndEquipmentMember to label_SparePartsAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">Currency translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment to label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment to label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_SparePartsAndEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SparePartsAndEquipmentMember_1" xml:lang="en-US" id="label_SparePartsAndEquipmentMember_1">Spare parts and equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SparePartsAndEquipmentMember" xlink:to="label_SparePartsAndEquipmentMember_1" xlink:title="Label : SparePartsAndEquipmentMember to label_SparePartsAndEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ConstructionInProgressMember" xlink:title="ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConstructionInProgressMember" xml:lang="en-US" id="label_ConstructionInProgressMember">Work in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="label_ConstructionInProgressMember" xlink:title="Label : ConstructionInProgressMember to label_ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ConstructionInProgressMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConstructionInProgressMember_1" xml:lang="en-US" id="label_ConstructionInProgressMember_1">Construction in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="label_ConstructionInProgressMember_1" xlink:title="Label : ConstructionInProgressMember to label_ConstructionInProgressMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_VehiclesFurnitureAndFixturesMember" xlink:label="VehiclesFurnitureAndFixturesMember" xlink:title="VehiclesFurnitureAndFixturesMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VehiclesFurnitureAndFixturesMember" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesMember">This member stands for a class of property, plant and equipment representing vehicles and furniture and fixtures used in the entity's operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesMember" xlink:to="label_VehiclesFurnitureAndFixturesMember" xlink:title="Label : VehiclesFurnitureAndFixturesMember to label_VehiclesFurnitureAndFixturesMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VehiclesFurnitureAndFixturesMember_1" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesMember_1">Vehicles, furniture and fixtures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesMember" xlink:to="label_VehiclesFurnitureAndFixturesMember_1" xlink:title="Label : VehiclesFurnitureAndFixturesMember to label_VehiclesFurnitureAndFixturesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:label="IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:title="IndustrialBuildingsPlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndustrialBuildingsPlantAndProductionEquipmentMember" xml:lang="en-US" id="label_IndustrialBuildingsPlantAndProductionEquipmentMember">Refers to information regarding the industrial buildings, plant and production equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:to="label_IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:title="Label : IndustrialBuildingsPlantAndProductionEquipmentMember to label_IndustrialBuildingsPlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" xml:lang="en-US" id="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1">Industrial buildings, plant and production equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialBuildingsPlantAndProductionEquipmentMember" xlink:to="label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" xlink:title="Label : IndustrialBuildingsPlantAndProductionEquipmentMember to label_IndustrialBuildingsPlantAndProductionEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LandAndCivilBuildingsMember" xlink:label="LandAndCivilBuildingsMember" xlink:title="LandAndCivilBuildingsMember" />
    <link:label xlink:type="resource" xlink:label="label_LandAndCivilBuildingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LandAndCivilBuildingsMember" xml:lang="en-US" id="label_LandAndCivilBuildingsMember">Refers to information regarding land and civil buildings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandAndCivilBuildingsMember" xlink:to="label_LandAndCivilBuildingsMember" xlink:title="Label : LandAndCivilBuildingsMember to label_LandAndCivilBuildingsMember" />
    <link:label xlink:type="resource" xlink:label="label_LandAndCivilBuildingsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LandAndCivilBuildingsMember_1" xml:lang="en-US" id="label_LandAndCivilBuildingsMember_1">Land and civil buildings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandAndCivilBuildingsMember" xlink:to="label_LandAndCivilBuildingsMember_1" xlink:title="Label : LandAndCivilBuildingsMember to label_LandAndCivilBuildingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:title="AccumulatedDepreciationAmortisationAndImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xml:lang="en-US" id="label_AccumulatedDepreciationAmortisationAndImpairmentMember">Accumulated depreciation, amortisation and impairment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="label_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:title="Label : AccumulatedDepreciationAmortisationAndImpairmentMember to label_AccumulatedDepreciationAmortisationAndImpairmentMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="GrossCarryingAmountMember" xlink:title="GrossCarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossCarryingAmountMember" xml:lang="en-US" id="label_GrossCarryingAmountMember">Gross carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CarryingAmountMember" xlink:label="CarryingAmountMember" xlink:title="CarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountMember" xml:lang="en-US" id="label_CarryingAmountMember">Carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountMember" xlink:to="label_CarryingAmountMember" xlink:title="Label : CarryingAmountMember to label_CarryingAmountMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ProportionOfOwnershipInterestInSubsidiary" xlink:title="ProportionOfOwnershipInterestInSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary">Percentage of ownership interest in subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:label="ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:title="ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xml:lang="en-US" id="label_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">Reconciliation of changes in property, plant and equipment [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:to="label_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:title="Label : ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract to label_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xml:lang="en-US" id="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="Label : CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis to label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:label="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:title="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend">Dividends payable amount per american depositary security including interim dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend to label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary_1">Proportion of ownership interest in subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary_1" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary_2" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary_2">Proportion of ownership interest in subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary_2" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary_2" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1">Dividends payable, amount per ADS including interim dividend (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend to label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInSubsidiary_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProportionOfOwnershipInterestInSubsidiary_3" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInSubsidiary_3">Percentage of ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInSubsidiary_3" xlink:title="Label : ProportionOfOwnershipInterestInSubsidiary to label_ProportionOfOwnershipInterestInSubsidiary_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentRestrictionsOnTitle" xlink:label="PropertyPlantAndEquipmentRestrictionsOnTitle" xlink:title="PropertyPlantAndEquipmentRestrictionsOnTitle" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRestrictionsOnTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentRestrictionsOnTitle" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRestrictionsOnTitle">Restricted assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRestrictionsOnTitle" xlink:to="label_PropertyPlantAndEquipmentRestrictionsOnTitle" xlink:title="Label : PropertyPlantAndEquipmentRestrictionsOnTitle to label_PropertyPlantAndEquipmentRestrictionsOnTitle" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRestrictionsOnTitle_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentRestrictionsOnTitle_1" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRestrictionsOnTitle_1">Property, plant and equipment, restrictions on title</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRestrictionsOnTitle" xlink:to="label_PropertyPlantAndEquipmentRestrictionsOnTitle_1" xlink:title="Label : PropertyPlantAndEquipmentRestrictionsOnTitle to label_PropertyPlantAndEquipmentRestrictionsOnTitle_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2">The amount of a dividend payable including an interim dividend paid previously per American Depositary Security (ADS). Each ADS equals two shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend to label_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:label="DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:title="DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xml:lang="en-US" id="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend">Dividends paid amount per american depositary security including interim dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:to="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:title="Label : DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend to label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xml:lang="en-US" id="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_1">The amount of dividends paid, amount per ADS including interim dividend.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:to="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" xlink:title="Label : DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend to label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xml:lang="en-US" id="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_2">Dividends paid, amount per ADS including interim dividend (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" xlink:to="label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" xlink:title="Label : DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend to label_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsPayableAmountPerAmericanDepositarySecurity" xlink:label="DividendsPayableAmountPerAmericanDepositarySecurity" xlink:title="DividendsPayableAmountPerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurity" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurity">The amount of a dividend declared or approved, but not yet paid (Dividends payable) per American Depositary Security (ADS). Each ADS equals two shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurity" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurity" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurity to label_DividendsPayableAmountPerAmericanDepositarySecurity" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:label="DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:title="DividendsRecognisedAsDistributionsToOwnersPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsRecognisedAsDistributionsToOwnersPerShare" xml:lang="en-US" id="label_DividendsRecognisedAsDistributionsToOwnersPerShare">Dividends recognised as distributions to owners per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:to="label_DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:title="Label : DividendsRecognisedAsDistributionsToOwnersPerShare to label_DividendsRecognisedAsDistributionsToOwnersPerShare" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PropertyPlantAndEquipmentCapitalizedInterest" xlink:label="PropertyPlantAndEquipmentCapitalizedInterest" xlink:title="PropertyPlantAndEquipmentCapitalizedInterest" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentCapitalizedInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest">Property plant and equipment capitalized interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentCapitalizedInterest" xlink:to="label_PropertyPlantAndEquipmentCapitalizedInterest" xlink:title="Label : PropertyPlantAndEquipmentCapitalizedInterest to label_PropertyPlantAndEquipmentCapitalizedInterest" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentCapitalizedInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest_1" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest_1">Property, plant and equipment, capitalized interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentCapitalizedInterest" xlink:to="label_PropertyPlantAndEquipmentCapitalizedInterest_1" xlink:title="Label : PropertyPlantAndEquipmentCapitalizedInterest to label_PropertyPlantAndEquipmentCapitalizedInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentCapitalizedInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PropertyPlantAndEquipmentCapitalizedInterest_2" xml:lang="en-US" id="label_PropertyPlantAndEquipmentCapitalizedInterest_2">The amount of property plant and equipment capitalized interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentCapitalizedInterest" xlink:to="label_PropertyPlantAndEquipmentCapitalizedInterest_2" xlink:title="Label : PropertyPlantAndEquipmentCapitalizedInterest to label_PropertyPlantAndEquipmentCapitalizedInterest_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_SA" xlink:label="SA" xlink:title="SA" />
    <link:label xlink:type="resource" xlink:label="label_SA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SA" xml:lang="en-US" id="label_SA">Saudi Arabia</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SA" xlink:to="label_SA" xlink:title="Label : SA to label_SA" />
    <link:label xlink:type="resource" xlink:label="label_SA_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SA_1" xml:lang="en-US" id="label_SA_1">Saudi Arabia</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SA" xlink:to="label_SA_1" xlink:title="Label : SA to label_SA_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LandMember" xlink:label="LandMember" xlink:title="LandMember" />
    <link:label xlink:type="resource" xlink:label="label_LandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LandMember" xml:lang="en-US" id="label_LandMember">Land [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandMember" xlink:to="label_LandMember" xlink:title="Label : LandMember to label_LandMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsPaidPerAmericanDepositarySecurity" xlink:label="DividendsPaidPerAmericanDepositarySecurity" xlink:title="DividendsPaidPerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidPerAmericanDepositarySecurity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPaidPerAmericanDepositarySecurity" xml:lang="en-US" id="label_DividendsPaidPerAmericanDepositarySecurity">The amount of dividends paid per American Depositary Security ("ADS"). Each ADS equals two shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidPerAmericanDepositarySecurity" xlink:to="label_DividendsPaidPerAmericanDepositarySecurity" xlink:title="Label : DividendsPaidPerAmericanDepositarySecurity to label_DividendsPaidPerAmericanDepositarySecurity" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidPerAmericanDepositarySecurity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidPerAmericanDepositarySecurity_1" xml:lang="en-US" id="label_DividendsPaidPerAmericanDepositarySecurity_1">Dividends paid, per ADS (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidPerAmericanDepositarySecurity" xlink:to="label_DividendsPaidPerAmericanDepositarySecurity_1" xlink:title="Label : DividendsPaidPerAmericanDepositarySecurity to label_DividendsPaidPerAmericanDepositarySecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidPerAmericanDepositarySecurity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidPerAmericanDepositarySecurity_2" xml:lang="en-US" id="label_DividendsPaidPerAmericanDepositarySecurity_2">Dividends paid per american depositary security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidPerAmericanDepositarySecurity" xlink:to="label_DividendsPaidPerAmericanDepositarySecurity_2" xlink:title="Label : DividendsPaidPerAmericanDepositarySecurity to label_DividendsPaidPerAmericanDepositarySecurity_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:label="DividendsPaidOrdinarySharesPerShare" xlink:title="DividendsPaidOrdinarySharesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DividendsPaidOrdinarySharesPerShare" xml:lang="en-US" id="label_DividendsPaidOrdinarySharesPerShare">Dividends paid, ordinary shares per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOrdinarySharesPerShare" xlink:to="label_DividendsPaidOrdinarySharesPerShare" xlink:title="Label : DividendsPaidOrdinarySharesPerShare to label_DividendsPaidOrdinarySharesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidOrdinarySharesPerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidOrdinarySharesPerShare_1" xml:lang="en-US" id="label_DividendsPaidOrdinarySharesPerShare_1">ifrs-full_DividendsPaidOrdinarySharesPerShare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOrdinarySharesPerShare" xlink:to="label_DividendsPaidOrdinarySharesPerShare_1" xlink:title="Label : DividendsPaidOrdinarySharesPerShare to label_DividendsPaidOrdinarySharesPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidOrdinarySharesPerShare_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidOrdinarySharesPerShare_2" xml:lang="en-US" id="label_DividendsPaidOrdinarySharesPerShare_2">Dividends paid, ordinary shares per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidOrdinarySharesPerShare" xlink:to="label_DividendsPaidOrdinarySharesPerShare_2" xlink:title="Label : DividendsPaidOrdinarySharesPerShare to label_DividendsPaidOrdinarySharesPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsPayableAmountPerShareIncludingInterimDividend" xlink:label="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:title="DividendsPayableAmountPerShareIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShareIncludingInterimDividend" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPayableAmountPerShareIncludingInterimDividend" xml:lang="en-US" id="label_DividendsPayableAmountPerShareIncludingInterimDividend">The per share amount of a dividend payable including an interim dividend previously paid.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerShareIncludingInterimDividend" xlink:title="Label : DividendsPayableAmountPerShareIncludingInterimDividend to label_DividendsPayableAmountPerShareIncludingInterimDividend" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xlink:label="TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xlink:title="TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xml:lang="en-US" id="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects">Tax Effect of Tax Revaluation Witholding Tax and Other Effects</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xlink:to="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xlink:title="Label : TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects to label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_1" xml:lang="en-US" id="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_1">Tax revaluation, withholding tax and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xlink:to="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_1" xlink:title="Label : TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects to label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_2" xml:lang="en-US" id="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_2">Represents the amount of difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to revenues that are exempt from taxation and to expenses not deductible in determining taxable profit (tax loss).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" xlink:to="label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_2" xlink:title="Label : TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects to label_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:label="IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:title="IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xml:lang="en-US" id="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome">Effect of currency translation on tax base</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:to="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:title="Label : IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome to label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShareIncludingInterimDividend_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableAmountPerShareIncludingInterimDividend_1" xml:lang="en-US" id="label_DividendsPayableAmountPerShareIncludingInterimDividend_1">Dividends payable, amount per share including interim dividend (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerShareIncludingInterimDividend_1" xlink:title="Label : DividendsPayableAmountPerShareIncludingInterimDividend to label_DividendsPayableAmountPerShareIncludingInterimDividend_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerShareIncludingInterimDividend_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableAmountPerShareIncludingInterimDividend_2" xml:lang="en-US" id="label_DividendsPayableAmountPerShareIncludingInterimDividend_2">Dividends payable amount per share including interim dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPayableAmountPerShareIncludingInterimDividend_2" xlink:title="Label : DividendsPayableAmountPerShareIncludingInterimDividend to label_DividendsPayableAmountPerShareIncludingInterimDividend_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsPaidAmountPerShareIncludingInterimDividend" xlink:label="DividendsPaidAmountPerShareIncludingInterimDividend" xlink:title="DividendsPaidAmountPerShareIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidAmountPerShareIncludingInterimDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidAmountPerShareIncludingInterimDividend" xml:lang="en-US" id="label_DividendsPaidAmountPerShareIncludingInterimDividend">Dividends paid amount per share including interim dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPaidAmountPerShareIncludingInterimDividend" xlink:title="Label : DividendsPaidAmountPerShareIncludingInterimDividend to label_DividendsPaidAmountPerShareIncludingInterimDividend" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidAmountPerShareIncludingInterimDividend_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaidAmountPerShareIncludingInterimDividend_1" xml:lang="en-US" id="label_DividendsPaidAmountPerShareIncludingInterimDividend_1">Dividends paid, amount per share including interim dividend (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPaidAmountPerShareIncludingInterimDividend_1" xlink:title="Label : DividendsPaidAmountPerShareIncludingInterimDividend to label_DividendsPaidAmountPerShareIncludingInterimDividend_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidAmountPerShareIncludingInterimDividend_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsPaidAmountPerShareIncludingInterimDividend_2" xml:lang="en-US" id="label_DividendsPaidAmountPerShareIncludingInterimDividend_2">The amount of dividends paid per share including interim dividend.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidAmountPerShareIncludingInterimDividend" xlink:to="label_DividendsPaidAmountPerShareIncludingInterimDividend_2" xlink:title="Label : DividendsPaidAmountPerShareIncludingInterimDividend to label_DividendsPaidAmountPerShareIncludingInterimDividend_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_1" xml:lang="en-US" id="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_1">Income tax relating to exchange differences on translation of foreign operations included in other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome" xlink:to="label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_1" xlink:title="Label : IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome to label_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PaymentsForDividendsApproved" xlink:label="PaymentsForDividendsApproved" xlink:title="PaymentsForDividendsApproved" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDividendsApproved" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsForDividendsApproved" xml:lang="en-US" id="label_PaymentsForDividendsApproved">Payments for dividends approved</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDividendsApproved" xlink:to="label_PaymentsForDividendsApproved" xlink:title="Label : PaymentsForDividendsApproved to label_PaymentsForDividendsApproved" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDividendsApproved_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsForDividendsApproved_1" xml:lang="en-US" id="label_PaymentsForDividendsApproved_1">Payments for dividends approved</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDividendsApproved" xlink:to="label_PaymentsForDividendsApproved_1" xlink:title="Label : PaymentsForDividendsApproved to label_PaymentsForDividendsApproved_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsForDividendsApproved_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsForDividendsApproved_2" xml:lang="en-US" id="label_PaymentsForDividendsApproved_2">The amount of dividends approved by Board of Directors.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsForDividendsApproved" xlink:to="label_PaymentsForDividendsApproved_2" xlink:title="Label : PaymentsForDividendsApproved to label_PaymentsForDividendsApproved_2" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurity_1" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurity_1">Dividends payable, amount per ads (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurity" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurity_1" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurity to label_DividendsPayableAmountPerAmericanDepositarySecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurity_2" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurity_2">Dividends payable amount per american depositary security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurity" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurity_2" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurity to label_DividendsPayableAmountPerAmericanDepositarySecurity_2" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayableAmountPerAmericanDepositarySecurity_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DividendsPayableAmountPerAmericanDepositarySecurity_3" xml:lang="en-US" id="label_DividendsPayableAmountPerAmericanDepositarySecurity_3">Dividends paid, per American Depositary Security (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayableAmountPerAmericanDepositarySecurity" xlink:to="label_DividendsPayableAmountPerAmericanDepositarySecurity_3" xlink:title="Label : DividendsPayableAmountPerAmericanDepositarySecurity to label_DividendsPayableAmountPerAmericanDepositarySecurity_3" />
    <link:label xlink:type="resource" xlink:label="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" xml:lang="en-US" id="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1">ifrs-full_DividendsRecognisedAsDistributionsToOwnersPerShare</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsRecognisedAsDistributionsToOwnersPerShare" xlink:to="label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" xlink:title="Label : DividendsRecognisedAsDistributionsToOwnersPerShare to label_DividendsRecognisedAsDistributionsToOwnersPerShare_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TaxEffectOfTaxLosses" xlink:label="TaxEffectOfTaxLosses" xlink:title="TaxEffectOfTaxLosses" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfTaxLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxEffectOfTaxLosses" xml:lang="en-US" id="label_TaxEffectOfTaxLosses">Tax effect of tax losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfTaxLosses" xlink:to="label_TaxEffectOfTaxLosses" xlink:title="Label : TaxEffectOfTaxLosses to label_TaxEffectOfTaxLosses" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectOfTaxLosses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxEffectOfTaxLosses_1" xml:lang="en-US" id="label_TaxEffectOfTaxLosses_1">Utilization of previously unrecognized tax losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectOfTaxLosses" xlink:to="label_TaxEffectOfTaxLosses_1" xlink:title="Label : TaxEffectOfTaxLosses to label_TaxEffectOfTaxLosses_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TaxEffectFromChangeInTaxRate" xlink:label="TaxEffectFromChangeInTaxRate" xlink:title="TaxEffectFromChangeInTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_TaxEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxEffectFromChangeInTaxRate" xml:lang="en-US" id="label_TaxEffectFromChangeInTaxRate">Tax effect from change in tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectFromChangeInTaxRate" xlink:to="label_TaxEffectFromChangeInTaxRate" xlink:title="Label : TaxEffectFromChangeInTaxRate to label_TaxEffectFromChangeInTaxRate" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxEffectFromChangeInTaxRate" xlink:to="label_TaxEffectFromChangeInTaxRate_1" xlink:title="Label : TaxEffectFromChangeInTaxRate to label_TaxEffectFromChangeInTaxRate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="TaxExpenseIncomeAtApplicableTaxRate" xlink:title="TaxExpenseIncomeAtApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeAtApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxExpenseIncomeAtApplicableTaxRate" xml:lang="en-US" id="label_TaxExpenseIncomeAtApplicableTaxRate">Tax expense (income) at applicable tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeAtApplicableTaxRate" xlink:to="label_TaxExpenseIncomeAtApplicableTaxRate" xlink:title="Label : TaxExpenseIncomeAtApplicableTaxRate to label_TaxExpenseIncomeAtApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseIncomeAtApplicableTaxRate_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxExpenseIncomeAtApplicableTaxRate_1" xml:lang="en-US" id="label_TaxExpenseIncomeAtApplicableTaxRate_1">Tax calculated at the tax rate in each country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseIncomeAtApplicableTaxRate" xlink:to="label_TaxExpenseIncomeAtApplicableTaxRate_1" xlink:title="Label : TaxExpenseIncomeAtApplicableTaxRate to label_TaxExpenseIncomeAtApplicableTaxRate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" xlink:label="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" xlink:title="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" />
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    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" xml:lang="en-US" id="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1">The profit (loss) before impairment loss or reversal of impairment loss recognised and income tax expense or income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" xlink:to="label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" xlink:title="Label : ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax to label_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax_1" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxInflationAdjustments" xlink:label="TaxInflationAdjustments" xlink:title="TaxInflationAdjustments" />
    <link:label xlink:type="resource" xlink:label="label_TaxInflationAdjustments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxInflationAdjustments" xml:lang="en-US" id="label_TaxInflationAdjustments">The amount represents the difference between the after tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining profit (loss).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxInflationAdjustments" xlink:to="label_TaxInflationAdjustments" xlink:title="Label : TaxInflationAdjustments to label_TaxInflationAdjustments" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="DeferredTaxExpenseIncome" xlink:title="DeferredTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DeferredTaxExpenseIncome" xml:lang="en-US" id="label_DeferredTaxExpenseIncome">Deferred tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxExpenseIncome_1" xml:lang="en-US" id="label_DeferredTaxExpenseIncome_1">Deferred tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome_1" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:label="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:title="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" />
    <link:label xlink:type="resource" xlink:label="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xml:lang="en-US" id="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations">Charge related to withholding taxes for intra group international operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:to="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:title="Label : ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations to label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="CurrentTaxExpenseIncome" xlink:title="CurrentTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentTaxExpenseIncome" xml:lang="en-US" id="label_CurrentTaxExpenseIncome">Current tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncome" xlink:to="label_CurrentTaxExpenseIncome" xlink:title="Label : CurrentTaxExpenseIncome to label_CurrentTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxExpenseIncome_1" xml:lang="en-US" id="label_CurrentTaxExpenseIncome_1">Current tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncome" xlink:to="label_CurrentTaxExpenseIncome_1" xlink:title="Label : CurrentTaxExpenseIncome to label_CurrentTaxExpenseIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfIncomeTaxLineItems" xlink:label="DisclosureOfIncomeTaxLineItems" xlink:title="DisclosureOfIncomeTaxLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIncomeTaxLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIncomeTaxLineItems" xml:lang="en-US" id="label_DisclosureOfIncomeTaxLineItems">Disclosure of income tax [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIncomeTaxLineItems" xlink:to="label_DisclosureOfIncomeTaxLineItems" xlink:title="Label : DisclosureOfIncomeTaxLineItems to label_DisclosureOfIncomeTaxLineItems" />
    <link:label xlink:type="resource" xlink:label="label_TaxInflationAdjustments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxInflationAdjustments_1" xml:lang="en-US" id="label_TaxInflationAdjustments_1">Tax revaluation, withholding tax and others, includes a net tax income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxInflationAdjustments" xlink:to="label_TaxInflationAdjustments_1" xlink:title="Label : TaxInflationAdjustments to label_TaxInflationAdjustments_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxInflationAdjustments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxInflationAdjustments_2" xml:lang="en-US" id="label_TaxInflationAdjustments_2">Tax inflation adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxInflationAdjustments" xlink:to="label_TaxInflationAdjustments_2" xlink:title="Label : TaxInflationAdjustments to label_TaxInflationAdjustments_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:label="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:title="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xml:lang="en-US" id="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss">After tax effect of expense not deductible in determining profit (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:to="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:title="Label : AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss to label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" xml:lang="en-US" id="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1">After tax effect of expense not deductible in determining profit loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:to="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" xlink:title="Label : AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss to label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ApplicableTaxRate" xlink:title="ApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ApplicableTaxRate" xml:lang="en-US" id="label_ApplicableTaxRate">Corporate income tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" xml:lang="en-US" id="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1">Represents the amount of charge related to withholding taxes for intra group international operations during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:to="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" xlink:title="Label : ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations to label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" xml:lang="en-US" id="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2">Charge related to withholding taxes for intra group international operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" xlink:to="label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" xlink:title="Label : ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations to label_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations_2" />
    <link:label xlink:type="resource" xlink:label="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xml:lang="en-US" id="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2">The amount represents the difference between the after tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining profit (loss).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" xlink:to="label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" xlink:title="Label : AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss to label_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss_2" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ApplicableTaxRate_1" xml:lang="en-US" id="label_ApplicableTaxRate_1">Applicable tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate_1" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ArgentinaAndMexicoMember" xlink:label="ArgentinaAndMexicoMember" xlink:title="ArgentinaAndMexicoMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentinaAndMexicoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ArgentinaAndMexicoMember" xml:lang="en-US" id="label_ArgentinaAndMexicoMember">This member stands for the information pertaining to "Argentina and Mexico", a geographical region of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentinaAndMexicoMember" xlink:to="label_ArgentinaAndMexicoMember" xlink:title="Label : ArgentinaAndMexicoMember to label_ArgentinaAndMexicoMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:label="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:title="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xml:lang="en-US" id="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL">Represents the net financial income on changes in fair value of financial assets at fair value through profit os loss.</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:title="GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xml:lang="en-US" id="label_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss">Realized loss from change in fair value of financial instrument</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="label_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:title="Label : GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss to label_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_ArgentinaAndMexicoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ArgentinaAndMexicoMember_1" xml:lang="en-US" id="label_ArgentinaAndMexicoMember_1">Argentina and Mexico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentinaAndMexicoMember" xlink:to="label_ArgentinaAndMexicoMember_1" xlink:title="Label : ArgentinaAndMexicoMember to label_ArgentinaAndMexicoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ArgentinaAndMexicoMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArgentinaAndMexicoMember_2" xml:lang="en-US" id="label_ArgentinaAndMexicoMember_2">Argentina And Mexico [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentinaAndMexicoMember" xlink:to="label_ArgentinaAndMexicoMember_2" xlink:title="Label : ArgentinaAndMexicoMember to label_ArgentinaAndMexicoMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherFinanceCost" xlink:label="OtherFinanceCost" xlink:title="OtherFinanceCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherFinanceCost" xml:lang="en-US" id="label_OtherFinanceCost">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceCost_1" xml:lang="en-US" id="label_OtherFinanceCost_1">Other finance cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost_1" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost_1" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:label="InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" xlink:title="InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeDerivativesContractsResults" xlink:label="ForeignExchangeDerivativesContractsResults" xlink:title="ForeignExchangeDerivativesContractsResults" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" xlink:label="OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" xlink:title="OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:title="GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" xlink:to="label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_1" xlink:title="Label : OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement to label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_1" />
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    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossOnFinancialAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLossOnFinancialAssets_1" xml:lang="en-US" id="label_ImpairmentLossOnFinancialAssets_1">Impairment result on financial assets at FVTOCI</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1" xml:lang="en-US" id="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_1">Net result on changes in FV of financial assets at FVPL</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_2" xml:lang="en-US" id="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_2">Net financial income on changes in FV of financial assets at FVTPL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" xlink:to="label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_2" xlink:title="Label : NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL to label_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RevenueFromInterest" xlink:label="RevenueFromInterest" xlink:title="RevenueFromInterest" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromInterest" xml:lang="en-US" id="label_RevenueFromInterest">Interest income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromInterest" xlink:to="label_RevenueFromInterest" xlink:title="Label : RevenueFromInterest to label_RevenueFromInterest" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LossArisingFromDividendPaidInKind" xlink:label="LossArisingFromDividendPaidInKind" xlink:title="LossArisingFromDividendPaidInKind" />
    <link:label xlink:type="resource" xlink:label="label_LossArisingFromDividendPaidInKind" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LossArisingFromDividendPaidInKind" xml:lang="en-US" id="label_LossArisingFromDividendPaidInKind">Amount of loss arising from dividend paid in kind.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossArisingFromDividendPaidInKind" xlink:to="label_LossArisingFromDividendPaidInKind" xlink:title="Label : LossArisingFromDividendPaidInKind to label_LossArisingFromDividendPaidInKind" />
    <link:label xlink:type="resource" xlink:label="label_LossArisingFromDividendPaidInKind_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LossArisingFromDividendPaidInKind_1" xml:lang="en-US" id="label_LossArisingFromDividendPaidInKind_1">Loss arising from dividend paid in kind</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossArisingFromDividendPaidInKind" xlink:to="label_LossArisingFromDividendPaidInKind_1" xlink:title="Label : LossArisingFromDividendPaidInKind to label_LossArisingFromDividendPaidInKind_1" />
    <link:label xlink:type="resource" xlink:label="label_LossArisingFromDividendPaidInKind_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossArisingFromDividendPaidInKind_2" xml:lang="en-US" id="label_LossArisingFromDividendPaidInKind_2">Loss Arising from Dividend Paid in Kind</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossArisingFromDividendPaidInKind" xlink:to="label_LossArisingFromDividendPaidInKind_2" xlink:title="Label : LossArisingFromDividendPaidInKind to label_LossArisingFromDividendPaidInKind_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfFinancialResultsLineItems" xlink:label="DisclosureOfFinancialResultsLineItems" xlink:title="DisclosureOfFinancialResultsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialResultsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfFinancialResultsLineItems" xml:lang="en-US" id="label_DisclosureOfFinancialResultsLineItems">Schedule disclosing information related to financial result.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialResultsLineItems" xlink:to="label_DisclosureOfFinancialResultsLineItems" xlink:title="Label : DisclosureOfFinancialResultsLineItems to label_DisclosureOfFinancialResultsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_2" xml:lang="en-US" id="label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_2">Other Operating Expense Securities Exchange Commission Investigation Settlement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" xlink:to="label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_2" xlink:title="Label : OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement to label_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:label="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:title="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xml:lang="en-US" id="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations">Contributions to welfare projects and non-profit organizations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:to="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:title="Label : OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations to label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" xml:lang="en-US" id="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1">Other operating expense contributions to welfare projects and nonprofits organizations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:to="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" xlink:title="Label : OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations to label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" xml:lang="en-US" id="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2">Amount of other operating expense attributable to contributions to welfare projects and non-profits organizations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" xlink:to="label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" xlink:title="Label : OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations to label_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:label="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:title="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:to="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:title="Label : OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts to label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xlink:label="OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xlink:title="OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialResultsLineItems" xlink:to="label_DisclosureOfFinancialResultsLineItems_1" xlink:title="Label : DisclosureOfFinancialResultsLineItems to label_DisclosureOfFinancialResultsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ArgentineSovereignBondsMember" xlink:label="ArgentineSovereignBondsMember" xlink:title="ArgentineSovereignBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentineSovereignBondsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ArgentineSovereignBondsMember" xml:lang="en-US" id="label_ArgentineSovereignBondsMember">Argentine sovereign bonds [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentineSovereignBondsMember" xlink:to="label_ArgentineSovereignBondsMember" xlink:title="Label : ArgentineSovereignBondsMember to label_ArgentineSovereignBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentineSovereignBondsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArgentineSovereignBondsMember_1" xml:lang="en-US" id="label_ArgentineSovereignBondsMember_1">Argentine Sovereign Bonds [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentineSovereignBondsMember" xlink:to="label_ArgentineSovereignBondsMember_1" xlink:title="Label : ArgentineSovereignBondsMember to label_ArgentineSovereignBondsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ArgentineSovereignBondsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ArgentineSovereignBondsMember_2" xml:lang="en-US" id="label_ArgentineSovereignBondsMember_2">Argentine sovereign bonds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentineSovereignBondsMember" xlink:to="label_ArgentineSovereignBondsMember_2" xlink:title="Label : ArgentineSovereignBondsMember to label_ArgentineSovereignBondsMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentineSovereignBondsMember" xlink:to="label_ArgentineSovereignBondsMember_3" xlink:title="Label : ArgentineSovereignBondsMember to label_ArgentineSovereignBondsMember_3" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialResultsTable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialResultsTable_1" xml:lang="en-US" id="label_DisclosureOfFinancialResultsTable_1">Disclosure of Financial Results [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialResultsTable" xlink:to="label_DisclosureOfFinancialResultsTable_1" xlink:title="Label : DisclosureOfFinancialResultsTable to label_DisclosureOfFinancialResultsTable_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="MiscellaneousOtherOperatingExpense" xlink:title="MiscellaneousOtherOperatingExpense" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingExpense" xml:lang="en-US" id="label_MiscellaneousOtherOperatingExpense">Miscellaneous other operating expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingExpense" xlink:to="label_MiscellaneousOtherOperatingExpense" xlink:title="Label : MiscellaneousOtherOperatingExpense to label_MiscellaneousOtherOperatingExpense" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MiscellaneousOtherOperatingExpense_1" xml:lang="en-US" id="label_MiscellaneousOtherOperatingExpense_1">Other expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingExpense" xlink:to="label_MiscellaneousOtherOperatingExpense_1" xlink:title="Label : MiscellaneousOtherOperatingExpense to label_MiscellaneousOtherOperatingExpense_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:label="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:title="OtherOperatingExpensesAllowanceForDoubtfulReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables">Amount of other operating expenses attributable to allowance for doubtful receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:to="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1">Other operating expenses allowance for doubtful receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:to="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" xml:lang="en-US" id="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2">Allowance for doubtful receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAllowanceForDoubtfulReceivables" xlink:to="label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" xlink:title="Label : OtherOperatingExpensesAllowanceForDoubtfulReceivables to label_OtherOperatingExpensesAllowanceForDoubtfulReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingExpensesAbstract" xlink:label="OtherOperatingExpensesAbstract" xlink:title="OtherOperatingExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingExpensesAbstract" xml:lang="en-US" id="label_OtherOperatingExpensesAbstract">Other operating expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingExpensesAbstract" xlink:to="label_OtherOperatingExpensesAbstract" xlink:title="Label : OtherOperatingExpensesAbstract to label_OtherOperatingExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" xml:lang="en-US" id="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1">Other operating income recovery on allowance for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:to="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" xlink:title="Label : OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts to label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" xml:lang="en-US" id="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2">Recovery on allowance for doubtful receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" xlink:to="label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" xlink:title="Label : OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts to label_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MiscellaneousOtherOperatingIncome" xlink:label="MiscellaneousOtherOperatingIncome" xlink:title="MiscellaneousOtherOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MiscellaneousOtherOperatingIncome" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncome">Other income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncome" xlink:to="label_MiscellaneousOtherOperatingIncome" xlink:title="Label : MiscellaneousOtherOperatingIncome to label_MiscellaneousOtherOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousOtherOperatingIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MiscellaneousOtherOperatingIncome_1" xml:lang="en-US" id="label_MiscellaneousOtherOperatingIncome_1">ifrs-full_MiscellaneousOtherOperatingIncome</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousOtherOperatingIncome" xlink:to="label_MiscellaneousOtherOperatingIncome_1" xlink:title="Label : MiscellaneousOtherOperatingIncome to label_MiscellaneousOtherOperatingIncome_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RentalIncome" xlink:label="RentalIncome" xlink:title="RentalIncome" />
    <link:label xlink:type="resource" xlink:label="label_RentalIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RentalIncome" xml:lang="en-US" id="label_RentalIncome">Net rents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalIncome" xlink:to="label_RentalIncome" xlink:title="Label : RentalIncome to label_RentalIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_1" xml:lang="en-US" id="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_1">Reclassification of currency translation adjustment reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xlink:to="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_1" xlink:title="Label : OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve to label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_1" />
    <link:label xlink:type="resource" xlink:label="label_RentalIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RentalIncome_1" xml:lang="en-US" id="label_RentalIncome_1">Rental income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalIncome" xlink:to="label_RentalIncome_1" xlink:title="Label : RentalIncome to label_RentalIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingIncomeNetIncomeFromOtherSales" xlink:label="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:title="OtherOperatingIncomeNetIncomeFromOtherSales" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetIncomeFromOtherSales" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeNetIncomeFromOtherSales" xml:lang="en-US" id="label_OtherOperatingIncomeNetIncomeFromOtherSales">Amount of other operating income attributable to net income from other sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:to="label_OtherOperatingIncomeNetIncomeFromOtherSales" xlink:title="Label : OtherOperatingIncomeNetIncomeFromOtherSales to label_OtherOperatingIncomeNetIncomeFromOtherSales" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetIncomeFromOtherSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeNetIncomeFromOtherSales_1" xml:lang="en-US" id="label_OtherOperatingIncomeNetIncomeFromOtherSales_1">Other operating income net income from other sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:to="label_OtherOperatingIncomeNetIncomeFromOtherSales_1" xlink:title="Label : OtherOperatingIncomeNetIncomeFromOtherSales to label_OtherOperatingIncomeNetIncomeFromOtherSales_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetIncomeFromOtherSales_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherOperatingIncomeNetIncomeFromOtherSales_2" xml:lang="en-US" id="label_OtherOperatingIncomeNetIncomeFromOtherSales_2">Net income from other sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetIncomeFromOtherSales" xlink:to="label_OtherOperatingIncomeNetIncomeFromOtherSales_2" xlink:title="Label : OtherOperatingIncomeNetIncomeFromOtherSales to label_OtherOperatingIncomeNetIncomeFromOtherSales_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherOperatingIncomeAbstract" xlink:label="OtherOperatingIncomeAbstract" xlink:title="OtherOperatingIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeAbstract" xml:lang="en-US" id="label_OtherOperatingIncomeAbstract">Other operating income:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeAbstract" xlink:to="label_OtherOperatingIncomeAbstract" xlink:title="Label : OtherOperatingIncomeAbstract to label_OtherOperatingIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:label="GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:title="GainsLossesRecognisedWhenControlInSubsidiaryIsLost" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xml:lang="en-US" id="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost">Gain on sale of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:to="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:title="Label : GainsLossesRecognisedWhenControlInSubsidiaryIsLost to label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost_1" xml:lang="en-US" id="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost_1">Gains (losses) recognised when control of subsidiary is lost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesRecognisedWhenControlInSubsidiaryIsLost" xlink:to="label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost_1" xlink:title="Label : GainsLossesRecognisedWhenControlInSubsidiaryIsLost to label_GainsLossesRecognisedWhenControlInSubsidiaryIsLost_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ConsiderationPaidReceived" xlink:label="ConsiderationPaidReceived" xlink:title="ConsiderationPaidReceived" />
    <link:label xlink:type="resource" xlink:label="label_ConsiderationPaidReceived" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ConsiderationPaidReceived" xml:lang="en-US" id="label_ConsiderationPaidReceived">Aggregate selling price of subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsiderationPaidReceived" xlink:to="label_ConsiderationPaidReceived" xlink:title="Label : ConsiderationPaidReceived to label_ConsiderationPaidReceived" />
    <link:label xlink:type="resource" xlink:label="label_ConsiderationPaidReceived_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConsiderationPaidReceived_1" xml:lang="en-US" id="label_ConsiderationPaidReceived_1">Consideration paid (received)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsiderationPaidReceived" xlink:to="label_ConsiderationPaidReceived_1" xlink:title="Label : ConsiderationPaidReceived to label_ConsiderationPaidReceived_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfVotingEquityInterestsDivested" xlink:label="PercentageOfVotingEquityInterestsDivested" xlink:title="PercentageOfVotingEquityInterestsDivested" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsDivested" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVotingEquityInterestsDivested" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsDivested">Percentage of voting equity interests divested</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsDivested" xlink:to="label_PercentageOfVotingEquityInterestsDivested" xlink:title="Label : PercentageOfVotingEquityInterestsDivested to label_PercentageOfVotingEquityInterestsDivested" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsDivested_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVotingEquityInterestsDivested_1" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsDivested_1">Percentage of voting equity interests divested</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsDivested" xlink:to="label_PercentageOfVotingEquityInterestsDivested_1" xlink:title="Label : PercentageOfVotingEquityInterestsDivested to label_PercentageOfVotingEquityInterestsDivested_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingEquityInterestsDivested_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfVotingEquityInterestsDivested_2" xml:lang="en-US" id="label_PercentageOfVotingEquityInterestsDivested_2">The percentage of the voting equity interests divested in a business divestiture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsDivested" xlink:to="label_PercentageOfVotingEquityInterestsDivested_2" xlink:title="Label : PercentageOfVotingEquityInterestsDivested to label_PercentageOfVotingEquityInterestsDivested_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InterestIncomeOnTaxAssets" xlink:label="InterestIncomeOnTaxAssets" xlink:title="InterestIncomeOnTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_InterestIncomeOnTaxAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestIncomeOnTaxAssets" xml:lang="en-US" id="label_InterestIncomeOnTaxAssets">The amount of interest income on tax assets during the reporting period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeOnTaxAssets" xlink:to="label_InterestIncomeOnTaxAssets" xlink:title="Label : InterestIncomeOnTaxAssets to label_InterestIncomeOnTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_2" xml:lang="en-US" id="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_2">Other Operating Income Reclassification of Currency Translation Adjustment Reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" xlink:to="label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_2" xlink:title="Label : OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve to label_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:label="TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:title="TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xml:lang="en-US" id="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity">Tax charge related to gain from tax claims of PIS and COFINS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:to="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" xlink:title="Label : TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity to label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" />
    <link:label xlink:type="resource" xlink:label="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1" xml:lang="en-US" id="label_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity_1">Tax expense on gain from tax claims of Program of Social Integration and Contribution for Financing of Social Security</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:label="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:title="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:to="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:title="Label : PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment to label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_1" xml:lang="en-US" id="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_1">The reasonably possible percentage of the increase (decrease) in the key assumption resulting additional impairment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:to="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_1" xlink:title="Label : PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment to label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_2" xml:lang="en-US" id="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_2">Percentage of reasonably possible increase (decrease) in key assumption resulting additional impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" xlink:to="label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_2" xlink:title="Label : PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment to label_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:label="InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:title="InvestmentsInJointVenturesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xml:lang="en-US" id="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod">Carrying amounts after the recognition of impairment charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:title="Label : InvestmentsInJointVenturesAccountedForUsingEquityMethod to label_InvestmentsInJointVenturesAccountedForUsingEquityMethod" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BusinessDivestituresAxis" xlink:label="BusinessDivestituresAxis" xlink:title="BusinessDivestituresAxis" />
    <link:label xlink:type="resource" xlink:label="label_BusinessDivestituresAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessDivestituresAxis" xml:lang="en-US" id="label_BusinessDivestituresAxis">Information by business divestitures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessDivestituresAxis" xlink:to="label_BusinessDivestituresAxis" xlink:title="Label : BusinessDivestituresAxis to label_BusinessDivestituresAxis" />
    <link:label xlink:type="resource" xlink:label="label_BusinessDivestituresAxis_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessDivestituresAxis_1" xml:lang="en-US" id="label_BusinessDivestituresAxis_1">Business divestitures [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessDivestituresAxis" xlink:to="label_BusinessDivestituresAxis_1" xlink:title="Label : BusinessDivestituresAxis to label_BusinessDivestituresAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_1">Investments in joint ventures accounted for using equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_1" xlink:title="Label : InvestmentsInJointVenturesAccountedForUsingEquityMethod to label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SubsidiariesMember" xlink:label="SubsidiariesMember" xlink:title="SubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubsidiariesMember" xml:lang="en-US" id="label_SubsidiariesMember">Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesMember" xlink:to="label_SubsidiariesMember" xlink:title="Label : SubsidiariesMember to label_SubsidiariesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_GrowthRatesUsedInCurrentEstimateOfValueInUse" xlink:label="GrowthRatesUsedInCurrentEstimateOfValueInUse" xlink:title="GrowthRatesUsedInCurrentEstimateOfValueInUse" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRatesUsedInCurrentEstimateOfValueInUse" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrowthRatesUsedInCurrentEstimateOfValueInUse" xml:lang="en-US" id="label_GrowthRatesUsedInCurrentEstimateOfValueInUse">The growth rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRatesUsedInCurrentEstimateOfValueInUse" xlink:to="label_GrowthRatesUsedInCurrentEstimateOfValueInUse" xlink:title="Label : GrowthRatesUsedInCurrentEstimateOfValueInUse to label_GrowthRatesUsedInCurrentEstimateOfValueInUse" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems" xlink:label="DisclosureOfImpairmentLossRecognisedOrReversedLineItems" xlink:title="DisclosureOfImpairmentLossRecognisedOrReversedLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentLossRecognisedOrReversedLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentLossRecognisedOrReversedLineItems" xml:lang="en-US" id="label_DisclosureOfImpairmentLossRecognisedOrReversedLineItems">Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentLossRecognisedOrReversedLineItems" xlink:to="label_DisclosureOfImpairmentLossRecognisedOrReversedLineItems" xlink:title="Label : DisclosureOfImpairmentLossRecognisedOrReversedLineItems to label_DisclosureOfImpairmentLossRecognisedOrReversedLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesMember_1" xml:lang="en-US" id="label_SubsidiariesMember_1">Subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesMember" xlink:to="label_SubsidiariesMember_1" xlink:title="Label : SubsidiariesMember to label_SubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_2" xml:lang="en-US" id="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_2">Investment in joint venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVenturesAccountedForUsingEquityMethod" xlink:to="label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_2" xlink:title="Label : InvestmentsInJointVenturesAccountedForUsingEquityMethod to label_InvestmentsInJointVenturesAccountedForUsingEquityMethod_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:label="EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:title="EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xml:lang="en-US" id="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember">Entity's total for individual assets or cash-generating units [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:to="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:title="Label : EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember to label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CarryingAmountAfterImpairment" xlink:label="CarryingAmountAfterImpairment" xlink:title="CarryingAmountAfterImpairment" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAfterImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountAfterImpairment" xml:lang="en-US" id="label_CarryingAmountAfterImpairment">Carrying amount after impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAfterImpairment" xlink:to="label_CarryingAmountAfterImpairment" xlink:title="Label : CarryingAmountAfterImpairment to label_CarryingAmountAfterImpairment" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAfterImpairment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CarryingAmountAfterImpairment_1" xml:lang="en-US" id="label_CarryingAmountAfterImpairment_1">Carrying amount after impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAfterImpairment" xlink:to="label_CarryingAmountAfterImpairment_1" xlink:title="Label : CarryingAmountAfterImpairment to label_CarryingAmountAfterImpairment_1" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAfterImpairment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CarryingAmountAfterImpairment_2" xml:lang="en-US" id="label_CarryingAmountAfterImpairment_2">The carrying amount after impairment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAfterImpairment" xlink:to="label_CarryingAmountAfterImpairment_2" xlink:title="Label : CarryingAmountAfterImpairment to label_CarryingAmountAfterImpairment_2" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_1" xml:lang="en-US" id="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_1">Growth rate used in current estimate of value in use</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRatesUsedInCurrentEstimateOfValueInUse" xlink:to="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_1" xlink:title="Label : GrowthRatesUsedInCurrentEstimateOfValueInUse to label_GrowthRatesUsedInCurrentEstimateOfValueInUse_1" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_2" xml:lang="en-US" id="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_2">Growth rates used in current estimate of value in use</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRatesUsedInCurrentEstimateOfValueInUse" xlink:to="label_GrowthRatesUsedInCurrentEstimateOfValueInUse_2" xlink:title="Label : GrowthRatesUsedInCurrentEstimateOfValueInUse to label_GrowthRatesUsedInCurrentEstimateOfValueInUse_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RodsUSAMember" xlink:label="RodsUSAMember" xlink:title="RodsUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_RodsUSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RodsUSAMember" xml:lang="en-US" id="label_RodsUSAMember">The cash generating unit Rods (USA).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RodsUSAMember" xlink:to="label_RodsUSAMember" xlink:title="Label : RodsUSAMember to label_RodsUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_RodsUSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RodsUSAMember_1" xml:lang="en-US" id="label_RodsUSAMember_1">Rods USA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RodsUSAMember" xlink:to="label_RodsUSAMember_1" xlink:title="Label : RodsUSAMember to label_RodsUSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CoiledTubingMember" xlink:label="CoiledTubingMember" xlink:title="CoiledTubingMember" />
    <link:label xlink:type="resource" xlink:label="label_CoiledTubingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CoiledTubingMember" xml:lang="en-US" id="label_CoiledTubingMember">The cash generating unit Coiled Tubing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoiledTubingMember" xlink:to="label_CoiledTubingMember" xlink:title="Label : CoiledTubingMember to label_CoiledTubingMember" />
    <link:label xlink:type="resource" xlink:label="label_CoiledTubingMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CoiledTubingMember_1" xml:lang="en-US" id="label_CoiledTubingMember_1">Coiled Tubing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoiledTubingMember" xlink:to="label_CoiledTubingMember_1" xlink:title="Label : CoiledTubingMember to label_CoiledTubingMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IPSCOMember" xlink:label="IPSCOMember" xlink:title="IPSCOMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IPSCOMember" xml:lang="en-US" id="label_IPSCOMember">The cash generating unit IPSCO.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOMember" xlink:to="label_IPSCOMember" xlink:title="Label : IPSCOMember to label_IPSCOMember" />
    <link:label xlink:type="resource" xlink:label="label_IPSCOMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IPSCOMember_1" xml:lang="en-US" id="label_IPSCOMember_1">IPSCO [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPSCOMember" xlink:to="label_IPSCOMember_1" xlink:title="Label : IPSCOMember to label_IPSCOMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:label="DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:title="DisclosureOfImpairmentLossRecognisedOrReversedTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentLossRecognisedOrReversedTable" xml:lang="en-US" id="label_DisclosureOfImpairmentLossRecognisedOrReversedTable">Disclosure of impairment loss recognised or reversed for cash-generating unit [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:to="label_DisclosureOfImpairmentLossRecognisedOrReversedTable" xlink:title="Label : DisclosureOfImpairmentLossRecognisedOrReversedTable to label_DisclosureOfImpairmentLossRecognisedOrReversedTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EmployeeRetentionAndLongTermIncentiveProgramExpenses" xlink:label="EmployeeRetentionAndLongTermIncentiveProgramExpenses" xlink:title="EmployeeRetentionAndLongTermIncentiveProgramExpenses" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses" xml:lang="en-US" id="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses">Employee retention and long-term incentive program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeRetentionAndLongTermIncentiveProgramExpenses" xlink:to="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses" xlink:title="Label : EmployeeRetentionAndLongTermIncentiveProgramExpenses to label_EmployeeRetentionAndLongTermIncentiveProgramExpenses" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_GuaranteeFinancialDebt" xlink:label="GuaranteeFinancialDebt" xlink:title="GuaranteeFinancialDebt" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteeFinancialDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GuaranteeFinancialDebt" xml:lang="en-US" id="label_GuaranteeFinancialDebt">Guarantee Financial Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteeFinancialDebt" xlink:to="label_GuaranteeFinancialDebt" xlink:title="Label : GuaranteeFinancialDebt to label_GuaranteeFinancialDebt" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:label="IndividualAssetsOrCashgeneratingUnitsAxis" xlink:title="IndividualAssetsOrCashgeneratingUnitsAxis" />
    <link:label xlink:type="resource" xlink:label="label_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndividualAssetsOrCashgeneratingUnitsAxis" xml:lang="en-US" id="label_IndividualAssetsOrCashgeneratingUnitsAxis">Individual assets or cash-generating units [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndividualAssetsOrCashgeneratingUnitsAxis" xlink:to="label_IndividualAssetsOrCashgeneratingUnitsAxis" xlink:title="Label : IndividualAssetsOrCashgeneratingUnitsAxis to label_IndividualAssetsOrCashgeneratingUnitsAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NkktubesMember" xlink:label="NkktubesMember" xlink:title="NkktubesMember" />
    <link:label xlink:type="resource" xlink:label="label_NkktubesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NkktubesMember" xml:lang="en-US" id="label_NkktubesMember">The entity NKKTUBES.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NkktubesMember" xlink:to="label_NkktubesMember" xlink:title="Label : NkktubesMember to label_NkktubesMember" />
    <link:label xlink:type="resource" xlink:label="label_NkktubesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NkktubesMember_1" xml:lang="en-US" id="label_NkktubesMember_1">NKKTUBES [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NkktubesMember" xlink:to="label_NkktubesMember_1" xlink:title="Label : NkktubesMember to label_NkktubesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NumberOfEmployees" xlink:label="NumberOfEmployees" xlink:title="NumberOfEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfEmployees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfEmployees" xml:lang="en-US" id="label_NumberOfEmployees">Number of employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployees" xlink:to="label_NumberOfEmployees" xlink:title="Label : NumberOfEmployees to label_NumberOfEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfEmployees_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfEmployees_1" xml:lang="en-US" id="label_NumberOfEmployees_1">ifrs-full_NumberOfEmployees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfEmployees" xlink:to="label_NumberOfEmployees_1" xlink:title="Label : NumberOfEmployees to label_NumberOfEmployees_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeographicalAreasLineItems" xlink:label="DisclosureOfGeographicalAreasLineItems" xlink:title="DisclosureOfGeographicalAreasLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeographicalAreasLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeographicalAreasLineItems" xml:lang="en-US" id="label_DisclosureOfGeographicalAreasLineItems">Disclosure of geographical areas [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeographicalAreasLineItems" xlink:to="label_DisclosureOfGeographicalAreasLineItems" xlink:title="Label : DisclosureOfGeographicalAreasLineItems to label_DisclosureOfGeographicalAreasLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherGeographicalAreasMember" xlink:label="OtherGeographicalAreasMember" xlink:title="OtherGeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherGeographicalAreasMember" xml:lang="en-US" id="label_OtherGeographicalAreasMember">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGeographicalAreasMember" xlink:to="label_OtherGeographicalAreasMember" xlink:title="Label : OtherGeographicalAreasMember to label_OtherGeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGeographicalAreasMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherGeographicalAreasMember_1" xml:lang="en-US" id="label_OtherGeographicalAreasMember_1">Geographical areas not otherwise defined.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGeographicalAreasMember" xlink:to="label_OtherGeographicalAreasMember_1" xlink:title="Label : OtherGeographicalAreasMember to label_OtherGeographicalAreasMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:label="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:title="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges">Amount of labor cost severance charges attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges to label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_JP" xlink:label="JP" xlink:title="JP" />
    <link:label xlink:type="resource" xlink:label="label_JP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JP" xml:lang="en-US" id="label_JP">Japan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JP" xlink:to="label_JP" xlink:title="Label : JP to label_JP" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_ID" xlink:label="ID" xlink:title="ID" />
    <link:label xlink:type="resource" xlink:label="label_ID" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ID" xml:lang="en-US" id="label_ID">Indonesia</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ID" xlink:to="label_ID" xlink:title="Label : ID to label_ID" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_CO" xlink:label="CO" xlink:title="CO" />
    <link:label xlink:type="resource" xlink:label="label_CO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CO" xml:lang="en-US" id="label_CO">Colombia</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CO" xlink:to="label_CO" xlink:title="Label : CO to label_CO" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_RO" xlink:label="RO" xlink:title="RO" />
    <link:label xlink:type="resource" xlink:label="label_RO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RO" xml:lang="en-US" id="label_RO">Romania</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RO" xlink:to="label_RO" xlink:title="Label : RO to label_RO" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_BR" xlink:label="BR" xlink:title="BR" />
    <link:label xlink:type="resource" xlink:label="label_BR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BR" xml:lang="en-US" id="label_BR">Brazil</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BR" xlink:to="label_BR" xlink:title="Label : BR to label_BR" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeographicalAreasTable" xlink:label="DisclosureOfGeographicalAreasTable" xlink:title="DisclosureOfGeographicalAreasTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeographicalAreasTable" xml:lang="en-US" id="label_DisclosureOfGeographicalAreasTable">Disclosure of geographical areas [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeographicalAreasTable" xlink:to="label_DisclosureOfGeographicalAreasTable" xlink:title="Label : DisclosureOfGeographicalAreasTable to label_DisclosureOfGeographicalAreasTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="EmployeeBenefitsExpense" xlink:title="EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EmployeeBenefitsExpense" xml:lang="en-US" id="label_EmployeeBenefitsExpense">Total employee benefits expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsExpense_1" xml:lang="en-US" id="label_EmployeeBenefitsExpense_1">ifrs-full_EmployeeBenefitsExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense_1" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsExpense_2" xml:lang="en-US" id="label_EmployeeBenefitsExpense_2">Total employee benefits expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense_2" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense_2" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_1" xml:lang="en-US" id="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_1">Employee retention and long term incentive program expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeRetentionAndLongTermIncentiveProgramExpenses" xlink:to="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_1" xlink:title="Label : EmployeeRetentionAndLongTermIncentiveProgramExpenses to label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_2" xml:lang="en-US" id="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_2">The amount of expense in relation to employee retention and long-term incentive program expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeRetentionAndLongTermIncentiveProgramExpenses" xlink:to="label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_2" xlink:title="Label : EmployeeRetentionAndLongTermIncentiveProgramExpenses to label_EmployeeRetentionAndLongTermIncentiveProgramExpenses_2" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1">Pension benefits - defined benefit plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" xlink:title="Label : PostemploymentBenefitExpenseDefinedBenefitPlans to label_PostemploymentBenefitExpenseDefinedBenefitPlans_1" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedBenefitPlans_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostemploymentBenefitExpenseDefinedBenefitPlans_2" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedBenefitPlans_2">Post employment Benefit Expense Defined Benefit Plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedBenefitPlans_2" xlink:title="Label : PostemploymentBenefitExpenseDefinedBenefitPlans to label_PostemploymentBenefitExpenseDefinedBenefitPlans_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:label="PostemploymentBenefitExpenseDefinedContributionPlans" xlink:title="PostemploymentBenefitExpenseDefinedContributionPlans" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostemploymentBenefitExpenseDefinedContributionPlans" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedContributionPlans">Defined contribution plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedContributionPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedContributionPlans" xlink:title="Label : PostemploymentBenefitExpenseDefinedContributionPlans to label_PostemploymentBenefitExpenseDefinedContributionPlans" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TerminationBenefitsExpense" xlink:label="TerminationBenefitsExpense" xlink:title="TerminationBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_TerminationBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerminationBenefitsExpense" xml:lang="en-US" id="label_TerminationBenefitsExpense">Severance indemnities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminationBenefitsExpense" xlink:to="label_TerminationBenefitsExpense" xlink:title="Label : TerminationBenefitsExpense to label_TerminationBenefitsExpense" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShorttermEmployeeBenefitsExpense" xlink:label="ShorttermEmployeeBenefitsExpense" xlink:title="ShorttermEmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermEmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermEmployeeBenefitsExpense" xml:lang="en-US" id="label_ShorttermEmployeeBenefitsExpense">Wages, salaries and social security costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermEmployeeBenefitsExpense" xlink:to="label_ShorttermEmployeeBenefitsExpense" xlink:title="Label : ShorttermEmployeeBenefitsExpense to label_ShorttermEmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermEmployeeBenefitsExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermEmployeeBenefitsExpense_1" xml:lang="en-US" id="label_ShorttermEmployeeBenefitsExpense_1">ifrs-full_ShorttermEmployeeBenefitsExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermEmployeeBenefitsExpense" xlink:to="label_ShorttermEmployeeBenefitsExpense_1" xlink:title="Label : ShorttermEmployeeBenefitsExpense to label_ShorttermEmployeeBenefitsExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1">Selling general and administrative expenses labor cost severance charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges to label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesOther" xlink:label="SellingGeneralAndAdministrativeExpensesOther" xlink:title="SellingGeneralAndAdministrativeExpensesOther" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesOther" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesOther">Amount of other expenses attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesOther" xlink:to="label_SellingGeneralAndAdministrativeExpensesOther" xlink:title="Label : SellingGeneralAndAdministrativeExpensesOther to label_SellingGeneralAndAdministrativeExpensesOther" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2">Selling, general and administrative expenses, labor cost severance charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges to label_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges_2" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesOther_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesOther_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesOther_1">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesOther" xlink:to="label_SellingGeneralAndAdministrativeExpensesOther_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesOther to label_SellingGeneralAndAdministrativeExpensesOther_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesOther_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesOther_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesOther_2">Selling general and administrative expenses other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesOther" xlink:to="label_SellingGeneralAndAdministrativeExpensesOther_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesOther to label_SellingGeneralAndAdministrativeExpensesOther_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesTaxes" xlink:label="SellingGeneralAndAdministrativeExpensesTaxes" xlink:title="SellingGeneralAndAdministrativeExpensesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesTaxes" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesTaxes">Amount of taxes attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesTaxes" xlink:to="label_SellingGeneralAndAdministrativeExpensesTaxes" xlink:title="Label : SellingGeneralAndAdministrativeExpensesTaxes to label_SellingGeneralAndAdministrativeExpensesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesTaxes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesTaxes_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesTaxes_1">Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesTaxes" xlink:to="label_SellingGeneralAndAdministrativeExpensesTaxes_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesTaxes to label_SellingGeneralAndAdministrativeExpensesTaxes_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:label="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:title="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts">Selling general and administrative expenses allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:to="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts to label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesTaxes_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesTaxes_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesTaxes_2">Selling general and administrative expenses taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesTaxes" xlink:to="label_SellingGeneralAndAdministrativeExpensesTaxes_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesTaxes to label_SellingGeneralAndAdministrativeExpensesTaxes_2" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1">Allowances for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:to="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts to label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_2">Amount of allowances for doubtful accounts attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" xlink:to="label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts to label_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:label="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:title="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies">Amount of provisions for contingencies attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:to="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:title="Label : SellingGeneralAndAdministrativeExpensesProvisionsForContingencies to label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:label="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:title="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses">Selling general and administrative expenses commissions freight and other selling expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:to="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:title="Label : SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses to label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1">Provisions for contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:to="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesProvisionsForContingencies to label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2">Selling general and administrative expenses provisions for contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" xlink:to="label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesProvisionsForContingencies to label_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies_2" />
    <link:label xlink:type="resource" xlink:label="label_PostemploymentBenefitExpenseDefinedContributionPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PostemploymentBenefitExpenseDefinedContributionPlans_1" xml:lang="en-US" id="label_PostemploymentBenefitExpenseDefinedContributionPlans_1">Post-employment benefits - defined contribution plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostemploymentBenefitExpenseDefinedContributionPlans" xlink:to="label_PostemploymentBenefitExpenseDefinedContributionPlans_1" xlink:title="Label : PostemploymentBenefitExpenseDefinedContributionPlans to label_PostemploymentBenefitExpenseDefinedContributionPlans_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherAdjustmentsForNoncashItems" xlink:label="OtherAdjustmentsForNoncashItems" xlink:title="OtherAdjustmentsForNoncashItems" />
    <link:label xlink:type="resource" xlink:label="label_OtherAdjustmentsForNoncashItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherAdjustmentsForNoncashItems" xml:lang="en-US" id="label_OtherAdjustmentsForNoncashItems">Others, including net exchange differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsForNoncashItems" xlink:to="label_OtherAdjustmentsForNoncashItems" xlink:title="Label : OtherAdjustmentsForNoncashItems to label_OtherAdjustmentsForNoncashItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:label="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:title="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets">Depreciation of right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesLaborCost" xlink:label="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:title="SellingGeneralAndAdministrativeExpensesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCost" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCost">Amount of labor cost attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCost" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCost to label_SellingGeneralAndAdministrativeExpensesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCost_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCost_1">Labor cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCost_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCost to label_SellingGeneralAndAdministrativeExpensesLaborCost_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesLaborCost_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesLaborCost_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesLaborCost_2">Selling general and administrative expenses labor cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesLaborCost" xlink:to="label_SellingGeneralAndAdministrativeExpensesLaborCost_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesLaborCost to label_SellingGeneralAndAdministrativeExpensesLaborCost_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:label="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:title="SellingGeneralAndAdministrativeExpensesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesServicesAndFees" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesServicesAndFees">Amount of services and fees attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:to="label_SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:title="Label : SellingGeneralAndAdministrativeExpensesServicesAndFees to label_SellingGeneralAndAdministrativeExpensesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1">Services and fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:to="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesServicesAndFees to label_SellingGeneralAndAdministrativeExpensesServicesAndFees_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2">Selling general and administrative expenses services and fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesServicesAndFees" xlink:to="label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesServicesAndFees to label_SellingGeneralAndAdministrativeExpensesServicesAndFees_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesLaborCostSeveranceCharges" xlink:label="CostOfSalesLaborCostSeveranceCharges" xlink:title="CostOfSalesLaborCostSeveranceCharges" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCostSeveranceCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesLaborCostSeveranceCharges" xml:lang="en-US" id="label_CostOfSalesLaborCostSeveranceCharges">Cost of sales labor cost severance charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCostSeveranceCharges" xlink:to="label_CostOfSalesLaborCostSeveranceCharges" xlink:title="Label : CostOfSalesLaborCostSeveranceCharges to label_CostOfSalesLaborCostSeveranceCharges" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCostSeveranceCharges_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesLaborCostSeveranceCharges_1" xml:lang="en-US" id="label_CostOfSalesLaborCostSeveranceCharges_1">Amount of labor cost severance charges attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCostSeveranceCharges" xlink:to="label_CostOfSalesLaborCostSeveranceCharges_1" xlink:title="Label : CostOfSalesLaborCostSeveranceCharges to label_CostOfSalesLaborCostSeveranceCharges_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCostSeveranceCharges_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesLaborCostSeveranceCharges_2" xml:lang="en-US" id="label_CostOfSalesLaborCostSeveranceCharges_2">Cost of sales, labor cost severance charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCostSeveranceCharges" xlink:to="label_CostOfSalesLaborCostSeveranceCharges_2" xlink:title="Label : CostOfSalesLaborCostSeveranceCharges to label_CostOfSalesLaborCostSeveranceCharges_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesDiscontinuedOperations" xlink:label="CostOfSalesDiscontinuedOperations" xlink:title="CostOfSalesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesDiscontinuedOperations" xml:lang="en-US" id="label_CostOfSalesDiscontinuedOperations">Amount of expense attributable to cost of sales from discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDiscontinuedOperations" xlink:to="label_CostOfSalesDiscontinuedOperations" xlink:title="Label : CostOfSalesDiscontinuedOperations to label_CostOfSalesDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_CostOfSalesDiscontinuedOperations_1" xml:lang="en-US" id="label_CostOfSalesDiscontinuedOperations_1">From discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDiscontinuedOperations" xlink:to="label_CostOfSalesDiscontinuedOperations_1" xlink:title="Label : CostOfSalesDiscontinuedOperations to label_CostOfSalesDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesDiscontinuedOperations_2" xml:lang="en-US" id="label_CostOfSalesDiscontinuedOperations_2">Cost of sales discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDiscontinuedOperations" xlink:to="label_CostOfSalesDiscontinuedOperations_2" xlink:title="Label : CostOfSalesDiscontinuedOperations to label_CostOfSalesDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesIncludingDiscontinuedOperations" xlink:label="CostOfSalesIncludingDiscontinuedOperations" xlink:title="CostOfSalesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesIncludingDiscontinuedOperations" xml:lang="en-US" id="label_CostOfSalesIncludingDiscontinuedOperations">Amount of cost of sales including discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesIncludingDiscontinuedOperations" xlink:to="label_CostOfSalesIncludingDiscontinuedOperations" xlink:title="Label : CostOfSalesIncludingDiscontinuedOperations to label_CostOfSalesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesIncludingDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CostOfSalesIncludingDiscontinuedOperations_1" xml:lang="en-US" id="label_CostOfSalesIncludingDiscontinuedOperations_1">Cost of sales including discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesIncludingDiscontinuedOperations" xlink:to="label_CostOfSalesIncludingDiscontinuedOperations_1" xlink:title="Label : CostOfSalesIncludingDiscontinuedOperations to label_CostOfSalesIncludingDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesIncludingDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesIncludingDiscontinuedOperations_2" xml:lang="en-US" id="label_CostOfSalesIncludingDiscontinuedOperations_2">Cost of sales including discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesIncludingDiscontinuedOperations" xlink:to="label_CostOfSalesIncludingDiscontinuedOperations_2" xlink:title="Label : CostOfSalesIncludingDiscontinuedOperations to label_CostOfSalesIncludingDiscontinuedOperations_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesOther" xlink:label="CostOfSalesOther" xlink:title="CostOfSalesOther" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesOther" xml:lang="en-US" id="label_CostOfSalesOther">Amount of other expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesOther" xlink:to="label_CostOfSalesOther" xlink:title="Label : CostOfSalesOther to label_CostOfSalesOther" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesOther_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesOther_1" xml:lang="en-US" id="label_CostOfSalesOther_1">Cost of sales other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesOther" xlink:to="label_CostOfSalesOther_1" xlink:title="Label : CostOfSalesOther to label_CostOfSalesOther_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesOther_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CostOfSalesOther_2" xml:lang="en-US" id="label_CostOfSalesOther_2">Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesOther" xlink:to="label_CostOfSalesOther_2" xlink:title="Label : CostOfSalesOther to label_CostOfSalesOther_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesTaxes" xlink:label="CostOfSalesTaxes" xlink:title="CostOfSalesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesTaxes" xml:lang="en-US" id="label_CostOfSalesTaxes">Amount of tax expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesTaxes" xlink:to="label_CostOfSalesTaxes" xlink:title="Label : CostOfSalesTaxes to label_CostOfSalesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesTaxes_1" xml:lang="en-US" id="label_CostOfSalesTaxes_1">Cost of sales taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesTaxes" xlink:to="label_CostOfSalesTaxes_1" xlink:title="Label : CostOfSalesTaxes to label_CostOfSalesTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesTaxes_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesTaxes_2" xml:lang="en-US" id="label_CostOfSalesTaxes_2">Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesTaxes" xlink:to="label_CostOfSalesTaxes_2" xlink:title="Label : CostOfSalesTaxes to label_CostOfSalesTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesAllowanceForObsolescence" xlink:label="CostOfSalesAllowanceForObsolescence" xlink:title="CostOfSalesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAllowanceForObsolescence" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesAllowanceForObsolescence" xml:lang="en-US" id="label_CostOfSalesAllowanceForObsolescence">Amount of allowance for obsolescence attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAllowanceForObsolescence" xlink:to="label_CostOfSalesAllowanceForObsolescence" xlink:title="Label : CostOfSalesAllowanceForObsolescence to label_CostOfSalesAllowanceForObsolescence" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAllowanceForObsolescence_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesAllowanceForObsolescence_1" xml:lang="en-US" id="label_CostOfSalesAllowanceForObsolescence_1">Cost of sales allowance for obsolescence</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAllowanceForObsolescence" xlink:to="label_CostOfSalesAllowanceForObsolescence_1" xlink:title="Label : CostOfSalesAllowanceForObsolescence to label_CostOfSalesAllowanceForObsolescence_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAllowanceForObsolescence_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesAllowanceForObsolescence_2" xml:lang="en-US" id="label_CostOfSalesAllowanceForObsolescence_2">Allowance for obsolescence</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAllowanceForObsolescence" xlink:to="label_CostOfSalesAllowanceForObsolescence_2" xlink:title="Label : CostOfSalesAllowanceForObsolescence to label_CostOfSalesAllowanceForObsolescence_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesMaintenanceExpenses" xlink:label="CostOfSalesMaintenanceExpenses" xlink:title="CostOfSalesMaintenanceExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesMaintenanceExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesMaintenanceExpenses" xml:lang="en-US" id="label_CostOfSalesMaintenanceExpenses">Amount of maintenance expenses attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesMaintenanceExpenses" xlink:to="label_CostOfSalesMaintenanceExpenses" xlink:title="Label : CostOfSalesMaintenanceExpenses to label_CostOfSalesMaintenanceExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesMaintenanceExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesMaintenanceExpenses_1" xml:lang="en-US" id="label_CostOfSalesMaintenanceExpenses_1">Cost of sales maintenance expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesMaintenanceExpenses" xlink:to="label_CostOfSalesMaintenanceExpenses_1" xlink:title="Label : CostOfSalesMaintenanceExpenses to label_CostOfSalesMaintenanceExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesMaintenanceExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesMaintenanceExpenses_2" xml:lang="en-US" id="label_CostOfSalesMaintenanceExpenses_2">Maintenance expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesMaintenanceExpenses" xlink:to="label_CostOfSalesMaintenanceExpenses_2" xlink:title="Label : CostOfSalesMaintenanceExpenses to label_CostOfSalesMaintenanceExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesDepreciationOfRightOfUseAssets" xlink:label="CostOfSalesDepreciationOfRightOfUseAssets" xlink:title="CostOfSalesDepreciationOfRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesDepreciationOfRightOfUseAssets" xml:lang="en-US" id="label_CostOfSalesDepreciationOfRightOfUseAssets">Depreciation of right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfRightOfUseAssets" xlink:to="label_CostOfSalesDepreciationOfRightOfUseAssets" xlink:title="Label : CostOfSalesDepreciationOfRightOfUseAssets to label_CostOfSalesDepreciationOfRightOfUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfRightOfUseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesDepreciationOfRightOfUseAssets_1" xml:lang="en-US" id="label_CostOfSalesDepreciationOfRightOfUseAssets_1">Cost of Sales Depreciation of Right of Use Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfRightOfUseAssets" xlink:to="label_CostOfSalesDepreciationOfRightOfUseAssets_1" xlink:title="Label : CostOfSalesDepreciationOfRightOfUseAssets to label_CostOfSalesDepreciationOfRightOfUseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesAmortizationOfIntangibleAssets" xlink:label="CostOfSalesAmortizationOfIntangibleAssets" xlink:title="CostOfSalesAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesAmortizationOfIntangibleAssets" xml:lang="en-US" id="label_CostOfSalesAmortizationOfIntangibleAssets">Amount of amortization of intangible assets attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAmortizationOfIntangibleAssets" xlink:to="label_CostOfSalesAmortizationOfIntangibleAssets" xlink:title="Label : CostOfSalesAmortizationOfIntangibleAssets to label_CostOfSalesAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAmortizationOfIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesAmortizationOfIntangibleAssets_1" xml:lang="en-US" id="label_CostOfSalesAmortizationOfIntangibleAssets_1">Cost of sales amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAmortizationOfIntangibleAssets" xlink:to="label_CostOfSalesAmortizationOfIntangibleAssets_1" xlink:title="Label : CostOfSalesAmortizationOfIntangibleAssets to label_CostOfSalesAmortizationOfIntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesAmortizationOfIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesAmortizationOfIntangibleAssets_2" xml:lang="en-US" id="label_CostOfSalesAmortizationOfIntangibleAssets_2">Amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesAmortizationOfIntangibleAssets" xlink:to="label_CostOfSalesAmortizationOfIntangibleAssets_2" xlink:title="Label : CostOfSalesAmortizationOfIntangibleAssets to label_CostOfSalesAmortizationOfIntangibleAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:label="CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:title="CostOfSalesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment">Amount of depreciation of property, plant and equipment attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:title="Label : CostOfSalesDepreciationOfPropertyPlantAndEquipment to label_CostOfSalesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1">Cost of sales depreciation of property plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" xlink:title="Label : CostOfSalesDepreciationOfPropertyPlantAndEquipment to label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_2" xml:lang="en-US" id="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_2">Depreciation of property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_2" xlink:title="Label : CostOfSalesDepreciationOfPropertyPlantAndEquipment to label_CostOfSalesDepreciationOfPropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesLaborCost" xlink:label="CostOfSalesLaborCost" xlink:title="CostOfSalesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesLaborCost" xml:lang="en-US" id="label_CostOfSalesLaborCost">Amount of labor cost attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCost" xlink:to="label_CostOfSalesLaborCost" xlink:title="Label : CostOfSalesLaborCost to label_CostOfSalesLaborCost" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesLaborCost_1" xml:lang="en-US" id="label_CostOfSalesLaborCost_1">Cost of sales labor cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCost" xlink:to="label_CostOfSalesLaborCost_1" xlink:title="Label : CostOfSalesLaborCost to label_CostOfSalesLaborCost_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesLaborCost_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesLaborCost_2" xml:lang="en-US" id="label_CostOfSalesLaborCost_2">Labor cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesLaborCost" xlink:to="label_CostOfSalesLaborCost_2" xlink:title="Label : CostOfSalesLaborCost to label_CostOfSalesLaborCost_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesServicesAndFees" xlink:label="CostOfSalesServicesAndFees" xlink:title="CostOfSalesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesServicesAndFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesServicesAndFees" xml:lang="en-US" id="label_CostOfSalesServicesAndFees">Services and fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesServicesAndFees" xlink:to="label_CostOfSalesServicesAndFees" xlink:title="Label : CostOfSalesServicesAndFees to label_CostOfSalesServicesAndFees" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesServicesAndFees_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesServicesAndFees_1" xml:lang="en-US" id="label_CostOfSalesServicesAndFees_1">Amount of services and fees expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesServicesAndFees" xlink:to="label_CostOfSalesServicesAndFees_1" xlink:title="Label : CostOfSalesServicesAndFees to label_CostOfSalesServicesAndFees_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesServicesAndFees_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesServicesAndFees_2" xml:lang="en-US" id="label_CostOfSalesServicesAndFees_2">Cost of sales services and fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesServicesAndFees" xlink:to="label_CostOfSalesServicesAndFees_2" xlink:title="Label : CostOfSalesServicesAndFees to label_CostOfSalesServicesAndFees_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:label="CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:title="CostOfSalesRawMaterialsEnergyConsumablesAndOther" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xml:lang="en-US" id="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther">Amount of raw materials, energy, consumables and other expense attributable to cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:to="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:title="Label : CostOfSalesRawMaterialsEnergyConsumablesAndOther to label_CostOfSalesRawMaterialsEnergyConsumablesAndOther" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1">Amount of commissions, freight and other selling expenses attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" xlink:to="label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses to label_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1">Selling general and administrative expenses depreciation of right of use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" xml:lang="en-US" id="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1">Cost of sales raw materials energy consumables and other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:to="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" xlink:title="Label : CostOfSalesRawMaterialsEnergyConsumablesAndOther to label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_2" xml:lang="en-US" id="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_2">Raw materials, energy, consumables and other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesRawMaterialsEnergyConsumablesAndOther" xlink:to="label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_2" xlink:title="Label : CostOfSalesRawMaterialsEnergyConsumablesAndOther to label_CostOfSalesRawMaterialsEnergyConsumablesAndOther_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ExpenseByNatureAbstract" xlink:label="ExpenseByNatureAbstract" xlink:title="ExpenseByNatureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNatureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseByNatureAbstract" xml:lang="en-US" id="label_ExpenseByNatureAbstract">Plus: Charges of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNatureAbstract" xlink:to="label_ExpenseByNatureAbstract" xlink:title="Label : ExpenseByNatureAbstract to label_ExpenseByNatureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2">Amount of amortization of depreciation of right-of-use assets attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets to label_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:label="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:title="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment">Depreciation of property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment to label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1">Amount of depreciation of property, plant and equipment attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment to label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNatureAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseByNatureAbstract_1" xml:lang="en-US" id="label_ExpenseByNatureAbstract_1">Expenses by nature [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNatureAbstract" xlink:to="label_ExpenseByNatureAbstract_1" xlink:title="Label : ExpenseByNatureAbstract to label_ExpenseByNatureAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DecreaseInInventoryDueToSaleOfSubsidiaries" xlink:label="DecreaseInInventoryDueToSaleOfSubsidiaries" xlink:title="DecreaseInInventoryDueToSaleOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInInventoryDueToSaleOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseInInventoryDueToSaleOfSubsidiaries" xml:lang="en-US" id="label_DecreaseInInventoryDueToSaleOfSubsidiaries">Decrease in inventory due to sale of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInInventoryDueToSaleOfSubsidiaries" xlink:to="label_DecreaseInInventoryDueToSaleOfSubsidiaries" xlink:title="Label : DecreaseInInventoryDueToSaleOfSubsidiaries to label_DecreaseInInventoryDueToSaleOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInInventoryDueToSaleOfSubsidiaries_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DecreaseInInventoryDueToSaleOfSubsidiaries_1" xml:lang="en-US" id="label_DecreaseInInventoryDueToSaleOfSubsidiaries_1">Decrease in inventory due to sale of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInInventoryDueToSaleOfSubsidiaries" xlink:to="label_DecreaseInInventoryDueToSaleOfSubsidiaries_1" xlink:title="Label : DecreaseInInventoryDueToSaleOfSubsidiaries to label_DecreaseInInventoryDueToSaleOfSubsidiaries_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2">Selling general and administrative expenses depreciation of property plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" xlink:to="label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment to label_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment_2" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInInventoryDueToSaleOfSubsidiaries_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreaseInInventoryDueToSaleOfSubsidiaries_2" xml:lang="en-US" id="label_DecreaseInInventoryDueToSaleOfSubsidiaries_2">The amount of decrease in inventory during the period due to sale of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInInventoryDueToSaleOfSubsidiaries" xlink:to="label_DecreaseInInventoryDueToSaleOfSubsidiaries_2" xlink:title="Label : DecreaseInInventoryDueToSaleOfSubsidiaries to label_DecreaseInInventoryDueToSaleOfSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncreaseInInventoryDueToBusinessCombinations" xlink:label="IncreaseInInventoryDueToBusinessCombinations" xlink:title="IncreaseInInventoryDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInInventoryDueToBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseInInventoryDueToBusinessCombinations" xml:lang="en-US" id="label_IncreaseInInventoryDueToBusinessCombinations">Represents the amount of increase in inventory during the period due to business combinations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInInventoryDueToBusinessCombinations" xlink:to="label_IncreaseInInventoryDueToBusinessCombinations" xlink:title="Label : IncreaseInInventoryDueToBusinessCombinations to label_IncreaseInInventoryDueToBusinessCombinations" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseInInventoryDueToBusinessCombinations_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseInInventoryDueToBusinessCombinations_1" xml:lang="en-US" id="label_IncreaseInInventoryDueToBusinessCombinations_1">Increase in inventory due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseInInventoryDueToBusinessCombinations" xlink:to="label_IncreaseInInventoryDueToBusinessCombinations_1" xlink:title="Label : IncreaseInInventoryDueToBusinessCombinations to label_IncreaseInInventoryDueToBusinessCombinations_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InventoriesIncludingDiscontinuedOperations" xlink:label="InventoriesIncludingDiscontinuedOperations" xlink:title="InventoriesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesIncludingDiscontinuedOperations" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations">The amount of current inventories including discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:title="label_InventoriesIncludingDiscontinuedOperations_1" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations_1">Less: Inventories at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations_1" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesIncludingDiscontinuedOperations_2" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations_2">Inventories including discontinued operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations_2" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations_2" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesIncludingDiscontinuedOperations_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InventoriesIncludingDiscontinuedOperations_3" xml:lang="en-US" id="label_InventoriesIncludingDiscontinuedOperations_3">Inventories at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesIncludingDiscontinuedOperations" xlink:to="label_InventoriesIncludingDiscontinuedOperations_3" xlink:title="Label : InventoriesIncludingDiscontinuedOperations to label_InventoriesIncludingDiscontinuedOperations_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IndustrialAndOtherMember" xlink:label="IndustrialAndOtherMember" xlink:title="IndustrialAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndustrialAndOtherMember" xml:lang="en-US" id="label_IndustrialAndOtherMember">Represents information pertaining to industrial and other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialAndOtherMember" xlink:to="label_IndustrialAndOtherMember" xlink:title="Label : IndustrialAndOtherMember to label_IndustrialAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialAndOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndustrialAndOtherMember_1" xml:lang="en-US" id="label_IndustrialAndOtherMember_1">Industrial and other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialAndOtherMember" xlink:to="label_IndustrialAndOtherMember_1" xlink:title="Label : IndustrialAndOtherMember to label_IndustrialAndOtherMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IndustrialAndOtherMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IndustrialAndOtherMember_2" xml:lang="en-US" id="label_IndustrialAndOtherMember_2">Industrial, power and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndustrialAndOtherMember" xlink:to="label_IndustrialAndOtherMember_2" xlink:title="Label : IndustrialAndOtherMember to label_IndustrialAndOtherMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_HydrocarbonProcessingAndPowerGenerationMember" xlink:label="HydrocarbonProcessingAndPowerGenerationMember" xlink:title="HydrocarbonProcessingAndPowerGenerationMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrocarbonProcessingAndPowerGenerationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrocarbonProcessingAndPowerGenerationMember" xml:lang="en-US" id="label_HydrocarbonProcessingAndPowerGenerationMember">Represents information pertaining to hydrocarbon processing and power generation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrocarbonProcessingAndPowerGenerationMember" xlink:to="label_HydrocarbonProcessingAndPowerGenerationMember" xlink:title="Label : HydrocarbonProcessingAndPowerGenerationMember to label_HydrocarbonProcessingAndPowerGenerationMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrocarbonProcessingAndPowerGenerationMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrocarbonProcessingAndPowerGenerationMember_1" xml:lang="en-US" id="label_HydrocarbonProcessingAndPowerGenerationMember_1">Hydrocarbon processing and power generation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrocarbonProcessingAndPowerGenerationMember" xlink:to="label_HydrocarbonProcessingAndPowerGenerationMember_1" xlink:title="Label : HydrocarbonProcessingAndPowerGenerationMember to label_HydrocarbonProcessingAndPowerGenerationMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OilAndGasProcessingPlantsMember" xlink:label="OilAndGasProcessingPlantsMember" xlink:title="OilAndGasProcessingPlantsMember" />
    <link:label xlink:type="resource" xlink:label="label_OilAndGasProcessingPlantsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OilAndGasProcessingPlantsMember" xml:lang="en-US" id="label_OilAndGasProcessingPlantsMember">Oil and Gas Processing Plants [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasProcessingPlantsMember" xlink:to="label_OilAndGasProcessingPlantsMember" xlink:title="Label : OilAndGasProcessingPlantsMember to label_OilAndGasProcessingPlantsMember" />
    <link:label xlink:type="resource" xlink:label="label_OilAndGasProcessingPlantsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OilAndGasProcessingPlantsMember_1" xml:lang="en-US" id="label_OilAndGasProcessingPlantsMember_1">Oil and gas processing plants [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasProcessingPlantsMember" xlink:to="label_OilAndGasProcessingPlantsMember_1" xlink:title="Label : OilAndGasProcessingPlantsMember to label_OilAndGasProcessingPlantsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OilAndGasProcessingPlantsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OilAndGasProcessingPlantsMember_2" xml:lang="en-US" id="label_OilAndGasProcessingPlantsMember_2">This member stands for the information pertaining to oil and gas processing plants.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasProcessingPlantsMember" xlink:to="label_OilAndGasProcessingPlantsMember_2" xlink:title="Label : OilAndGasProcessingPlantsMember to label_OilAndGasProcessingPlantsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OilAndGasMember" xlink:label="OilAndGasMember" xlink:title="OilAndGasMember" />
    <link:label xlink:type="resource" xlink:label="label_OilAndGasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OilAndGasMember" xml:lang="en-US" id="label_OilAndGasMember">Represents information pertaining to oil and gas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasMember" xlink:to="label_OilAndGasMember" xlink:title="Label : OilAndGasMember to label_OilAndGasMember" />
    <link:label xlink:type="resource" xlink:label="label_OilAndGasMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OilAndGasMember_1" xml:lang="en-US" id="label_OilAndGasMember_1">Oil and gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilAndGasMember" xlink:to="label_OilAndGasMember_1" xlink:title="Label : OilAndGasMember to label_OilAndGasMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ProductsAndServicesMember" xlink:title="ProductsAndServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesMember" xml:lang="en-US" id="label_ProductsAndServicesMember">Products and services [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesMember" xlink:to="label_ProductsAndServicesMember" xlink:title="Label : ProductsAndServicesMember to label_ProductsAndServicesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ProductsAndServicesAxis" xlink:title="ProductsAndServicesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesAxis" xml:lang="en-US" id="label_ProductsAndServicesAxis">Products and services [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesAxis" xlink:to="label_ProductsAndServicesAxis" xlink:title="Label : ProductsAndServicesAxis to label_ProductsAndServicesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UnallocatedRegionMember" xlink:label="UnallocatedRegionMember" xlink:title="UnallocatedRegionMember" />
    <link:label xlink:type="resource" xlink:label="label_UnallocatedRegionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnallocatedRegionMember" xml:lang="en-US" id="label_UnallocatedRegionMember">Unallocated region [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnallocatedRegionMember" xlink:to="label_UnallocatedRegionMember" xlink:title="Label : UnallocatedRegionMember to label_UnallocatedRegionMember" />
    <link:label xlink:type="resource" xlink:label="label_UnallocatedRegionMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnallocatedRegionMember_1" xml:lang="en-US" id="label_UnallocatedRegionMember_1">Represents an unallocated region.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnallocatedRegionMember" xlink:to="label_UnallocatedRegionMember_1" xlink:title="Label : UnallocatedRegionMember to label_UnallocatedRegionMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UnallocatedRegionMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnallocatedRegionMember_2" xml:lang="en-US" id="label_UnallocatedRegionMember_2">Unallocated [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnallocatedRegionMember" xlink:to="label_UnallocatedRegionMember_2" xlink:title="Label : UnallocatedRegionMember to label_UnallocatedRegionMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_AsiaPacificMember" xlink:label="AsiaPacificMember" xlink:title="AsiaPacificMember" />
    <link:label xlink:type="resource" xlink:label="label_AsiaPacificMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AsiaPacificMember" xml:lang="en-US" id="label_AsiaPacificMember">Asia Pacific [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AsiaPacificMember" xlink:to="label_AsiaPacificMember" xlink:title="Label : AsiaPacificMember to label_AsiaPacificMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AsiaPacificMiddleEastAndAfricaMember" xlink:label="AsiaPacificMiddleEastAndAfricaMember" xlink:title="AsiaPacificMiddleEastAndAfricaMember" />
    <link:label xlink:type="resource" xlink:label="label_AsiaPacificMiddleEastAndAfricaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AsiaPacificMiddleEastAndAfricaMember" xml:lang="en-US" id="label_AsiaPacificMiddleEastAndAfricaMember">Asia Pacific, Middle East &amp; Africa [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AsiaPacificMiddleEastAndAfricaMember" xlink:to="label_AsiaPacificMiddleEastAndAfricaMember" xlink:title="Label : AsiaPacificMiddleEastAndAfricaMember to label_AsiaPacificMiddleEastAndAfricaMember" />
    <link:label xlink:type="resource" xlink:label="label_AsiaPacificMiddleEastAndAfricaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AsiaPacificMiddleEastAndAfricaMember_1" xml:lang="en-US" id="label_AsiaPacificMiddleEastAndAfricaMember_1">Regions of the Asia Pacific, Middle East and Africa.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AsiaPacificMiddleEastAndAfricaMember" xlink:to="label_AsiaPacificMiddleEastAndAfricaMember_1" xlink:title="Label : AsiaPacificMiddleEastAndAfricaMember to label_AsiaPacificMiddleEastAndAfricaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_EuropeMember" xlink:label="EuropeMember" xlink:title="EuropeMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EuropeMember" xml:lang="en-US" id="label_EuropeMember">European</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeMember" xlink:to="label_EuropeMember" xlink:title="Label : EuropeMember to label_EuropeMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EuropeMember_1" xml:lang="en-US" id="label_EuropeMember_1">Europe [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeMember" xlink:to="label_EuropeMember_1" xlink:title="Label : EuropeMember to label_EuropeMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_SouthAmericaMember" xlink:label="SouthAmericaMember" xlink:title="SouthAmericaMember" />
    <link:label xlink:type="resource" xlink:label="label_SouthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SouthAmericaMember" xml:lang="en-US" id="label_SouthAmericaMember">South America [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SouthAmericaMember" xlink:to="label_SouthAmericaMember" xlink:title="Label : SouthAmericaMember to label_SouthAmericaMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_NorthAmericaMember" xlink:label="NorthAmericaMember" xlink:title="NorthAmericaMember" />
    <link:label xlink:type="resource" xlink:label="label_NorthAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NorthAmericaMember" xml:lang="en-US" id="label_NorthAmericaMember">North America [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NorthAmericaMember" xlink:to="label_NorthAmericaMember" xlink:title="Label : NorthAmericaMember to label_NorthAmericaMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="DepreciationAndAmortisationExpense" xlink:title="DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortisationExpense" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DepreciationAndAmortisationExpense_1" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense_1">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense_1" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinanceIncomeCost" xlink:label="FinanceIncomeCost" xlink:title="FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinanceIncomeCost" xml:lang="en-US" id="label_FinanceIncomeCost">Financial income (expense), net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeCost_1" xml:lang="en-US" id="label_FinanceIncomeCost_1">ifrs-full_FinanceIncomeCost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_1" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncomeCost_2" xml:lang="en-US" id="label_FinanceIncomeCost_2">Net financial results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_2" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:label="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:title="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xml:lang="en-US" id="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet">Differences in net other operating income (expenses) under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:to="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:title="Label : ManagementViewDifferencesInOtherOperatingIncomeExpensesNet to label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" xml:lang="en-US" id="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1">Management view differences in other operating income expenses net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:to="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" xlink:title="Label : ManagementViewDifferencesInOtherOperatingIncomeExpensesNet to label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" xml:lang="en-US" id="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2">Differences in other operating income (expenses), net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" xlink:to="label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" xlink:title="Label : ManagementViewDifferencesInOtherOperatingIncomeExpensesNet to label_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:label="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:title="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses">Differences in selling, general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:to="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSalesDepreciationOfRightOfUseAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CostOfSalesDepreciationOfRightOfUseAssets_2" xml:lang="en-US" id="label_CostOfSalesDepreciationOfRightOfUseAssets_2">Represents the cost of sales impact of depreciation of right-of-use assets during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSalesDepreciationOfRightOfUseAssets" xlink:to="label_CostOfSalesDepreciationOfRightOfUseAssets_2" xlink:title="Label : CostOfSalesDepreciationOfRightOfUseAssets to label_CostOfSalesDepreciationOfRightOfUseAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1">Management view differences in selling general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:to="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ManagementViewDifferencesInDepreciationAndAmortization" xlink:label="ManagementViewDifferencesInDepreciationAndAmortization" xlink:title="ManagementViewDifferencesInDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInDepreciationAndAmortization" xml:lang="en-US" id="label_ManagementViewDifferencesInDepreciationAndAmortization">Differences in depreciation and amortization under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInDepreciationAndAmortization" xlink:to="label_ManagementViewDifferencesInDepreciationAndAmortization" xlink:title="Label : ManagementViewDifferencesInDepreciationAndAmortization to label_ManagementViewDifferencesInDepreciationAndAmortization" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInDepreciationAndAmortization_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInDepreciationAndAmortization_1" xml:lang="en-US" id="label_ManagementViewDifferencesInDepreciationAndAmortization_1">Management view differences in depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInDepreciationAndAmortization" xlink:to="label_ManagementViewDifferencesInDepreciationAndAmortization_1" xlink:title="Label : ManagementViewDifferencesInDepreciationAndAmortization to label_ManagementViewDifferencesInDepreciationAndAmortization_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInDepreciationAndAmortization_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ManagementViewDifferencesInDepreciationAndAmortization_2" xml:lang="en-US" id="label_ManagementViewDifferencesInDepreciationAndAmortization_2">Differences in depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInDepreciationAndAmortization" xlink:to="label_ManagementViewDifferencesInDepreciationAndAmortization_2" xlink:title="Label : ManagementViewDifferencesInDepreciationAndAmortization to label_ManagementViewDifferencesInDepreciationAndAmortization_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ManagementViewDifferencesInCostOfSales" xlink:label="ManagementViewDifferencesInCostOfSales" xlink:title="ManagementViewDifferencesInCostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInCostOfSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ManagementViewDifferencesInCostOfSales" xml:lang="en-US" id="label_ManagementViewDifferencesInCostOfSales">Difference in cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInCostOfSales" xlink:to="label_ManagementViewDifferencesInCostOfSales" xlink:title="Label : ManagementViewDifferencesInCostOfSales to label_ManagementViewDifferencesInCostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInCostOfSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewDifferencesInCostOfSales_1" xml:lang="en-US" id="label_ManagementViewDifferencesInCostOfSales_1">Management view differences in cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInCostOfSales" xlink:to="label_ManagementViewDifferencesInCostOfSales_1" xlink:title="Label : ManagementViewDifferencesInCostOfSales to label_ManagementViewDifferencesInCostOfSales_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInCostOfSales_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInCostOfSales_2" xml:lang="en-US" id="label_ManagementViewDifferencesInCostOfSales_2">Differences in cost of sales under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInCostOfSales" xlink:to="label_ManagementViewDifferencesInCostOfSales_2" xlink:title="Label : ManagementViewDifferencesInCostOfSales to label_ManagementViewDifferencesInCostOfSales_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ManagementViewOperatingIncome" xlink:label="ManagementViewOperatingIncome" xlink:title="ManagementViewOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ManagementViewOperatingIncome" xml:lang="en-US" id="label_ManagementViewOperatingIncome">Management view - operating income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewOperatingIncome" xlink:to="label_ManagementViewOperatingIncome" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2" xml:lang="en-US" id="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2">Differences in selling, general and administrative expenses under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" xlink:to="label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2" xlink:title="Label : ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses to label_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:label="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:title="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets">The increase (decrease) in the fair value measurement of assets resulting from currency translation adjustments and others.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:to="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:title="Label : CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets to label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewOperatingIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ManagementViewOperatingIncome_1" xml:lang="en-US" id="label_ManagementViewOperatingIncome_1">Management view operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewOperatingIncome" xlink:to="label_ManagementViewOperatingIncome_1" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_ManagementViewOperatingIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ManagementViewOperatingIncome_2" xml:lang="en-US" id="label_ManagementViewOperatingIncome_2">Operating income under management view.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ManagementViewOperatingIncome" xlink:to="label_ManagementViewOperatingIncome_2" xlink:title="Label : ManagementViewOperatingIncome to label_ManagementViewOperatingIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:label="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:title="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xml:lang="en-US" id="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">Financial assets at fair value through profit or loss, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:to="label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" xlink:title="Label : FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember to label_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:label="FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:title="FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xml:lang="en-US" id="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember">Financial assets at fair value through other comprehensive income, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:title="Label : FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember to label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:label="RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:title="RiskExposureAssociatedWithInstrumentsSharingCharacteristic" />
    <link:label xlink:type="resource" xlink:label="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xml:lang="en-US" id="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic">Direct exposure to financial instruments issued by European sovereign counterparties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:to="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:title="Label : RiskExposureAssociatedWithInstrumentsSharingCharacteristic to label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic" />
    <link:label xlink:type="resource" xlink:label="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic_1" xml:lang="en-US" id="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic_1">Risk exposure associated with instruments sharing characteristic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RiskExposureAssociatedWithInstrumentsSharingCharacteristic" xlink:to="label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic_1" xlink:title="Label : RiskExposureAssociatedWithInstrumentsSharingCharacteristic to label_RiskExposureAssociatedWithInstrumentsSharingCharacteristic_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:label="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:title="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xml:lang="en-US" id="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets">Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:title="Label : TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets to label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" xml:lang="en-US" id="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1">ifrs-full_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" xlink:title="Label : TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets to label_TransfersOutOfLevel2IntoLevel1OfFairValueHierarchyAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DiscontinuedOperationsMember" xlink:label="DiscontinuedOperationsMember" xlink:title="DiscontinuedOperationsMember" />
    <link:label xlink:type="resource" xlink:label="label_DiscontinuedOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscontinuedOperationsMember" xml:lang="en-US" id="label_DiscontinuedOperationsMember">Discontinued operations [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscontinuedOperationsMember" xlink:to="label_DiscontinuedOperationsMember" xlink:title="Label : DiscontinuedOperationsMember to label_DiscontinuedOperationsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ContinuingOperationsMember" xlink:label="ContinuingOperationsMember" xlink:title="ContinuingOperationsMember" />
    <link:label xlink:type="resource" xlink:label="label_ContinuingOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContinuingOperationsMember" xml:lang="en-US" id="label_ContinuingOperationsMember">Continuing operations [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuingOperationsMember" xlink:to="label_ContinuingOperationsMember" xlink:title="Label : ContinuingOperationsMember to label_ContinuingOperationsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ContinuingAndDiscontinuedOperationsAxis" xlink:label="ContinuingAndDiscontinuedOperationsAxis" xlink:title="ContinuingAndDiscontinuedOperationsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ContinuingAndDiscontinuedOperationsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContinuingAndDiscontinuedOperationsAxis" xml:lang="en-US" id="label_ContinuingAndDiscontinuedOperationsAxis">Continuing and discontinued operations [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContinuingAndDiscontinuedOperationsAxis" xlink:to="label_ContinuingAndDiscontinuedOperationsAxis" xlink:title="Label : ContinuingAndDiscontinuedOperationsAxis to label_ContinuingAndDiscontinuedOperationsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReportableSegmentsMember" xlink:label="ReportableSegmentsMember" xlink:title="ReportableSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ReportableSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReportableSegmentsMember" xml:lang="en-US" id="label_ReportableSegmentsMember">Reportable segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReportableSegmentsMember" xlink:to="label_ReportableSegmentsMember" xlink:title="Label : ReportableSegmentsMember to label_ReportableSegmentsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AllOtherSegmentsMember" xlink:label="AllOtherSegmentsMember" xlink:title="AllOtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllOtherSegmentsMember" xml:lang="en-US" id="label_AllOtherSegmentsMember">All other segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllOtherSegmentsMember" xlink:to="label_AllOtherSegmentsMember" xlink:title="Label : AllOtherSegmentsMember to label_AllOtherSegmentsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TubesMember" xlink:label="TubesMember" xlink:title="TubesMember" />
    <link:label xlink:type="resource" xlink:label="label_TubesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubesMember" xml:lang="en-US" id="label_TubesMember">Segment classified as "Tubes".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubesMember" xlink:to="label_TubesMember" xlink:title="Label : TubesMember to label_TubesMember" />
    <link:label xlink:type="resource" xlink:label="label_TubesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubesMember_1" xml:lang="en-US" id="label_TubesMember_1">Tubes [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubesMember" xlink:to="label_TubesMember_1" xlink:title="Label : TubesMember to label_TubesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SegmentsMember" xlink:label="SegmentsMember" xlink:title="SegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentsMember" xml:lang="en-US" id="label_SegmentsMember">Segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsMember" xlink:to="label_SegmentsMember" xlink:title="Label : SegmentsMember to label_SegmentsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SegmentsAxis" xlink:label="SegmentsAxis" xlink:title="SegmentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentsAxis" xml:lang="en-US" id="label_SegmentsAxis">Segments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsAxis" xlink:to="label_SegmentsAxis" xlink:title="Label : SegmentsAxis to label_SegmentsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ContractLiabilities" xlink:label="ContractLiabilities" xlink:title="ContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContractLiabilities" xml:lang="en-US" id="label_ContractLiabilities">ifrs-full_ContractLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractLiabilities" xlink:to="label_ContractLiabilities" xlink:title="Label : ContractLiabilities to label_ContractLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_ContractLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContractLiabilities_1" xml:lang="en-US" id="label_ContractLiabilities_1">Contract liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractLiabilities" xlink:to="label_ContractLiabilities_1" xlink:title="Label : ContractLiabilities to label_ContractLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PercentageOfEntitysRevenue" xlink:label="PercentageOfEntitysRevenue" xlink:title="PercentageOfEntitysRevenue" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfEntitysRevenue" xml:lang="en-US" id="label_PercentageOfEntitysRevenue">Percentage of entity's revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue" xlink:title="Label : PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEntitysRevenue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEntitysRevenue_1" xml:lang="en-US" id="label_PercentageOfEntitysRevenue_1">ifrs-full_PercentageOfEntitysRevenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEntitysRevenue" xlink:to="label_PercentageOfEntitysRevenue_1" xlink:title="Label : PercentageOfEntitysRevenue to label_PercentageOfEntitysRevenue_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentFinancialAssetsAvailableforsale" xlink:label="NoncurrentFinancialAssetsAvailableforsale" xlink:title="NoncurrentFinancialAssetsAvailableforsale" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentFinancialAssetsAvailableforsale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentFinancialAssetsAvailableforsale" xml:lang="en-US" id="label_NoncurrentFinancialAssetsAvailableforsale">Non-current financial assets available-for-sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinancialAssetsAvailableforsale" xlink:to="label_NoncurrentFinancialAssetsAvailableforsale" xlink:title="Label : NoncurrentFinancialAssetsAvailableforsale to label_NoncurrentFinancialAssetsAvailableforsale" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentFinancialAssetsAvailableforsale_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentFinancialAssetsAvailableforsale_1" xml:lang="en-US" id="label_NoncurrentFinancialAssetsAvailableforsale_1">ifrs-full_NoncurrentFinancialAssetsAvailableforsale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinancialAssetsAvailableforsale" xlink:to="label_NoncurrentFinancialAssetsAvailableforsale_1" xlink:title="Label : NoncurrentFinancialAssetsAvailableforsale to label_NoncurrentFinancialAssetsAvailableforsale_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="DisclosureOfOperatingSegmentsLineItems" xlink:title="DisclosureOfOperatingSegmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsLineItems" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsLineItems">Disclosure of operating segments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsLineItems" xlink:to="label_DisclosureOfOperatingSegmentsLineItems" xlink:title="Label : DisclosureOfOperatingSegmentsLineItems to label_DisclosureOfOperatingSegmentsLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GovernmentCustomersMember" xlink:label="GovernmentCustomersMember" xlink:title="GovernmentCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_GovernmentCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GovernmentCustomersMember" xml:lang="en-US" id="label_GovernmentCustomersMember">Government customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GovernmentCustomersMember" xlink:to="label_GovernmentCustomersMember" xlink:title="Label : GovernmentCustomersMember to label_GovernmentCustomersMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfCustomersMember" xlink:label="TypesOfCustomersMember" xlink:title="TypesOfCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfCustomersMember" xml:lang="en-US" id="label_TypesOfCustomersMember">Types of customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfCustomersMember" xlink:to="label_TypesOfCustomersMember" xlink:title="Label : TypesOfCustomersMember to label_TypesOfCustomersMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfCustomersAxis" xlink:label="TypesOfCustomersAxis" xlink:title="TypesOfCustomersAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfCustomersAxis" xml:lang="en-US" id="label_TypesOfCustomersAxis">Types of customers [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfCustomersAxis" xlink:to="label_TypesOfCustomersAxis" xlink:title="Label : TypesOfCustomersAxis to label_TypesOfCustomersAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_MX" xlink:label="MX" xlink:title="MX" />
    <link:label xlink:type="resource" xlink:label="label_MX" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MX" xml:lang="en-US" id="label_MX">Mexico</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MX" xlink:to="label_MX" xlink:title="Label : MX to label_MX" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_AR" xlink:label="AR" xlink:title="AR" />
    <link:label xlink:type="resource" xlink:label="label_AR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AR" xml:lang="en-US" id="label_AR">Argentina</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AR" xlink:to="label_AR" xlink:title="Label : AR to label_AR" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_LU" xlink:label="LU" xlink:title="LU" />
    <link:label xlink:type="resource" xlink:label="label_LU" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LU" xml:lang="en-US" id="label_LU">Luxembourg</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LU" xlink:to="label_LU" xlink:title="Label : LU to label_LU" />
    <link:label xlink:type="resource" xlink:label="label_LU_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LU_1" xml:lang="en-US" id="label_LU_1">LUXEMBOURG</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LU" xlink:to="label_LU_1" xlink:title="Label : LU to label_LU_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:label="EliminationOfIntersegmentAmountsMember" xlink:title="EliminationOfIntersegmentAmountsMember" />
    <link:label xlink:type="resource" xlink:label="label_EliminationOfIntersegmentAmountsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EliminationOfIntersegmentAmountsMember" xml:lang="en-US" id="label_EliminationOfIntersegmentAmountsMember">Elimination of intersegment amounts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EliminationOfIntersegmentAmountsMember" xlink:to="label_EliminationOfIntersegmentAmountsMember" xlink:title="Label : EliminationOfIntersegmentAmountsMember to label_EliminationOfIntersegmentAmountsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:label="EntitysTotalForSegmentConsolidationItemsMember" xlink:title="EntitysTotalForSegmentConsolidationItemsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSegmentConsolidationItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForSegmentConsolidationItemsMember" xml:lang="en-US" id="label_EntitysTotalForSegmentConsolidationItemsMember">Entity's total for segment consolidation items [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSegmentConsolidationItemsMember" xlink:to="label_EntitysTotalForSegmentConsolidationItemsMember" xlink:title="Label : EntitysTotalForSegmentConsolidationItemsMember to label_EntitysTotalForSegmentConsolidationItemsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:label="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:title="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xml:lang="en-US" id="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets">Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:title="Label : TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets to label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SegmentConsolidationItemsAxis" xlink:label="SegmentConsolidationItemsAxis" xlink:title="SegmentConsolidationItemsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentConsolidationItemsAxis" xml:lang="en-US" id="label_SegmentConsolidationItemsAxis">Segment consolidation items [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentConsolidationItemsAxis" xlink:to="label_SegmentConsolidationItemsAxis" xlink:title="Label : SegmentConsolidationItemsAxis to label_SegmentConsolidationItemsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" xml:lang="en-US" id="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1">ifrs-full_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets" xlink:to="label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" xlink:title="Label : TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets to label_TransfersOutOfLevel1IntoLevel2OfFairValueHierarchyAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="DisclosureOfOperatingSegmentsTable" xlink:title="DisclosureOfOperatingSegmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsTable" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsTable">Disclosure of operating segments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsTable" xlink:to="label_DisclosureOfOperatingSegmentsTable" xlink:title="Label : DisclosureOfOperatingSegmentsTable to label_DisclosureOfOperatingSegmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1">Currency translation adjustment and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:to="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" xlink:title="Label : CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets to label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2">Currency translation adjustment and others fair value measurement assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" xlink:to="label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" xlink:title="Label : CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets to label_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PurchasesFairValueMeasurementAssets" xlink:label="PurchasesFairValueMeasurementAssets" xlink:title="PurchasesFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchasesFairValueMeasurementAssets" xml:lang="en-US" id="label_PurchasesFairValueMeasurementAssets">Increase due to business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesFairValueMeasurementAssets" xlink:to="label_PurchasesFairValueMeasurementAssets" xlink:title="Label : PurchasesFairValueMeasurementAssets to label_PurchasesFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_PurchasesFairValueMeasurementAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchasesFairValueMeasurementAssets_1" xml:lang="en-US" id="label_PurchasesFairValueMeasurementAssets_1">Purchases, fair value measurement, assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchasesFairValueMeasurementAssets" xlink:to="label_PurchasesFairValueMeasurementAssets_1" xlink:title="Label : PurchasesFairValueMeasurementAssets to label_PurchasesFairValueMeasurementAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets" xlink:label="IncreaseDecreaseInFairValueMeasurementAssets" xlink:title="IncreaseDecreaseInFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFairValueMeasurementAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInFairValueMeasurementAssets" xml:lang="en-US" id="label_IncreaseDecreaseInFairValueMeasurementAssets">Increase (decrease) in fair value measurement, assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFairValueMeasurementAssets" xlink:to="label_IncreaseDecreaseInFairValueMeasurementAssets" xlink:title="Label : IncreaseDecreaseInFairValueMeasurementAssets to label_IncreaseDecreaseInFairValueMeasurementAssets" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInFairValueMeasurementAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInFairValueMeasurementAssets_1" xml:lang="en-US" id="label_IncreaseDecreaseInFairValueMeasurementAssets_1">Decrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInFairValueMeasurementAssets" xlink:to="label_IncreaseDecreaseInFairValueMeasurementAssets_1" xlink:title="Label : IncreaseDecreaseInFairValueMeasurementAssets to label_IncreaseDecreaseInFairValueMeasurementAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:label="DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:title="DisclosureOfFairValueMeasurementOfAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFairValueMeasurementOfAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfFairValueMeasurementOfAssetsLineItems">Disclosure of fair value measurement of assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:to="label_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:title="Label : DisclosureOfFairValueMeasurementOfAssetsLineItems to label_DisclosureOfFairValueMeasurementOfAssetsLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:label="DisclosureOfFairValueMeasurementOfAssetsTable" xlink:title="DisclosureOfFairValueMeasurementOfAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFairValueMeasurementOfAssetsTable" xml:lang="en-US" id="label_DisclosureOfFairValueMeasurementOfAssetsTable">Disclosure of fair value measurement of assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValueMeasurementOfAssetsTable" xlink:to="label_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:title="Label : DisclosureOfFairValueMeasurementOfAssetsTable to label_DisclosureOfFairValueMeasurementOfAssetsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialLiabilities" xlink:label="FinancialLiabilities" xlink:title="FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities">ifrs-full_FinancialLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinancialLiabilities_1" xml:lang="en-US" id="label_FinancialLiabilities_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_1" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DerivativeFinancialLiabilities" xlink:label="DerivativeFinancialLiabilities" xlink:title="DerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DerivativeFinancialLiabilities" xml:lang="en-US" id="label_DerivativeFinancialLiabilities">Derivatives with negative fair values</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialLiabilities" xlink:to="label_DerivativeFinancialLiabilities" xlink:title="Label : DerivativeFinancialLiabilities to label_DerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeFinancialLiabilities_1" xml:lang="en-US" id="label_DerivativeFinancialLiabilities_1">ifrs-full_DerivativeFinancialLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialLiabilities" xlink:to="label_DerivativeFinancialLiabilities_1" xlink:title="Label : DerivativeFinancialLiabilities to label_DerivativeFinancialLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DerivativeFinancialLiabilities_2" xml:lang="en-US" id="label_DerivativeFinancialLiabilities_2">Derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialLiabilities" xlink:to="label_DerivativeFinancialLiabilities_2" xlink:title="Label : DerivativeFinancialLiabilities to label_DerivativeFinancialLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:label="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:title="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency">The percentage of liquid financial assets that are denominated by a specific currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:to="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ConcentrationRiskPercentage" xlink:label="ConcentrationRiskPercentage" xlink:title="ConcentrationRiskPercentage" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConcentrationRiskPercentage" xml:lang="en-US" id="label_ConcentrationRiskPercentage">For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage" xlink:to="label_ConcentrationRiskPercentage" xlink:title="Label : ConcentrationRiskPercentage to label_ConcentrationRiskPercentage" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LeaseLiabilities" xlink:label="LeaseLiabilities" xlink:title="LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LeaseLiabilities" xml:lang="en-US" id="label_LeaseLiabilities">Lease Liabilities C and NC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilities_1" xml:lang="en-US" id="label_LeaseLiabilities_1">Lease Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_1" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LeaseLiabilities_2" xml:lang="en-US" id="label_LeaseLiabilities_2">Opening net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_2" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LeaseLiabilities_3" xml:lang="en-US" id="label_LeaseLiabilities_3">Ending net book amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_3" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:label="DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:title="DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xml:lang="en-US" id="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems">Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:to="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" xlink:title="Label : DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems to label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssets" xlink:label="FinancialAssets" xlink:title="FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_FinancialAssets" xml:lang="en-US" id="label_FinancialAssets">At the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets" xlink:title="Label : FinancialAssets to label_FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_FinancialAssets_1" xml:lang="en-US" id="label_FinancialAssets_1">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets_1" xlink:title="Label : FinancialAssets to label_FinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember">One percent change, All foreign exchange exposure vs USD dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember to label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_1">One percent change, All foreign exchange exposure vs USD dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember to label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssets_2" xml:lang="en-US" id="label_FinancialAssets_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets_2" xlink:title="Label : FinancialAssets to label_FinancialAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherReceivables" xlink:label="OtherReceivables" xlink:title="OtherReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivables" xml:lang="en-US" id="label_OtherReceivables">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivables" xlink:to="label_OtherReceivables" xlink:title="Label : OtherReceivables to label_OtherReceivables" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DerivativeFinancialAssets" xlink:label="DerivativeFinancialAssets" xlink:title="DerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DerivativeFinancialAssets" xml:lang="en-US" id="label_DerivativeFinancialAssets">Derivatives with positive fair values</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssets" xlink:to="label_DerivativeFinancialAssets" xlink:title="Label : DerivativeFinancialAssets to label_DerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeFinancialAssets_1" xml:lang="en-US" id="label_DerivativeFinancialAssets_1">Derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeFinancialAssets" xlink:to="label_DerivativeFinancialAssets_1" xlink:title="Label : DerivativeFinancialAssets to label_DerivativeFinancialAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_2" xml:lang="en-US" id="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_2">This member stands for the information pertaining to One percent change, All foreign exchange exposure vs USD dollar foreign exchange risks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_2" xlink:title="Label : OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember to label_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="DisclosureOfFinancialInstrumentsLineItems" xlink:title="DisclosureOfFinancialInstrumentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsLineItems" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsLineItems">Disclosure of detailed information about financial instruments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsLineItems" xlink:to="label_DisclosureOfFinancialInstrumentsLineItems" xlink:title="Label : DisclosureOfFinancialInstrumentsLineItems to label_DisclosureOfFinancialInstrumentsLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DerivativeLiabilitiesMember" xlink:label="DerivativeLiabilitiesMember" xlink:title="DerivativeLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DerivativeLiabilitiesMember" xml:lang="en-US" id="label_DerivativeLiabilitiesMember">Related to derivative liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeLiabilitiesMember" xlink:to="label_DerivativeLiabilitiesMember" xlink:title="Label : DerivativeLiabilitiesMember to label_DerivativeLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeLiabilitiesMember_1" xml:lang="en-US" id="label_DerivativeLiabilitiesMember_1">Derivative liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeLiabilitiesMember" xlink:to="label_DerivativeLiabilitiesMember_1" xlink:title="Label : DerivativeLiabilitiesMember to label_DerivativeLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilitiesMember" xlink:label="LiabilitiesMember" xlink:title="LiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesMember" xml:lang="en-US" id="label_LiabilitiesMember">Liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesMember" xlink:to="label_LiabilitiesMember" xlink:title="Label : LiabilitiesMember to label_LiabilitiesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ClassesOfLiabilitiesAxis" xlink:title="ClassesOfLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfLiabilitiesAxis">Classes of liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfLiabilitiesAxis" xlink:to="label_ClassesOfLiabilitiesAxis" xlink:title="Label : ClassesOfLiabilitiesAxis to label_ClassesOfLiabilitiesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherReceivablesNonfinancialMember" xlink:label="OtherReceivablesNonfinancialMember" xlink:title="OtherReceivablesNonfinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesNonfinancialMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReceivablesNonfinancialMember" xml:lang="en-US" id="label_OtherReceivablesNonfinancialMember">Assets classified as other receivables (non-financial).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesNonfinancialMember" xlink:to="label_OtherReceivablesNonfinancialMember" xlink:title="Label : OtherReceivablesNonfinancialMember to label_OtherReceivablesNonfinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesNonfinancialMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesNonfinancialMember_1" xml:lang="en-US" id="label_OtherReceivablesNonfinancialMember_1">Other receivables (non-Financial) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesNonfinancialMember" xlink:to="label_OtherReceivablesNonfinancialMember_1" xlink:title="Label : OtherReceivablesNonfinancialMember to label_OtherReceivablesNonfinancialMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherReceivablesMember" xlink:label="OtherReceivablesMember" xlink:title="OtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherReceivablesMember" xml:lang="en-US" id="label_OtherReceivablesMember">Assets classified as other receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesMember" xlink:to="label_OtherReceivablesMember" xlink:title="Label : OtherReceivablesMember to label_OtherReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReceivablesMember_1" xml:lang="en-US" id="label_OtherReceivablesMember_1">Other receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReceivablesMember" xlink:to="label_OtherReceivablesMember_1" xlink:title="Label : OtherReceivablesMember to label_OtherReceivablesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DerivativesMember" xlink:label="DerivativesMember" xlink:title="DerivativesMember" />
    <link:label xlink:type="resource" xlink:label="label_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativesMember" xml:lang="en-US" id="label_DerivativesMember">Derivatives [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativesMember" xlink:to="label_DerivativesMember" xlink:title="Label : DerivativesMember to label_DerivativesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfAssetsMember" xlink:label="ClassesOfAssetsMember" xlink:title="ClassesOfAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfAssetsMember" xml:lang="en-US" id="label_ClassesOfAssetsMember">Assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfAssetsMember" xlink:to="label_ClassesOfAssetsMember" xlink:title="Label : ClassesOfAssetsMember to label_ClassesOfAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ClassesOfAssetsAxis" xlink:title="ClassesOfAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfAssetsAxis" xml:lang="en-US" id="label_ClassesOfAssetsAxis">Classes of assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfAssetsAxis" xlink:to="label_ClassesOfAssetsAxis" xlink:title="Label : ClassesOfAssetsAxis to label_ClassesOfAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MutualFundFinancialInstrumentMember" xlink:label="MutualFundFinancialInstrumentMember" xlink:title="MutualFundFinancialInstrumentMember" />
    <link:label xlink:type="resource" xlink:label="label_MutualFundFinancialInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MutualFundFinancialInstrumentMember" xml:lang="en-US" id="label_MutualFundFinancialInstrumentMember">Mutual Fund [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MutualFundFinancialInstrumentMember" xlink:to="label_MutualFundFinancialInstrumentMember" xlink:title="Label : MutualFundFinancialInstrumentMember to label_MutualFundFinancialInstrumentMember" />
    <link:label xlink:type="resource" xlink:label="label_MutualFundFinancialInstrumentMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MutualFundFinancialInstrumentMember_1" xml:lang="en-US" id="label_MutualFundFinancialInstrumentMember_1">This member stands for the information pertaining to Securities classified as Mutual Fund.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MutualFundFinancialInstrumentMember" xlink:to="label_MutualFundFinancialInstrumentMember_1" xlink:title="Label : MutualFundFinancialInstrumentMember to label_MutualFundFinancialInstrumentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MutualFundFinancialInstrumentMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MutualFundFinancialInstrumentMember_2" xml:lang="en-US" id="label_MutualFundFinancialInstrumentMember_2">Mutual fund financial instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MutualFundFinancialInstrumentMember" xlink:to="label_MutualFundFinancialInstrumentMember_2" xlink:title="Label : MutualFundFinancialInstrumentMember to label_MutualFundFinancialInstrumentMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_StructuredNotesMember" xlink:label="StructuredNotesMember" xlink:title="StructuredNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_StructuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StructuredNotesMember" xml:lang="en-US" id="label_StructuredNotesMember">Securities classified as Structured Notes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StructuredNotesMember" xlink:to="label_StructuredNotesMember" xlink:title="Label : StructuredNotesMember to label_StructuredNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_StructuredNotesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StructuredNotesMember_1" xml:lang="en-US" id="label_StructuredNotesMember_1">Structured Notes [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StructuredNotesMember" xlink:to="label_StructuredNotesMember_1" xlink:title="Label : StructuredNotesMember to label_StructuredNotesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UsGovernmentSecuritiesMember" xlink:label="UsGovernmentSecuritiesMember" xlink:title="UsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_UsGovernmentSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsGovernmentSecuritiesMember" xml:lang="en-US" id="label_UsGovernmentSecuritiesMember">Securities classified as U.S. government securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsGovernmentSecuritiesMember" xlink:to="label_UsGovernmentSecuritiesMember" xlink:title="Label : UsGovernmentSecuritiesMember to label_UsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_UsGovernmentSecuritiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsGovernmentSecuritiesMember_1" xml:lang="en-US" id="label_UsGovernmentSecuritiesMember_1">U.S. government securities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsGovernmentSecuritiesMember" xlink:to="label_UsGovernmentSecuritiesMember_1" xlink:title="Label : UsGovernmentSecuritiesMember to label_UsGovernmentSecuritiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UsSovereignBillsMember" xlink:label="UsSovereignBillsMember" xlink:title="UsSovereignBillsMember" />
    <link:label xlink:type="resource" xlink:label="label_UsSovereignBillsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsSovereignBillsMember" xml:lang="en-US" id="label_UsSovereignBillsMember">U.S. Sovereign Bills [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsSovereignBillsMember" xlink:to="label_UsSovereignBillsMember" xlink:title="Label : UsSovereignBillsMember to label_UsSovereignBillsMember" />
    <link:label xlink:type="resource" xlink:label="label_UsSovereignBillsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsSovereignBillsMember_1" xml:lang="en-US" id="label_UsSovereignBillsMember_1">Represents U.S. Sovereign Bills.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsSovereignBillsMember" xlink:to="label_UsSovereignBillsMember_1" xlink:title="Label : UsSovereignBillsMember to label_UsSovereignBillsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NonUsSovereignBillsMember" xlink:label="NonUsSovereignBillsMember" xlink:title="NonUsSovereignBillsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonUsSovereignBillsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonUsSovereignBillsMember" xml:lang="en-US" id="label_NonUsSovereignBillsMember">Non - U.S. Sovereign Bills [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUsSovereignBillsMember" xlink:to="label_NonUsSovereignBillsMember" xlink:title="Label : NonUsSovereignBillsMember to label_NonUsSovereignBillsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonUsSovereignBillsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonUsSovereignBillsMember_1" xml:lang="en-US" id="label_NonUsSovereignBillsMember_1">Represents Non - U.S. Sovereign Bills.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUsSovereignBillsMember" xlink:to="label_NonUsSovereignBillsMember_1" xlink:title="Label : NonUsSovereignBillsMember to label_NonUsSovereignBillsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherInvestments1Member" xlink:label="OtherInvestments1Member" xlink:title="OtherInvestments1Member" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestments1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherInvestments1Member" xml:lang="en-US" id="label_OtherInvestments1Member">Investments classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestments1Member" xlink:to="label_OtherInvestments1Member" xlink:title="Label : OtherInvestments1Member to label_OtherInvestments1Member" />
    <link:label xlink:type="resource" xlink:label="label_OtherInvestments1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherInvestments1Member_1" xml:lang="en-US" id="label_OtherInvestments1Member_1">Other investments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherInvestments1Member" xlink:to="label_OtherInvestments1Member_1" xlink:title="Label : OtherInvestments1Member to label_OtherInvestments1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CorporatesSecuritiesMember" xlink:label="CorporatesSecuritiesMember" xlink:title="CorporatesSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CorporatesSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CorporatesSecuritiesMember" xml:lang="en-US" id="label_CorporatesSecuritiesMember">Securities classified as Corporates securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporatesSecuritiesMember" xlink:to="label_CorporatesSecuritiesMember" xlink:title="Label : CorporatesSecuritiesMember to label_CorporatesSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CorporatesSecuritiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CorporatesSecuritiesMember_1" xml:lang="en-US" id="label_CorporatesSecuritiesMember_1">Corporates securities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CorporatesSecuritiesMember" xlink:to="label_CorporatesSecuritiesMember_1" xlink:title="Label : CorporatesSecuritiesMember to label_CorporatesSecuritiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NonUsGovernmentSecuritiesMember" xlink:label="NonUsGovernmentSecuritiesMember" xlink:title="NonUsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonUsGovernmentSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonUsGovernmentSecuritiesMember" xml:lang="en-US" id="label_NonUsGovernmentSecuritiesMember">Securities classified as Non - U.S. government securities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUsGovernmentSecuritiesMember" xlink:to="label_NonUsGovernmentSecuritiesMember" xlink:title="Label : NonUsGovernmentSecuritiesMember to label_NonUsGovernmentSecuritiesMember" />
    <link:label xlink:type="resource" xlink:label="label_NonUsGovernmentSecuritiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonUsGovernmentSecuritiesMember_1" xml:lang="en-US" id="label_NonUsGovernmentSecuritiesMember_1">Non - U.S. government securities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonUsGovernmentSecuritiesMember" xlink:to="label_NonUsGovernmentSecuritiesMember_1" xlink:title="Label : NonUsGovernmentSecuritiesMember to label_NonUsGovernmentSecuritiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BondsAndOtherFixedIncomeMember" xlink:label="BondsAndOtherFixedIncomeMember" xlink:title="BondsAndOtherFixedIncomeMember" />
    <link:label xlink:type="resource" xlink:label="label_BondsAndOtherFixedIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondsAndOtherFixedIncomeMember" xml:lang="en-US" id="label_BondsAndOtherFixedIncomeMember">Represents bonds and other fixed income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsAndOtherFixedIncomeMember" xlink:to="label_BondsAndOtherFixedIncomeMember" xlink:title="Label : BondsAndOtherFixedIncomeMember to label_BondsAndOtherFixedIncomeMember" />
    <link:label xlink:type="resource" xlink:label="label_BondsAndOtherFixedIncomeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsAndOtherFixedIncomeMember_1" xml:lang="en-US" id="label_BondsAndOtherFixedIncomeMember_1">Bonds and other fixed income [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsAndOtherFixedIncomeMember" xlink:to="label_BondsAndOtherFixedIncomeMember_1" xlink:title="Label : BondsAndOtherFixedIncomeMember to label_BondsAndOtherFixedIncomeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherNotesMember" xlink:label="OtherNotesMember" xlink:title="OtherNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherNotesMember" xml:lang="en-US" id="label_OtherNotesMember">Securities classified as other notes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNotesMember" xlink:to="label_OtherNotesMember" xlink:title="Label : OtherNotesMember to label_OtherNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherNotesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNotesMember_1" xml:lang="en-US" id="label_OtherNotesMember_1">Other notes [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNotesMember" xlink:to="label_OtherNotesMember_1" xlink:title="Label : OtherNotesMember to label_OtherNotesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CustomerConcentrationRisk1Member" xlink:label="CustomerConcentrationRisk1Member" xlink:title="CustomerConcentrationRisk1Member" />
    <link:label xlink:type="resource" xlink:label="label_CustomerConcentrationRisk1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CustomerConcentrationRisk1Member" xml:lang="en-US" id="label_CustomerConcentrationRisk1Member">Reflects the percentage that revenues or credit exposure in the period are from one or more significant customers. The risk is the materially adverse effects of loss of a significant customer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerConcentrationRisk1Member" xlink:to="label_CustomerConcentrationRisk1Member" xlink:title="Label : CustomerConcentrationRisk1Member to label_CustomerConcentrationRisk1Member" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CommercialPapersMember" xlink:label="CommercialPapersMember" xlink:title="CommercialPapersMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPapersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialPapersMember" xml:lang="en-US" id="label_CommercialPapersMember">Securities classified as Commercial Papers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPapersMember" xlink:to="label_CommercialPapersMember" xlink:title="Label : CommercialPapersMember to label_CommercialPapersMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember">One percent change, Brazilian Real / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember to label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPapersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialPapersMember_1" xml:lang="en-US" id="label_CommercialPapersMember_1">Commercial Papers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPapersMember" xlink:to="label_CommercialPapersMember_1" xlink:title="Label : CommercialPapersMember to label_CommercialPapersMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CertificatesOfDepositsMember" xlink:label="CertificatesOfDepositsMember" xlink:title="CertificatesOfDepositsMember" />
    <link:label xlink:type="resource" xlink:label="label_CertificatesOfDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CertificatesOfDepositsMember" xml:lang="en-US" id="label_CertificatesOfDepositsMember">Securities classified as Certificates of Deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CertificatesOfDepositsMember" xlink:to="label_CertificatesOfDepositsMember" xlink:title="Label : CertificatesOfDepositsMember to label_CertificatesOfDepositsMember" />
    <link:label xlink:type="resource" xlink:label="label_CertificatesOfDepositsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CertificatesOfDepositsMember_1" xml:lang="en-US" id="label_CertificatesOfDepositsMember_1">Certificates of Deposits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CertificatesOfDepositsMember" xlink:to="label_CertificatesOfDepositsMember_1" xlink:title="Label : CertificatesOfDepositsMember to label_CertificatesOfDepositsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:label="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:title="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xml:lang="en-US" id="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember">Represents fixed income (time-deposit, zero coupon bonds, commercial papers).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:to="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:title="Label : FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember to label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" xml:lang="en-US" id="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1">Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" xlink:to="label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" xlink:title="Label : FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember to label_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsMember" xlink:label="FinancialAssetsMember" xlink:title="FinancialAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsMember" xml:lang="en-US" id="label_FinancialAssetsMember">Financial assets, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsMember" xlink:to="label_FinancialAssetsMember" xlink:title="Label : FinancialAssetsMember to label_FinancialAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_1">This member stands for the information pertaining to one percent change in Brazilian Real / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember to label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ClassesOfFinancialAssetsAxis" xlink:title="ClassesOfFinancialAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialAssetsAxis" xml:lang="en-US" id="label_ClassesOfFinancialAssetsAxis">Classes of financial assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialAssetsAxis" xlink:to="label_ClassesOfFinancialAssetsAxis" xlink:title="Label : ClassesOfFinancialAssetsAxis to label_ClassesOfFinancialAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="Level2OfFairValueHierarchyMember" xlink:title="Level2OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level2OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level2OfFairValueHierarchyMember">Level 2 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level2OfFairValueHierarchyMember" xlink:to="label_Level2OfFairValueHierarchyMember" xlink:title="Label : Level2OfFairValueHierarchyMember to label_Level2OfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="Level1OfFairValueHierarchyMember" xlink:title="Level1OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level1OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember">Level 1 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember" xlink:title="Label : Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:label="FinancialAssetsAtAmortisedCostCategoryMember" xlink:title="FinancialAssetsAtAmortisedCostCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtAmortisedCostCategoryMember" xml:lang="en-US" id="label_FinancialAssetsAtAmortisedCostCategoryMember">Financial assets at amortised cost, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtAmortisedCostCategoryMember" xlink:to="label_FinancialAssetsAtAmortisedCostCategoryMember" xlink:title="Label : FinancialAssetsAtAmortisedCostCategoryMember to label_FinancialAssetsAtAmortisedCostCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsCategoryMember" xlink:label="FinancialAssetsCategoryMember" xlink:title="FinancialAssetsCategoryMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsCategoryMember" xml:lang="en-US" id="label_FinancialAssetsCategoryMember">Financial assets, category [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsCategoryMember" xlink:to="label_FinancialAssetsCategoryMember" xlink:title="Label : FinancialAssetsCategoryMember to label_FinancialAssetsCategoryMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="CategoriesOfFinancialAssetsAxis" xlink:title="CategoriesOfFinancialAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoriesOfFinancialAssetsAxis" xml:lang="en-US" id="label_CategoriesOfFinancialAssetsAxis">Categories of financial assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoriesOfFinancialAssetsAxis" xlink:to="label_CategoriesOfFinancialAssetsAxis" xlink:title="Label : CategoriesOfFinancialAssetsAxis to label_CategoriesOfFinancialAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="DisclosureOfFinancialInstrumentsTable" xlink:title="DisclosureOfFinancialInstrumentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsTable" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsTable">Disclosure of detailed information about financial instruments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsTable" xlink:to="label_DisclosureOfFinancialInstrumentsTable" xlink:title="Label : DisclosureOfFinancialInstrumentsTable to label_DisclosureOfFinancialInstrumentsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="FloatingInterestRateMember" xlink:title="FloatingInterestRateMember" />
    <link:label xlink:type="resource" xlink:label="label_FloatingInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FloatingInterestRateMember" xml:lang="en-US" id="label_FloatingInterestRateMember">Floating interest rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FloatingInterestRateMember" xlink:to="label_FloatingInterestRateMember" xlink:title="Label : FloatingInterestRateMember to label_FloatingInterestRateMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UsDollarBrazilianRealForeignExchangeRiskMember" xlink:label="UsDollarBrazilianRealForeignExchangeRiskMember" xlink:title="UsDollarBrazilianRealForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_UsDollarBrazilianRealForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsDollarBrazilianRealForeignExchangeRiskMember" xml:lang="en-US" id="label_UsDollarBrazilianRealForeignExchangeRiskMember">U.S. dollar / Brazilian Real foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsDollarBrazilianRealForeignExchangeRiskMember" xlink:to="label_UsDollarBrazilianRealForeignExchangeRiskMember" xlink:title="Label : UsDollarBrazilianRealForeignExchangeRiskMember to label_UsDollarBrazilianRealForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_UsDollarBrazilianRealForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsDollarBrazilianRealForeignExchangeRiskMember_1" xml:lang="en-US" id="label_UsDollarBrazilianRealForeignExchangeRiskMember_1">This member stands for the information pertaining to U.S. dollar / Brazilian Real foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsDollarBrazilianRealForeignExchangeRiskMember" xlink:to="label_UsDollarBrazilianRealForeignExchangeRiskMember_1" xlink:title="Label : UsDollarBrazilianRealForeignExchangeRiskMember to label_UsDollarBrazilianRealForeignExchangeRiskMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UsDollarBrazilianRealForeignExchangeRiskMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsDollarBrazilianRealForeignExchangeRiskMember_2" xml:lang="en-US" id="label_UsDollarBrazilianRealForeignExchangeRiskMember_2">U.S. dollar / Brazilian Real foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsDollarBrazilianRealForeignExchangeRiskMember" xlink:to="label_UsDollarBrazilianRealForeignExchangeRiskMember_2" xlink:title="Label : UsDollarBrazilianRealForeignExchangeRiskMember to label_UsDollarBrazilianRealForeignExchangeRiskMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:label="SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:title="SaudiArabianRiyalUsDollarExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaudiArabianRiyalUsDollarExchangeRiskMember" xml:lang="en-US" id="label_SaudiArabianRiyalUsDollarExchangeRiskMember">Represents information pertaining to Saudi Arabian Riyal/US Dollar exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:to="label_SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:title="Label : SaudiArabianRiyalUsDollarExchangeRiskMember to label_SaudiArabianRiyalUsDollarExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_2" xml:lang="en-US" id="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_2">One percent change, Brazilian Real / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_2" xlink:title="Label : OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember to label_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember_2" />
    <link:label xlink:type="resource" xlink:label="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xml:lang="en-US" id="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1">Saudi Arabian Riyal / US Dollar exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiArabianRiyalUsDollarExchangeRiskMember" xlink:to="label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" xlink:title="Label : SaudiArabianRiyalUsDollarExchangeRiskMember to label_SaudiArabianRiyalUsDollarExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EuroUsDollarForeignExchangeRiskMember" xlink:label="EuroUsDollarForeignExchangeRiskMember" xlink:title="EuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_EuroUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EuroUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_EuroUsDollarForeignExchangeRiskMember">Represents a Euro / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuroUsDollarForeignExchangeRiskMember" xlink:to="label_EuroUsDollarForeignExchangeRiskMember" xlink:title="Label : EuroUsDollarForeignExchangeRiskMember to label_EuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_EuroUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EuroUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_EuroUsDollarForeignExchangeRiskMember_1">Euro / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuroUsDollarForeignExchangeRiskMember" xlink:to="label_EuroUsDollarForeignExchangeRiskMember_1" xlink:title="Label : EuroUsDollarForeignExchangeRiskMember to label_EuroUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:label="ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="ArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ArgentinePesoUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_ArgentinePesoUsDollarForeignExchangeRiskMember">Represents a Argentine Peso / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="Label : ArgentinePesoUsDollarForeignExchangeRiskMember to label_ArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1">Argentine Peso / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:title="Label : ArgentinePesoUsDollarForeignExchangeRiskMember to label_ArgentinePesoUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CTAForeignExchangeRiskCurrencyExposure" xlink:label="CTAForeignExchangeRiskCurrencyExposure" xlink:title="CTAForeignExchangeRiskCurrencyExposure" />
    <link:label xlink:type="resource" xlink:label="label_CTAForeignExchangeRiskCurrencyExposure" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CTAForeignExchangeRiskCurrencyExposure" xml:lang="en-US" id="label_CTAForeignExchangeRiskCurrencyExposure">The amount of exchange differences arise from CTA foreign exchange risk currency exposure.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CTAForeignExchangeRiskCurrencyExposure" xlink:to="label_CTAForeignExchangeRiskCurrencyExposure" xlink:title="Label : CTAForeignExchangeRiskCurrencyExposure to label_CTAForeignExchangeRiskCurrencyExposure" />
    <link:label xlink:type="resource" xlink:label="label_CTAForeignExchangeRiskCurrencyExposure_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CTAForeignExchangeRiskCurrencyExposure_1" xml:lang="en-US" id="label_CTAForeignExchangeRiskCurrencyExposure_1">CTA foreign exchange risk currency exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CTAForeignExchangeRiskCurrencyExposure" xlink:to="label_CTAForeignExchangeRiskCurrencyExposure_1" xlink:title="Label : CTAForeignExchangeRiskCurrencyExposure to label_CTAForeignExchangeRiskCurrencyExposure_1" />
    <link:label xlink:type="resource" xlink:label="label_CTAForeignExchangeRiskCurrencyExposure_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CTAForeignExchangeRiskCurrencyExposure_2" xml:lang="en-US" id="label_CTAForeignExchangeRiskCurrencyExposure_2">C.T.A foreign exchange risk currency exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CTAForeignExchangeRiskCurrencyExposure" xlink:to="label_CTAForeignExchangeRiskCurrencyExposure_2" xlink:title="Label : CTAForeignExchangeRiskCurrencyExposure to label_CTAForeignExchangeRiskCurrencyExposure_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MinimumMaturityPeriodOfCertificatesOfDeposits" xlink:label="MinimumMaturityPeriodOfCertificatesOfDeposits" xlink:title="MinimumMaturityPeriodOfCertificatesOfDeposits" />
    <link:label xlink:type="resource" xlink:label="label_MinimumMaturityPeriodOfCertificatesOfDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumMaturityPeriodOfCertificatesOfDeposits" xml:lang="en-US" id="label_MinimumMaturityPeriodOfCertificatesOfDeposits">The minimum maturity period of certificates of deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMaturityPeriodOfCertificatesOfDeposits" xlink:to="label_MinimumMaturityPeriodOfCertificatesOfDeposits" xlink:title="Label : MinimumMaturityPeriodOfCertificatesOfDeposits to label_MinimumMaturityPeriodOfCertificatesOfDeposits" />
    <link:label xlink:type="resource" xlink:label="label_MinimumMaturityPeriodOfCertificatesOfDeposits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumMaturityPeriodOfCertificatesOfDeposits_1" xml:lang="en-US" id="label_MinimumMaturityPeriodOfCertificatesOfDeposits_1">Minimum maturity period of certificates of deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMaturityPeriodOfCertificatesOfDeposits" xlink:to="label_MinimumMaturityPeriodOfCertificatesOfDeposits_1" xlink:title="Label : MinimumMaturityPeriodOfCertificatesOfDeposits to label_MinimumMaturityPeriodOfCertificatesOfDeposits_1" />
    <link:label xlink:type="resource" xlink:label="label_MinimumMaturityPeriodOfCertificatesOfDeposits_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumMaturityPeriodOfCertificatesOfDeposits_2" xml:lang="en-US" id="label_MinimumMaturityPeriodOfCertificatesOfDeposits_2">Minimum maturity period of certificates of deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumMaturityPeriodOfCertificatesOfDeposits" xlink:to="label_MinimumMaturityPeriodOfCertificatesOfDeposits_2" xlink:title="Label : MinimumMaturityPeriodOfCertificatesOfDeposits to label_MinimumMaturityPeriodOfCertificatesOfDeposits_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xlink:label="MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xlink:title="MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xml:lang="en-US" id="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature">The maximum period of fixed price of commodities for short-term nature.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xlink:to="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xlink:title="Label : MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature to label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_1" xml:lang="en-US" id="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_1">Maximum period of fixed price of commodities for short-term nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xlink:to="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_1" xlink:title="Label : MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature to label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_2" xml:lang="en-US" id="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_2">Maximum period of fixed price of commodities for short-term nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" xlink:to="label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_2" xlink:title="Label : MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature to label_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:label="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:title="MaximumMaturityPeriodOfCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumMaturityPeriodOfCashAndCashEquivalents" xml:lang="en-US" id="label_MaximumMaturityPeriodOfCashAndCashEquivalents">The maximum maturity period of cash and cash equivalents.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:to="label_MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:title="Label : MaximumMaturityPeriodOfCashAndCashEquivalents to label_MaximumMaturityPeriodOfCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" xml:lang="en-US" id="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1">Maximum maturity period of cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:to="label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" xlink:title="Label : MaximumMaturityPeriodOfCashAndCashEquivalents to label_MaximumMaturityPeriodOfCashAndCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" xml:lang="en-US" id="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2">Maximum maturity period of cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfCashAndCashEquivalents" xlink:to="label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" xlink:title="Label : MaximumMaturityPeriodOfCashAndCashEquivalents to label_MaximumMaturityPeriodOfCashAndCashEquivalents_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReserveOfCashFlowHedgesContinuingHedges" xlink:label="ReserveOfCashFlowHedgesContinuingHedges" xlink:title="ReserveOfCashFlowHedgesContinuingHedges" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges">Hedge accounting reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges_1" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges_1">Hedge accounting reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges_1" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges_1" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges_2" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges_2">Reserve of cash flow hedges, continuing hedges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges_2" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges_2" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfCashFlowHedgesContinuingHedges_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfCashFlowHedgesContinuingHedges_3" xml:lang="en-US" id="label_ReserveOfCashFlowHedgesContinuingHedges_3">Hedge accounting reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfCashFlowHedgesContinuingHedges" xlink:to="label_ReserveOfCashFlowHedgesContinuingHedges_3" xlink:title="Label : ReserveOfCashFlowHedgesContinuingHedges to label_ReserveOfCashFlowHedgesContinuingHedges_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:label="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:title="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xml:lang="en-US" id="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue">Financial liabilities fair value as a percentage of carrying value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:to="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:title="Label : FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue to label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" xml:lang="en-US" id="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1">Financial liabilities, fair value as a percentage of carrying value (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:to="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" xlink:title="Label : FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue to label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" xml:lang="en-US" id="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2">The percentage of a financial liabilities carrying amount that represents its fair value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" xlink:to="label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" xlink:title="Label : FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue to label_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue_2" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1">Liquid financial assets percentage denominated by a specific currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:to="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2">Liquid financial assets, percentage denominated by a specific currency (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" xlink:to="label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" xlink:title="Label : LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency to label_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LiquidFinancialAssetsPercentage" xlink:label="LiquidFinancialAssetsPercentage" xlink:title="LiquidFinancialAssetsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquidFinancialAssetsPercentage" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentage">Liquid financial assets percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentage" xlink:to="label_LiquidFinancialAssetsPercentage" xlink:title="Label : LiquidFinancialAssetsPercentage to label_LiquidFinancialAssetsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiquidFinancialAssetsPercentage_1" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentage_1">Liquid financial assets (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentage" xlink:to="label_LiquidFinancialAssetsPercentage_1" xlink:title="Label : LiquidFinancialAssetsPercentage to label_LiquidFinancialAssetsPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_LiquidFinancialAssetsPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiquidFinancialAssetsPercentage_2" xml:lang="en-US" id="label_LiquidFinancialAssetsPercentage_2">The percentage of assets held that are liquid.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidFinancialAssetsPercentage" xlink:to="label_LiquidFinancialAssetsPercentage_2" xlink:title="Label : LiquidFinancialAssetsPercentage to label_LiquidFinancialAssetsPercentage_2" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConcentrationRiskPercentage_1" xml:lang="en-US" id="label_ConcentrationRiskPercentage_1">Concentration risk (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage" xlink:to="label_ConcentrationRiskPercentage_1" xlink:title="Label : ConcentrationRiskPercentage to label_ConcentrationRiskPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_ConcentrationRiskPercentage_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConcentrationRiskPercentage_2" xml:lang="en-US" id="label_ConcentrationRiskPercentage_2">Concentration risk percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConcentrationRiskPercentage" xlink:to="label_ConcentrationRiskPercentage_2" xlink:title="Label : ConcentrationRiskPercentage to label_ConcentrationRiskPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ExposureInvestmentGradeRatedInstruments" xlink:label="ExposureInvestmentGradeRatedInstruments" xlink:title="ExposureInvestmentGradeRatedInstruments" />
    <link:label xlink:type="resource" xlink:label="label_ExposureInvestmentGradeRatedInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExposureInvestmentGradeRatedInstruments" xml:lang="en-US" id="label_ExposureInvestmentGradeRatedInstruments">The percentage for exposure investment-grade rated Instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureInvestmentGradeRatedInstruments" xlink:to="label_ExposureInvestmentGradeRatedInstruments" xlink:title="Label : ExposureInvestmentGradeRatedInstruments to label_ExposureInvestmentGradeRatedInstruments" />
    <link:label xlink:type="resource" xlink:label="label_ExposureInvestmentGradeRatedInstruments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExposureInvestmentGradeRatedInstruments_1" xml:lang="en-US" id="label_ExposureInvestmentGradeRatedInstruments_1">Exposure investment-grade rated instruments (as a percent)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureInvestmentGradeRatedInstruments" xlink:to="label_ExposureInvestmentGradeRatedInstruments_1" xlink:title="Label : ExposureInvestmentGradeRatedInstruments to label_ExposureInvestmentGradeRatedInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_ExposureInvestmentGradeRatedInstruments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureInvestmentGradeRatedInstruments_2" xml:lang="en-US" id="label_ExposureInvestmentGradeRatedInstruments_2">Exposure investment grade rated instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureInvestmentGradeRatedInstruments" xlink:to="label_ExposureInvestmentGradeRatedInstruments_2" xlink:title="Label : ExposureInvestmentGradeRatedInstruments to label_ExposureInvestmentGradeRatedInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CreditExposure" xlink:label="CreditExposure" xlink:title="CreditExposure" />
    <link:label xlink:type="resource" xlink:label="label_CreditExposure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CreditExposure" xml:lang="en-US" id="label_CreditExposure">Credit exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditExposure" xlink:to="label_CreditExposure" xlink:title="Label : CreditExposure to label_CreditExposure" />
    <link:label xlink:type="resource" xlink:label="label_CreditExposure_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditExposure_1" xml:lang="en-US" id="label_CreditExposure_1">ifrs-full_CreditExposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditExposure" xlink:to="label_CreditExposure_1" xlink:title="Label : CreditExposure to label_CreditExposure_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:label="LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:title="LossOnInterestRateRiskIfMarketInterestRatesWereHigher" />
    <link:label xlink:type="resource" xlink:label="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xml:lang="en-US" id="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher">Loss on interest rate risk if market interest rates were higher</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:to="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:title="Label : LossOnInterestRateRiskIfMarketInterestRatesWereHigher to label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher" />
    <link:label xlink:type="resource" xlink:label="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" xml:lang="en-US" id="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_1">The amount of potential loss on interest rate risk if the market interest rates were higher.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:to="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" xlink:title="Label : LossOnInterestRateRiskIfMarketInterestRatesWereHigher to label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_1" />
    <link:label xlink:type="resource" xlink:label="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" xml:lang="en-US" id="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_2">Loss on interest rate risk if market interest rates were higher</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossOnInterestRateRiskIfMarketInterestRatesWereHigher" xlink:to="label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" xlink:title="Label : LossOnInterestRateRiskIfMarketInterestRatesWereHigher to label_LossOnInterestRateRiskIfMarketInterestRatesWereHigher_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShorttermBorrowings" xlink:label="ShorttermBorrowings" xlink:title="ShorttermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShorttermBorrowings" xml:lang="en-US" id="label_ShorttermBorrowings">Current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowings" xlink:to="label_ShorttermBorrowings" xlink:title="Label : ShorttermBorrowings to label_ShorttermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_ShorttermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShorttermBorrowings_1" xml:lang="en-US" id="label_ShorttermBorrowings_1">ifrs-full_ShorttermBorrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShorttermBorrowings" xlink:to="label_ShorttermBorrowings_1" xlink:title="Label : ShorttermBorrowings to label_ShorttermBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Borrowings" xlink:label="Borrowings" xlink:title="Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings">Total Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings" xlink:title="Label : Borrowings to label_Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Borrowings_1" xml:lang="en-US" id="label_Borrowings_1">Total borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_1" xlink:title="Label : Borrowings to label_Borrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Borrowings_2" xml:lang="en-US" id="label_Borrowings_2">Borrowings C and NC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_2" xlink:title="Label : Borrowings to label_Borrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Borrowings_3" xml:lang="en-US" id="label_Borrowings_3">Significant borrowings as of closing date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_3" xlink:title="Label : Borrowings to label_Borrowings_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeRiskCurrencyExposure" xlink:label="ForeignExchangeRiskCurrencyExposure" xlink:title="ForeignExchangeRiskCurrencyExposure" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ForeignExchangeRiskCurrencyExposure" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure">Currency exposure / functional currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeRiskCurrencyExposure_1" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_1">Currency exposure / functional currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure_1" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeRiskCurrencyExposure_2" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_2">Foreign exchange risk, currency exposure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure_2" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure_2" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRiskCurrencyExposure_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeRiskCurrencyExposure_3" xml:lang="en-US" id="label_ForeignExchangeRiskCurrencyExposure_3">The amount of currency exposure which impact profit and loss expressed as long/(short).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRiskCurrencyExposure" xlink:to="label_ForeignExchangeRiskCurrencyExposure_3" xlink:title="Label : ForeignExchangeRiskCurrencyExposure to label_ForeignExchangeRiskCurrencyExposure_3" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DebtToEquityRatio" xlink:label="DebtToEquityRatio" xlink:title="DebtToEquityRatio" />
    <link:label xlink:type="resource" xlink:label="label_DebtToEquityRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtToEquityRatio" xml:lang="en-US" id="label_DebtToEquityRatio">The year-end ratio of debt to total equity (where &#x201C;debt&#x201D; comprises financial borrowings and &#x201C;total equity&#x201D; is the sum of financial borrowings and equity).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtToEquityRatio" xlink:to="label_DebtToEquityRatio" xlink:title="Label : DebtToEquityRatio to label_DebtToEquityRatio" />
    <link:label xlink:type="resource" xlink:label="label_DebtToEquityRatio_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtToEquityRatio_1" xml:lang="en-US" id="label_DebtToEquityRatio_1">Debt to equity ratio (as a ratio)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtToEquityRatio" xlink:to="label_DebtToEquityRatio_1" xlink:title="Label : DebtToEquityRatio to label_DebtToEquityRatio_1" />
    <link:label xlink:type="resource" xlink:label="label_DebtToEquityRatio_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtToEquityRatio_2" xml:lang="en-US" id="label_DebtToEquityRatio_2">Debt to equity ratio</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtToEquityRatio" xlink:to="label_DebtToEquityRatio_2" xlink:title="Label : DebtToEquityRatio to label_DebtToEquityRatio_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_VenezuelanCompaniesMember" xlink:label="VenezuelanCompaniesMember" xlink:title="VenezuelanCompaniesMember" />
    <link:label xlink:type="resource" xlink:label="label_VenezuelanCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VenezuelanCompaniesMember" xml:lang="en-US" id="label_VenezuelanCompaniesMember">This member stands for the information pertaining to "Venezuelan Companies".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VenezuelanCompaniesMember" xlink:to="label_VenezuelanCompaniesMember" xlink:title="Label : VenezuelanCompaniesMember to label_VenezuelanCompaniesMember" />
    <link:label xlink:type="resource" xlink:label="label_VenezuelanCompaniesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VenezuelanCompaniesMember_1" xml:lang="en-US" id="label_VenezuelanCompaniesMember_1">Venezuelan Companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VenezuelanCompaniesMember" xlink:to="label_VenezuelanCompaniesMember_1" xlink:title="Label : VenezuelanCompaniesMember to label_VenezuelanCompaniesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_VenezuelanCompaniesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VenezuelanCompaniesMember_2" xml:lang="en-US" id="label_VenezuelanCompaniesMember_2">Venezuelan Companies [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VenezuelanCompaniesMember" xlink:to="label_VenezuelanCompaniesMember_2" xlink:title="Label : VenezuelanCompaniesMember to label_VenezuelanCompaniesMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_SegmentGeographicalDomain" xlink:label="SegmentGeographicalDomain" xlink:title="SegmentGeographicalDomain" />
    <link:label xlink:type="resource" xlink:label="label_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentGeographicalDomain" xml:lang="en-US" id="label_SegmentGeographicalDomain">Geographical [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentGeographicalDomain" xlink:to="label_SegmentGeographicalDomain" xlink:title="Label : SegmentGeographicalDomain to label_SegmentGeographicalDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd#srt_StatementGeographicalAxis" xlink:label="StatementGeographicalAxis" xlink:title="StatementGeographicalAxis" />
    <link:label xlink:type="resource" xlink:label="label_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementGeographicalAxis" xml:lang="en-US" id="label_StatementGeographicalAxis">Geographical [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementGeographicalAxis" xlink:to="label_StatementGeographicalAxis" xlink:title="Label : StatementGeographicalAxis to label_StatementGeographicalAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:label="AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:title="AllowanceForDoubtfulAccountsTradeReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowanceForDoubtfulAccountsTradeReceivablesMember" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsTradeReceivablesMember">Represents the allowance for doubtful accounts attributable to trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:to="label_AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:title="Label : AllowanceForDoubtfulAccountsTradeReceivablesMember to label_AllowanceForDoubtfulAccountsTradeReceivablesMember" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" xml:lang="en-US" id="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1">Allowance for doubtful accounts - trade receivables [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceForDoubtfulAccountsTradeReceivablesMember" xlink:to="label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" xlink:title="Label : AllowanceForDoubtfulAccountsTradeReceivablesMember to label_AllowanceForDoubtfulAccountsTradeReceivablesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherProvisionsMember" xlink:label="OtherProvisionsMember" xlink:title="OtherProvisionsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherProvisionsMember" xml:lang="en-US" id="label_OtherProvisionsMember">Other provisions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisionsMember" xlink:to="label_OtherProvisionsMember" xlink:title="Label : OtherProvisionsMember to label_OtherProvisionsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ClassesOfProvisionsAxis" xlink:title="ClassesOfProvisionsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfProvisionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfProvisionsAxis" xml:lang="en-US" id="label_ClassesOfProvisionsAxis">Classes of other provisions [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfProvisionsAxis" xlink:to="label_ClassesOfProvisionsAxis" xlink:title="Label : ClassesOfProvisionsAxis to label_ClassesOfProvisionsAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PastDueMember" xlink:label="PastDueMember" xlink:title="PastDueMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PastDueMember" xml:lang="en-US" id="label_PastDueMember">Represents a financial instrument which is past due.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueMember" xlink:to="label_PastDueMember" xlink:title="Label : PastDueMember to label_PastDueMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueMember_1" xml:lang="en-US" id="label_PastDueMember_1">Past due [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueMember" xlink:to="label_PastDueMember_1" xlink:title="Label : PastDueMember to label_PastDueMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PastDueStatusMember" xlink:label="PastDueStatusMember" xlink:title="PastDueStatusMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusMember" xml:lang="en-US" id="label_PastDueStatusMember">Past due status [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusMember" xlink:to="label_PastDueStatusMember" xlink:title="Label : PastDueStatusMember to label_PastDueStatusMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PastDueStatusAxis" xlink:label="PastDueStatusAxis" xlink:title="PastDueStatusAxis" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusAxis" xml:lang="en-US" id="label_PastDueStatusAxis">Past due status [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusAxis" xlink:to="label_PastDueStatusAxis" xlink:title="Label : PastDueStatusAxis to label_PastDueStatusAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialGuaranteeContractsMember" xlink:label="FinancialGuaranteeContractsMember" xlink:title="FinancialGuaranteeContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialGuaranteeContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialGuaranteeContractsMember" xml:lang="en-US" id="label_FinancialGuaranteeContractsMember">Financial guarantee contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialGuaranteeContractsMember" xlink:to="label_FinancialGuaranteeContractsMember" xlink:title="Label : FinancialGuaranteeContractsMember to label_FinancialGuaranteeContractsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherGuaranteesMember" xlink:label="OtherGuaranteesMember" xlink:title="OtherGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherGuaranteesMember" xml:lang="en-US" id="label_OtherGuaranteesMember">Represents other guarantees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGuaranteesMember" xlink:to="label_OtherGuaranteesMember" xlink:title="Label : OtherGuaranteesMember to label_OtherGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherGuaranteesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherGuaranteesMember_1" xml:lang="en-US" id="label_OtherGuaranteesMember_1">Other guarantees [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherGuaranteesMember" xlink:to="label_OtherGuaranteesMember_1" xlink:title="Label : OtherGuaranteesMember to label_OtherGuaranteesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LetterOfCreditAndOtherBankGuaranteesMember" xlink:label="LetterOfCreditAndOtherBankGuaranteesMember" xlink:title="LetterOfCreditAndOtherBankGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_LetterOfCreditAndOtherBankGuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LetterOfCreditAndOtherBankGuaranteesMember" xml:lang="en-US" id="label_LetterOfCreditAndOtherBankGuaranteesMember">Represents letter of credit and other bank guarantees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LetterOfCreditAndOtherBankGuaranteesMember" xlink:to="label_LetterOfCreditAndOtherBankGuaranteesMember" xlink:title="Label : LetterOfCreditAndOtherBankGuaranteesMember to label_LetterOfCreditAndOtherBankGuaranteesMember" />
    <link:label xlink:type="resource" xlink:label="label_LetterOfCreditAndOtherBankGuaranteesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LetterOfCreditAndOtherBankGuaranteesMember_1" xml:lang="en-US" id="label_LetterOfCreditAndOtherBankGuaranteesMember_1">Letter of credit and other bank guarantees [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LetterOfCreditAndOtherBankGuaranteesMember" xlink:to="label_LetterOfCreditAndOtherBankGuaranteesMember_1" xlink:title="Label : LetterOfCreditAndOtherBankGuaranteesMember to label_LetterOfCreditAndOtherBankGuaranteesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_GuaranteesUnderCreditInsuranceMember" xlink:label="GuaranteesUnderCreditInsuranceMember" xlink:title="GuaranteesUnderCreditInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteesUnderCreditInsuranceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GuaranteesUnderCreditInsuranceMember" xml:lang="en-US" id="label_GuaranteesUnderCreditInsuranceMember">Represents guarantees under credit insurance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteesUnderCreditInsuranceMember" xlink:to="label_GuaranteesUnderCreditInsuranceMember" xlink:title="Label : GuaranteesUnderCreditInsuranceMember to label_GuaranteesUnderCreditInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteesUnderCreditInsuranceMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GuaranteesUnderCreditInsuranceMember_1" xml:lang="en-US" id="label_GuaranteesUnderCreditInsuranceMember_1">Guarantees under credit insurance [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteesUnderCreditInsuranceMember" xlink:to="label_GuaranteesUnderCreditInsuranceMember_1" xlink:title="Label : GuaranteesUnderCreditInsuranceMember to label_GuaranteesUnderCreditInsuranceMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="ClassesOfFinancialInstrumentsMember" xlink:title="ClassesOfFinancialInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialInstrumentsMember" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsMember">Financial instruments, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsMember" xlink:to="label_ClassesOfFinancialInstrumentsMember" xlink:title="Label : ClassesOfFinancialInstrumentsMember to label_ClassesOfFinancialInstrumentsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ClassesOfFinancialInstrumentsAxis" xlink:title="ClassesOfFinancialInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialInstrumentsAxis" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsAxis">Classes of financial instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsAxis" xlink:to="label_ClassesOfFinancialInstrumentsAxis" xlink:title="Label : ClassesOfFinancialInstrumentsAxis to label_ClassesOfFinancialInstrumentsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FixedInterestRateMember" xlink:label="FixedInterestRateMember" xlink:title="FixedInterestRateMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedInterestRateMember" xml:lang="en-US" id="label_FixedInterestRateMember">Fixed interest rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedInterestRateMember" xlink:to="label_FixedInterestRateMember" xlink:title="Label : FixedInterestRateMember to label_FixedInterestRateMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InterestRateTypesMember" xlink:label="InterestRateTypesMember" xlink:title="InterestRateTypesMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateTypesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateTypesMember" xml:lang="en-US" id="label_InterestRateTypesMember">Interest rate types [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateTypesMember" xlink:to="label_InterestRateTypesMember" xlink:title="Label : InterestRateTypesMember to label_InterestRateTypesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="TypesOfInterestRatesAxis" xlink:title="TypesOfInterestRatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfInterestRatesAxis" xml:lang="en-US" id="label_TypesOfInterestRatesAxis">Types of interest rates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfInterestRatesAxis" xlink:to="label_TypesOfInterestRatesAxis" xlink:title="Label : TypesOfInterestRatesAxis to label_TypesOfInterestRatesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherCurrenciesHedgedToUSDollarMember" xlink:label="OtherCurrenciesHedgedToUSDollarMember" xlink:title="OtherCurrenciesHedgedToUSDollarMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrenciesHedgedToUSDollarMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCurrenciesHedgedToUSDollarMember" xml:lang="en-US" id="label_OtherCurrenciesHedgedToUSDollarMember">This member stands for the information pertaining to other currencies hedged to U.S. dollar.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrenciesHedgedToUSDollarMember" xlink:to="label_OtherCurrenciesHedgedToUSDollarMember" xlink:title="Label : OtherCurrenciesHedgedToUSDollarMember to label_OtherCurrenciesHedgedToUSDollarMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrenciesHedgedToUSDollarMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrenciesHedgedToUSDollarMember_1" xml:lang="en-US" id="label_OtherCurrenciesHedgedToUSDollarMember_1">Other currencies hedged to U.S. dollar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrenciesHedgedToUSDollarMember" xlink:to="label_OtherCurrenciesHedgedToUSDollarMember_1" xlink:title="Label : OtherCurrenciesHedgedToUSDollarMember to label_OtherCurrenciesHedgedToUSDollarMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrenciesHedgedToUSDollarMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrenciesHedgedToUSDollarMember_2" xml:lang="en-US" id="label_OtherCurrenciesHedgedToUSDollarMember_2">Other currencies hedged to U.S. dollar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrenciesHedgedToUSDollarMember" xlink:to="label_OtherCurrenciesHedgedToUSDollarMember_2" xlink:title="Label : OtherCurrenciesHedgedToUSDollarMember to label_OtherCurrenciesHedgedToUSDollarMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EuropeanSovereignCounterpartiesMember" xlink:label="EuropeanSovereignCounterpartiesMember" xlink:title="EuropeanSovereignCounterpartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeanSovereignCounterpartiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EuropeanSovereignCounterpartiesMember" xml:lang="en-US" id="label_EuropeanSovereignCounterpartiesMember">This member stands for the information pertaining to European sovereign counterparties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeanSovereignCounterpartiesMember" xlink:to="label_EuropeanSovereignCounterpartiesMember" xlink:title="Label : EuropeanSovereignCounterpartiesMember to label_EuropeanSovereignCounterpartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeanSovereignCounterpartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EuropeanSovereignCounterpartiesMember_1" xml:lang="en-US" id="label_EuropeanSovereignCounterpartiesMember_1">European sovereign counterparties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeanSovereignCounterpartiesMember" xlink:to="label_EuropeanSovereignCounterpartiesMember_1" xlink:title="Label : EuropeanSovereignCounterpartiesMember to label_EuropeanSovereignCounterpartiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForeignExchangeDerivativesContractsMember" xlink:label="ForeignExchangeDerivativesContractsMember" xlink:title="ForeignExchangeDerivativesContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeDerivativesContractsMember" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsMember">Represents foreign exchange derivatives contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsMember" xlink:to="label_ForeignExchangeDerivativesContractsMember" xlink:title="Label : ForeignExchangeDerivativesContractsMember to label_ForeignExchangeDerivativesContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeDerivativesContractsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeDerivativesContractsMember_1" xml:lang="en-US" id="label_ForeignExchangeDerivativesContractsMember_1">Foreign exchange derivatives contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeDerivativesContractsMember" xlink:to="label_ForeignExchangeDerivativesContractsMember_1" xlink:title="Label : ForeignExchangeDerivativesContractsMember to label_ForeignExchangeDerivativesContractsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_HedgingInstrumentsMember" xlink:label="HedgingInstrumentsMember" xlink:title="HedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsMember" xml:lang="en-US" id="label_HedgingInstrumentsMember">Hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsMember" xlink:to="label_HedgingInstrumentsMember" xlink:title="Label : HedgingInstrumentsMember to label_HedgingInstrumentsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_HedgingInstrumentsAxis" xlink:label="HedgingInstrumentsAxis" xlink:title="HedgingInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsAxis" xml:lang="en-US" id="label_HedgingInstrumentsAxis">Hedging instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsAxis" xlink:to="label_HedgingInstrumentsAxis" xlink:title="Label : HedgingInstrumentsAxis to label_HedgingInstrumentsAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="Level3OfFairValueHierarchyMember" xlink:title="Level3OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Level3OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level3OfFairValueHierarchyMember">Level 3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level3OfFairValueHierarchyMember" xlink:to="label_Level3OfFairValueHierarchyMember" xlink:title="Label : Level3OfFairValueHierarchyMember to label_Level3OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level3OfFairValueHierarchyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level3OfFairValueHierarchyMember_1" xml:lang="en-US" id="label_Level3OfFairValueHierarchyMember_1">Level 3 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level3OfFairValueHierarchyMember" xlink:to="label_Level3OfFairValueHierarchyMember_1" xlink:title="Label : Level3OfFairValueHierarchyMember to label_Level3OfFairValueHierarchyMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="AllLevelsOfFairValueHierarchyMember" xlink:title="AllLevelsOfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_AllLevelsOfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllLevelsOfFairValueHierarchyMember" xml:lang="en-US" id="label_AllLevelsOfFairValueHierarchyMember">All levels of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllLevelsOfFairValueHierarchyMember" xlink:to="label_AllLevelsOfFairValueHierarchyMember" xlink:title="Label : AllLevelsOfFairValueHierarchyMember to label_AllLevelsOfFairValueHierarchyMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="LevelsOfFairValueHierarchyAxis" xlink:title="LevelsOfFairValueHierarchyAxis" />
    <link:label xlink:type="resource" xlink:label="label_LevelsOfFairValueHierarchyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LevelsOfFairValueHierarchyAxis" xml:lang="en-US" id="label_LevelsOfFairValueHierarchyAxis">Levels of fair value hierarchy [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LevelsOfFairValueHierarchyAxis" xlink:to="label_LevelsOfFairValueHierarchyAxis" xlink:title="Label : LevelsOfFairValueHierarchyAxis to label_LevelsOfFairValueHierarchyAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CommodityPriceRiskMember" xlink:label="CommodityPriceRiskMember" xlink:title="CommodityPriceRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CommodityPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommodityPriceRiskMember" xml:lang="en-US" id="label_CommodityPriceRiskMember">Commodity price risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommodityPriceRiskMember" xlink:to="label_CommodityPriceRiskMember" xlink:title="Label : CommodityPriceRiskMember to label_CommodityPriceRiskMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiquidityRiskMember" xlink:label="LiquidityRiskMember" xlink:title="LiquidityRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_LiquidityRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquidityRiskMember" xml:lang="en-US" id="label_LiquidityRiskMember">Liquidity risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquidityRiskMember" xlink:to="label_LiquidityRiskMember" xlink:title="Label : LiquidityRiskMember to label_LiquidityRiskMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CounterpartyRiskMember" xlink:label="CounterpartyRiskMember" xlink:title="CounterpartyRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CounterpartyRiskMember" xml:lang="en-US" id="label_CounterpartyRiskMember">Represents the percentage of financial assets held with counter parties rated as investment grade.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyRiskMember" xlink:to="label_CounterpartyRiskMember" xlink:title="Label : CounterpartyRiskMember to label_CounterpartyRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartyRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartyRiskMember_1" xml:lang="en-US" id="label_CounterpartyRiskMember_1">Counterparty risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartyRiskMember" xlink:to="label_CounterpartyRiskMember_1" xlink:title="Label : CounterpartyRiskMember to label_CounterpartyRiskMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CustomerConcentrationRisk1Member_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerConcentrationRisk1Member_1" xml:lang="en-US" id="label_CustomerConcentrationRisk1Member_1">Customer concentration risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerConcentrationRisk1Member" xlink:to="label_CustomerConcentrationRisk1Member_1" xlink:title="Label : CustomerConcentrationRisk1Member to label_CustomerConcentrationRisk1Member_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember">Represents a one percent change in Euro / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeEuroUsDollarForeignExchangeRiskMember to label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1">One percent change, Euro / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeEuroUsDollarForeignExchangeRiskMember to label_OnePercentChangeEuroUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfRisksMember" xlink:label="TypesOfRisksMember" xlink:title="TypesOfRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksMember" xml:lang="en-US" id="label_TypesOfRisksMember">Risks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksMember" xlink:to="label_TypesOfRisksMember" xlink:title="Label : TypesOfRisksMember to label_TypesOfRisksMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="TypesOfRisksAxis" xlink:title="TypesOfRisksAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksAxis" xml:lang="en-US" id="label_TypesOfRisksAxis">Types of risks [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksAxis" xlink:to="label_TypesOfRisksAxis" xlink:title="Label : TypesOfRisksAxis to label_TypesOfRisksAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:label="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:title="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xml:lang="en-US" id="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember">Projected change rate in future cash flows, measurement input [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:to="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:title="Label : ProjectedChangeRateInFutureCashFlowsMeasurementInputMember to label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember">Represents a one percent change in Saudi Arabian Riyal / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember to label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_GrowthRateMeasurementInputMember" xlink:label="GrowthRateMeasurementInputMember" xlink:title="GrowthRateMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRateMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrowthRateMeasurementInputMember" xml:lang="en-US" id="label_GrowthRateMeasurementInputMember">This member stands for a growth rate used as a measurement input.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRateMeasurementInputMember" xlink:to="label_GrowthRateMeasurementInputMember" xlink:title="Label : GrowthRateMeasurementInputMember to label_GrowthRateMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1">One percent change, Saudi Arabian Riyal / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember to label_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:label="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xml:lang="en-US" id="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember">Represents a one percent change in Argentine Peso / U.S. dollar foreign exchange risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:title="Label : OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember to label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" xml:lang="en-US" id="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1">One percent change, Argentine Peso / U.S. dollar foreign exchange risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" xlink:to="label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" xlink:title="Label : OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember to label_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRateMeasurementInputMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrowthRateMeasurementInputMember_1" xml:lang="en-US" id="label_GrowthRateMeasurementInputMember_1">Growth rate, measurement input [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRateMeasurementInputMember" xlink:to="label_GrowthRateMeasurementInputMember_1" xlink:title="Label : GrowthRateMeasurementInputMember to label_GrowthRateMeasurementInputMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:label="DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:title="DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xml:lang="en-US" id="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable">Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:to="label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:title="Label : DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable to label_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DiscountRateMeasurementInputMember" xlink:label="DiscountRateMeasurementInputMember" xlink:title="DiscountRateMeasurementInputMember" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRateMeasurementInputMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscountRateMeasurementInputMember" xml:lang="en-US" id="label_DiscountRateMeasurementInputMember">Discount rate, measurement input [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRateMeasurementInputMember" xlink:to="label_DiscountRateMeasurementInputMember" xlink:title="Label : DiscountRateMeasurementInputMember to label_DiscountRateMeasurementInputMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:label="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:title="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" />
    <link:label xlink:type="resource" xlink:label="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" xml:lang="en-US" id="label_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage">The amount by which value that has been assigned to a key assumption must change in order for a unit's recoverable amount to be equal to its carrying amount, expressed as a percentage.</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xlink:label="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" xlink:title="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsLineItems" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UnobservableInputsMember" xlink:label="UnobservableInputsMember" xlink:title="UnobservableInputsMember" />
    <link:label xlink:type="resource" xlink:label="label_UnobservableInputsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnobservableInputsMember" xml:lang="en-US" id="label_UnobservableInputsMember">Unobservable inputs [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UnobservableInputsAxis" xlink:label="UnobservableInputsAxis" xlink:title="UnobservableInputsAxis" />
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    <link:label xlink:type="resource" xlink:label="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xml:lang="en-US" id="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1">This member stands for the rate of change in projected cash flows as a measurement input.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" xlink:to="label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" xlink:title="Label : ProjectedChangeRateInFutureCashFlowsMeasurementInputMember to label_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" xlink:label="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" xlink:title="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" xml:lang="en-US" id="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable">Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" xlink:to="label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" xlink:title="Label : DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable to label_DisclosureOfSensitivityAnalysisOfFairValueMeasurementToChangesInUnobservableInputsAssetsTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:label="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:title="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">Useful life measured as period of time, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment to label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="DisclosureOfPropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentLineItems">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentLineItems to label_DisclosureOfPropertyPlantAndEquipmentLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AdditionalDepreciationExpenses" xlink:label="AdditionalDepreciationExpenses" xlink:title="AdditionalDepreciationExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDepreciationExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalDepreciationExpenses" xml:lang="en-US" id="label_AdditionalDepreciationExpenses">Additional depreciation expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDepreciationExpenses" xlink:to="label_AdditionalDepreciationExpenses" xlink:title="Label : AdditionalDepreciationExpenses to label_AdditionalDepreciationExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDepreciationExpenses_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalDepreciationExpenses_1" xml:lang="en-US" id="label_AdditionalDepreciationExpenses_1">The amount of additional depreciation expenses arising from re-estimation of assets useful lives, performed in accordance with IAS 16.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDepreciationExpenses" xlink:to="label_AdditionalDepreciationExpenses_1" xlink:title="Label : AdditionalDepreciationExpenses to label_AdditionalDepreciationExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDepreciationExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalDepreciationExpenses_2" xml:lang="en-US" id="label_AdditionalDepreciationExpenses_2">Additional depreciation expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDepreciationExpenses" xlink:to="label_AdditionalDepreciationExpenses_2" xlink:title="Label : AdditionalDepreciationExpenses to label_AdditionalDepreciationExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:label="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:title="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember">This member stands for a class of property, plant and equipment representing vehicles, furniture and fixtures, and other equipment held by the entity for use in operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:to="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:title="Label : VehiclesFurnitureAndFixturesAndOtherEquipmentMember to label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="DisclosureOfPropertyPlantAndEquipmentTable" xlink:title="DisclosureOfPropertyPlantAndEquipmentTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentTable" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentTable">Disclosure of detailed information about property, plant and equipment [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentTable" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentTable to label_DisclosureOfPropertyPlantAndEquipmentTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:label="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:title="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill">Intangible assets other than goodwill, useful life (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill to label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1">Property, plant and equipment (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment to label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" xml:lang="en-US" id="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1">Vehicles, furniture and fixtures, and other equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" xlink:to="label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" xlink:title="Label : VehiclesFurnitureAndFixturesAndOtherEquipmentMember to label_VehiclesFurnitureAndFixturesAndOtherEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PlantAndProductionEquipmentMember" xlink:label="PlantAndProductionEquipmentMember" xlink:title="PlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_PlantAndProductionEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PlantAndProductionEquipmentMember" xml:lang="en-US" id="label_PlantAndProductionEquipmentMember">This member stands for a class of property, plant and equipment representing plant and production equipment used in operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlantAndProductionEquipmentMember" xlink:to="label_PlantAndProductionEquipmentMember" xlink:title="Label : PlantAndProductionEquipmentMember to label_PlantAndProductionEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1">Useful life measured as period of time, intangible assets other than goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill to label_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xlink:label="MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xlink:title="MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xml:lang="en-US" id="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature">The maximum maturity period of financial assets at fair value through other comprehensive income (&#x201C;FVOCI&#x201D;) instruments for short-term nature.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xlink:to="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xlink:title="Label : MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature to label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_1" xml:lang="en-US" id="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_1">Maximum maturity period of fair value through other comprehensive income instruments for short-term nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xlink:to="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_1" xlink:title="Label : MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature to label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_1" />
    <link:label xlink:type="resource" xlink:label="label_PlantAndProductionEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PlantAndProductionEquipmentMember_1" xml:lang="en-US" id="label_PlantAndProductionEquipmentMember_1">Plant and production equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlantAndProductionEquipmentMember" xlink:to="label_PlantAndProductionEquipmentMember_1" xlink:title="Label : PlantAndProductionEquipmentMember to label_PlantAndProductionEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BuildingsAndImprovementsMember" xlink:label="BuildingsAndImprovementsMember" xlink:title="BuildingsAndImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_BuildingsAndImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BuildingsAndImprovementsMember" xml:lang="en-US" id="label_BuildingsAndImprovementsMember">This member stands for a class of property, plant and equipment representing buildings and equipment held by the entity for use in operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingsAndImprovementsMember" xlink:to="label_BuildingsAndImprovementsMember" xlink:title="Label : BuildingsAndImprovementsMember to label_BuildingsAndImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_BuildingsAndImprovementsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BuildingsAndImprovementsMember_1" xml:lang="en-US" id="label_BuildingsAndImprovementsMember_1">Buildings and improvements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingsAndImprovementsMember" xlink:to="label_BuildingsAndImprovementsMember_1" xlink:title="Label : BuildingsAndImprovementsMember to label_BuildingsAndImprovementsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_2" xml:lang="en-US" id="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_2">Maximum maturity period of fair value through other comprehensive income instruments for short-term nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" xlink:to="label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_2" xlink:title="Label : MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature to label_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature_2" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingCapitalIncreasedInControlGroup_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfVotingCapitalIncreasedInControlGroup_2" xml:lang="en-US" id="label_PercentageOfVotingCapitalIncreasedInControlGroup_2">The percentage of company voting capital increased in control group upon the closing of the transaction under share purchase agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingCapitalIncreasedInControlGroup" xlink:to="label_PercentageOfVotingCapitalIncreasedInControlGroup_2" xlink:title="Label : PercentageOfVotingCapitalIncreasedInControlGroup to label_PercentageOfVotingCapitalIncreasedInControlGroup_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:label="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:title="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" />
    <link:label xlink:type="resource" xlink:label="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">Dilutive effect of share options on number of ordinary shares (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:title="Label : DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares to label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" />
    <link:label xlink:type="resource" xlink:label="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xml:lang="en-US" id="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1">ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" xlink:title="Label : DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares to label_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EmployeeBenefitsEarlyRedemptionPeriod" xlink:label="EmployeeBenefitsEarlyRedemptionPeriod" xlink:title="EmployeeBenefitsEarlyRedemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsEarlyRedemptionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsEarlyRedemptionPeriod" xml:lang="en-US" id="label_EmployeeBenefitsEarlyRedemptionPeriod">Represents the period that the company may exercise an option to for early redemption of units granted under the employee retention and long term incentive program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsEarlyRedemptionPeriod" xlink:to="label_EmployeeBenefitsEarlyRedemptionPeriod" xlink:title="Label : EmployeeBenefitsEarlyRedemptionPeriod to label_EmployeeBenefitsEarlyRedemptionPeriod" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="PropertyPlantAndEquipmentMember" xlink:title="PropertyPlantAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentMember" xml:lang="en-US" id="label_PropertyPlantAndEquipmentMember">Property, plant and equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentMember" xlink:to="label_PropertyPlantAndEquipmentMember" xlink:title="Label : PropertyPlantAndEquipmentMember to label_PropertyPlantAndEquipmentMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="ClassesOfPropertyPlantAndEquipmentAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfPropertyPlantAndEquipmentAxis" xml:lang="en-US" id="label_ClassesOfPropertyPlantAndEquipmentAxis">Classes of property, plant and equipment [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="Label : ClassesOfPropertyPlantAndEquipmentAxis to label_ClassesOfPropertyPlantAndEquipmentAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherCurrentNoncurrentBenefits" xlink:label="OtherCurrentNoncurrentBenefits" xlink:title="OtherCurrentNoncurrentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentNoncurrentBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherCurrentNoncurrentBenefits" xml:lang="en-US" id="label_OtherCurrentNoncurrentBenefits">The amount of other current non-current benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentNoncurrentBenefits" xlink:to="label_OtherCurrentNoncurrentBenefits" xlink:title="Label : OtherCurrentNoncurrentBenefits to label_OtherCurrentNoncurrentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentNoncurrentBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentNoncurrentBenefits_1" xml:lang="en-US" id="label_OtherCurrentNoncurrentBenefits_1">Liability outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentNoncurrentBenefits" xlink:to="label_OtherCurrentNoncurrentBenefits_1" xlink:title="Label : OtherCurrentNoncurrentBenefits to label_OtherCurrentNoncurrentBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentNoncurrentBenefits_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentNoncurrentBenefits_2" xml:lang="en-US" id="label_OtherCurrentNoncurrentBenefits_2">Other current Non-current benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentNoncurrentBenefits" xlink:to="label_OtherCurrentNoncurrentBenefits_2" xlink:title="Label : OtherCurrentNoncurrentBenefits to label_OtherCurrentNoncurrentBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FinitelivedIntangibleAssetReviewedUsefulLife" xlink:label="FinitelivedIntangibleAssetReviewedUsefulLife" xlink:title="FinitelivedIntangibleAssetReviewedUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetReviewedUsefulLife" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinitelivedIntangibleAssetReviewedUsefulLife" xml:lang="en-US" id="label_FinitelivedIntangibleAssetReviewedUsefulLife">Finite-lived intangible asset, reviewed useful life (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetReviewedUsefulLife" xlink:to="label_FinitelivedIntangibleAssetReviewedUsefulLife" xlink:title="Label : FinitelivedIntangibleAssetReviewedUsefulLife to label_FinitelivedIntangibleAssetReviewedUsefulLife" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetReviewedUsefulLife_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinitelivedIntangibleAssetReviewedUsefulLife_1" xml:lang="en-US" id="label_FinitelivedIntangibleAssetReviewedUsefulLife_1">The useful life, measured as period of time, reviewed for intangible assets other than goodwill.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetReviewedUsefulLife" xlink:to="label_FinitelivedIntangibleAssetReviewedUsefulLife_1" xlink:title="Label : FinitelivedIntangibleAssetReviewedUsefulLife to label_FinitelivedIntangibleAssetReviewedUsefulLife_1" />
    <link:label xlink:type="resource" xlink:label="label_FinitelivedIntangibleAssetReviewedUsefulLife_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinitelivedIntangibleAssetReviewedUsefulLife_2" xml:lang="en-US" id="label_FinitelivedIntangibleAssetReviewedUsefulLife_2">Finite-lived intangible asset, reviewed useful life</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinitelivedIntangibleAssetReviewedUsefulLife" xlink:to="label_FinitelivedIntangibleAssetReviewedUsefulLife_2" xlink:title="Label : FinitelivedIntangibleAssetReviewedUsefulLife to label_FinitelivedIntangibleAssetReviewedUsefulLife_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:label="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:title="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections">Nominal growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:to="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections to label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1">Growth rate used to extrapolate cash flow projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:to="label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections to label_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForecastPeriodOfCashFlowProjections" xlink:label="ForecastPeriodOfCashFlowProjections" xlink:title="ForecastPeriodOfCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForecastPeriodOfCashFlowProjections" xml:lang="en-US" id="label_ForecastPeriodOfCashFlowProjections">Forecast period of cash flow projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfCashFlowProjections" xlink:to="label_ForecastPeriodOfCashFlowProjections" xlink:title="Label : ForecastPeriodOfCashFlowProjections to label_ForecastPeriodOfCashFlowProjections" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfCashFlowProjections_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForecastPeriodOfCashFlowProjections_1" xml:lang="en-US" id="label_ForecastPeriodOfCashFlowProjections_1">Forecast period of cash flow projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfCashFlowProjections" xlink:to="label_ForecastPeriodOfCashFlowProjections_1" xlink:title="Label : ForecastPeriodOfCashFlowProjections to label_ForecastPeriodOfCashFlowProjections_1" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfCashFlowProjections_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForecastPeriodOfCashFlowProjections_2" xml:lang="en-US" id="label_ForecastPeriodOfCashFlowProjections_2">The forecast period of cash flow projections used in cash-generating units.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfCashFlowProjections" xlink:to="label_ForecastPeriodOfCashFlowProjections_2" xlink:title="Label : ForecastPeriodOfCashFlowProjections to label_ForecastPeriodOfCashFlowProjections_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumPeriodOfLeaseTermOfShortTermLeases" xlink:label="MaximumPeriodOfLeaseTermOfShortTermLeases" xlink:title="MaximumPeriodOfLeaseTermOfShortTermLeases" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfLeaseTermOfShortTermLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPeriodOfLeaseTermOfShortTermLeases" xml:lang="en-US" id="label_MaximumPeriodOfLeaseTermOfShortTermLeases">Period of lease term of short-term leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfLeaseTermOfShortTermLeases" xlink:to="label_MaximumPeriodOfLeaseTermOfShortTermLeases" xlink:title="Label : MaximumPeriodOfLeaseTermOfShortTermLeases to label_MaximumPeriodOfLeaseTermOfShortTermLeases" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:label="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:title="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" />
    <link:label xlink:type="resource" xlink:label="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xml:lang="en-US" id="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod">The amount of deficit or surplus in a defined contribution plan, adjusted for any effect of limiting a net defined contribution asset to the asset ceiling.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:to="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:title="Label : NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod to label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:label="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:title="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xml:lang="en-US" id="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:to="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:title="Label : DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse to label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:label="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:title="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets">Selling, general and administrative expenses, amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1">Selling general and administrative expenses amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2">Amount of amortization of intangible assets attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfLeaseTermOfShortTermLeases_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPeriodOfLeaseTermOfShortTermLeases_1" xml:lang="en-US" id="label_MaximumPeriodOfLeaseTermOfShortTermLeases_1">Maximum period of lease term of short term leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfLeaseTermOfShortTermLeases" xlink:to="label_MaximumPeriodOfLeaseTermOfShortTermLeases_1" xlink:title="Label : MaximumPeriodOfLeaseTermOfShortTermLeases to label_MaximumPeriodOfLeaseTermOfShortTermLeases_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodOfLeaseTermOfShortTermLeases_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPeriodOfLeaseTermOfShortTermLeases_2" xml:lang="en-US" id="label_MaximumPeriodOfLeaseTermOfShortTermLeases_2">The period of lease term of short-term leases upon lease contract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodOfLeaseTermOfShortTermLeases" xlink:to="label_MaximumPeriodOfLeaseTermOfShortTermLeases_2" xlink:title="Label : MaximumPeriodOfLeaseTermOfShortTermLeases to label_MaximumPeriodOfLeaseTermOfShortTermLeases_2" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_1" xml:lang="en-US" id="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_1">Percentage of voting rights held in unconsolidated entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingRightsHeldInUnconsolidatedEntities" xlink:to="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_1" xlink:title="Label : PercentageOfVotingRightsHeldInUnconsolidatedEntities to label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2" xml:lang="en-US" id="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2">The percentage of voting rights held in unconsolidated entities in which reporting entity has significant influence but not control.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingRightsHeldInUnconsolidatedEntities" xlink:to="label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2" xlink:title="Label : PercentageOfVotingRightsHeldInUnconsolidatedEntities to label_PercentageOfVotingRightsHeldInUnconsolidatedEntities_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CarryingValueOfUnitsGranted" xlink:label="CarryingValueOfUnitsGranted" xlink:title="CarryingValueOfUnitsGranted" />
    <link:label xlink:type="resource" xlink:label="label_CarryingValueOfUnitsGranted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CarryingValueOfUnitsGranted" xml:lang="en-US" id="label_CarryingValueOfUnitsGranted">Represents the carrying value of units granted to date under the employee retention and long term incentive program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingValueOfUnitsGranted" xlink:to="label_CarryingValueOfUnitsGranted" xlink:title="Label : CarryingValueOfUnitsGranted to label_CarryingValueOfUnitsGranted" />
    <link:label xlink:type="resource" xlink:label="label_CarryingValueOfUnitsGranted_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CarryingValueOfUnitsGranted_1" xml:lang="en-US" id="label_CarryingValueOfUnitsGranted_1">Carrying value of units granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingValueOfUnitsGranted" xlink:to="label_CarryingValueOfUnitsGranted_1" xlink:title="Label : CarryingValueOfUnitsGranted to label_CarryingValueOfUnitsGranted_1" />
    <link:label xlink:type="resource" xlink:label="label_CarryingValueOfUnitsGranted_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingValueOfUnitsGranted_2" xml:lang="en-US" id="label_CarryingValueOfUnitsGranted_2">Carrying value of units granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingValueOfUnitsGranted" xlink:to="label_CarryingValueOfUnitsGranted_2" xlink:title="Label : CarryingValueOfUnitsGranted to label_CarryingValueOfUnitsGranted_2" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsEarlyRedemptionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsEarlyRedemptionPeriod_1" xml:lang="en-US" id="label_EmployeeBenefitsEarlyRedemptionPeriod_1">Employee benefits, early redemption period (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsEarlyRedemptionPeriod" xlink:to="label_EmployeeBenefitsEarlyRedemptionPeriod_1" xlink:title="Label : EmployeeBenefitsEarlyRedemptionPeriod to label_EmployeeBenefitsEarlyRedemptionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsEarlyRedemptionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsEarlyRedemptionPeriod_2" xml:lang="en-US" id="label_EmployeeBenefitsEarlyRedemptionPeriod_2">Employee benefits early redemption period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsEarlyRedemptionPeriod" xlink:to="label_EmployeeBenefitsEarlyRedemptionPeriod_2" xlink:title="Label : EmployeeBenefitsEarlyRedemptionPeriod to label_EmployeeBenefitsEarlyRedemptionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EmployeeBenefitsCompanyRedemptionPeriod" xlink:label="EmployeeBenefitsCompanyRedemptionPeriod" xlink:title="EmployeeBenefitsCompanyRedemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyRedemptionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsCompanyRedemptionPeriod" xml:lang="en-US" id="label_EmployeeBenefitsCompanyRedemptionPeriod">Represents the period at which the company will redeem units granted under the employee retention and long term inventive program.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyRedemptionPeriod" xlink:to="label_EmployeeBenefitsCompanyRedemptionPeriod" xlink:title="Label : EmployeeBenefitsCompanyRedemptionPeriod to label_EmployeeBenefitsCompanyRedemptionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyRedemptionPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsCompanyRedemptionPeriod_1" xml:lang="en-US" id="label_EmployeeBenefitsCompanyRedemptionPeriod_1">Employee benefits, company redemption period (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyRedemptionPeriod" xlink:to="label_EmployeeBenefitsCompanyRedemptionPeriod_1" xlink:title="Label : EmployeeBenefitsCompanyRedemptionPeriod to label_EmployeeBenefitsCompanyRedemptionPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyRedemptionPeriod_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsCompanyRedemptionPeriod_2" xml:lang="en-US" id="label_EmployeeBenefitsCompanyRedemptionPeriod_2">Employee benefits company redemption period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyRedemptionPeriod" xlink:to="label_EmployeeBenefitsCompanyRedemptionPeriod_2" xlink:title="Label : EmployeeBenefitsCompanyRedemptionPeriod to label_EmployeeBenefitsCompanyRedemptionPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EmployeeBenefitsUnitVestingPeriod" xlink:label="EmployeeBenefitsUnitVestingPeriod" xlink:title="EmployeeBenefitsUnitVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsUnitVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsUnitVestingPeriod" xml:lang="en-US" id="label_EmployeeBenefitsUnitVestingPeriod">Represents the period that units under an employee retention and long term incentive program vest ratably.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsUnitVestingPeriod" xlink:to="label_EmployeeBenefitsUnitVestingPeriod" xlink:title="Label : EmployeeBenefitsUnitVestingPeriod to label_EmployeeBenefitsUnitVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsUnitVestingPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsUnitVestingPeriod_1" xml:lang="en-US" id="label_EmployeeBenefitsUnitVestingPeriod_1">Employee benefits, unit vesting period (Year)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsUnitVestingPeriod" xlink:to="label_EmployeeBenefitsUnitVestingPeriod_1" xlink:title="Label : EmployeeBenefitsUnitVestingPeriod to label_EmployeeBenefitsUnitVestingPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsUnitVestingPeriod_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsUnitVestingPeriod_2" xml:lang="en-US" id="label_EmployeeBenefitsUnitVestingPeriod_2">Employee benefits unit vesting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsUnitVestingPeriod" xlink:to="label_EmployeeBenefitsUnitVestingPeriod_2" xlink:title="Label : EmployeeBenefitsUnitVestingPeriod to label_EmployeeBenefitsUnitVestingPeriod_2" />
    <link:label xlink:type="resource" xlink:label="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" xml:lang="en-US" id="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1">Net defined contribution plan liability (asset) at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:to="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" xlink:title="Label : NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod to label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" xml:lang="en-US" id="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2">Net defined contribution plan liability asset at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" xlink:to="label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" xlink:title="Label : NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod to label_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="LiabilityAssetOfDefinedBenefitPlans" xlink:title="LiabilityAssetOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_1" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_1">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans_1" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_2" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_2">Net defined benefit liability (asset) at end of period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans_2" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans_2" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityAssetOfDefinedBenefitPlans_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilityAssetOfDefinedBenefitPlans_3" xml:lang="en-US" id="label_LiabilityAssetOfDefinedBenefitPlans_3">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityAssetOfDefinedBenefitPlans" xlink:to="label_LiabilityAssetOfDefinedBenefitPlans_3" xlink:title="Label : LiabilityAssetOfDefinedBenefitPlans to label_LiabilityAssetOfDefinedBenefitPlans_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:label="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:title="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" />
    <link:label xlink:type="resource" xlink:label="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xml:lang="en-US" id="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities">Goodwill or intangible assets recognized in relation to investments in non consolidated companies under the equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:to="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:title="Label : AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities to label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" />
    <link:label xlink:type="resource" xlink:label="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" xml:lang="en-US" id="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1">Assets recognised in entity's financial statements in relation to structured entities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities" xlink:to="label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" xlink:title="Label : AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities to label_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:label="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:title="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xml:lang="en-US" id="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement">The number of Board members can be appointed through the shareholders agreement by the entity at a date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:to="label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" xlink:title="Label : NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement to label_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:label="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:title="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" />
    <link:label xlink:type="resource" xlink:label="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xml:lang="en-US" id="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember">Refers to the unfunded defined benefit employee retirement plan for certain senior officers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:to="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:title="Label : UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember to label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" />
    <link:label xlink:type="resource" xlink:label="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" xml:lang="en-US" id="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1">Unfunded defined benefit employee retirement plan for certain senior officers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" xlink:to="label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" xlink:title="Label : UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember to label_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:label="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:title="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" />
    <link:label xlink:type="resource" xlink:label="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xml:lang="en-US" id="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis">Cash-generating units [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:to="label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" xlink:title="Label : IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis to label_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfVotesPerShare" xlink:label="NumberOfVotesPerShare" xlink:title="NumberOfVotesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfVotesPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfVotesPerShare" xml:lang="en-US" id="label_NumberOfVotesPerShare">Number of votes per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVotesPerShare" xlink:to="label_NumberOfVotesPerShare" xlink:title="Label : NumberOfVotesPerShare to label_NumberOfVotesPerShare" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfVotesPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfVotesPerShare_1" xml:lang="en-US" id="label_NumberOfVotesPerShare_1">Number of votes, per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVotesPerShare" xlink:to="label_NumberOfVotesPerShare_1" xlink:title="Label : NumberOfVotesPerShare to label_NumberOfVotesPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfVotesPerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfVotesPerShare_2" xml:lang="en-US" id="label_NumberOfVotesPerShare_2">Represents the number of votes given to each share of stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfVotesPerShare" xlink:to="label_NumberOfVotesPerShare_2" xlink:title="Label : NumberOfVotesPerShare to label_NumberOfVotesPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="NumberOfSharesOutstanding" xlink:title="NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesOutstanding" xml:lang="en-US" id="label_NumberOfSharesOutstanding">Number Of Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesOutstanding_1" xml:lang="en-US" id="label_NumberOfSharesOutstanding_1">Number of shares outstanding at end of period (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding_1" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" xml:lang="en-US" id="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1">Discount rate used in current estimate of value in use</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:to="label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" xlink:title="Label : DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse to label_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:label="DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:title="DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory">Disclosure of detailed information about business combination [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:to="label_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:title="Label : DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory to label_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory">Disclosure of transactions between related parties [text block]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" xlink:label="DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" xlink:title="DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock" xlink:label="DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock" xlink:title="DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" xlink:label="DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" xlink:title="DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" xlink:to="label_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" xlink:title="Label : DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock to label_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock_1" xml:lang="en-US" id="label_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock_1">The tabular disclosure of detailed information about the aging analysis of trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" xlink:to="label_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock_1" xlink:title="Label : DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock to label_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SharesSubscribedToValue" xlink:label="SharesSubscribedToValue" xlink:title="SharesSubscribedToValue" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesSubscribedToValue" xml:lang="en-US" id="label_SharesSubscribedToValue">Represents the value of shares subscribed to.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToValue" xlink:to="label_SharesSubscribedToValue" xlink:title="Label : SharesSubscribedToValue to label_SharesSubscribedToValue" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesSubscribedToValue_1" xml:lang="en-US" id="label_SharesSubscribedToValue_1">Shares subscribed to, value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToValue" xlink:to="label_SharesSubscribedToValue_1" xlink:title="Label : SharesSubscribedToValue to label_SharesSubscribedToValue_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToValue_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesSubscribedToValue_2" xml:lang="en-US" id="label_SharesSubscribedToValue_2">Shares subscribed to value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToValue" xlink:to="label_SharesSubscribedToValue_2" xlink:title="Label : SharesSubscribedToValue to label_SharesSubscribedToValue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SharesSubscribedToPricePerShare" xlink:label="SharesSubscribedToPricePerShare" xlink:title="SharesSubscribedToPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToPricePerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesSubscribedToPricePerShare" xml:lang="en-US" id="label_SharesSubscribedToPricePerShare">Represents the price per share of shares subscribed to.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToPricePerShare" xlink:to="label_SharesSubscribedToPricePerShare" xlink:title="Label : SharesSubscribedToPricePerShare to label_SharesSubscribedToPricePerShare" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToPricePerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesSubscribedToPricePerShare_1" xml:lang="en-US" id="label_SharesSubscribedToPricePerShare_1">Shares subscribed to, price per share (in BRL per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToPricePerShare" xlink:to="label_SharesSubscribedToPricePerShare_1" xlink:title="Label : SharesSubscribedToPricePerShare to label_SharesSubscribedToPricePerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesSubscribedToPricePerShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesSubscribedToPricePerShare_2" xml:lang="en-US" id="label_SharesSubscribedToPricePerShare_2">Shares subscribed to price per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesSubscribedToPricePerShare" xlink:to="label_SharesSubscribedToPricePerShare_2" xlink:title="Label : SharesSubscribedToPricePerShare to label_SharesSubscribedToPricePerShare_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfSharesSubscribedTo" xlink:label="NumberOfSharesSubscribedTo" xlink:title="NumberOfSharesSubscribedTo" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesSubscribedTo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesSubscribedTo" xml:lang="en-US" id="label_NumberOfSharesSubscribedTo">Represents the amount of shares subscribed to.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSubscribedTo" xlink:to="label_NumberOfSharesSubscribedTo" xlink:title="Label : NumberOfSharesSubscribedTo to label_NumberOfSharesSubscribedTo" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesSubscribedTo_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesSubscribedTo_1" xml:lang="en-US" id="label_NumberOfSharesSubscribedTo_1">Number of shares subscribed to (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSubscribedTo" xlink:to="label_NumberOfSharesSubscribedTo_1" xlink:title="Label : NumberOfSharesSubscribedTo to label_NumberOfSharesSubscribedTo_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesSubscribedTo_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesSubscribedTo_2" xml:lang="en-US" id="label_NumberOfSharesSubscribedTo_2">Number of shares subscribed to</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesSubscribedTo" xlink:to="label_NumberOfSharesSubscribedTo_2" xlink:title="Label : NumberOfSharesSubscribedTo to label_NumberOfSharesSubscribedTo_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProportionOfVotingPowerHeldInAssociate" xlink:label="ProportionOfVotingPowerHeldInAssociate" xlink:title="ProportionOfVotingPowerHeldInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfVotingPowerHeldInAssociate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfVotingPowerHeldInAssociate" xml:lang="en-US" id="label_ProportionOfVotingPowerHeldInAssociate">Proportion of voting rights held in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfVotingPowerHeldInAssociate" xlink:to="label_ProportionOfVotingPowerHeldInAssociate" xlink:title="Label : ProportionOfVotingPowerHeldInAssociate to label_ProportionOfVotingPowerHeldInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfVotingPowerHeldInAssociate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfVotingPowerHeldInAssociate_1" xml:lang="en-US" id="label_ProportionOfVotingPowerHeldInAssociate_1">ifrs-full_ProportionOfVotingPowerHeldInAssociate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfVotingPowerHeldInAssociate" xlink:to="label_ProportionOfVotingPowerHeldInAssociate_1" xlink:title="Label : ProportionOfVotingPowerHeldInAssociate to label_ProportionOfVotingPowerHeldInAssociate_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock">The disclosure of detailed information about current trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock to label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock_1">Disclosure of detailed information about current trade receivables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock to label_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:label="ProportionOfOwnershipInterestInAssociate" xlink:title="ProportionOfOwnershipInterestInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInAssociate" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate">Proportion of ownership interest in associate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInAssociate" xlink:to="label_ProportionOfOwnershipInterestInAssociate" xlink:title="Label : ProportionOfOwnershipInterestInAssociate to label_ProportionOfOwnershipInterestInAssociate" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInAssociate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInAssociate_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInAssociate_1">Percentage of ownership</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInAssociate" xlink:to="label_ProportionOfOwnershipInterestInAssociate_1" xlink:title="Label : ProportionOfOwnershipInterestInAssociate to label_ProportionOfOwnershipInterestInAssociate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:label="DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:title="DisclosureOfSignificantInvestmentsInAssociatesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems">Disclosure of associates [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:to="label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" xlink:title="Label : DisclosureOfSignificantInvestmentsInAssociatesLineItems to label_DisclosureOfSignificantInvestmentsInAssociatesLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_US" xlink:label="US" xlink:title="US" />
    <link:label xlink:type="resource" xlink:label="label_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_US" xml:lang="en-US" id="label_US">USA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="US" xlink:to="label_US" xlink:title="Label : US to label_US" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" xlink:label="DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" xlink:title="DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock">The disclosure of detailed information about receivables and prepayments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock to label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_CA" xlink:label="CA" xlink:title="CA" />
    <link:label xlink:type="resource" xlink:label="label_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CA" xml:lang="en-US" id="label_CA">Canada</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CA" xlink:to="label_CA" xlink:title="Label : CA to label_CA" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2023/country-2023.xsd#country_IT" xlink:label="IT" xlink:title="IT" />
    <link:label xlink:type="resource" xlink:label="label_IT" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IT" xml:lang="en-US" id="label_IT">Italy</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IT" xlink:to="label_IT" xlink:title="Label : IT to label_IT" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock_1">Disclosure of detailed information about receivables and prepayments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock to label_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock">The disclosure for detailed information about non-current receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock to label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GeographicalAreasMember" xlink:label="GeographicalAreasMember" xlink:title="GeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasMember" xml:lang="en-US" id="label_GeographicalAreasMember">Geographical areas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasMember" xlink:to="label_GeographicalAreasMember" xlink:title="Label : GeographicalAreasMember to label_GeographicalAreasMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="GeographicalAreasAxis" xlink:title="GeographicalAreasAxis" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasAxis" xml:lang="en-US" id="label_GeographicalAreasAxis">Geographical areas [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasAxis" xlink:to="label_GeographicalAreasAxis" xlink:title="Label : GeographicalAreasAxis to label_GeographicalAreasAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DefinedBenefitPlansMember" xlink:label="DefinedBenefitPlansMember" xlink:title="DefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitPlansMember" xml:lang="en-US" id="label_DefinedBenefitPlansMember">Defined benefit plans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansMember" xlink:to="label_DefinedBenefitPlansMember" xlink:title="Label : DefinedBenefitPlansMember to label_DefinedBenefitPlansMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="DefinedBenefitPlansAxis" xlink:title="DefinedBenefitPlansAxis" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitPlansAxis" xml:lang="en-US" id="label_DefinedBenefitPlansAxis">Defined benefit plans [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansAxis" xlink:to="label_DefinedBenefitPlansAxis" xlink:title="Label : DefinedBenefitPlansAxis to label_DefinedBenefitPlansAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OCTGUSAMember" xlink:label="OCTGUSAMember" xlink:title="OCTGUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_OCTGUSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OCTGUSAMember" xml:lang="en-US" id="label_OCTGUSAMember">The cash generating unit OCTG (USA).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OCTGUSAMember" xlink:to="label_OCTGUSAMember" xlink:title="Label : OCTGUSAMember to label_OCTGUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_OCTGUSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OCTGUSAMember_1" xml:lang="en-US" id="label_OCTGUSAMember_1">OCTG (USA) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OCTGUSAMember" xlink:to="label_OCTGUSAMember_1" xlink:title="Label : OCTGUSAMember to label_OCTGUSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForCashgeneratingUnitsMember" xlink:label="EntitysTotalForCashgeneratingUnitsMember" xlink:title="EntitysTotalForCashgeneratingUnitsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForCashgeneratingUnitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForCashgeneratingUnitsMember" xml:lang="en-US" id="label_EntitysTotalForCashgeneratingUnitsMember">Entity's total for cash-generating units [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForCashgeneratingUnitsMember" xlink:to="label_EntitysTotalForCashgeneratingUnitsMember" xlink:title="Label : EntitysTotalForCashgeneratingUnitsMember to label_EntitysTotalForCashgeneratingUnitsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_HydrilCompanyMember" xlink:label="HydrilCompanyMember" xlink:title="HydrilCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HydrilCompanyMember" xml:lang="en-US" id="label_HydrilCompanyMember">Hydrill Company [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilCompanyMember" xlink:to="label_HydrilCompanyMember" xlink:title="Label : HydrilCompanyMember to label_HydrilCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_HydrilCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HydrilCompanyMember_1" xml:lang="en-US" id="label_HydrilCompanyMember_1">Represents the Hydrill acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HydrilCompanyMember" xlink:to="label_HydrilCompanyMember_1" xlink:title="Label : HydrilCompanyMember to label_HydrilCompanyMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaverickTubeCorporationMember" xlink:label="MaverickTubeCorporationMember" xlink:title="MaverickTubeCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaverickTubeCorporationMember" xml:lang="en-US" id="label_MaverickTubeCorporationMember">Maverick Tube Corporation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationMember" xlink:to="label_MaverickTubeCorporationMember" xlink:title="Label : MaverickTubeCorporationMember to label_MaverickTubeCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaverickTubeCorporationMember_1" xml:lang="en-US" id="label_MaverickTubeCorporationMember_1">Represents the Maverick acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaverickTubeCorporationMember" xlink:to="label_MaverickTubeCorporationMember_1" xlink:title="Label : MaverickTubeCorporationMember to label_MaverickTubeCorporationMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="CustomerrelatedIntangibleAssetsMember" xlink:title="CustomerrelatedIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_CustomerrelatedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomerrelatedIntangibleAssetsMember" xml:lang="en-US" id="label_CustomerrelatedIntangibleAssetsMember">Customer-related intangible assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomerrelatedIntangibleAssetsMember" xlink:to="label_CustomerrelatedIntangibleAssetsMember" xlink:title="Label : CustomerrelatedIntangibleAssetsMember to label_CustomerrelatedIntangibleAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:label="LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:title="LicensesPatentsTrademarksAndProprietaryTechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xml:lang="en-US" id="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember">Information related to licenses, patents, trademarks, and proprietary technology.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:to="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:title="Label : LicensesPatentsTrademarksAndProprietaryTechnologyMember to label_LicensesPatentsTrademarksAndProprietaryTechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" xml:lang="en-US" id="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1">Licenses, patents, trademarks, and proprietary technology [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LicensesPatentsTrademarksAndProprietaryTechnologyMember" xlink:to="label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" xlink:title="Label : LicensesPatentsTrademarksAndProprietaryTechnologyMember to label_LicensesPatentsTrademarksAndProprietaryTechnologyMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InformationSystemProjectsMember" xlink:label="InformationSystemProjectsMember" xlink:title="InformationSystemProjectsMember" />
    <link:label xlink:type="resource" xlink:label="label_InformationSystemProjectsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InformationSystemProjectsMember" xml:lang="en-US" id="label_InformationSystemProjectsMember">Intangible assets classified as information system projects.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InformationSystemProjectsMember" xlink:to="label_InformationSystemProjectsMember" xlink:title="Label : InformationSystemProjectsMember to label_InformationSystemProjectsMember" />
    <link:label xlink:type="resource" xlink:label="label_InformationSystemProjectsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InformationSystemProjectsMember_1" xml:lang="en-US" id="label_InformationSystemProjectsMember_1">Information system projects [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InformationSystemProjectsMember" xlink:to="label_InformationSystemProjectsMember_1" xlink:title="Label : InformationSystemProjectsMember to label_InformationSystemProjectsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="IntangibleAssetsAndGoodwillMember" xlink:title="IntangibleAssetsAndGoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAndGoodwillMember" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwillMember">Intangible assets and goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwillMember" xlink:to="label_IntangibleAssetsAndGoodwillMember" xlink:title="Label : IntangibleAssetsAndGoodwillMember to label_IntangibleAssetsAndGoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock_1">Disclosure of detailed information about non-current receivables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock to label_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:title="ClassesOfIntangibleAssetsAndGoodwillAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xml:lang="en-US" id="label_ClassesOfIntangibleAssetsAndGoodwillAxis">Classes of intangible assets and goodwill [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="label_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:title="Label : ClassesOfIntangibleAssetsAndGoodwillAxis to label_ClassesOfIntangibleAssetsAndGoodwillAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BottomOfRangeMember" xlink:label="BottomOfRangeMember" xlink:title="BottomOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BottomOfRangeMember" xml:lang="en-US" id="label_BottomOfRangeMember">Minimum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BottomOfRangeMember_1" xml:lang="en-US" id="label_BottomOfRangeMember_1">Bottom of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember_1" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TopOfRangeMember" xlink:label="TopOfRangeMember" xlink:title="TopOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TopOfRangeMember" xml:lang="en-US" id="label_TopOfRangeMember">Maximum</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TopOfRangeMember_1" xml:lang="en-US" id="label_TopOfRangeMember_1">Top of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember_1" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RangesMember" xlink:label="RangesMember" xlink:title="RangesMember" />
    <link:label xlink:type="resource" xlink:label="label_RangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangesMember" xml:lang="en-US" id="label_RangesMember">Ranges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangesMember" xlink:to="label_RangesMember" xlink:title="Label : RangesMember to label_RangesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangeAxis" xml:lang="en-US" id="label_RangeAxis">Range [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="label_RangeAxis" xlink:title="Label : RangeAxis to label_RangeAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_GlobalPipeCompanyMember" xlink:label="GlobalPipeCompanyMember" xlink:title="GlobalPipeCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPipeCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GlobalPipeCompanyMember" xml:lang="en-US" id="label_GlobalPipeCompanyMember">Global Pipe Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPipeCompanyMember" xlink:to="label_GlobalPipeCompanyMember" xlink:title="Label : GlobalPipeCompanyMember to label_GlobalPipeCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPipeCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GlobalPipeCompanyMember_1" xml:lang="en-US" id="label_GlobalPipeCompanyMember_1">Global Pipe Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPipeCompanyMember" xlink:to="label_GlobalPipeCompanyMember_1" xlink:title="Label : GlobalPipeCompanyMember to label_GlobalPipeCompanyMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TechgenSAMember" xlink:label="TechgenSAMember" xlink:title="TechgenSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TechgenSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TechgenSAMember" xml:lang="en-US" id="label_TechgenSAMember">Techgen S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechgenSAMember" xlink:to="label_TechgenSAMember" xlink:title="Label : TechgenSAMember to label_TechgenSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TechgenSAMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TechgenSAMember_1" xml:lang="en-US" id="label_TechgenSAMember_1">Information related to Techgen S.A. "Techgen".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechgenSAMember" xlink:to="label_TechgenSAMember_1" xlink:title="Label : TechgenSAMember to label_TechgenSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForJointVenturesMember" xlink:label="EntitysTotalForJointVenturesMember" xlink:title="EntitysTotalForJointVenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForJointVenturesMember" xml:lang="en-US" id="label_EntitysTotalForJointVenturesMember">Entity's total for joint ventures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForJointVenturesMember" xlink:to="label_EntitysTotalForJointVenturesMember" xlink:title="Label : EntitysTotalForJointVenturesMember to label_EntitysTotalForJointVenturesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_JointVenturesAxis" xlink:label="JointVenturesAxis" xlink:title="JointVenturesAxis" />
    <link:label xlink:type="resource" xlink:label="label_JointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JointVenturesAxis" xml:lang="en-US" id="label_JointVenturesAxis">Joint ventures [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointVenturesAxis" xlink:to="label_JointVenturesAxis" xlink:title="Label : JointVenturesAxis to label_JointVenturesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TheNewSHAMember" xlink:label="TheNewSHAMember" xlink:title="TheNewSHAMember" />
    <link:label xlink:type="resource" xlink:label="label_TheNewSHAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TheNewSHAMember" xml:lang="en-US" id="label_TheNewSHAMember">Related to the new SHA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TheNewSHAMember" xlink:to="label_TheNewSHAMember" xlink:title="Label : TheNewSHAMember to label_TheNewSHAMember" />
    <link:label xlink:type="resource" xlink:label="label_TheNewSHAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TheNewSHAMember_1" xml:lang="en-US" id="label_TheNewSHAMember_1">The new SHA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TheNewSHAMember" xlink:to="label_TheNewSHAMember_1" xlink:title="Label : TheNewSHAMember to label_TheNewSHAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" xlink:label="DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" xlink:title="DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock">The disclosure of detailed information about selected financial information.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock to label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfContractsMember" xlink:label="TypesOfContractsMember" xlink:title="TypesOfContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractsMember" xml:lang="en-US" id="label_TypesOfContractsMember">Types of contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsMember" xlink:to="label_TypesOfContractsMember" xlink:title="Label : TypesOfContractsMember to label_TypesOfContractsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TypesOfContractsAxis" xlink:label="TypesOfContractsAxis" xlink:title="TypesOfContractsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractsAxis" xml:lang="en-US" id="label_TypesOfContractsAxis">Types of contracts [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsAxis" xlink:to="label_TypesOfContractsAxis" xlink:title="Label : TypesOfContractsAxis to label_TypesOfContractsAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TenarisMember" xlink:label="TenarisMember" xlink:title="TenarisMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TenarisMember" xml:lang="en-US" id="label_TenarisMember">Related to Tenaris.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisMember" xlink:to="label_TenarisMember" xlink:title="Label : TenarisMember to label_TenarisMember" />
    <link:label xlink:type="resource" xlink:label="label_TenarisMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TenarisMember_1" xml:lang="en-US" id="label_TenarisMember_1">Tenaris [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TenarisMember" xlink:to="label_TenarisMember_1" xlink:title="Label : TenarisMember to label_TenarisMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock_1">Disclosure of detailed information about selected financial information [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock to label_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TecpetrolInternationalSAMember" xlink:label="TecpetrolInternationalSAMember" xlink:title="TecpetrolInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TecpetrolInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TecpetrolInternationalSAMember" xml:lang="en-US" id="label_TecpetrolInternationalSAMember">Related to the entity Tecpetrol International S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TecpetrolInternationalSAMember" xlink:to="label_TecpetrolInternationalSAMember" xlink:title="Label : TecpetrolInternationalSAMember to label_TecpetrolInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TecpetrolInternationalSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TecpetrolInternationalSAMember_1" xml:lang="en-US" id="label_TecpetrolInternationalSAMember_1">Tecpetrol International S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TecpetrolInternationalSAMember" xlink:to="label_TecpetrolInternationalSAMember_1" xlink:title="Label : TecpetrolInternationalSAMember to label_TecpetrolInternationalSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PrevidenciaUsiminasMember" xlink:label="PrevidenciaUsiminasMember" xlink:title="PrevidenciaUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_PrevidenciaUsiminasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrevidenciaUsiminasMember" xml:lang="en-US" id="label_PrevidenciaUsiminasMember">Related to Previdencia Usiminas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrevidenciaUsiminasMember" xlink:to="label_PrevidenciaUsiminasMember" xlink:title="Label : PrevidenciaUsiminasMember to label_PrevidenciaUsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_PrevidenciaUsiminasMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrevidenciaUsiminasMember_1" xml:lang="en-US" id="label_PrevidenciaUsiminasMember_1">Previdencia Usiminas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrevidenciaUsiminasMember" xlink:to="label_PrevidenciaUsiminasMember_1" xlink:title="Label : PrevidenciaUsiminasMember to label_PrevidenciaUsiminasMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NSSMCMember" xlink:label="NSSMCMember" xlink:title="NSSMCMember" />
    <link:label xlink:type="resource" xlink:label="label_NSSMCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NSSMCMember" xml:lang="en-US" id="label_NSSMCMember">Related to the entity NSSMC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NSSMCMember" xlink:to="label_NSSMCMember" xlink:title="Label : NSSMCMember to label_NSSMCMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock">The disclosure of detailed information about principal non-consolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock to label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_NSSMCMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NSSMCMember_1" xml:lang="en-US" id="label_NSSMCMember_1">NSSMC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NSSMCMember" xlink:to="label_NSSMCMember_1" xlink:title="Label : NSSMCMember to label_NSSMCMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ConfabMember" xlink:label="ConfabMember" xlink:title="ConfabMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConfabMember" xml:lang="en-US" id="label_ConfabMember">Information related to Confab.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabMember" xlink:to="label_ConfabMember" xlink:title="Label : ConfabMember to label_ConfabMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConfabMember_1" xml:lang="en-US" id="label_ConfabMember_1">Confab [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabMember" xlink:to="label_ConfabMember_1" xlink:title="Label : ConfabMember to label_ConfabMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock_1">Disclosure of detailed information about principal non-consolidated companies [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock to label_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:label="DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:title="DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory">Disclosure of quantitative information about right-of-use assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xlink:label="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xlink:title="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xml:lang="en-US" id="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory">Disclosure of information for cash-generating units [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xlink:to="label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xlink:title="Label : DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory to label_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TerniumEntititesMember" xlink:label="TerniumEntititesMember" xlink:title="TerniumEntititesMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumEntititesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerniumEntititesMember" xml:lang="en-US" id="label_TerniumEntititesMember">Related to Ternium entities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumEntititesMember" xlink:to="label_TerniumEntititesMember" xlink:title="Label : TerniumEntititesMember to label_TerniumEntititesMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumEntititesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumEntititesMember_1" xml:lang="en-US" id="label_TerniumEntititesMember_1">Ternium entitites [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumEntititesMember" xlink:to="label_TerniumEntititesMember_1" xlink:title="Label : TerniumEntititesMember to label_TerniumEntititesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TTGroupMember" xlink:label="TTGroupMember" xlink:title="TTGroupMember" />
    <link:label xlink:type="resource" xlink:label="label_TTGroupMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TTGroupMember" xml:lang="en-US" id="label_TTGroupMember">Related to the T/T Group.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TTGroupMember" xlink:to="label_TTGroupMember" xlink:title="Label : TTGroupMember to label_TTGroupMember" />
    <link:label xlink:type="resource" xlink:label="label_TTGroupMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TTGroupMember_1" xml:lang="en-US" id="label_TTGroupMember_1">T/T Group [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TTGroupMember" xlink:to="label_TTGroupMember_1" xlink:title="Label : TTGroupMember to label_TTGroupMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityDomain" xlink:label="EntityDomain" xlink:title="EntityDomain" />
    <link:label xlink:type="resource" xlink:label="label_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityDomain" xml:lang="en-US" id="label_EntityDomain">Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityDomain" xlink:to="label_EntityDomain" xlink:title="Label : EntityDomain to label_EntityDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LegalEntityAxis" xlink:label="LegalEntityAxis" xlink:title="LegalEntityAxis" />
    <link:label xlink:type="resource" xlink:label="label_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalEntityAxis" xml:lang="en-US" id="label_LegalEntityAxis">Legal Entity [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalEntityAxis" xlink:to="label_LegalEntityAxis" xlink:title="Label : LegalEntityAxis to label_LegalEntityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PreferenceSharesMember" xlink:label="PreferenceSharesMember" xlink:title="PreferenceSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_PreferenceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferenceSharesMember" xml:lang="en-US" id="label_PreferenceSharesMember">Preference shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferenceSharesMember" xlink:to="label_PreferenceSharesMember" xlink:title="Label : PreferenceSharesMember to label_PreferenceSharesMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ConfabIndustrialSaAndSubsidiariesMember" xlink:label="ConfabIndustrialSaAndSubsidiariesMember" xlink:title="ConfabIndustrialSaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConfabIndustrialSaAndSubsidiariesMember" xml:lang="en-US" id="label_ConfabIndustrialSaAndSubsidiariesMember">CONFAB INDUSTRIAL S.A. and subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaAndSubsidiariesMember" xlink:to="label_ConfabIndustrialSaAndSubsidiariesMember" xlink:title="Label : ConfabIndustrialSaAndSubsidiariesMember to label_ConfabIndustrialSaAndSubsidiariesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:label="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:title="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xml:lang="en-US" id="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory">Disclosure of reconciliation of changes in intangible assets and goodwill [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:to="label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:title="Label : DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory to label_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:title="DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory">Disclosure of detailed information about property, plant and equipment [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="label_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:title="Label : DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory to label_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:label="DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:title="DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xml:lang="en-US" id="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock">The disclosure of detailed information about the differences between income before tax and the theoretical amount that would arise using the tax rate in each country.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:to="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:title="Label : DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock to label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_ConfabIndustrialSaAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConfabIndustrialSaAndSubsidiariesMember_1" xml:lang="en-US" id="label_ConfabIndustrialSaAndSubsidiariesMember_1">The entity CONFAB INDUSTRIAL S.A. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConfabIndustrialSaAndSubsidiariesMember" xlink:to="label_ConfabIndustrialSaAndSubsidiariesMember_1" xlink:title="Label : ConfabIndustrialSaAndSubsidiariesMember to label_ConfabIndustrialSaAndSubsidiariesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="EntitysTotalForSubsidiariesMember" xlink:title="EntitysTotalForSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForSubsidiariesMember" xml:lang="en-US" id="label_EntitysTotalForSubsidiariesMember">Entity's total for subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSubsidiariesMember" xlink:to="label_EntitysTotalForSubsidiariesMember" xlink:title="Label : EntitysTotalForSubsidiariesMember to label_EntitysTotalForSubsidiariesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="SignificantInvestmentsInSubsidiariesAxis" xlink:title="SignificantInvestmentsInSubsidiariesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInSubsidiariesAxis" xml:lang="en-US" id="label_SignificantInvestmentsInSubsidiariesAxis">Subsidiaries [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInSubsidiariesAxis" xlink:to="label_SignificantInvestmentsInSubsidiariesAxis" xlink:title="Label : SignificantInvestmentsInSubsidiariesAxis to label_SignificantInvestmentsInSubsidiariesAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UsiminasMember" xlink:label="UsiminasMember" xlink:title="UsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_UsiminasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsiminasMember" xml:lang="en-US" id="label_UsiminasMember">Usiminas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsiminasMember" xlink:to="label_UsiminasMember" xlink:title="Label : UsiminasMember to label_UsiminasMember" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock_1">Disclosure of difference between income before tax and the theoretical amount that would arise using tax rate in each country [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" xlink:to="label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock_1" xlink:title="Label : DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock to label_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_UsiminasMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsiminasMember_1" xml:lang="en-US" id="label_UsiminasMember_1">Information related to Usiminas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsiminasMember" xlink:to="label_UsiminasMember_1" xlink:title="Label : UsiminasMember to label_UsiminasMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TerniumSAMember" xlink:label="TerniumSAMember" xlink:title="TerniumSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerniumSAMember" xml:lang="en-US" id="label_TerniumSAMember">This member stands for the information pertaining to Ternium S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumSAMember" xlink:to="label_TerniumSAMember" xlink:title="Label : TerniumSAMember to label_TerniumSAMember" />
    <link:label xlink:type="resource" xlink:label="label_TerniumSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerniumSAMember_1" xml:lang="en-US" id="label_TerniumSAMember_1">Ternium S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerniumSAMember" xlink:to="label_TerniumSAMember_1" xlink:title="Label : TerniumSAMember to label_TerniumSAMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EntitysTotalForAssociatesMember" xlink:label="EntitysTotalForAssociatesMember" xlink:title="EntitysTotalForAssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForAssociatesMember" xml:lang="en-US" id="label_EntitysTotalForAssociatesMember">Entity's total for associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForAssociatesMember" xlink:to="label_EntitysTotalForAssociatesMember" xlink:title="Label : EntitysTotalForAssociatesMember to label_EntitysTotalForAssociatesMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="SignificantInvestmentsInAssociatesAxis" xlink:title="SignificantInvestmentsInAssociatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInAssociatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInAssociatesAxis" xml:lang="en-US" id="label_SignificantInvestmentsInAssociatesAxis">Associates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInAssociatesAxis" xlink:to="label_SignificantInvestmentsInAssociatesAxis" xlink:title="Label : SignificantInvestmentsInAssociatesAxis to label_SignificantInvestmentsInAssociatesAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:label="DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:title="DisclosureOfSignificantInvestmentsInAssociatesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInAssociatesTable" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInAssociatesTable">Disclosure of associates [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:to="label_DisclosureOfSignificantInvestmentsInAssociatesTable" xlink:title="Label : DisclosureOfSignificantInvestmentsInAssociatesTable to label_DisclosureOfSignificantInvestmentsInAssociatesTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDiscontinuedOperationsExplanatory" xlink:label="DisclosureOfDiscontinuedOperationsExplanatory" xlink:title="DisclosureOfDiscontinuedOperationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDiscontinuedOperationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDiscontinuedOperationsExplanatory" xml:lang="en-US" id="label_DisclosureOfDiscontinuedOperationsExplanatory">Disclosure of discontinued operations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDiscontinuedOperationsExplanatory" xlink:to="label_DisclosureOfDiscontinuedOperationsExplanatory" xlink:title="Label : DisclosureOfDiscontinuedOperationsExplanatory to label_DisclosureOfDiscontinuedOperationsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:label="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:title="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xml:lang="en-US" id="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock">The complete disclosure of the sale of discontinued operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:to="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:title="Label : DisclosureOfSaleOfDiscontinuedOperationsTextBlock to label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1">Disclosure of sale of discontinued operations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" xlink:to="label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" xlink:title="Label : DisclosureOfSaleOfDiscontinuedOperationsTextBlock to label_DisclosureOfSaleOfDiscontinuedOperationsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:label="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:title="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xml:lang="en-US" id="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock">The disclosure of discontinued operations net income components.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:to="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:title="Label : DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock to label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" xlink:label="DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" xlink:title="DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock">The disclosure of detailed information about income tax expense (income).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock to label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock_1">Disclosure of detailed information about income tax expense (income) [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock to label_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1">Disclosure of discontinued operations net income components [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" xlink:to="label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" xlink:title="Label : DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock to label_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:label="DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:title="DisclosureOfDetailedInformationAboutFinancialIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost">The disclosure of detailed information about financial income (cost). [Refer: Finance income (cost)]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:to="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:title="Label : DisclosureOfDetailedInformationAboutFinancialIncomeCost to label_DisclosureOfDetailedInformationAboutFinancialIncomeCost" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SaudiSteelPipeCompanyMember" xlink:label="SaudiSteelPipeCompanyMember" xlink:title="SaudiSteelPipeCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_SaudiSteelPipeCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SaudiSteelPipeCompanyMember" xml:lang="en-US" id="label_SaudiSteelPipeCompanyMember">SAUDI STEEL PIPE CO. and subsidiaries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiSteelPipeCompanyMember" xlink:to="label_SaudiSteelPipeCompanyMember" xlink:title="Label : SaudiSteelPipeCompanyMember to label_SaudiSteelPipeCompanyMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock">The disclosure of detailed information about other operating income and expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock to label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SaudiSteelPipeCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaudiSteelPipeCompanyMember_1" xml:lang="en-US" id="label_SaudiSteelPipeCompanyMember_1">Information related to SAUDI STEEL PIPE CO. and subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaudiSteelPipeCompanyMember" xlink:to="label_SaudiSteelPipeCompanyMember_1" xlink:title="Label : SaudiSteelPipeCompanyMember to label_SaudiSteelPipeCompanyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1">Disclosure of detailed information about other operating income and expenses [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock to label_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IpscoTubularsIncMember" xlink:label="IpscoTubularsIncMember" xlink:title="IpscoTubularsIncMember" />
    <link:label xlink:type="resource" xlink:label="label_IpscoTubularsIncMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpscoTubularsIncMember" xml:lang="en-US" id="label_IpscoTubularsIncMember">IPSCO Tubulars, Inc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpscoTubularsIncMember" xlink:to="label_IpscoTubularsIncMember" xlink:title="Label : IpscoTubularsIncMember to label_IpscoTubularsIncMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:label="DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:title="DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xml:lang="en-US" id="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock">Disclosure of Sensitivity Analysis for Additional Impairment to Changes in Key Assumptions [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:to="label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" xlink:title="Label : DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock to label_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_IpscoTubularsIncMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpscoTubularsIncMember_1" xml:lang="en-US" id="label_IpscoTubularsIncMember_1">This member stands for a component of IPSCO Tubulars, Inc. which acquired by entity through business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpscoTubularsIncMember" xlink:to="label_IpscoTubularsIncMember_1" xlink:title="Label : IpscoTubularsIncMember to label_IpscoTubularsIncMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:label="DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:title="DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xml:lang="en-US" id="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory">Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:to="label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:title="Label : DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory to label_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_IpscoTubularsIncMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpscoTubularsIncMember_2" xml:lang="en-US" id="label_IpscoTubularsIncMember_2">Ipsco Tubulars Inc [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpscoTubularsIncMember" xlink:to="label_IpscoTubularsIncMember_2" xlink:title="Label : IpscoTubularsIncMember to label_IpscoTubularsIncMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock">Disclosure of Detailed Information About Selling, General and Administrative Expenses [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock to label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:label="DisclosureOfBusinessCombinationsLineItems" xlink:title="DisclosureOfBusinessCombinationsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsLineItems" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsLineItems">Disclosure of detailed information about business combination [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsLineItems" xlink:to="label_DisclosureOfBusinessCombinationsLineItems" xlink:title="Label : DisclosureOfBusinessCombinationsLineItems to label_DisclosureOfBusinessCombinationsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1">The disclosure of detailed information about selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock to label_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AcquisitionOfIPSCOMember" xlink:label="AcquisitionOfIPSCOMember" xlink:title="AcquisitionOfIPSCOMember" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionOfIPSCOMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionOfIPSCOMember" xml:lang="en-US" id="label_AcquisitionOfIPSCOMember">Represents information related to the acquisition of IPSCO Tubulars, Inc., a U.S. manufacturer of steel pipes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionOfIPSCOMember" xlink:to="label_AcquisitionOfIPSCOMember" xlink:title="Label : AcquisitionOfIPSCOMember to label_AcquisitionOfIPSCOMember" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfAuditorsRemunerationExplanatory" xlink:label="DisclosureOfAuditorsRemunerationExplanatory" xlink:title="DisclosureOfAuditorsRemunerationExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory" xlink:label="DisclosureOfFairValueOfPlanAssetsExplanatory" xlink:title="DisclosureOfFairValueOfPlanAssetsExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock to label_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" xlink:label="DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" xlink:title="DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock">The disclosure of detailed information about current tax assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock to label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock_1">Disclosure of detailed information about current tax assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock to label_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutInventoriesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutInventoriesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutInventoriesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock">The disclosure of detailed information about inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutInventoriesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutInventoriesTextBlock to label_DisclosureOfDetailedInformationAboutInventoriesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock_1">Disclosure of detailed information about inventories [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutInventoriesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutInventoriesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutInventoriesTextBlock to label_DisclosureOfDetailedInformationAboutInventoriesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:label="DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:title="DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory to label_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" xlink:label="DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" xlink:title="DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfUnconsolidatedStructuredEntitiesExplanatory">Disclosure of unconsolidated structured entities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" xlink:to="label_DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" xlink:title="Label : DisclosureOfUnconsolidatedStructuredEntitiesExplanatory to label_DisclosureOfUnconsolidatedStructuredEntitiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_LeaseLiabilityEvolutionTextBlock" xlink:label="LeaseLiabilityEvolutionTextBlock" xlink:title="LeaseLiabilityEvolutionTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilityEvolutionTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseLiabilityEvolutionTextBlock" xml:lang="en-US" id="label_LeaseLiabilityEvolutionTextBlock">Text block disclosure for the evolution of the lease liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilityEvolutionTextBlock" xlink:to="label_LeaseLiabilityEvolutionTextBlock" xlink:title="Label : LeaseLiabilityEvolutionTextBlock to label_LeaseLiabilityEvolutionTextBlock" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:title="DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">Description of accounting policy for financial instruments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory to label_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilityEvolutionTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilityEvolutionTextBlock_1" xml:lang="en-US" id="label_LeaseLiabilityEvolutionTextBlock_1">Lease liability evolution [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilityEvolutionTextBlock" xlink:to="label_LeaseLiabilityEvolutionTextBlock_1" xlink:title="Label : LeaseLiabilityEvolutionTextBlock to label_LeaseLiabilityEvolutionTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1">Disclosure of detailed information about financial income (cost) [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutFinancialIncomeCost" xlink:to="label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" xlink:title="Label : DisclosureOfDetailedInformationAboutFinancialIncomeCost to label_DisclosureOfDetailedInformationAboutFinancialIncomeCost_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory" xlink:label="DisclosureOfInformationAboutEmployeesExplanatory" xlink:title="DisclosureOfInformationAboutEmployeesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutEmployeesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutEmployeesExplanatory" xml:lang="en-US" id="label_DisclosureOfInformationAboutEmployeesExplanatory">Disclosure of information about employees [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutEmployeesExplanatory" xlink:to="label_DisclosureOfInformationAboutEmployeesExplanatory" xlink:title="Label : DisclosureOfInformationAboutEmployeesExplanatory to label_DisclosureOfInformationAboutEmployeesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:label="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:title="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock">The disclosure of detailed information about labor costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutLaborCostsTextBlock to label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock_1">Disclosure of detailed information about labor costs [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutLaborCostsTextBlock to label_DisclosureOfDetailedInformationAboutLaborCostsTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock">Disclosure of Detailed Information About Cost of Sales [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutCostOfSalesTextBlock to label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock_1">The disclosure of detailed information about cost of sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutCostOfSalesTextBlock to label_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SegmentRevenuesByMarketExplanatory" xlink:label="SegmentRevenuesByMarketExplanatory" xlink:title="SegmentRevenuesByMarketExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_SegmentRevenuesByMarketExplanatory" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SegmentRevenuesByMarketExplanatory" xml:lang="en-US" id="label_SegmentRevenuesByMarketExplanatory">Text block disclosure of segment revenues by market.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentRevenuesByMarketExplanatory" xlink:to="label_SegmentRevenuesByMarketExplanatory" xlink:title="Label : SegmentRevenuesByMarketExplanatory to label_SegmentRevenuesByMarketExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_SegmentRevenuesByMarketExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentRevenuesByMarketExplanatory_1" xml:lang="en-US" id="label_SegmentRevenuesByMarketExplanatory_1">Segment revenues by market [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentRevenuesByMarketExplanatory" xlink:to="label_SegmentRevenuesByMarketExplanatory_1" xlink:title="Label : SegmentRevenuesByMarketExplanatory to label_SegmentRevenuesByMarketExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:label="DisclosureOfGeographicalAreasExplanatory" xlink:title="DisclosureOfGeographicalAreasExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeographicalAreasExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeographicalAreasExplanatory" xml:lang="en-US" id="label_DisclosureOfGeographicalAreasExplanatory">Disclosure of geographical areas [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeographicalAreasExplanatory" xlink:to="label_DisclosureOfGeographicalAreasExplanatory" xlink:title="Label : DisclosureOfGeographicalAreasExplanatory to label_DisclosureOfGeographicalAreasExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:label="DisclosureOfOperatingSegmentsExplanatory" xlink:title="DisclosureOfOperatingSegmentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsExplanatory" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsExplanatory">Disclosure of operating segments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsExplanatory" xlink:to="label_DisclosureOfOperatingSegmentsExplanatory" xlink:title="Label : DisclosureOfOperatingSegmentsExplanatory to label_DisclosureOfOperatingSegmentsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:label="DisclosureOfFairValueMeasurementExplanatory" xlink:title="DisclosureOfFairValueMeasurementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFairValueMeasurementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFairValueMeasurementExplanatory" xml:lang="en-US" id="label_DisclosureOfFairValueMeasurementExplanatory">Disclosure of fair value measurement [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValueMeasurementExplanatory" xlink:to="label_DisclosureOfFairValueMeasurementExplanatory" xlink:title="Label : DisclosureOfFairValueMeasurementExplanatory to label_DisclosureOfFairValueMeasurementExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:label="DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:title="DisclosureOfFairValueOfFinancialInstrumentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DisclosureOfFairValueOfFinancialInstrumentsExplanatory">Disclosure of fair value of financial instruments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:to="label_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" xlink:title="Label : DisclosureOfFairValueOfFinancialInstrumentsExplanatory to label_DisclosureOfFairValueOfFinancialInstrumentsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory" xlink:label="DescriptionOfAccountingPolicyForExpensesExplanatory" xlink:title="DescriptionOfAccountingPolicyForExpensesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForExpensesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForExpensesExplanatory">Description of accounting policy for expenses [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForExpensesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForExpensesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForExpensesExplanatory to label_DescriptionOfAccountingPolicyForExpensesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:title="DescriptionOfAccountingPolicyForProvisionsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForProvisionsExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForProvisionsExplanatory">Description of accounting policy for provisions [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForProvisionsExplanatory to label_DescriptionOfAccountingPolicyForProvisionsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:label="DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:title="DescriptionOfAccountingPolicyForIncomeTaxExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">Description of accounting policy for income tax [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForIncomeTaxExplanatory to label_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:label="DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:title="DescriptionOfAccountingPolicyForBorrowingsExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xlink:label="DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" xlink:title="DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:label="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" xlink:title="DescriptionOfAccountingPolicyForIssuedCapitalExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:label="DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:title="DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:label="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:title="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory to label_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:label="DisclosureOfSignificantAccountingPoliciesAbstract" xlink:title="DisclosureOfSignificantAccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantAccountingPoliciesAbstract" xml:lang="en-US" id="label_DisclosureOfSignificantAccountingPoliciesAbstract">Disclosure of Significant Accounting Policies [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DelistingOfSharesFromStockExchangeExplanatory" xlink:label="DelistingOfSharesFromStockExchangeExplanatory" xlink:title="DelistingOfSharesFromStockExchangeExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DelistingOfSharesFromStockExchangeExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DelistingOfSharesFromStockExchangeExplanatory" xml:lang="en-US" id="label_DelistingOfSharesFromStockExchangeExplanatory">Note 34 - Delisting of Tenaris's Shares from the Buenos Aires Stock Exchange</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="DescriptionOfAccountingPolicyForMeasuringInventories" xlink:title="DescriptionOfAccountingPolicyForMeasuringInventories" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:label="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:title="DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:label="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" xlink:title="DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumPeriodToDecideAloocationsOfPurchasePrice" xlink:label="MaximumPeriodToDecideAloocationsOfPurchasePrice" xlink:title="MaximumPeriodToDecideAloocationsOfPurchasePrice" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPeriodToDecideAloocationsOfPurchasePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPeriodToDecideAloocationsOfPurchasePrice" xml:lang="en-US" id="label_MaximumPeriodToDecideAloocationsOfPurchasePrice">Maximum Period To Decide Aloocations Of Purchase Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPeriodToDecideAloocationsOfPurchasePrice" xlink:to="label_MaximumPeriodToDecideAloocationsOfPurchasePrice" xlink:title="Label : MaximumPeriodToDecideAloocationsOfPurchasePrice to label_MaximumPeriodToDecideAloocationsOfPurchasePrice" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:label="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:title="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory to label_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:title="DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfPlantsAcquired" xlink:label="NumberOfPlantsAcquired" xlink:title="NumberOfPlantsAcquired" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPlantsAcquired" xlink:to="label_NumberOfPlantsAcquired" xlink:title="Label : NumberOfPlantsAcquired to label_NumberOfPlantsAcquired" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:label="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:title="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory">Description of accounting policy for segment reporting [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForSegmentReportingExplanatory to label_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" xlink:label="DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" xlink:title="DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract">Disclosure of events after reporting period and approval date [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" xlink:to="label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract to label_DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:title="DisclosureOfEventsAfterReportingPeriodExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEventsAfterReportingPeriodExplanatory" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodExplanatory">Disclosure of events after reporting period [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="label_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodExplanatory to label_DisclosureOfEventsAfterReportingPeriodExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1">Note 39 - Events after the reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" xlink:title="Label : DisclosureOfEventsAfterReportingPeriodExplanatory to label_DisclosureOfEventsAfterReportingPeriodExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfClimateChangeTextBlock" xlink:label="DisclosureOfClimateChangeTextBlock" xlink:title="DisclosureOfClimateChangeTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfClimateChangeTextBlock" xml:lang="en-US" id="label_DisclosureOfClimateChangeTextBlock">Note 38 - Climate change</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeTextBlock" xlink:to="label_DisclosureOfClimateChangeTextBlock" xlink:title="Label : DisclosureOfClimateChangeTextBlock to label_DisclosureOfClimateChangeTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfClimateChangeTextBlock_1" xml:lang="en-US" id="label_DisclosureOfClimateChangeTextBlock_1">The disclosure of climate change.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeTextBlock" xlink:to="label_DisclosureOfClimateChangeTextBlock_1" xlink:title="Label : DisclosureOfClimateChangeTextBlock to label_DisclosureOfClimateChangeTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfClimateChangeTextBlock_2" xml:lang="en-US" id="label_DisclosureOfClimateChangeTextBlock_2">Disclosure of climate change [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeTextBlock" xlink:to="label_DisclosureOfClimateChangeTextBlock_2" xlink:title="Label : DisclosureOfClimateChangeTextBlock to label_DisclosureOfClimateChangeTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract">Note 39 - Events after the reporting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract to label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfClimateChangeAbstract" xlink:label="DisclosureOfClimateChangeAbstract" xlink:title="DisclosureOfClimateChangeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfClimateChangeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfClimateChangeAbstract" xml:lang="en-US" id="label_DisclosureOfClimateChangeAbstract">Note 38 - Climate change</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfClimateChangeAbstract" xlink:to="label_DisclosureOfClimateChangeAbstract" xlink:title="Label : DisclosureOfClimateChangeAbstract to label_DisclosureOfClimateChangeAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfOtherRelevantInformationTextBlock" xlink:label="DisclosureOfOtherRelevantInformationTextBlock" xlink:title="DisclosureOfOtherRelevantInformationTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherRelevantInformationTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherRelevantInformationTextBlock" xml:lang="en-US" id="label_DisclosureOfOtherRelevantInformationTextBlock">Disclosure of other relevant information [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherRelevantInformationTextBlock" xlink:to="label_DisclosureOfOtherRelevantInformationTextBlock" xlink:title="Label : DisclosureOfOtherRelevantInformationTextBlock to label_DisclosureOfOtherRelevantInformationTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherRelevantInformationTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOtherRelevantInformationTextBlock_1" xml:lang="en-US" id="label_DisclosureOfOtherRelevantInformationTextBlock_1">Note 35 - Other relevant information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherRelevantInformationTextBlock" xlink:to="label_DisclosureOfOtherRelevantInformationTextBlock_1" xlink:title="Label : DisclosureOfOtherRelevantInformationTextBlock to label_DisclosureOfOtherRelevantInformationTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherRelevantInformationTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfOtherRelevantInformationTextBlock_2" xml:lang="en-US" id="label_DisclosureOfOtherRelevantInformationTextBlock_2">The entire disclosure describing of other relevant informations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherRelevantInformationTextBlock" xlink:to="label_DisclosureOfOtherRelevantInformationTextBlock_2" xlink:title="Label : DisclosureOfOtherRelevantInformationTextBlock to label_DisclosureOfOtherRelevantInformationTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfOtherRelevantInformationAbstract" xlink:label="DisclosureOfOtherRelevantInformationAbstract" xlink:title="DisclosureOfOtherRelevantInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherRelevantInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOtherRelevantInformationAbstract" xml:lang="en-US" id="label_DisclosureOfOtherRelevantInformationAbstract">Other relevant information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherRelevantInformationAbstract" xlink:to="label_DisclosureOfOtherRelevantInformationAbstract" xlink:title="Label : DisclosureOfOtherRelevantInformationAbstract to label_DisclosureOfOtherRelevantInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherRelevantInformationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherRelevantInformationAbstract_1" xml:lang="en-US" id="label_DisclosureOfOtherRelevantInformationAbstract_1">Disclosure of other relevant information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherRelevantInformationAbstract" xlink:to="label_DisclosureOfOtherRelevantInformationAbstract_1" xlink:title="Label : DisclosureOfOtherRelevantInformationAbstract to label_DisclosureOfOtherRelevantInformationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:label="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:title="DisclosureOfNationalizationOfSubsidiariesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesTextBlock" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesTextBlock">The entire disclosure for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesTextBlock to label_DisclosureOfNationalizationOfSubsidiariesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1">Disclosure of Nationalization of Subsidiaries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesTextBlock to label_DisclosureOfNationalizationOfSubsidiariesTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2">Note 35 - Nationalization of Venezuelan subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesTextBlock" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesTextBlock to label_DisclosureOfNationalizationOfSubsidiariesTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:label="DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:title="DisclosureOfNationalizationOfSubsidiariesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNationalizationOfSubsidiariesAbstract" xml:lang="en-US" id="label_DisclosureOfNationalizationOfSubsidiariesAbstract">Note 35 - Nationalization of Venezuelan subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:to="label_DisclosureOfNationalizationOfSubsidiariesAbstract" xlink:title="Label : DisclosureOfNationalizationOfSubsidiariesAbstract to label_DisclosureOfNationalizationOfSubsidiariesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:label="DisclosureOfBusinessCombinationsExplanatory" xlink:title="DisclosureOfBusinessCombinationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfBusinessCombinationsExplanatory" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsExplanatory">Note 34 - Business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsExplanatory" xlink:to="label_DisclosureOfBusinessCombinationsExplanatory" xlink:title="Label : DisclosureOfBusinessCombinationsExplanatory to label_DisclosureOfBusinessCombinationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsExplanatory_1">Disclosure of business combinations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsExplanatory" xlink:to="label_DisclosureOfBusinessCombinationsExplanatory_1" xlink:title="Label : DisclosureOfBusinessCombinationsExplanatory to label_DisclosureOfBusinessCombinationsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:label="DisclosureOfBusinessCombinationsAbstract" xlink:title="DisclosureOfBusinessCombinationsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsAbstract" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsAbstract">Note 34 - Business combinations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsAbstract" xlink:to="label_DisclosureOfBusinessCombinationsAbstract" xlink:title="Label : DisclosureOfBusinessCombinationsAbstract to label_DisclosureOfBusinessCombinationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:label="DisclosureOfInterestsInSubsidiariesExplanatory" xlink:title="DisclosureOfInterestsInSubsidiariesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DisclosureOfInterestsInSubsidiariesExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestsInSubsidiariesExplanatory">Note 33 - Principal subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfInterestsInSubsidiariesExplanatory" xlink:title="Label : DisclosureOfInterestsInSubsidiariesExplanatory to label_DisclosureOfInterestsInSubsidiariesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInSubsidiariesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInterestsInSubsidiariesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfInterestsInSubsidiariesExplanatory_1">Disclosure of interests in subsidiaries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfInterestsInSubsidiariesExplanatory_1" xlink:title="Label : DisclosureOfInterestsInSubsidiariesExplanatory to label_DisclosureOfInterestsInSubsidiariesExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInSubsidiariesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInterestsInSubsidiariesExplanatory_2" xml:lang="en-US" id="label_DisclosureOfInterestsInSubsidiariesExplanatory_2">Principal subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInSubsidiariesExplanatory" xlink:to="label_DisclosureOfInterestsInSubsidiariesExplanatory_2" xlink:title="Label : DisclosureOfInterestsInSubsidiariesExplanatory to label_DisclosureOfInterestsInSubsidiariesExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:label="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:title="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xml:lang="en-US" id="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract">Note 33 - Principal subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:to="label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" xlink:title="Label : DisclosureOfSignificantInvestmentsInSubsidiariesAbstract to label_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfAdditionalInformationExplanatory" xlink:label="DisclosureOfAdditionalInformationExplanatory" xlink:title="DisclosureOfAdditionalInformationExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAdditionalInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfAdditionalInformationExplanatory" xml:lang="en-US" id="label_DisclosureOfAdditionalInformationExplanatory">Note 32 - Principal accountant fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAdditionalInformationExplanatory" xlink:to="label_DisclosureOfAdditionalInformationExplanatory" xlink:title="Label : DisclosureOfAdditionalInformationExplanatory to label_DisclosureOfAdditionalInformationExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAdditionalInformationExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAdditionalInformationExplanatory_1" xml:lang="en-US" id="label_DisclosureOfAdditionalInformationExplanatory_1">Disclosure of additional information [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAdditionalInformationExplanatory" xlink:to="label_DisclosureOfAdditionalInformationExplanatory_1" xlink:title="Label : DisclosureOfAdditionalInformationExplanatory to label_DisclosureOfAdditionalInformationExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdditionalInformationAbstract" xlink:label="AdditionalInformationAbstract" xlink:title="AdditionalInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalInformationAbstract" xml:lang="en-US" id="label_AdditionalInformationAbstract">Note 32 - Principal accountant fees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalInformationAbstract" xlink:to="label_AdditionalInformationAbstract" xlink:title="Label : AdditionalInformationAbstract to label_AdditionalInformationAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="DisclosureOfRelatedPartyExplanatory" xlink:title="DisclosureOfRelatedPartyExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRelatedPartyExplanatory" xml:lang="en-US" id="label_DisclosureOfRelatedPartyExplanatory">Note 31 - Related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyExplanatory" xlink:to="label_DisclosureOfRelatedPartyExplanatory" xlink:title="Label : DisclosureOfRelatedPartyExplanatory to label_DisclosureOfRelatedPartyExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRelatedPartyExplanatory_1" xml:lang="en-US" id="label_DisclosureOfRelatedPartyExplanatory_1">Disclosure of related party [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyExplanatory" xlink:to="label_DisclosureOfRelatedPartyExplanatory_1" xlink:title="Label : DisclosureOfRelatedPartyExplanatory to label_DisclosureOfRelatedPartyExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:title="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xml:lang="en-US" id="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">Note 31 - Related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:to="label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:title="Label : DisclosureOfTransactionsBetweenRelatedPartiesAbstract to label_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:label="DisclosureOfCashFlowStatementExplanatory" xlink:title="DisclosureOfCashFlowStatementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashFlowStatementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashFlowStatementExplanatory" xml:lang="en-US" id="label_DisclosureOfCashFlowStatementExplanatory">Disclosure of cash flow statement [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashFlowStatementExplanatory" xlink:to="label_DisclosureOfCashFlowStatementExplanatory" xlink:title="Label : DisclosureOfCashFlowStatementExplanatory to label_DisclosureOfCashFlowStatementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashFlowStatementExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCashFlowStatementExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCashFlowStatementExplanatory_1">Note 30 - Cash flow disclosures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashFlowStatementExplanatory" xlink:to="label_DisclosureOfCashFlowStatementExplanatory_1" xlink:title="Label : DisclosureOfCashFlowStatementExplanatory to label_DisclosureOfCashFlowStatementExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCashFlowAbstract" xlink:label="DisclosureOfCashFlowAbstract" xlink:title="DisclosureOfCashFlowAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashFlowAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashFlowAbstract" xml:lang="en-US" id="label_DisclosureOfCashFlowAbstract">Note 30 - Cash flow disclosures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashFlowAbstract" xlink:to="label_DisclosureOfCashFlowAbstract" xlink:title="Label : DisclosureOfCashFlowAbstract to label_DisclosureOfCashFlowAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:label="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:title="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock">Disclosure of Foreign Exchange Control Measures in Foriegn Countries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1">Note 29 - Foreign exchange control measures in Argentina</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ForeignExchangeRatesAbstract" xlink:label="ForeignExchangeRatesAbstract" xlink:title="ForeignExchangeRatesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeRatesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeRatesAbstract" xml:lang="en-US" id="label_ForeignExchangeRatesAbstract">Note 29 - Foreign exchange control measures in Argentina</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeRatesAbstract" xlink:to="label_ForeignExchangeRatesAbstract" xlink:title="Label : ForeignExchangeRatesAbstract to label_ForeignExchangeRatesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:label="DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:title="DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xml:lang="en-US" id="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock">The entire disclosure describing the cancellation of title deed in Affiliated entities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:to="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:title="Label : DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock to label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1">Disclosure of Cancellation of Title Deed in Affiliates [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:to="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" xlink:title="Label : DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock to label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2">Note 28 - Cancellation of title deed in Saudi Steel Pipe Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" xlink:to="label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" xlink:title="Label : DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock to label_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:label="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:title="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xml:lang="en-US" id="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract">Note 28 - Cancellation of title deed in Saudi Steel Pipe Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:to="label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" xlink:title="Label : DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract to label_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:label="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:title="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory">Disclosure of commitments and contingent liabilities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:title="Label : DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory to label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:label="DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:title="DisclosureOfDerivativeFinancialInstrumentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US" id="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory">Disclosure of derivative financial instruments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:to="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:title="Label : DisclosureOfDerivativeFinancialInstrumentsExplanatory to label_DisclosureOfDerivativeFinancialInstrumentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1">Note 26 - Derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:to="label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" xlink:title="Label : DisclosureOfDerivativeFinancialInstrumentsExplanatory to label_DisclosureOfDerivativeFinancialInstrumentsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:label="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:title="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock">Disclosure of Current allowances and provisions [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1">The disclosure of current allowances and provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2">Note 25 - Current allowances and provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfCurrentAllowancesAndProvisionsTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:label="DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:title="DisclosureOfCurrentAllowancesAndProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xml:lang="en-US" id="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract">Note 25 - Current allowances and provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:to="label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" xlink:title="Label : DisclosureOfCurrentAllowancesAndProvisionsAbstract to label_DisclosureOfCurrentAllowancesAndProvisionsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:label="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:title="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xml:lang="en-US" id="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock">The disclosure of non-current allowances and provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:title="Label : DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1">Disclosure of non-current allowances and provisions [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" xlink:title="Label : DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" xml:lang="en-US" id="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2">Note 24 - Non-current allowances and provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" xlink:to="label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" xlink:title="Label : DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock to label_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:label="DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:title="DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xml:lang="en-US" id="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract">Note 24 - Non-current allowances and provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:to="label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" xlink:title="Label : DisclosureOfNonCurrentAllowancesAndProvisionsAbstract to label_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:label="DisclosureOfOtherLiabilitiesExplanatory" xlink:title="DisclosureOfOtherLiabilitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherLiabilitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfOtherLiabilitiesExplanatory">Disclosure of other liabilities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherLiabilitiesExplanatory" xlink:to="label_DisclosureOfOtherLiabilitiesExplanatory" xlink:title="Label : DisclosureOfOtherLiabilitiesExplanatory to label_DisclosureOfOtherLiabilitiesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:label="DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:title="DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xml:lang="en-US" id="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory">Description of accounting policy for investment in associates and joint ventures [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:to="label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:title="Label : DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory to label_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherLiabilitiesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOtherLiabilitiesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfOtherLiabilitiesExplanatory_1">Note 23 - Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherLiabilitiesExplanatory" xlink:to="label_DisclosureOfOtherLiabilitiesExplanatory_1" xlink:title="Label : DisclosureOfOtherLiabilitiesExplanatory to label_DisclosureOfOtherLiabilitiesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfOtherLiabilitiesAbstract" xlink:label="DisclosureOfOtherLiabilitiesAbstract" xlink:title="DisclosureOfOtherLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherLiabilitiesAbstract" xml:lang="en-US" id="label_DisclosureOfOtherLiabilitiesAbstract">Note 23 - Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherLiabilitiesAbstract" xlink:to="label_DisclosureOfOtherLiabilitiesAbstract" xlink:title="Label : DisclosureOfOtherLiabilitiesAbstract to label_DisclosureOfOtherLiabilitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:label="DisclosureOfDeferredTaxesExplanatory" xlink:title="DisclosureOfDeferredTaxesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredTaxesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDeferredTaxesExplanatory" xml:lang="en-US" id="label_DisclosureOfDeferredTaxesExplanatory">Disclosure of deferred taxes [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredTaxesExplanatory" xlink:to="label_DisclosureOfDeferredTaxesExplanatory" xlink:title="Label : DisclosureOfDeferredTaxesExplanatory to label_DisclosureOfDeferredTaxesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredTaxesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDeferredTaxesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfDeferredTaxesExplanatory_1">Note 22 - Deferred tax assets and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredTaxesExplanatory" xlink:to="label_DisclosureOfDeferredTaxesExplanatory_1" xlink:title="Label : DisclosureOfDeferredTaxesExplanatory to label_DisclosureOfDeferredTaxesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfBorrowingsExplanatory" xlink:label="DisclosureOfBorrowingsExplanatory" xlink:title="DisclosureOfBorrowingsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfBorrowingsExplanatory" xml:lang="en-US" id="label_DisclosureOfBorrowingsExplanatory">Note 21 - Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsExplanatory" xlink:to="label_DisclosureOfBorrowingsExplanatory" xlink:title="Label : DisclosureOfBorrowingsExplanatory to label_DisclosureOfBorrowingsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBorrowingsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBorrowingsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfBorrowingsExplanatory_1">Disclosure of borrowings [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBorrowingsExplanatory" xlink:to="label_DisclosureOfBorrowingsExplanatory_1" xlink:title="Label : DisclosureOfBorrowingsExplanatory to label_DisclosureOfBorrowingsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BorrowingsAbstract" xlink:label="BorrowingsAbstract" xlink:title="BorrowingsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsAbstract" xml:lang="en-US" id="label_BorrowingsAbstract">Note 21 - Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAbstract" xlink:to="label_BorrowingsAbstract" xlink:title="Label : BorrowingsAbstract to label_BorrowingsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:label="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:title="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock">The disclosure of cash and cash equivalents and other investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:label="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:title="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xml:lang="en-US" id="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory">Note 29 - Discontinued Operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:to="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:title="Label : DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory to label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1">Disclosure of cash and cash equivalents and other investments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2">Note 20 - Cash and cash equivalents and other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:label="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:title="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xml:lang="en-US" id="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract">Note 20 - Cash and cash equivalents and other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:to="label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" xlink:title="Label : DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract to label_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:label="DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:title="DisclosureOfTradeAndOtherReceivablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTradeAndOtherReceivablesExplanatory" xml:lang="en-US" id="label_DisclosureOfTradeAndOtherReceivablesExplanatory">Disclosure of trade and other receivables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:to="label_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:title="Label : DisclosureOfTradeAndOtherReceivablesExplanatory to label_DisclosureOfTradeAndOtherReceivablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1">Note 19 - Trade receivables, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:to="label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" xlink:title="Label : DisclosureOfTradeAndOtherReceivablesExplanatory to label_DisclosureOfTradeAndOtherReceivablesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TradeAndOtherReceivablesAbstract" xlink:label="TradeAndOtherReceivablesAbstract" xlink:title="TradeAndOtherReceivablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherReceivablesAbstract" xml:lang="en-US" id="label_TradeAndOtherReceivablesAbstract">Note 19 - Trade receivables, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherReceivablesAbstract" xlink:to="label_TradeAndOtherReceivablesAbstract" xlink:title="Label : TradeAndOtherReceivablesAbstract to label_TradeAndOtherReceivablesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:label="DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:title="DisclosureOfTaxReceivablesAndPayablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTaxReceivablesAndPayablesExplanatory" xml:lang="en-US" id="label_DisclosureOfTaxReceivablesAndPayablesExplanatory">Disclosure of tax receivables and payables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:to="label_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:title="Label : DisclosureOfTaxReceivablesAndPayablesExplanatory to label_DisclosureOfTaxReceivablesAndPayablesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1">Note 18 - Current tax assets and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:to="label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" xlink:title="Label : DisclosureOfTaxReceivablesAndPayablesExplanatory to label_DisclosureOfTaxReceivablesAndPayablesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:label="DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:title="DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xml:lang="en-US" id="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract">Note 18 - Current tax assets and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:to="label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" xlink:title="Label : DisclosureOfCurrentTaxReceivablesAndPayablesAbstract to label_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:label="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:title="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory">Disclosure of prepayments and other assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:to="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:title="Label : DisclosureOfPrepaymentsAndOtherAssetsExplanatory to label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1">Note 17 - Receivables and prepayments, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPrepaymentsAndOtherAssetsExplanatory" xlink:to="label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" xlink:title="Label : DisclosureOfPrepaymentsAndOtherAssetsExplanatory to label_DisclosureOfPrepaymentsAndOtherAssetsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:label="CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:title="CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xml:lang="en-US" id="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract">Note 17 - Receivables and prepayments, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:to="label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" xlink:title="Label : CurrentPrepaymentsAndCurrentAccruedIncomeAbstract to label_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="DisclosureOfInventoriesExplanatory" xlink:title="DisclosureOfInventoriesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInventoriesExplanatory" xml:lang="en-US" id="label_DisclosureOfInventoriesExplanatory">Note 16 - Inventories, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInventoriesExplanatory" xlink:to="label_DisclosureOfInventoriesExplanatory" xlink:title="Label : DisclosureOfInventoriesExplanatory to label_DisclosureOfInventoriesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInventoriesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInventoriesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfInventoriesExplanatory_1">Disclosure of inventories [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInventoriesExplanatory" xlink:to="label_DisclosureOfInventoriesExplanatory_1" xlink:title="Label : DisclosureOfInventoriesExplanatory to label_DisclosureOfInventoriesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ClassesOfInventoriesAbstract" xlink:title="ClassesOfInventoriesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfInventoriesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfInventoriesAbstract" xml:lang="en-US" id="label_ClassesOfInventoriesAbstract">Note 16 - Inventories, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfInventoriesAbstract" xlink:to="label_ClassesOfInventoriesAbstract" xlink:title="Label : ClassesOfInventoriesAbstract to label_ClassesOfInventoriesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfNoncurrentReceivablesTextBlock" xlink:label="DisclosureOfNoncurrentReceivablesTextBlock" xlink:title="DisclosureOfNoncurrentReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentReceivablesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNoncurrentReceivablesTextBlock" xml:lang="en-US" id="label_DisclosureOfNoncurrentReceivablesTextBlock">Note 15 - Receivables non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfNoncurrentReceivablesTextBlock" xlink:title="Label : DisclosureOfNoncurrentReceivablesTextBlock to label_DisclosureOfNoncurrentReceivablesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentReceivablesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNoncurrentReceivablesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfNoncurrentReceivablesTextBlock_1">Disclosure of non-current receivables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfNoncurrentReceivablesTextBlock_1" xlink:title="Label : DisclosureOfNoncurrentReceivablesTextBlock to label_DisclosureOfNoncurrentReceivablesTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentReceivablesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfNoncurrentReceivablesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfNoncurrentReceivablesTextBlock_2">The disclosure for non-current receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentReceivablesTextBlock" xlink:to="label_DisclosureOfNoncurrentReceivablesTextBlock_2" xlink:title="Label : DisclosureOfNoncurrentReceivablesTextBlock to label_DisclosureOfNoncurrentReceivablesTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentReceivablesAbstract" xlink:label="NoncurrentReceivablesAbstract" xlink:title="NoncurrentReceivablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesAbstract" xml:lang="en-US" id="label_NoncurrentReceivablesAbstract">Note 15 - Receivables non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesAbstract" xlink:to="label_NoncurrentReceivablesAbstract" xlink:title="Label : NoncurrentReceivablesAbstract to label_NoncurrentReceivablesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:label="DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:title="DisclosureOfInterestsInOtherEntitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfInterestsInOtherEntitiesExplanatory" xml:lang="en-US" id="label_DisclosureOfInterestsInOtherEntitiesExplanatory">Note 14 - Investments in non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:to="label_DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:title="Label : DisclosureOfInterestsInOtherEntitiesExplanatory to label_DisclosureOfInterestsInOtherEntitiesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1">Disclosure of interests in other entities [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInterestsInOtherEntitiesExplanatory" xlink:to="label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" xlink:title="Label : DisclosureOfInterestsInOtherEntitiesExplanatory to label_DisclosureOfInterestsInOtherEntitiesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:label="DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:title="DisclosureOfUnconsolidatedStructuredEntitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xml:lang="en-US" id="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract">Note 14 - Investments in non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:to="label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" xlink:title="Label : DisclosureOfUnconsolidatedStructuredEntitiesAbstract to label_DisclosureOfUnconsolidatedStructuredEntitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfLeasesExplanatory" xlink:label="DisclosureOfLeasesExplanatory" xlink:title="DisclosureOfLeasesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLeasesExplanatory" xml:lang="en-US" id="label_DisclosureOfLeasesExplanatory">Disclosure of leases [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeasesExplanatory" xlink:to="label_DisclosureOfLeasesExplanatory" xlink:title="Label : DisclosureOfLeasesExplanatory to label_DisclosureOfLeasesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeasesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfLeasesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfLeasesExplanatory_1">Note 13 - Right-of-use assets, net and lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeasesExplanatory" xlink:to="label_DisclosureOfLeasesExplanatory_1" xlink:title="Label : DisclosureOfLeasesExplanatory to label_DisclosureOfLeasesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PresentationOfLeasesForLesseeAbstract" xlink:label="PresentationOfLeasesForLesseeAbstract" xlink:title="PresentationOfLeasesForLesseeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_PresentationOfLeasesForLesseeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PresentationOfLeasesForLesseeAbstract" xml:lang="en-US" id="label_PresentationOfLeasesForLesseeAbstract">Note 13 - Right-of-use assets, net and lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PresentationOfLeasesForLesseeAbstract" xlink:to="label_PresentationOfLeasesForLesseeAbstract" xlink:title="Label : PresentationOfLeasesForLesseeAbstract to label_PresentationOfLeasesForLesseeAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="DisclosureOfIntangibleAssetsExplanatory" xlink:title="DisclosureOfIntangibleAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIntangibleAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsExplanatory">Disclosure of intangible assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsExplanatory" xlink:to="label_DisclosureOfIntangibleAssetsExplanatory" xlink:title="Label : DisclosureOfIntangibleAssetsExplanatory to label_DisclosureOfIntangibleAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIntangibleAssetsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsExplanatory_1">Note 12 - Intangible assets, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsExplanatory" xlink:to="label_DisclosureOfIntangibleAssetsExplanatory_1" xlink:title="Label : DisclosureOfIntangibleAssetsExplanatory to label_DisclosureOfIntangibleAssetsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:label="DisclosureOfIntangibleAssetsAbstract" xlink:title="DisclosureOfIntangibleAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIntangibleAssetsAbstract" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsAbstract">Note 12 - Intangible assets, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsAbstract" xlink:to="label_DisclosureOfIntangibleAssetsAbstract" xlink:title="Label : DisclosureOfIntangibleAssetsAbstract to label_DisclosureOfIntangibleAssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:label="DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:title="DisclosureOfPropertyPlantAndEquipmentExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentExplanatory" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentExplanatory">Note 11 - Property, plant and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentExplanatory to label_DisclosureOfPropertyPlantAndEquipmentExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentExplanatory_1" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentExplanatory_1">Disclosure of property, plant and equipment [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentExplanatory_1" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentExplanatory to label_DisclosureOfPropertyPlantAndEquipmentExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfDividendsExplanatory" xlink:label="DisclosureOfDividendsExplanatory" xlink:title="DisclosureOfDividendsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDividendsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDividendsExplanatory" xml:lang="en-US" id="label_DisclosureOfDividendsExplanatory">Disclosure of dividends [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsExplanatory" xlink:to="label_DisclosureOfDividendsExplanatory" xlink:title="Label : DisclosureOfDividendsExplanatory to label_DisclosureOfDividendsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDividendsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDividendsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfDividendsExplanatory_1">Note 10 - Dividends distribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsExplanatory" xlink:to="label_DisclosureOfDividendsExplanatory_1" xlink:title="Label : DisclosureOfDividendsExplanatory to label_DisclosureOfDividendsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDividendsDistributionAbstract" xlink:label="DisclosureOfDividendsDistributionAbstract" xlink:title="DisclosureOfDividendsDistributionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDividendsDistributionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDividendsDistributionAbstract" xml:lang="en-US" id="label_DisclosureOfDividendsDistributionAbstract">Note 10 - Dividends distribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDividendsDistributionAbstract" xlink:to="label_DisclosureOfDividendsDistributionAbstract" xlink:title="Label : DisclosureOfDividendsDistributionAbstract to label_DisclosureOfDividendsDistributionAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="DisclosureOfIncomeTaxExplanatory" xlink:title="DisclosureOfIncomeTaxExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIncomeTaxExplanatory" xml:lang="en-US" id="label_DisclosureOfIncomeTaxExplanatory">Disclosure of income tax [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIncomeTaxExplanatory" xlink:to="label_DisclosureOfIncomeTaxExplanatory" xlink:title="Label : DisclosureOfIncomeTaxExplanatory to label_DisclosureOfIncomeTaxExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIncomeTaxExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIncomeTaxExplanatory_1" xml:lang="en-US" id="label_DisclosureOfIncomeTaxExplanatory_1">Note 9 - Income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIncomeTaxExplanatory" xlink:to="label_DisclosureOfIncomeTaxExplanatory_1" xlink:title="Label : DisclosureOfIncomeTaxExplanatory to label_DisclosureOfIncomeTaxExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="MajorComponentsOfTaxExpenseIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorComponentsOfTaxExpenseIncomeAbstract" xml:lang="en-US" id="label_MajorComponentsOfTaxExpenseIncomeAbstract">Note 9 - Income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="Label : MajorComponentsOfTaxExpenseIncomeAbstract to label_MajorComponentsOfTaxExpenseIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:label="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:title="DisclosureOfFinanceIncomeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceIncomeExpenseExplanatory" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeExpenseExplanatory">Disclosure of finance income (cost) [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:to="label_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:title="Label : DisclosureOfFinanceIncomeExpenseExplanatory to label_DisclosureOfFinanceIncomeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeExpenseExplanatory_1">Note 7 - Financial results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeExpenseExplanatory" xlink:to="label_DisclosureOfFinanceIncomeExpenseExplanatory_1" xlink:title="Label : DisclosureOfFinanceIncomeExpenseExplanatory to label_DisclosureOfFinanceIncomeExpenseExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfFinancialResultsAbstract" xlink:label="DisclosureOfFinancialResultsAbstract" xlink:title="DisclosureOfFinancialResultsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialResultsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialResultsAbstract" xml:lang="en-US" id="label_DisclosureOfFinancialResultsAbstract">Note 7 - Financial results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialResultsAbstract" xlink:to="label_DisclosureOfFinancialResultsAbstract" xlink:title="Label : DisclosureOfFinancialResultsAbstract to label_DisclosureOfFinancialResultsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:label="DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:title="DisclosureOfOtherOperatingIncomeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xml:lang="en-US" id="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory">Note 6 - Other operating income and expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:to="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:title="Label : DisclosureOfOtherOperatingIncomeExpenseExplanatory to label_DisclosureOfOtherOperatingIncomeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1" xml:lang="en-US" id="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1">Disclosure of other operating income (expense) [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherOperatingIncomeExpenseExplanatory" xlink:to="label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1" xlink:title="Label : DisclosureOfOtherOperatingIncomeExpenseExplanatory to label_DisclosureOfOtherOperatingIncomeExpenseExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:label="DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:title="DisclosureOfOtherOperatingIncomeExpenseAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOtherOperatingIncomeExpenseAbstract" xml:lang="en-US" id="label_DisclosureOfOtherOperatingIncomeExpenseAbstract">Note 6 - Other operating income and expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:to="label_DisclosureOfOtherOperatingIncomeExpenseAbstract" xlink:title="Label : DisclosureOfOtherOperatingIncomeExpenseAbstract to label_DisclosureOfOtherOperatingIncomeExpenseAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:label="DisclosureOfImpairmentOfAssetsExplanatory" xlink:title="DisclosureOfImpairmentOfAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentOfAssetsExplanatory" xml:lang="en-US" id="label_DisclosureOfImpairmentOfAssetsExplanatory">Disclosure of impairment of assets [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentOfAssetsExplanatory" xlink:to="label_DisclosureOfImpairmentOfAssetsExplanatory" xlink:title="Label : DisclosureOfImpairmentOfAssetsExplanatory to label_DisclosureOfImpairmentOfAssetsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentOfAssetsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfImpairmentOfAssetsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfImpairmentOfAssetsExplanatory_1">Note 5 - Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentOfAssetsExplanatory" xlink:to="label_DisclosureOfImpairmentOfAssetsExplanatory_1" xlink:title="Label : DisclosureOfImpairmentOfAssetsExplanatory to label_DisclosureOfImpairmentOfAssetsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:label="DisclosureOfEmployeeBenefitsExplanatory" xlink:title="DisclosureOfEmployeeBenefitsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEmployeeBenefitsExplanatory" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsExplanatory">Note 4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsExplanatory" xlink:to="label_DisclosureOfEmployeeBenefitsExplanatory" xlink:title="Label : DisclosureOfEmployeeBenefitsExplanatory to label_DisclosureOfEmployeeBenefitsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEmployeeBenefitsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsExplanatory_1">Disclosure of employee benefits [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsExplanatory" xlink:to="label_DisclosureOfEmployeeBenefitsExplanatory_1" xlink:title="Label : DisclosureOfEmployeeBenefitsExplanatory to label_DisclosureOfEmployeeBenefitsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfLaborCostsAbstract" xlink:label="DisclosureOfLaborCostsAbstract" xlink:title="DisclosureOfLaborCostsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLaborCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLaborCostsAbstract" xml:lang="en-US" id="label_DisclosureOfLaborCostsAbstract">Note 4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLaborCostsAbstract" xlink:to="label_DisclosureOfLaborCostsAbstract" xlink:title="Label : DisclosureOfLaborCostsAbstract to label_DisclosureOfLaborCostsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:label="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:title="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xml:lang="en-US" id="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory">Note 3 - Selling, general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:to="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:title="Label : DisclosureOfGeneralAndAdministrativeExpenseExplanatory to label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" xml:lang="en-US" id="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1">Disclosure of general and administrative expense [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralAndAdministrativeExpenseExplanatory" xlink:to="label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" xlink:title="Label : DisclosureOfGeneralAndAdministrativeExpenseExplanatory to label_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract" xlink:label="SellingGeneralAndAdministrativeExpenseAbstract" xlink:title="SellingGeneralAndAdministrativeExpenseAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpenseAbstract" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpenseAbstract">Note 3 - Selling, general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpenseAbstract" xlink:to="label_SellingGeneralAndAdministrativeExpenseAbstract" xlink:title="Label : SellingGeneralAndAdministrativeExpenseAbstract to label_SellingGeneralAndAdministrativeExpenseAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfCostOfSalesExplanatory" xlink:label="DisclosureOfCostOfSalesExplanatory" xlink:title="DisclosureOfCostOfSalesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCostOfSalesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCostOfSalesExplanatory" xml:lang="en-US" id="label_DisclosureOfCostOfSalesExplanatory">Disclosure of cost of sales [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCostOfSalesExplanatory" xlink:to="label_DisclosureOfCostOfSalesExplanatory" xlink:title="Label : DisclosureOfCostOfSalesExplanatory to label_DisclosureOfCostOfSalesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCostOfSalesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCostOfSalesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCostOfSalesExplanatory_1">Note 2 - Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCostOfSalesExplanatory" xlink:to="label_DisclosureOfCostOfSalesExplanatory_1" xlink:title="Label : DisclosureOfCostOfSalesExplanatory to label_DisclosureOfCostOfSalesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfCostOfSalesAbstract" xlink:label="DisclosureOfCostOfSalesAbstract" xlink:title="DisclosureOfCostOfSalesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCostOfSalesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCostOfSalesAbstract" xml:lang="en-US" id="label_DisclosureOfCostOfSalesAbstract">Note 2 - Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCostOfSalesAbstract" xlink:to="label_DisclosureOfCostOfSalesAbstract" xlink:title="Label : DisclosureOfCostOfSalesAbstract to label_DisclosureOfCostOfSalesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1">Disclosure of non-current assets held for sale and discontinued operations [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:to="label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" xlink:title="Label : DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory to label_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:label="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:title="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xml:lang="en-US" id="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract">Disclosure of analysis of single amount of discontinued operations [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:to="label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" xlink:title="Label : DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract to label_DisclosureOfAnalysisOfSingleAmountOfDiscontinuedOperationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BasicEarningsLossPerShareFromContinuingOperations" xlink:label="BasicEarningsLossPerShareFromContinuingOperations" xlink:title="BasicEarningsLossPerShareFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShareFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicEarningsLossPerShareFromContinuingOperations" xml:lang="en-US" id="label_BasicEarningsLossPerShareFromContinuingOperations">Basic earnings (loss) per share from continuing operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShareFromContinuingOperations" xlink:to="label_BasicEarningsLossPerShareFromContinuingOperations" xlink:title="Label : BasicEarningsLossPerShareFromContinuingOperations to label_BasicEarningsLossPerShareFromContinuingOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations" xlink:label="DilutedEarningsLossPerShareFromContinuingOperations" xlink:title="DilutedEarningsLossPerShareFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShareFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DilutedEarningsLossPerShareFromContinuingOperations" xml:lang="en-US" id="label_DilutedEarningsLossPerShareFromContinuingOperations">Diluted earnings (loss) per share from continuing operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShareFromContinuingOperations" xlink:to="label_DilutedEarningsLossPerShareFromContinuingOperations" xlink:title="Label : DilutedEarningsLossPerShareFromContinuingOperations to label_DilutedEarningsLossPerShareFromContinuingOperations" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:label="DisclosureOfEntitysReportableSegmentsExplanatory" xlink:title="DisclosureOfEntitysReportableSegmentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEntitysReportableSegmentsExplanatory" xml:lang="en-US" id="label_DisclosureOfEntitysReportableSegmentsExplanatory">Disclosure of entity's operating segments [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="label_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:title="Label : DisclosureOfEntitysReportableSegmentsExplanatory to label_DisclosureOfEntitysReportableSegmentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEntitysReportableSegmentsExplanatory_1">Note 1 - Segment information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="label_DisclosureOfEntitysReportableSegmentsExplanatory_1" xlink:title="Label : DisclosureOfEntitysReportableSegmentsExplanatory to label_DisclosureOfEntitysReportableSegmentsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:label="DisclosureOfOperatingSegmentsAbstract" xlink:title="DisclosureOfOperatingSegmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsAbstract" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsAbstract">Note 1 - Segment information</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsAbstract" xlink:to="label_DisclosureOfOperatingSegmentsAbstract" xlink:title="Label : DisclosureOfOperatingSegmentsAbstract to label_DisclosureOfOperatingSegmentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialRiskManagementExplanatory" xlink:label="DisclosureOfFinancialRiskManagementExplanatory" xlink:title="DisclosureOfFinancialRiskManagementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialRiskManagementExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialRiskManagementExplanatory" xml:lang="en-US" id="label_DisclosureOfFinancialRiskManagementExplanatory">Disclosure of financial risk management [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialRiskManagementExplanatory" xlink:to="label_DisclosureOfFinancialRiskManagementExplanatory" xlink:title="Label : DisclosureOfFinancialRiskManagementExplanatory to label_DisclosureOfFinancialRiskManagementExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialRiskManagementExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinancialRiskManagementExplanatory_1" xml:lang="en-US" id="label_DisclosureOfFinancialRiskManagementExplanatory_1">III. FINANCIAL RISK MANAGEMENT</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialRiskManagementExplanatory" xlink:to="label_DisclosureOfFinancialRiskManagementExplanatory_1" xlink:title="Label : DisclosureOfFinancialRiskManagementExplanatory to label_DisclosureOfFinancialRiskManagementExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="DisclosureOfFinancialInstrumentsAbstract" xlink:title="DisclosureOfFinancialInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsAbstract" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsAbstract">III. FINANCIAL RISK MANAGEMENT</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsAbstract" xlink:to="label_DisclosureOfFinancialInstrumentsAbstract" xlink:title="Label : DisclosureOfFinancialInstrumentsAbstract to label_DisclosureOfFinancialInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" xml:lang="en-US" id="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2">The entire disclosure describing the foreign exchange control measures in foreign countries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" xlink:to="label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" xlink:title="Label : DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock to label_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1">Note 27 - Contingencies, commitments and restrictions on the distribution of profits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:to="label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" xlink:title="Label : DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory to label_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xlink:label="DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xlink:title="DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xml:lang="en-US" id="label_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract">II. ACCOUNTING POLICIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xlink:to="label_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" xlink:title="Label : DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract to label_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:label="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:title="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory">I. GENERAL INFORMATION</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory to label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:label="DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:title="DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract">I. GENERAL INFORMATION</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:to="label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsAbstract to label_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrencyTranslationAdjustmentWorkingCapital" xlink:label="CurrencyTranslationAdjustmentWorkingCapital" xlink:title="CurrencyTranslationAdjustmentWorkingCapital" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentWorkingCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyTranslationAdjustmentWorkingCapital" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentWorkingCapital">Currency translation adjustment working capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentWorkingCapital" xlink:to="label_CurrencyTranslationAdjustmentWorkingCapital" xlink:title="Label : CurrencyTranslationAdjustmentWorkingCapital to label_CurrencyTranslationAdjustmentWorkingCapital" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentWorkingCapital_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyTranslationAdjustmentWorkingCapital_1" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentWorkingCapital_1">Currency translation adjustment, working capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentWorkingCapital" xlink:to="label_CurrencyTranslationAdjustmentWorkingCapital_1" xlink:title="Label : CurrencyTranslationAdjustmentWorkingCapital to label_CurrencyTranslationAdjustmentWorkingCapital_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" xlink:label="BankOverdraftsClassifiedAsCashEquivalents" xlink:title="BankOverdraftsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdraftsClassifiedAsCashEquivalents" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BankOverdraftsClassifiedAsCashEquivalents" xml:lang="en-US" id="label_BankOverdraftsClassifiedAsCashEquivalents">Bank overdrafts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalents" xlink:to="label_BankOverdraftsClassifiedAsCashEquivalents" xlink:title="Label : BankOverdraftsClassifiedAsCashEquivalents to label_BankOverdraftsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_BankOverdraftsClassifiedAsCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankOverdraftsClassifiedAsCashEquivalents_1" xml:lang="en-US" id="label_BankOverdraftsClassifiedAsCashEquivalents_1">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalents" xlink:to="label_BankOverdraftsClassifiedAsCashEquivalents_1" xlink:title="Label : BankOverdraftsClassifiedAsCashEquivalents to label_BankOverdraftsClassifiedAsCashEquivalents_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="CashAndCashEquivalentsAbstract" xlink:title="CashAndCashEquivalentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsAbstract" xml:lang="en-US" id="label_CashAndCashEquivalentsAbstract">Cash and cash equivalents:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="label_CashAndCashEquivalentsAbstract" xlink:title="Label : CashAndCashEquivalentsAbstract to label_CashAndCashEquivalentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsAbstract_1" xml:lang="en-US" id="label_CashAndCashEquivalentsAbstract_1">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="label_CashAndCashEquivalentsAbstract_1" xlink:title="Label : CashAndCashEquivalentsAbstract to label_CashAndCashEquivalentsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashAndCashEquivalentsAbstract_2" xml:lang="en-US" id="label_CashAndCashEquivalentsAbstract_2">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAbstract" xlink:to="label_CashAndCashEquivalentsAbstract_2" xlink:title="Label : CashAndCashEquivalentsAbstract to label_CashAndCashEquivalentsAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:title="EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xml:lang="en-US" id="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents">Effect of exchange rate changes</link:label>
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    <link:label xlink:type="resource" xlink:label="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents_1" xml:lang="en-US" id="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents_1">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="label_EffectOfExchangeRateChangesOnCashAndCashEquivalents_1" xlink:title="Label : EffectOfExchangeRateChangesOnCashAndCashEquivalents to label_EffectOfExchangeRateChangesOnCashAndCashEquivalents_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:label="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:title="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:label="DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:title="DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" xml:lang="en-US" id="label_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract">Note 27 - Contingencies, commitments and restrictions on the distribution of profits</link:label>
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    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_1" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_1" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_1">At December 31,</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="CashFlowsFromUsedInFinancingActivities" xlink:title="CashFlowsFromUsedInFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashFlowsFromUsedInFinancingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivities">Net cash used in financing activities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInFinancingActivities_1" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivities_1">ifrs-full_CashFlowsFromUsedInFinancingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivities" xlink:to="label_CashFlowsFromUsedInFinancingActivities_1" xlink:title="Label : CashFlowsFromUsedInFinancingActivities to label_CashFlowsFromUsedInFinancingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1">Disclosure of general information about financial statements [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" xlink:title="Label : DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory to label_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:title="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">Repayments of borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:title="Label : RepaymentsOfBorrowingsClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyTranslationAdjustmentWorkingCapital_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencyTranslationAdjustmentWorkingCapital_2" xml:lang="en-US" id="label_CurrencyTranslationAdjustmentWorkingCapital_2">The amount of currency translation adjustment working capital to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyTranslationAdjustmentWorkingCapital" xlink:to="label_CurrencyTranslationAdjustmentWorkingCapital_2" xlink:title="Label : CurrencyTranslationAdjustmentWorkingCapital to label_CurrencyTranslationAdjustmentWorkingCapital_2" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xlink:title="Label : RepaymentsOfBorrowingsClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:title="ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities">Proceeds from borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:title="Label : ProceedsFromBorrowingsClassifiedAsFinancingActivities to label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:title="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en-US" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">Payments of lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:title="Label : PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities to label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:label="ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:title="ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xml:lang="en-US" id="label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl">Changes in non-controlling interests</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="DividendsPaidClassifiedAsFinancingActivities" xlink:title="DividendsPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en-US" id="label_DividendsPaidClassifiedAsFinancingActivities">Dividends paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidClassifiedAsFinancingActivities" xlink:title="Label : DividendsPaidClassifiedAsFinancingActivities to label_DividendsPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_DividendsPaidClassifiedAsFinancingActivities_1">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidClassifiedAsFinancingActivities_1" xlink:title="Label : DividendsPaidClassifiedAsFinancingActivities to label_DividendsPaidClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:title="CashFlowsFromUsedInFinancingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivitiesAbstract">Cash flows from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:title="Label : CashFlowsFromUsedInFinancingActivitiesAbstract to label_CashFlowsFromUsedInFinancingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="CashFlowsFromUsedInInvestingActivities" xlink:title="CashFlowsFromUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivities">Net cash (used in) provided by investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivities" xlink:to="label_CashFlowsFromUsedInInvestingActivities" xlink:title="Label : CashFlowsFromUsedInInvestingActivities to label_CashFlowsFromUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInInvestingActivities_1" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivities_1">ifrs-full_CashFlowsFromUsedInInvestingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivities" xlink:to="label_CashFlowsFromUsedInInvestingActivities_1" xlink:title="Label : CashFlowsFromUsedInInvestingActivities to label_CashFlowsFromUsedInInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PurchaseOfInterestsInAssociates" xlink:label="PurchaseOfInterestsInAssociates" xlink:title="PurchaseOfInterestsInAssociates" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfInterestsInAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseOfInterestsInAssociates" xml:lang="en-US" id="label_PurchaseOfInterestsInAssociates">ifrs-full_PurchaseOfInterestsInAssociates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfInterestsInAssociates" xlink:to="label_PurchaseOfInterestsInAssociates" xlink:title="Label : PurchaseOfInterestsInAssociates to label_PurchaseOfInterestsInAssociates" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfInterestsInAssociates_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PurchaseOfInterestsInAssociates_1" xml:lang="en-US" id="label_PurchaseOfInterestsInAssociates_1">Additions to associated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfInterestsInAssociates" xlink:to="label_PurchaseOfInterestsInAssociates_1" xlink:title="Label : PurchaseOfInterestsInAssociates to label_PurchaseOfInterestsInAssociates_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:title="CashFlowsFromUsedInInvestingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInInvestingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivitiesAbstract">Cash flows from investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:title="Label : CashFlowsFromUsedInInvestingActivitiesAbstract to label_CashFlowsFromUsedInInvestingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="CashFlowsFromUsedInOperatingActivities" xlink:title="CashFlowsFromUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInOperatingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivities">ifrs-full_CashFlowsFromUsedInOperatingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivities" xlink:to="label_CashFlowsFromUsedInOperatingActivities" xlink:title="Label : CashFlowsFromUsedInOperatingActivities to label_CashFlowsFromUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashFlowsFromUsedInOperatingActivities_1" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivities_1">Net cash provided by operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivities" xlink:to="label_CashFlowsFromUsedInOperatingActivities_1" xlink:title="Label : CashFlowsFromUsedInOperatingActivities to label_CashFlowsFromUsedInOperatingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherAdjustmentsForNoncashItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAdjustmentsForNoncashItems_1" xml:lang="en-US" id="label_OtherAdjustmentsForNoncashItems_1">Currency translation adjustment and others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsForNoncashItems" xlink:to="label_OtherAdjustmentsForNoncashItems_1" xlink:title="Label : OtherAdjustmentsForNoncashItems to label_OtherAdjustmentsForNoncashItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="IncreaseDecreaseInWorkingCapital" xlink:title="IncreaseDecreaseInWorkingCapital" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInWorkingCapital" xlink:to="label_IncreaseDecreaseInWorkingCapital_1" xlink:title="Label : IncreaseDecreaseInWorkingCapital to label_IncreaseDecreaseInWorkingCapital_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInWorkingCapital_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInWorkingCapital_2" xml:lang="en-US" id="label_IncreaseDecreaseInWorkingCapital_2">ifrs-full_IncreaseDecreaseInWorkingCapital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInWorkingCapital" xlink:to="label_IncreaseDecreaseInWorkingCapital_2" xlink:title="Label : IncreaseDecreaseInWorkingCapital to label_IncreaseDecreaseInWorkingCapital_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:label="AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:title="AdjustmentsForReclassificationOfForeignExchangeReserve" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForReclassificationOfForeignExchangeReserve" xml:lang="en-US" id="label_AdjustmentsForReclassificationOfForeignExchangeReserve">Reclassification of currency translation adjustment reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:to="label_AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:title="Label : AdjustmentsForReclassificationOfForeignExchangeReserve to label_AdjustmentsForReclassificationOfForeignExchangeReserve" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForReclassificationOfForeignExchangeReserve_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForReclassificationOfForeignExchangeReserve_1" xml:lang="en-US" id="label_AdjustmentsForReclassificationOfForeignExchangeReserve_1">Adjustments for Reclassification of Foreign Exchange Reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForReclassificationOfForeignExchangeReserve" xlink:to="label_AdjustmentsForReclassificationOfForeignExchangeReserve_1" xlink:title="Label : AdjustmentsForReclassificationOfForeignExchangeReserve to label_AdjustmentsForReclassificationOfForeignExchangeReserve_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="AdjustmentsForProvisions" xlink:title="AdjustmentsForProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForProvisions" xml:lang="en-US" id="label_AdjustmentsForProvisions">Changes in provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisions" xlink:to="label_AdjustmentsForProvisions" xlink:title="Label : AdjustmentsForProvisions to label_AdjustmentsForProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisions_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProvisions_1" xml:lang="en-US" id="label_AdjustmentsForProvisions_1">ifrs-full_AdjustmentsForProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisions" xlink:to="label_AdjustmentsForProvisions_1" xlink:title="Label : AdjustmentsForProvisions to label_AdjustmentsForProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:label="AdjustmentsForFinanceIncomeCost" xlink:title="AdjustmentsForFinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFinanceIncomeCost" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_AdjustmentsForFinanceIncomeCost" xml:lang="en-US" id="label_AdjustmentsForFinanceIncomeCost">Interest income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinanceIncomeCost" xlink:to="label_AdjustmentsForFinanceIncomeCost" xlink:title="Label : AdjustmentsForFinanceIncomeCost to label_AdjustmentsForFinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFinanceIncomeCost_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForFinanceIncomeCost_1" xml:lang="en-US" id="label_AdjustmentsForFinanceIncomeCost_1">Interest accruals less payments, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinanceIncomeCost" xlink:to="label_AdjustmentsForFinanceIncomeCost_1" xlink:title="Label : AdjustmentsForFinanceIncomeCost to label_AdjustmentsForFinanceIncomeCost_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFinanceIncomeCost_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForFinanceIncomeCost_2" xml:lang="en-US" id="label_AdjustmentsForFinanceIncomeCost_2">Adjustments for finance income (cost)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinanceIncomeCost" xlink:to="label_AdjustmentsForFinanceIncomeCost_2" xlink:title="Label : AdjustmentsForFinanceIncomeCost to label_AdjustmentsForFinanceIncomeCost_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates" xlink:label="AdjustmentsForUndistributedProfitsOfAssociates" xlink:title="AdjustmentsForUndistributedProfitsOfAssociates" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForUndistributedProfitsOfAssociates" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForUndistributedProfitsOfAssociates" xml:lang="en-US" id="label_AdjustmentsForUndistributedProfitsOfAssociates">Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForUndistributedProfitsOfAssociates" xlink:to="label_AdjustmentsForUndistributedProfitsOfAssociates" xlink:title="Label : AdjustmentsForUndistributedProfitsOfAssociates to label_AdjustmentsForUndistributedProfitsOfAssociates" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForUndistributedProfitsOfAssociates_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForUndistributedProfitsOfAssociates_1" xml:lang="en-US" id="label_AdjustmentsForUndistributedProfitsOfAssociates_1">ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForUndistributedProfitsOfAssociates" xlink:to="label_AdjustmentsForUndistributedProfitsOfAssociates_1" xlink:title="Label : AdjustmentsForUndistributedProfitsOfAssociates to label_AdjustmentsForUndistributedProfitsOfAssociates_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="AdjustmentsForIncomeTaxExpense" xlink:title="AdjustmentsForIncomeTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AdjustmentsForIncomeTaxExpense" xml:lang="en-US" id="label_AdjustmentsForIncomeTaxExpense">Adjustments for income tax expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncomeTaxExpense" xlink:to="label_AdjustmentsForIncomeTaxExpense" xlink:title="Label : AdjustmentsForIncomeTaxExpense to label_AdjustmentsForIncomeTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncomeTaxExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncomeTaxExpense_1" xml:lang="en-US" id="label_AdjustmentsForIncomeTaxExpense_1">Income tax accruals less payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncomeTaxExpense" xlink:to="label_AdjustmentsForIncomeTaxExpense_1" xlink:title="Label : AdjustmentsForIncomeTaxExpense to label_AdjustmentsForIncomeTaxExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3">At the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:label="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:title="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract">Movement in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncomeTaxExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncomeTaxExpense_2" xml:lang="en-US" id="label_AdjustmentsForIncomeTaxExpense_2">ifrs-full_AdjustmentsForIncomeTaxExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncomeTaxExpense" xlink:to="label_AdjustmentsForIncomeTaxExpense_2" xlink:title="Label : AdjustmentsForIncomeTaxExpense to label_AdjustmentsForIncomeTaxExpense_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:label="AdjustmentsForDepreciationAndAmortisationExpense" xlink:title="AdjustmentsForDepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForDepreciationAndAmortisationExpense" xml:lang="en-US" id="label_AdjustmentsForDepreciationAndAmortisationExpense">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="label_AdjustmentsForDepreciationAndAmortisationExpense" xlink:title="Label : AdjustmentsForDepreciationAndAmortisationExpense to label_AdjustmentsForDepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDepreciationAndAmortisationExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDepreciationAndAmortisationExpense_1" xml:lang="en-US" id="label_AdjustmentsForDepreciationAndAmortisationExpense_1">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="label_AdjustmentsForDepreciationAndAmortisationExpense_1" xlink:title="Label : AdjustmentsForDepreciationAndAmortisationExpense to label_AdjustmentsForDepreciationAndAmortisationExpense_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="AdjustmentsForReconcileProfitLossAbstract" xlink:title="AdjustmentsForReconcileProfitLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForReconcileProfitLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForReconcileProfitLossAbstract" xml:lang="en-US" id="label_AdjustmentsForReconcileProfitLossAbstract">Adjustments for:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForReconcileProfitLossAbstract" xlink:to="label_AdjustmentsForReconcileProfitLossAbstract" xlink:title="Label : AdjustmentsForReconcileProfitLossAbstract to label_AdjustmentsForReconcileProfitLossAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:title="CashFlowsFromUsedInOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivitiesAbstract">Cash flows from operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:title="Label : CashFlowsFromUsedInOperatingActivitiesAbstract to label_CashFlowsFromUsedInOperatingActivitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfCashFlowsAbstract" xml:lang="en-US" id="label_StatementOfCashFlowsAbstract">CONSOLIDATED STATEMENTS OF CASH FLOWS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="label_StatementOfCashFlowsAbstract" xlink:title="Label : StatementOfCashFlowsAbstract to label_StatementOfCashFlowsAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="NumberOfSharesIssued" xlink:title="NumberOfSharesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesIssued" xml:lang="en-US" id="label_NumberOfSharesIssued">Total number of shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssued" xlink:to="label_NumberOfSharesIssued" xlink:title="Label : NumberOfSharesIssued to label_NumberOfSharesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssued_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesIssued_1" xml:lang="en-US" id="label_NumberOfSharesIssued_1">Shares issued (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssued" xlink:to="label_NumberOfSharesIssued_1" xlink:title="Label : NumberOfSharesIssued to label_NumberOfSharesIssued_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ParValuePerShare" xlink:label="ParValuePerShare" xlink:title="ParValuePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParValuePerShare" xml:lang="en-US" id="label_ParValuePerShare">Par value per share (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParValuePerShare" xlink:to="label_ParValuePerShare" xlink:title="Label : ParValuePerShare to label_ParValuePerShare" />
    <link:label xlink:type="resource" xlink:label="label_ParValuePerShare_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParValuePerShare_1" xml:lang="en-US" id="label_ParValuePerShare_1">Nominal value (in dollars per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParValuePerShare" xlink:to="label_ParValuePerShare_1" xlink:title="Label : ParValuePerShare to label_ParValuePerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1">Cash and cash equivalents if different from statement of financial position [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="NumberOfSharesAuthorised" xlink:title="NumberOfSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesAuthorised" xml:lang="en-US" id="label_NumberOfSharesAuthorised">Number of shares authorised (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorised" xlink:to="label_NumberOfSharesAuthorised" xlink:title="Label : NumberOfSharesAuthorised to label_NumberOfSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorised_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesAuthorised_1" xml:lang="en-US" id="label_NumberOfSharesAuthorised_1">Authorized share capital (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorised" xlink:to="label_NumberOfSharesAuthorised_1" xlink:title="Label : NumberOfSharesAuthorised to label_NumberOfSharesAuthorised_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsPaid" xlink:label="DividendsPaid" xlink:title="DividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid">Dividends recognised as distributions to owners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid" xlink:title="Label : DividendsPaid to label_DividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaid_1" xml:lang="en-US" id="label_DividendsPaid_1">Dividends paid in cash</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_1" xlink:title="Label : DividendsPaid to label_DividendsPaid_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPaid_2" xml:lang="en-US" id="label_DividendsPaid_2">Dividends recognised as distributions to owners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_2" xlink:title="Label : DividendsPaid to label_DividendsPaid_2" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaid_3" xml:lang="en-US" id="label_DividendsPaid_3">ifrs-full_DividendsPaid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_3" xlink:title="Label : DividendsPaid to label_DividendsPaid_3" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xml:lang="en-US" id="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract" xlink:to="label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" xlink:title="Label : CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract to label_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="StatementOfChangesInEquityLineItems" xlink:title="StatementOfChangesInEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatementOfChangesInEquityLineItems" xml:lang="en-US" id="label_StatementOfChangesInEquityLineItems">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems" xlink:title="Label : StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityLineItems_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityLineItems_1" xml:lang="en-US" id="label_StatementOfChangesInEquityLineItems_1">Statement of changes in equity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityLineItems" xlink:to="label_StatementOfChangesInEquityLineItems_1" xlink:title="Label : StatementOfChangesInEquityLineItems to label_StatementOfChangesInEquityLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="NoncontrollingInterestsMember" xlink:title="NoncontrollingInterestsMember" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncontrollingInterestsMember" xml:lang="en-US" id="label_NoncontrollingInterestsMember">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsMember" xlink:to="label_NoncontrollingInterestsMember" xlink:title="Label : NoncontrollingInterestsMember to label_NoncontrollingInterestsMember" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterestsMember_1" xml:lang="en-US" id="label_NoncontrollingInterestsMember_1">Non-controlling interests [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsMember" xlink:to="label_NoncontrollingInterestsMember_1" xlink:title="Label : NoncontrollingInterestsMember to label_NoncontrollingInterestsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetainedEarningsMember" xml:lang="en-US" id="label_RetainedEarningsMember">Retained Earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsMember_1" xml:lang="en-US" id="label_RetainedEarningsMember_1">Retained earnings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember_1" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherReservesMember" xlink:label="OtherReservesMember" xlink:title="OtherReservesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReservesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherReservesMember" xml:lang="en-US" id="label_OtherReservesMember">Other Reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReservesMember" xlink:to="label_OtherReservesMember" xlink:title="Label : OtherReservesMember to label_OtherReservesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherReservesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReservesMember_1" xml:lang="en-US" id="label_OtherReservesMember_1">Other reserves [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReservesMember" xlink:to="label_OtherReservesMember_1" xlink:title="Label : OtherReservesMember to label_OtherReservesMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:label="ReserveOfExchangeDifferencesOnTranslationMember" xlink:title="ReserveOfExchangeDifferencesOnTranslationMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveOfExchangeDifferencesOnTranslationMember" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslationMember">Currency Translation Adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="label_ReserveOfExchangeDifferencesOnTranslationMember" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslationMember to label_ReserveOfExchangeDifferencesOnTranslationMember" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfExchangeDifferencesOnTranslationMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfExchangeDifferencesOnTranslationMember_1" xml:lang="en-US" id="label_ReserveOfExchangeDifferencesOnTranslationMember_1">Reserve of exchange differences on translation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="label_ReserveOfExchangeDifferencesOnTranslationMember_1" xlink:title="Label : ReserveOfExchangeDifferencesOnTranslationMember to label_ReserveOfExchangeDifferencesOnTranslationMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SharePremiumMember" xlink:label="SharePremiumMember" xlink:title="SharePremiumMember" />
    <link:label xlink:type="resource" xlink:label="label_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharePremiumMember" xml:lang="en-US" id="label_SharePremiumMember">Share premium [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumMember" xlink:to="label_SharePremiumMember" xlink:title="Label : SharePremiumMember to label_SharePremiumMember" />
    <link:label xlink:type="resource" xlink:label="label_SharePremiumMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharePremiumMember_1" xml:lang="en-US" id="label_SharePremiumMember_1">Share Premium</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharePremiumMember" xlink:to="label_SharePremiumMember_1" xlink:title="Label : SharePremiumMember to label_SharePremiumMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatutoryReserveMember" xlink:label="StatutoryReserveMember" xlink:title="StatutoryReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_StatutoryReserveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatutoryReserveMember" xml:lang="en-US" id="label_StatutoryReserveMember">Statutory reserve [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatutoryReserveMember" xlink:to="label_StatutoryReserveMember" xlink:title="Label : StatutoryReserveMember to label_StatutoryReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_StatutoryReserveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatutoryReserveMember_1" xml:lang="en-US" id="label_StatutoryReserveMember_1">Legal Reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatutoryReserveMember" xlink:to="label_StatutoryReserveMember_1" xlink:title="Label : StatutoryReserveMember to label_StatutoryReserveMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:label="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:title="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">Increase (decrease) in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges to label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IssuedCapitalMember" xlink:label="IssuedCapitalMember" xlink:title="IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapitalMember" xml:lang="en-US" id="label_IssuedCapitalMember">Issued capital [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapitalMember_1" xml:lang="en-US" id="label_IssuedCapitalMember_1">Share Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember_1" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="EquityAttributableToOwnersOfParentMember" xlink:title="EquityAttributableToOwnersOfParentMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EquityAttributableToOwnersOfParentMember" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParentMember">Owners of the parent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParentMember" xlink:to="label_EquityAttributableToOwnersOfParentMember" xlink:title="Label : EquityAttributableToOwnersOfParentMember to label_EquityAttributableToOwnersOfParentMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParentMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAttributableToOwnersOfParentMember_1" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParentMember_1">Equity attributable to owners of parent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParentMember" xlink:to="label_EquityAttributableToOwnersOfParentMember_1" xlink:title="Label : EquityAttributableToOwnersOfParentMember to label_EquityAttributableToOwnersOfParentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParentMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAttributableToOwnersOfParentMember_2" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParentMember_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParentMember" xlink:to="label_EquityAttributableToOwnersOfParentMember_2" xlink:title="Label : EquityAttributableToOwnersOfParentMember to label_EquityAttributableToOwnersOfParentMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityMember" xlink:label="EquityMember" xlink:title="EquityMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityMember" xml:lang="en-US" id="label_EquityMember">Equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMember" xlink:to="label_EquityMember" xlink:title="Label : EquityMember to label_EquityMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ComponentsOfEquityAxis" xlink:title="ComponentsOfEquityAxis" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComponentsOfEquityAxis" xml:lang="en-US" id="label_ComponentsOfEquityAxis">Components of equity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfEquityAxis" xlink:to="label_ComponentsOfEquityAxis" xlink:title="Label : ComponentsOfEquityAxis to label_ComponentsOfEquityAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="StatementOfChangesInEquityTable" xlink:title="StatementOfChangesInEquityTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityTable" xml:lang="en-US" id="label_StatementOfChangesInEquityTable">Statement of changes in equity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityTable" xlink:to="label_StatementOfChangesInEquityTable" xlink:title="Label : StatementOfChangesInEquityTable to label_StatementOfChangesInEquityTable" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="StatementOfChangesInEquityAbstract" xlink:title="StatementOfChangesInEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityAbstract" xml:lang="en-US" id="label_StatementOfChangesInEquityAbstract">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityAbstract" xlink:to="label_StatementOfChangesInEquityAbstract" xlink:title="Label : StatementOfChangesInEquityAbstract to label_StatementOfChangesInEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAndLiabilities" xlink:label="EquityAndLiabilities" xlink:title="EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EquityAndLiabilities" xml:lang="en-US" id="label_EquityAndLiabilities">Total equity and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAndLiabilities_1" xml:lang="en-US" id="label_EquityAndLiabilities_1">ifrs-full_EquityAndLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities_1" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Liabilities" xml:lang="en-US" id="label_Liabilities">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities" xlink:title="Label : Liabilities to label_Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Liabilities_1" xml:lang="en-US" id="label_Liabilities_1">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities_1" xlink:title="Label : Liabilities to label_Liabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentLiabilities" xlink:label="CurrentLiabilities" xlink:title="CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentLiabilities" xml:lang="en-US" id="label_CurrentLiabilities">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLiabilities_1" xml:lang="en-US" id="label_CurrentLiabilities_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_1" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilities_2" xml:lang="en-US" id="label_CurrentLiabilities_2">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_2" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="TradeAndOtherCurrentPayables" xlink:title="TradeAndOtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentPayables" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables" xlink:title="Label : TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeAndOtherCurrentPayables_1" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables_1">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables_1" xlink:title="Label : TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentAdvances" xlink:label="CurrentAdvances" xlink:title="CurrentAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAdvances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAdvances" xml:lang="en-US" id="label_CurrentAdvances">ifrs-full_CurrentAdvances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvances" xlink:to="label_CurrentAdvances" xlink:title="Label : CurrentAdvances to label_CurrentAdvances" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAdvances_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentAdvances_1" xml:lang="en-US" id="label_CurrentAdvances_1">Customer advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAdvances" xlink:to="label_CurrentAdvances_1" xlink:title="Label : CurrentAdvances to label_CurrentAdvances_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentProvisions" xlink:label="CurrentProvisions" xlink:title="CurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CurrentProvisions" xml:lang="en-US" id="label_CurrentProvisions">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions" xlink:title="Label : CurrentProvisions to label_CurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CurrentProvisions_1" xml:lang="en-US" id="label_CurrentProvisions_1">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions_1" xlink:title="Label : CurrentProvisions to label_CurrentProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentProvisions_2" xml:lang="en-US" id="label_CurrentProvisions_2">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions_2" xlink:title="Label : CurrentProvisions to label_CurrentProvisions_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisions_3" xml:lang="en-US" id="label_CurrentProvisions_3">Current provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions_3" xlink:title="Label : CurrentProvisions to label_CurrentProvisions_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="OtherCurrentLiabilities" xlink:title="OtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherCurrentLiabilities" xml:lang="en-US" id="label_OtherCurrentLiabilities">Other current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentLiabilities_1" xml:lang="en-US" id="label_OtherCurrentLiabilities_1">ifrs-full_OtherCurrentLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities_1" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherCurrentLiabilities_2" xml:lang="en-US" id="label_OtherCurrentLiabilities_2">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="label_OtherCurrentLiabilities_2" xlink:title="Label : OtherCurrentLiabilities to label_OtherCurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="CurrentTaxLiabilitiesCurrent" xlink:title="CurrentTaxLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTaxLiabilitiesCurrent" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent">Current tax liabilities, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxLiabilitiesCurrent_1" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent_1">ifrs-full_CurrentTaxLiabilitiesCurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent_1" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilitiesCurrent_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentTaxLiabilitiesCurrent_2" xml:lang="en-US" id="label_CurrentTaxLiabilitiesCurrent_2">Current tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="label_CurrentTaxLiabilitiesCurrent_2" xlink:title="Label : CurrentTaxLiabilitiesCurrent to label_CurrentTaxLiabilitiesCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="CurrentDerivativeFinancialLiabilities" xlink:title="CurrentDerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_CurrentDerivativeFinancialLiabilities">Derivative financial instruments CL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialLiabilities" xlink:to="label_CurrentDerivativeFinancialLiabilities" xlink:title="Label : CurrentDerivativeFinancialLiabilities to label_CurrentDerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDerivativeFinancialLiabilities_1" xml:lang="en-US" id="label_CurrentDerivativeFinancialLiabilities_1">ifrs-full_CurrentDerivativeFinancialLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialLiabilities" xlink:to="label_CurrentDerivativeFinancialLiabilities_1" xlink:title="Label : CurrentDerivativeFinancialLiabilities to label_CurrentDerivativeFinancialLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="CurrentLeaseLiabilities" xlink:title="CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLeaseLiabilities" xml:lang="en-US" id="label_CurrentLeaseLiabilities">ifrs-full_CurrentLeaseLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLeaseLiabilities_1" xml:lang="en-US" id="label_CurrentLeaseLiabilities_1">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_1" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:label="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">At the end of the year, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1">At the beginning of the year, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="CurrentLiabilitiesAbstract" xlink:title="CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesAbstract" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract">Current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract_1" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="NoncurrentLiabilities" xlink:title="NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilities" xml:lang="en-US" id="label_NoncurrentLiabilities">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentLiabilities_1" xml:lang="en-US" id="label_NoncurrentLiabilities_1">Non-current liabilities:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_1" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentLiabilities_2" xml:lang="en-US" id="label_NoncurrentLiabilities_2">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_2" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentProvisions" xlink:label="NoncurrentProvisions" xlink:title="NoncurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentProvisions" xml:lang="en-US" id="label_NoncurrentProvisions">ifrs-full_NoncurrentProvisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisions" xlink:to="label_NoncurrentProvisions" xlink:title="Label : NoncurrentProvisions to label_NoncurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentProvisions_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentProvisions_1" xml:lang="en-US" id="label_NoncurrentProvisions_1">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisions" xlink:to="label_NoncurrentProvisions_1" xlink:title="Label : NoncurrentProvisions to label_NoncurrentProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="OtherNoncurrentLiabilities" xlink:title="OtherNoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherNoncurrentLiabilities" xml:lang="en-US" id="label_OtherNoncurrentLiabilities">Other non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentLiabilities_1" xml:lang="en-US" id="label_OtherNoncurrentLiabilities_1">ifrs-full_OtherNoncurrentLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities_1" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherNoncurrentLiabilities_2" xml:lang="en-US" id="label_OtherNoncurrentLiabilities_2">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentLiabilities" xlink:to="label_OtherNoncurrentLiabilities_2" xlink:title="Label : OtherNoncurrentLiabilities to label_OtherNoncurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="DeferredTaxLiabilities" xlink:title="DeferredTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxLiabilities" xml:lang="en-US" id="label_DeferredTaxLiabilities">Deferred tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilities_1" xml:lang="en-US" id="label_DeferredTaxLiabilities_1">Deferred tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities_1" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DeferredTaxLiabilities_2" xml:lang="en-US" id="label_DeferredTaxLiabilities_2">Deferred tax liabilities to be settled after 12 months</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities_2" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="NoncurrentLeaseLiabilities" xlink:title="NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLeaseLiabilities" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities">ifrs-full_NoncurrentLeaseLiabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentLeaseLiabilities_1" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_1">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_1" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LongtermBorrowings" xlink:label="LongtermBorrowings" xlink:title="LongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LongtermBorrowings" xml:lang="en-US" id="label_LongtermBorrowings">At the end of the year, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LongtermBorrowings_1" xml:lang="en-US" id="label_LongtermBorrowings_1">At the beginning of the year, noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_1" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_2" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:title="label_LongtermBorrowings_2" xml:lang="en-US" id="label_LongtermBorrowings_2">Total non-current portion of non-current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_2" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongtermBorrowings_3" xml:lang="en-US" id="label_LongtermBorrowings_3">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_3" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_3" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongtermBorrowings_4" xml:lang="en-US" id="label_LongtermBorrowings_4">ifrs-full_LongtermBorrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_4" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_4" />
    <link:label xlink:type="resource" xlink:label="label_LongtermBorrowings_5" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LongtermBorrowings_5" xml:lang="en-US" id="label_LongtermBorrowings_5">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="label_LongtermBorrowings_5" xlink:title="Label : LongtermBorrowings to label_LongtermBorrowings_5" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="NoncurrentLiabilitiesAbstract" xlink:title="NoncurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLiabilitiesAbstract" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract_1">Non-current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract_1" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAbstract" xml:lang="en-US" id="label_LiabilitiesAbstract">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesAbstract_1" xml:lang="en-US" id="label_LiabilitiesAbstract_1">LIABILITIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract_1" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Equity" xlink:label="Equity" xlink:title="Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Equity" xml:lang="en-US" id="label_Equity">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity" xlink:title="Label : Equity to label_Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Equity_1" xml:lang="en-US" id="label_Equity_1">Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_1" xlink:title="Label : Equity to label_Equity_1" />
    <link:label xlink:type="resource" xlink:label="label_Equity_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Equity_2" xml:lang="en-US" id="label_Equity_2">Total equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_2" xlink:title="Label : Equity to label_Equity_2" />
    <link:label xlink:type="resource" xlink:label="label_Equity_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Equity_3" xml:lang="en-US" id="label_Equity_3">ifrs-full_Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_3" xlink:title="Label : Equity to label_Equity_3" />
    <link:label xlink:type="resource" xlink:label="label_Equity_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Equity_4" xml:lang="en-US" id="label_Equity_4">Total equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_4" xlink:title="Label : Equity to label_Equity_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncontrollingInterests" xlink:label="NoncontrollingInterests" xlink:title="NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterests" xml:lang="en-US" id="label_NoncontrollingInterests">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterests" xlink:to="label_NoncontrollingInterests" xlink:title="Label : NoncontrollingInterests to label_NoncontrollingInterests" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="EquityAttributableToOwnersOfParent" xlink:title="EquityAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAttributableToOwnersOfParent" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParent">Shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParent" xlink:to="label_EquityAttributableToOwnersOfParent" xlink:title="Label : EquityAttributableToOwnersOfParent to label_EquityAttributableToOwnersOfParent" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EquityAbstract" xlink:label="EquityAbstract" xlink:title="EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAbstract" xml:lang="en-US" id="label_EquityAbstract">Equity [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract" xlink:title="Label : EquityAbstract to label_EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAbstract_1" xml:lang="en-US" id="label_EquityAbstract_1">EQUITY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract_1" xlink:title="Label : EquityAbstract to label_EquityAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Assets" xml:lang="en-US" id="label_Assets">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets" xlink:title="Label : Assets to label_Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Assets_1" xml:lang="en-US" id="label_Assets_1">At the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_1" xlink:title="Label : Assets to label_Assets_1" />
    <link:label xlink:type="resource" xlink:label="label_Assets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Assets_2" xml:lang="en-US" id="label_Assets_2">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_2" xlink:title="Label : Assets to label_Assets_2" />
    <link:label xlink:type="resource" xlink:label="label_Assets_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Assets_3" xml:lang="en-US" id="label_Assets_3">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_3" xlink:title="Label : Assets to label_Assets_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentAssets" xlink:label="CurrentAssets" xlink:title="CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentAssets" xml:lang="en-US" id="label_CurrentAssets">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets" xlink:title="Label : CurrentAssets to label_CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentAssets_1" xml:lang="en-US" id="label_CurrentAssets_1">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_1" xlink:title="Label : CurrentAssets to label_CurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssets_2" xml:lang="en-US" id="label_CurrentAssets_2">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_2" xlink:title="Label : CurrentAssets to label_CurrentAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssets_3" xml:lang="en-US" id="label_CurrentAssets_3">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_3" xlink:title="Label : CurrentAssets to label_CurrentAssets_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="CashAndCashEquivalents" xlink:title="CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents">Total cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalents_1" xml:lang="en-US" id="label_CashAndCashEquivalents_1">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_1" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalents_2" xml:lang="en-US" id="label_CashAndCashEquivalents_2">Cash and bank deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_2" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_2" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CashAndCashEquivalents_3" xml:lang="en-US" id="label_CashAndCashEquivalents_3">Cash at banks, liquidity funds and short - term investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_3" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentInvestments" xlink:label="CurrentInvestments" xlink:title="CurrentInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInvestments" xml:lang="en-US" id="label_CurrentInvestments">Other investments - current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments" xlink:title="Label : CurrentInvestments to label_CurrentInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentInvestments_1" xml:lang="en-US" id="label_CurrentInvestments_1">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments_1" xlink:title="Label : CurrentInvestments to label_CurrentInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentInvestments_2" xml:lang="en-US" id="label_CurrentInvestments_2">Other investments C</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments_2" xlink:title="Label : CurrentInvestments to label_CurrentInvestments_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="CurrentDerivativeFinancialAssets" xlink:title="CurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentDerivativeFinancialAssets" xml:lang="en-US" id="label_CurrentDerivativeFinancialAssets">Derivative financial instruments CA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialAssets" xlink:to="label_CurrentDerivativeFinancialAssets" xlink:title="Label : CurrentDerivativeFinancialAssets to label_CurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDerivativeFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDerivativeFinancialAssets_1" xml:lang="en-US" id="label_CurrentDerivativeFinancialAssets_1">ifrs-full_CurrentDerivativeFinancialAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDerivativeFinancialAssets" xlink:to="label_CurrentDerivativeFinancialAssets_1" xlink:title="Label : CurrentDerivativeFinancialAssets to label_CurrentDerivativeFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="CurrentTradeReceivables" xlink:title="CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentTradeReceivables" xml:lang="en-US" id="label_CurrentTradeReceivables">Trade receivables, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivables_1" xml:lang="en-US" id="label_CurrentTradeReceivables_1">Trade receivables, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_1" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivables_2" xml:lang="en-US" id="label_CurrentTradeReceivables_2">Current trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_2" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTradeReceivables_3" xml:lang="en-US" id="label_CurrentTradeReceivables_3">Net Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_3" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_3" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_4" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:title="label_CurrentTradeReceivables_4" xml:lang="en-US" id="label_CurrentTradeReceivables_4">Net receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_4" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentTaxAssetsCurrent" xlink:label="CurrentTaxAssetsCurrent" xlink:title="CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentTaxAssetsCurrent" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent">Current tax assets, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_1" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_1">Increase (decrease) in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_1" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges to label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxAssetsCurrent_1" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent_1">Current tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent_1" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges to label_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:label="CurrentPrepaymentsAndOtherCurrentAssets" xlink:title="CurrentPrepaymentsAndOtherCurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentPrepaymentsAndOtherCurrentAssets" xml:lang="en-US" id="label_CurrentPrepaymentsAndOtherCurrentAssets">Current prepayments and other current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="label_CurrentPrepaymentsAndOtherCurrentAssets" xlink:title="Label : CurrentPrepaymentsAndOtherCurrentAssets to label_CurrentPrepaymentsAndOtherCurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaymentsAndOtherCurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaymentsAndOtherCurrentAssets_1" xml:lang="en-US" id="label_CurrentPrepaymentsAndOtherCurrentAssets_1">Receivables and prepayments, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="label_CurrentPrepaymentsAndOtherCurrentAssets_1" xlink:title="Label : CurrentPrepaymentsAndOtherCurrentAssets to label_CurrentPrepaymentsAndOtherCurrentAssets_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Inventories" xlink:label="Inventories" xlink:title="Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Inventories" xml:lang="en-US" id="label_Inventories">Total current inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories" xlink:title="Label : Inventories to label_Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Inventories_1" xml:lang="en-US" id="label_Inventories_1">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_1" xlink:title="Label : Inventories to label_Inventories_1" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Inventories_2" xml:lang="en-US" id="label_Inventories_2">Inventories, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_2" xlink:title="Label : Inventories to label_Inventories_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="CurrentAssetsAbstract" xlink:title="CurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssetsAbstract" xml:lang="en-US" id="label_CurrentAssetsAbstract">Current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xlink:title="Label : PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities to label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl_1" xml:lang="en-US" id="label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl_1">The cash inflow (outflow) from changes in ownership interests in subsidiaries that do not result in a loss of control.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:to="label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl_1" xlink:title="Label : ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl to label_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:label="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:title="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities">Dividends paid to non-controlling interest in subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:title="Label : DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities to label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssetsAbstract_1" xml:lang="en-US" id="label_CurrentAssetsAbstract_1">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract_1" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentAssets" xlink:label="NoncurrentAssets" xlink:title="NoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentAssets" xml:lang="en-US" id="label_NoncurrentAssets">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssets_1" xml:lang="en-US" id="label_NoncurrentAssets_1">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_1" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_1">ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_1" xlink:title="Label : DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities to label_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:label="CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:title="CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xml:lang="en-US" id="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments">Changes in investments in securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:to="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:title="Label : CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments to label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1">Cash flows from operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" xlink:title="Label : CashFlowsFromUsedInOperatingActivitiesAbstract to label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:label="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:title="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities">Dividends received from associates, classified as investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:to="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:title="Label : DividendsReceivedFromAssociatesClassifiedAsInvestingActivities to label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentAssets_2" xml:lang="en-US" id="label_NoncurrentAssets_2">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_2" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentReceivables" xlink:label="NoncurrentReceivables" xlink:title="NoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentReceivables" xml:lang="en-US" id="label_NoncurrentReceivables">Trade and other non-current receivables before the allowance for doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivables" xlink:to="label_NoncurrentReceivables" xlink:title="Label : NoncurrentReceivables to label_NoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentReceivables_1" xml:lang="en-US" id="label_NoncurrentReceivables_1">Total trade and other non-current receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivables" xlink:to="label_NoncurrentReceivables_1" xlink:title="Label : NoncurrentReceivables to label_NoncurrentReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1">Dividends received from non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:to="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" xlink:title="Label : DividendsReceivedFromAssociatesClassifiedAsInvestingActivities to label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_1" xml:lang="en-US" id="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_1">Changes in investments in securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments" xlink:to="label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_1" xlink:title="Label : CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments to label_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments_1" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:label="NoncurrentDerivativeFinancialAssets" xlink:title="NoncurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentDerivativeFinancialAssets" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialAssets">ifrs-full_NoncurrentDerivativeFinancialAssets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialAssets" xlink:to="label_NoncurrentDerivativeFinancialAssets" xlink:title="Label : NoncurrentDerivativeFinancialAssets to label_NoncurrentDerivativeFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentDerivativeFinancialAssets_1" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialAssets_1">Derivative financial instruments</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:title="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">Other investments - non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1">Other investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:title="Label : AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" xml:lang="en-US" id="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2">Other investments NC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" xlink:title="Label : NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod to label_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates">At the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1">Value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RightofuseAssets" xlink:label="RightofuseAssets" xlink:title="RightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_RightofuseAssets" xml:lang="en-US" id="label_RightofuseAssets">Right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets" xlink:title="Label : RightofuseAssets to label_RightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssets_1" xml:lang="en-US" id="label_RightofuseAssets_1">Right-of-use assets, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets_1" xlink:title="Label : RightofuseAssets to label_RightofuseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_RightofuseAssets_2" xml:lang="en-US" id="label_RightofuseAssets_2">Cost and Depreciation beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets_2" xlink:title="Label : RightofuseAssets to label_RightofuseAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_RightofuseAssets_3" xml:lang="en-US" id="label_RightofuseAssets_3">Cost and Depreciation end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets_3" xlink:title="Label : RightofuseAssets to label_RightofuseAssets_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="IntangibleAssetsAndGoodwill" xlink:title="IntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_IntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill">Values at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:label="IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:title="IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" xml:lang="en-US" id="label_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl">Acquisition and other changes in non-controlling interests</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">From other comprehensive income of non-consolidated companies</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:label="OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:title="OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:title="Label : OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome to label_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_IntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_1">Values at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_1" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_2">Total intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_2" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_2" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAndGoodwill_3" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_3">ifrs-full_IntangibleAssetsAndGoodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_3" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_3" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAndGoodwill_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IntangibleAssetsAndGoodwill_4" xml:lang="en-US" id="label_IntangibleAssetsAndGoodwill_4">Intangible assets, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAndGoodwill" xlink:to="label_IntangibleAssetsAndGoodwill_4" xlink:title="Label : IntangibleAssetsAndGoodwill to label_IntangibleAssetsAndGoodwill_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="PropertyPlantAndEquipment" xlink:title="PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_PropertyPlantAndEquipment" xml:lang="en-US" id="label_PropertyPlantAndEquipment">End of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_PropertyPlantAndEquipment_1" xml:lang="en-US" id="label_PropertyPlantAndEquipment_1">Beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_1" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipment_2" xml:lang="en-US" id="label_PropertyPlantAndEquipment_2">Property, plant and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_2" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="NoncurrentAssetsAbstract" xlink:title="NoncurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsAbstract" xml:lang="en-US" id="label_NoncurrentAssetsAbstract">Non-current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssetsAbstract_1" xml:lang="en-US" id="label_NoncurrentAssetsAbstract_1">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract_1" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsAbstract" xml:lang="en-US" id="label_AssetsAbstract">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract" xlink:title="Label : AssetsAbstract to label_AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetsAbstract_1" xml:lang="en-US" id="label_AssetsAbstract_1">ASSETS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract_1" xlink:title="Label : AssetsAbstract to label_AssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="StatementOfFinancialPositionAbstract" xlink:title="StatementOfFinancialPositionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfFinancialPositionAbstract" xml:lang="en-US" id="label_StatementOfFinancialPositionAbstract">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfFinancialPositionAbstract" xlink:to="label_StatementOfFinancialPositionAbstract" xlink:title="Label : StatementOfFinancialPositionAbstract to label_StatementOfFinancialPositionAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:title="ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToNoncontrollingInterests">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:title="Label : ComprehensiveIncomeAttributableToNoncontrollingInterests to label_ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent">Comprehensive income, attributable to owners of parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="Label : ComprehensiveIncomeAttributableToOwnersOfParent to label_ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent_1">Shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xlink:title="Label : ComprehensiveIncomeAttributableToOwnersOfParent to label_ComprehensiveIncomeAttributableToOwnersOfParent_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:label="ComprehensiveIncomeAttributableToAbstract" xlink:title="ComprehensiveIncomeAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeAttributableToAbstract" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToAbstract">Attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToAbstract" xlink:to="label_ComprehensiveIncomeAttributableToAbstract" xlink:title="Label : ComprehensiveIncomeAttributableToAbstract to label_ComprehensiveIncomeAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToAbstract_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToAbstract_1">Total comprehensive income (loss) for the year attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToAbstract" xlink:to="label_ComprehensiveIncomeAttributableToAbstract_1" xlink:title="Label : ComprehensiveIncomeAttributableToAbstract to label_ComprehensiveIncomeAttributableToAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ComprehensiveIncome" xlink:title="ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ComprehensiveIncome" xml:lang="en-US" id="label_ComprehensiveIncome">Total comprehensive income (loss) for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncome_1" xml:lang="en-US" id="label_ComprehensiveIncome_1">Total comprehensive (loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_1" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ComprehensiveIncome_2" xml:lang="en-US" id="label_ComprehensiveIncome_2">Total comprehensive income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_2" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:title="OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">Remeasurements of post-employment benefit obligations, net of taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:title="Label : OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans to label_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:title="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xml:lang="en-US" id="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4">Total current borrowings and current portion of non-current borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" xlink:title="Label : CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings to label_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="OtherComprehensiveIncome" xlink:title="OtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncome" xml:lang="en-US" id="label_OtherComprehensiveIncome">Other comprehensive (loss) for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncome_1" xml:lang="en-US" id="label_OtherComprehensiveIncome_1">Other comprehensive (loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncome" xlink:to="label_OtherComprehensiveIncome_1" xlink:title="Label : OtherComprehensiveIncome to label_OtherComprehensiveIncome_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:label="OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:title="OtherComprehensiveIncomeBeforeTaxCashFlowHedges" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xml:lang="en-US" id="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">Change in value of cash flow hedges and instruments at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:to="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:title="Label : OtherComprehensiveIncomeBeforeTaxCashFlowHedges to label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:label="GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:title="GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xml:lang="en-US" id="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax">Currency translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:to="label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:title="Label : GainsLossesOnExchangeDifferencesOnTranslationBeforeTax to label_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="StatementOfComprehensiveIncomeAbstract" xlink:title="StatementOfComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfComprehensiveIncomeAbstract" xml:lang="en-US" id="label_StatementOfComprehensiveIncomeAbstract">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfComprehensiveIncomeAbstract" xlink:to="label_StatementOfComprehensiveIncomeAbstract" xlink:title="Label : StatementOfComprehensiveIncomeAbstract to label_StatementOfComprehensiveIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_WeightedAverageShares" xlink:label="WeightedAverageShares" xlink:title="WeightedAverageShares" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_WeightedAverageShares" xml:lang="en-US" id="label_WeightedAverageShares">Weighted average number of outstanding ordinary shares (thousands) (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageShares" xlink:to="label_WeightedAverageShares" xlink:title="Label : WeightedAverageShares to label_WeightedAverageShares" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageShares_1" xml:lang="en-US" id="label_WeightedAverageShares_1">ifrs-full_WeightedAverageShares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageShares" xlink:to="label_WeightedAverageShares_1" xlink:title="Label : WeightedAverageShares to label_WeightedAverageShares_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2">At the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3">Total investments in subsidiaries, joint ventures and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_3" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4">Investments in non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_4" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareAbstract" xml:lang="en-US" id="label_EarningsPerShareAbstract">Earnings per share attributable to shareholders' equity during the year:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract" xlink:title="Label : EarningsPerShareAbstract to label_EarningsPerShareAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLoss" xml:lang="en-US" id="label_ProfitLoss">Income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss" xlink:title="Label : ProfitLoss to label_ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLoss_1" xml:lang="en-US" id="label_ProfitLoss_1">(Loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_1" xlink:title="Label : ProfitLoss to label_ProfitLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLoss_2" xml:lang="en-US" id="label_ProfitLoss_2">(Loss) income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_2" xlink:title="Label : ProfitLoss to label_ProfitLoss_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLoss_3" xml:lang="en-US" id="label_ProfitLoss_3">Income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_3" xlink:title="Label : ProfitLoss to label_ProfitLoss_3" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xlink:title="Label : ComprehensiveIncomeAttributableToNoncontrollingInterests to label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:label="ProfitLossAttributableToNoncontrollingInterests" xlink:title="ProfitLossAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossAttributableToNoncontrollingInterests" xml:lang="en-US" id="label_ProfitLossAttributableToNoncontrollingInterests">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToNoncontrollingInterests" xlink:to="label_ProfitLossAttributableToNoncontrollingInterests" xlink:title="Label : ProfitLossAttributableToNoncontrollingInterests to label_ProfitLossAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossAttributableToNoncontrollingInterests_1" xml:lang="en-US" id="label_ProfitLossAttributableToNoncontrollingInterests_1">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToNoncontrollingInterests" xlink:to="label_ProfitLossAttributableToNoncontrollingInterests_1" xlink:title="Label : ProfitLossAttributableToNoncontrollingInterests to label_ProfitLossAttributableToNoncontrollingInterests_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent_1">Shareholders' equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent_1" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToOwnersOfParent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossAttributableToOwnersOfParent_2" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent_2">Net income for the year attributable to owners of the parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent_2" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossAttributableToAbstract" xlink:label="ProfitLossAttributableToAbstract" xlink:title="ProfitLossAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossAttributableToAbstract" xml:lang="en-US" id="label_ProfitLossAttributableToAbstract">Attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToAbstract" xlink:to="label_ProfitLossAttributableToAbstract" xlink:title="Label : ProfitLossAttributableToAbstract to label_ProfitLossAttributableToAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="IncomeTaxExpenseContinuingOperations" xlink:title="IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxExpenseContinuingOperations" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations">ifrs-full_IncomeTaxExpenseContinuingOperations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_1" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_1">Tax charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_1" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_2" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_2" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_2">Income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_2" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxExpenseContinuingOperations_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeTaxExpenseContinuingOperations_3" xml:lang="en-US" id="label_IncomeTaxExpenseContinuingOperations_3">Tax charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="label_IncomeTaxExpenseContinuingOperations_3" xlink:title="Label : IncomeTaxExpenseContinuingOperations to label_IncomeTaxExpenseContinuingOperations_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ProfitLossBeforeTax" xlink:title="ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossBeforeTax" xml:lang="en-US" id="label_ProfitLossBeforeTax">Income before income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossBeforeTax_1" xml:lang="en-US" id="label_ProfitLossBeforeTax_1">Profit (loss) before tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_1" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossBeforeTax_2" xml:lang="en-US" id="label_ProfitLossBeforeTax_2">Income before income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_2" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossBeforeTax_3" xml:lang="en-US" id="label_ProfitLossBeforeTax_3">Income before income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_3" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherFinanceIncomeCost" xlink:label="OtherFinanceIncomeCost" xlink:title="OtherFinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherFinanceIncomeCost" xml:lang="en-US" id="label_OtherFinanceIncomeCost">Other financial results, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceIncomeCost" xlink:to="label_OtherFinanceIncomeCost" xlink:title="Label : OtherFinanceIncomeCost to label_OtherFinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncomeCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceIncomeCost_1" xml:lang="en-US" id="label_OtherFinanceIncomeCost_1">Other financial results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceIncomeCost" xlink:to="label_OtherFinanceIncomeCost_1" xlink:title="Label : OtherFinanceIncomeCost to label_OtherFinanceIncomeCost_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinanceCosts" xlink:label="FinanceCosts" xlink:title="FinanceCosts" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinanceCosts" xml:lang="en-US" id="label_FinanceCosts">Finance cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts" xlink:title="Label : FinanceCosts to label_FinanceCosts" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceCosts_1" xml:lang="en-US" id="label_FinanceCosts_1">ifrs-full_FinanceCosts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts_1" xlink:title="Label : FinanceCosts to label_FinanceCosts_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinanceIncome" xlink:label="FinanceIncome" xlink:title="FinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncome" xml:lang="en-US" id="label_FinanceIncome">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome" xlink:title="Label : FinanceIncome to label_FinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncome_1" xml:lang="en-US" id="label_FinanceIncome_1">Finance Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome_1" xlink:title="Label : FinanceIncome to label_FinanceIncome_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ProfitLossFromOperatingActivities" xlink:title="ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossFromOperatingActivities" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities">IFRS - operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="label_ProfitLossFromOperatingActivities" xlink:title="Label : ProfitLossFromOperatingActivities to label_ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossFromOperatingActivities_1" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities_1">ifrs-full_ProfitLossFromOperatingActivities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="label_ProfitLossFromOperatingActivities_1" xlink:title="Label : ProfitLossFromOperatingActivities to label_ProfitLossFromOperatingActivities_1" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent_2" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent_2">Total comprehensive income for the year, net of tax, attributable to owners of the parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_ComprehensiveIncomeAttributableToOwnersOfParent_2" xlink:title="Label : ComprehensiveIncomeAttributableToOwnersOfParent to label_ComprehensiveIncomeAttributableToOwnersOfParent_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossFromOperatingActivities_2" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities_2">Operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="label_ProfitLossFromOperatingActivities_2" xlink:title="Label : ProfitLossFromOperatingActivities to label_ProfitLossFromOperatingActivities_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossFromOperatingActivities_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossFromOperatingActivities_3" xml:lang="en-US" id="label_ProfitLossFromOperatingActivities_3">Operating income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="label_ProfitLossFromOperatingActivities_3" xlink:title="Label : ProfitLossFromOperatingActivities to label_ProfitLossFromOperatingActivities_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherExpenseByFunction" xlink:label="OtherExpenseByFunction" xlink:title="OtherExpenseByFunction" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherExpenseByFunction" xml:lang="en-US" id="label_OtherExpenseByFunction">Other operating expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByFunction" xlink:to="label_OtherExpenseByFunction" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherExpenseByFunction_1" xml:lang="en-US" id="label_OtherExpenseByFunction_1">Other expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByFunction" xlink:to="label_OtherExpenseByFunction_1" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherExpenseByFunction_2" xml:lang="en-US" id="label_OtherExpenseByFunction_2">ifrs-full_OtherExpenseByFunction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByFunction" xlink:to="label_OtherExpenseByFunction_2" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByFunction_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherExpenseByFunction_3" xml:lang="en-US" id="label_OtherExpenseByFunction_3">Other operating expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByFunction" xlink:to="label_OtherExpenseByFunction_3" xlink:title="Label : OtherExpenseByFunction to label_OtherExpenseByFunction_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherIncome" xlink:label="OtherIncome" xlink:title="OtherIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherIncome" xml:lang="en-US" id="label_OtherIncome">Other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome" xlink:title="Label : OtherIncome to label_OtherIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIncome_1" xml:lang="en-US" id="label_OtherIncome_1">Other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome_1" xlink:title="Label : OtherIncome to label_OtherIncome_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:title="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:title="Label : OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1">Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:label="SellingGeneralAndAdministrativeExpense" xlink:title="SellingGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_SellingGeneralAndAdministrativeExpense" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense">Total selling, general and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1">Total other comprehensive (loss) income that will not be reclassified to profit or loss, net of tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xlink:title="Label : OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpense_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense_1">Total selling, general and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense_1" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpense_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense_2">ifrs-full_SellingGeneralAndAdministrativeExpense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense_2" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense_2" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpense_3" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense_3">Selling, general and administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense_3" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense_3" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GrossProfit" xml:lang="en-US" id="label_GrossProfit">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit" xlink:title="Label : GrossProfit to label_GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossProfit_1" xml:lang="en-US" id="label_GrossProfit_1">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit_1" xlink:title="Label : GrossProfit to label_GrossProfit_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:title="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax">Remeasurements of post-employment benefit obligations of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:title="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xml:lang="en-US" id="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss">Income tax on items that will not be reclassified</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:to="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_1" xml:lang="en-US" id="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_1">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:to="label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_1" xlink:title="Label : IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss to label_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:title="OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xml:lang="en-US" id="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">Remeasurements of post-employment benefit obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:title="Label : OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans to label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:title="ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xml:lang="en-US" id="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">Items that will not be reclassified to profit or loss:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:title="Label : ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract to label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:title="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax">Total other comprehensive (loss) that will be reclassified to profit or loss, net of tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:title="Label : OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1">ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1" xlink:title="Label : OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax to label_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CostOfSales" xlink:label="CostOfSales" xlink:title="CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CostOfSales" xml:lang="en-US" id="label_CostOfSales">Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales" xlink:title="Label : CostOfSales to label_CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSales_1" xml:lang="en-US" id="label_CostOfSales_1">ifrs-full_CostOfSales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales_1" xlink:title="Label : CostOfSales to label_CostOfSales_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CostOfSales_2" xml:lang="en-US" id="label_CostOfSales_2">Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales_2" xlink:title="Label : CostOfSales to label_CostOfSales_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_Revenue" xlink:label="Revenue" xlink:title="Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Revenue" xml:lang="en-US" id="label_Revenue">Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue" xlink:title="Label : Revenue to label_Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Revenue_1" xml:lang="en-US" id="label_Revenue_1">Net sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_1" xlink:title="Label : Revenue to label_Revenue_1" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Revenue_2" xml:lang="en-US" id="label_Revenue_2">Net Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_2" xlink:title="Label : Revenue to label_Revenue_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MinimumApplicableTaxRate" xlink:label="MinimumApplicableTaxRate" xlink:title="MinimumApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_MinimumApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumApplicableTaxRate" xml:lang="en-US" id="label_MinimumApplicableTaxRate">Minimum applicable tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumApplicableTaxRate" xlink:to="label_MinimumApplicableTaxRate" xlink:title="Label : MinimumApplicableTaxRate to label_MinimumApplicableTaxRate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementAbstract" xml:lang="en-US" id="label_IncomeStatementAbstract">Profit or loss [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementAbstract" xlink:to="label_IncomeStatementAbstract" xlink:title="Label : IncomeStatementAbstract to label_IncomeStatementAbstract" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditorLocation" xlink:label="AuditorLocation" xlink:title="AuditorLocation" />
    <link:label xlink:type="resource" xlink:label="label_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorLocation" xml:lang="en-US" id="label_AuditorLocation">Auditor Location</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorLocation" xlink:to="label_AuditorLocation" xlink:title="Label : AuditorLocation to label_AuditorLocation" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditorFirmId" xlink:label="AuditorFirmId" xlink:title="AuditorFirmId" />
    <link:label xlink:type="resource" xlink:label="label_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorFirmId" xml:lang="en-US" id="label_AuditorFirmId">Auditor Firm ID</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorFirmId" xlink:to="label_AuditorFirmId" xlink:title="Label : AuditorFirmId to label_AuditorFirmId" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditorName" xlink:label="AuditorName" xlink:title="AuditorName" />
    <link:label xlink:type="resource" xlink:label="label_AuditorName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorName" xml:lang="en-US" id="label_AuditorName">Auditor Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorName" xlink:to="label_AuditorName" xlink:title="Label : AuditorName to label_AuditorName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="EntityExTransitionPeriod" xlink:title="EntityExTransitionPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityExTransitionPeriod" xml:lang="en-US" id="label_EntityExTransitionPeriod">Entity Ex Transition Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityExTransitionPeriod" xlink:to="label_EntityExTransitionPeriod" xlink:title="Label : EntityExTransitionPeriod to label_EntityExTransitionPeriod" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="EntityShellCompany" xlink:title="EntityShellCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityShellCompany" xml:lang="en-US" id="label_EntityShellCompany">Entity Shell Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityShellCompany" xlink:to="label_EntityShellCompany" xlink:title="Label : EntityShellCompany to label_EntityShellCompany" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xlink:label="OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xlink:title="OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies">Other Comprehensive Income, Net of Tax, Assets Measured at Fair Value Attributable to Nonconsolidated Companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xlink:to="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xlink:title="Label : OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="DocumentAccountingStandard" xlink:title="DocumentAccountingStandard" />
    <link:label xlink:type="resource" xlink:label="label_DocumentAccountingStandard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentAccountingStandard" xml:lang="en-US" id="label_DocumentAccountingStandard">Document Accounting Standard</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAccountingStandard" xlink:to="label_DocumentAccountingStandard" xlink:title="Label : DocumentAccountingStandard to label_DocumentAccountingStandard" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="IcfrAuditorAttestationFlag" xlink:title="IcfrAuditorAttestationFlag" />
    <link:label xlink:type="resource" xlink:label="label_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IcfrAuditorAttestationFlag" xml:lang="en-US" id="label_IcfrAuditorAttestationFlag">ICFR Auditor Attestation Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcfrAuditorAttestationFlag" xlink:to="label_IcfrAuditorAttestationFlag" xlink:title="Label : IcfrAuditorAttestationFlag to label_IcfrAuditorAttestationFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="EntityFilerCategory" xlink:title="EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFilerCategory" xml:lang="en-US" id="label_EntityFilerCategory">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="label_EntityFilerCategory" xlink:title="Label : EntityFilerCategory to label_EntityFilerCategory" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="EntityInteractiveDataCurrent" xlink:title="EntityInteractiveDataCurrent" />
    <link:label xlink:type="resource" xlink:label="label_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityInteractiveDataCurrent" xml:lang="en-US" id="label_EntityInteractiveDataCurrent">Entity Interactive Data Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityInteractiveDataCurrent" xlink:to="label_EntityInteractiveDataCurrent" xlink:title="Label : EntityInteractiveDataCurrent to label_EntityInteractiveDataCurrent" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="EntityCurrentReportingStatus" xlink:title="EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCurrentReportingStatus" xml:lang="en-US" id="label_EntityCurrentReportingStatus">Entity Current Reporting Status</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="label_EntityCurrentReportingStatus" xlink:title="Label : EntityCurrentReportingStatus to label_EntityCurrentReportingStatus" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_1">The amount of other comprehensive income, before tax, attributable to non-consolidated companies related to derivatives held as cash flow hedges and others.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xlink:to="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_1" xlink:title="Label : OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_2" xml:lang="en-US" id="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_2">- Changes in the value of cash flow hedges and instruments at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies" xlink:to="label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_2" xlink:title="Label : OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xlink:label="OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xlink:title="OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xml:lang="en-US" id="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies">The amount of other comprehensive income (loss), net of tax, attributable to non-consolidated companies related to exchange differences when financial statements of foreign operations are translated.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xlink:to="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xlink:title="Label : OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="EntityVoluntaryFilers" xlink:title="EntityVoluntaryFilers" />
    <link:label xlink:type="resource" xlink:label="label_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityVoluntaryFilers" xml:lang="en-US" id="label_EntityVoluntaryFilers">Entity Voluntary Filers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityVoluntaryFilers" xlink:to="label_EntityVoluntaryFilers" xlink:title="Label : EntityVoluntaryFilers to label_EntityVoluntaryFilers" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" />
    <link:label xlink:type="resource" xlink:label="label_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityWellKnownSeasonedIssuer" xml:lang="en-US" id="label_EntityWellKnownSeasonedIssuer">Entity Well-known Seasoned Issuer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityWellKnownSeasonedIssuer" xlink:to="label_EntityWellKnownSeasonedIssuer" xlink:title="Label : EntityWellKnownSeasonedIssuer to label_EntityWellKnownSeasonedIssuer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding (in shares)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="label_EntityCommonStockSharesOutstanding" xlink:title="Label : EntityCommonStockSharesOutstanding to label_EntityCommonStockSharesOutstanding" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="label_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecurityExchangeName" xml:lang="en-US" id="label_SecurityExchangeName">Security Exchange Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="label_SecurityExchangeName" xlink:title="Label : SecurityExchangeName to label_SecurityExchangeName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="label_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12bTitle" xml:lang="en-US" id="label_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="label_Security12bTitle" xlink:title="Label : Security12bTitle to label_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="label_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LocalPhoneNumber" xml:lang="en-US" id="label_LocalPhoneNumber">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="label_LocalPhoneNumber" xlink:title="Label : LocalPhoneNumber to label_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="label_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CityAreaCode" xml:lang="en-US" id="label_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="label_CityAreaCode" xlink:title="Label : CityAreaCode to label_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCountry" xml:lang="en-US" id="label_EntityAddressCountry">Entity Address, Country</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCountry" xlink:to="label_EntityAddressCountry" xlink:title="Label : EntityAddressCountry to label_EntityAddressCountry" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCityOrTown" xml:lang="en-US" id="label_EntityAddressCityOrTown">Entity Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="label_EntityAddressCityOrTown" xlink:title="Label : EntityAddressCityOrTown to label_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressPostalZipCode" xml:lang="en-US" id="label_EntityAddressPostalZipCode">Entity Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="label_EntityAddressPostalZipCode" xlink:title="Label : EntityAddressPostalZipCode to label_EntityAddressPostalZipCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressAddressLine1" xml:lang="en-US" id="label_EntityAddressAddressLine1">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="label_EntityAddressAddressLine1" xlink:title="Label : EntityAddressAddressLine1 to label_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_ContactPersonnelName" xlink:label="ContactPersonnelName" xlink:title="ContactPersonnelName" />
    <link:label xlink:type="resource" xlink:label="label_ContactPersonnelName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContactPersonnelName" xml:lang="en-US" id="label_ContactPersonnelName">Contact Personnel Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContactPersonnelName" xlink:to="label_ContactPersonnelName" xlink:title="Label : ContactPersonnelName to label_ContactPersonnelName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityIncorporationStateCountryCode" xml:lang="en-US" id="label_EntityIncorporationStateCountryCode">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="label_EntityIncorporationStateCountryCode" xlink:title="Label : EntityIncorporationStateCountryCode to label_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="DocumentFiscalPeriodFocus" xlink:title="DocumentFiscalPeriodFocus" />
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalPeriodFocus" xml:lang="en-US" id="label_DocumentFiscalPeriodFocus">Document Fiscal Period Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalPeriodFocus" xlink:to="label_DocumentFiscalPeriodFocus" xlink:title="Label : DocumentFiscalPeriodFocus to label_DocumentFiscalPeriodFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
    <link:label xlink:type="resource" xlink:label="label_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFiscalYearFocus" xml:lang="en-US" id="label_DocumentFiscalYearFocus">Document Fiscal Year Focus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="label_DocumentFiscalYearFocus" xlink:title="Label : DocumentFiscalYearFocus to label_DocumentFiscalYearFocus" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="Label : DocumentPeriodEndDate to label_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="CurrentFiscalYearEndDate" xlink:title="CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFiscalYearEndDate" xml:lang="en-US" id="label_CurrentFiscalYearEndDate">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="label_CurrentFiscalYearEndDate" xlink:title="Label : CurrentFiscalYearEndDate to label_CurrentFiscalYearEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFileNumber" xml:lang="en-US" id="label_EntityFileNumber">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="label_EntityFileNumber" xlink:title="Label : EntityFileNumber to label_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="DocumentShellCompanyReport" xlink:title="DocumentShellCompanyReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentShellCompanyReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentShellCompanyReport" xml:lang="en-US" id="label_DocumentShellCompanyReport">Document Shell Company Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentShellCompanyReport" xlink:to="label_DocumentShellCompanyReport" xlink:title="Label : DocumentShellCompanyReport to label_DocumentShellCompanyReport" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="DocumentTransitionReport" xlink:title="DocumentTransitionReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentTransitionReport" xml:lang="en-US" id="label_DocumentTransitionReport">Document Transition Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentTransitionReport" xlink:to="label_DocumentTransitionReport" xlink:title="Label : DocumentTransitionReport to label_DocumentTransitionReport" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1">Translation differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xlink:to="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1" xlink:title="Label : OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="DocumentAnnualReport" xlink:title="DocumentAnnualReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentAnnualReport" xml:lang="en-US" id="label_DocumentAnnualReport">Document Annual Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentAnnualReport" xlink:to="label_DocumentAnnualReport" xlink:title="Label : DocumentAnnualReport to label_DocumentAnnualReport" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2" xml:lang="en-US" id="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2">- Currency translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies" xlink:to="label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2" xlink:title="Label : OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies to label_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="DocumentRegistrationStatement" xlink:title="DocumentRegistrationStatement" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentRegistrationStatement" xlink:to="label_DocumentRegistrationStatement" xlink:title="Label : DocumentRegistrationStatement to label_DocumentRegistrationStatement" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AddressTypeDomain" xlink:label="AddressTypeDomain" xlink:title="AddressTypeDomain" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:label="ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" xlink:title="ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:title="ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressesAddressTypeAxis" xlink:label="EntityAddressesAddressTypeAxis" xlink:title="EntityAddressesAddressTypeAxis" />
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    <link:label xlink:type="resource" xlink:label="label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation_2" xml:lang="en-US" id="label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation_2">Gain on sale after income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation" xlink:to="label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation_2" xlink:title="Label : GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation to label_GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NationalizationOfSubsidiariesNetResults" xlink:label="NationalizationOfSubsidiariesNetResults" xlink:title="NationalizationOfSubsidiariesNetResults" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesNetResults" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NationalizationOfSubsidiariesNetResults" xml:lang="en-US" id="label_NationalizationOfSubsidiariesNetResults">Nationalization of subsidiaries net results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesNetResults" xlink:to="label_NationalizationOfSubsidiariesNetResults" xlink:title="Label : NationalizationOfSubsidiariesNetResults to label_NationalizationOfSubsidiariesNetResults" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AuditorsRemunerationForAcquisitionServices" xlink:label="AuditorsRemunerationForAcquisitionServices" xlink:title="AuditorsRemunerationForAcquisitionServices" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAcquisitionServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AuditorsRemunerationForAcquisitionServices" xml:lang="en-US" id="label_AuditorsRemunerationForAcquisitionServices">Auditors remuneration for acquisition services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAcquisitionServices" xlink:to="label_AuditorsRemunerationForAcquisitionServices" xlink:title="Label : AuditorsRemunerationForAcquisitionServices to label_AuditorsRemunerationForAcquisitionServices" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:label="NoncurrentDerivativeFinancialLiabilities" xlink:title="NoncurrentDerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentDerivativeFinancialLiabilities" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialLiabilities">Non-current derivative financial liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialLiabilities" xlink:to="label_NoncurrentDerivativeFinancialLiabilities" xlink:title="Label : NoncurrentDerivativeFinancialLiabilities to label_NoncurrentDerivativeFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDerivativeFinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentDerivativeFinancialLiabilities_1" xml:lang="en-US" id="label_NoncurrentDerivativeFinancialLiabilities_1">Derivative financial instruments NCL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDerivativeFinancialLiabilities" xlink:to="label_NoncurrentDerivativeFinancialLiabilities_1" xlink:title="Label : NoncurrentDerivativeFinancialLiabilities to label_NoncurrentDerivativeFinancialLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CashAdvancesAndLoansMadeToRelatedParties" xlink:label="CashAdvancesAndLoansMadeToRelatedParties" xlink:title="CashAdvancesAndLoansMadeToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CashAdvancesAndLoansMadeToRelatedParties" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CashAdvancesAndLoansMadeToRelatedParties" xml:lang="en-US" id="label_CashAdvancesAndLoansMadeToRelatedParties">Loan to joint-ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAdvancesAndLoansMadeToRelatedParties" xlink:to="label_CashAdvancesAndLoansMadeToRelatedParties" xlink:title="Label : CashAdvancesAndLoansMadeToRelatedParties to label_CashAdvancesAndLoansMadeToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CashAdvancesAndLoansMadeToRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAdvancesAndLoansMadeToRelatedParties_1" xml:lang="en-US" id="label_CashAdvancesAndLoansMadeToRelatedParties_1">Cash advances and loans made to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAdvancesAndLoansMadeToRelatedParties" xlink:to="label_CashAdvancesAndLoansMadeToRelatedParties_1" xlink:title="Label : CashAdvancesAndLoansMadeToRelatedParties to label_CashAdvancesAndLoansMadeToRelatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="PurchaseOfTreasuryShares" xlink:title="PurchaseOfTreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasuryShares" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_PurchaseOfTreasuryShares" xml:lang="en-US" id="label_PurchaseOfTreasuryShares">Repurchase of own shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasuryShares" xlink:to="label_PurchaseOfTreasuryShares" xlink:title="Label : PurchaseOfTreasuryShares to label_PurchaseOfTreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasuryShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PurchaseOfTreasuryShares_1" xml:lang="en-US" id="label_PurchaseOfTreasuryShares_1">Purchase of treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasuryShares" xlink:to="label_PurchaseOfTreasuryShares_1" xlink:title="Label : PurchaseOfTreasuryShares to label_PurchaseOfTreasuryShares_1" />
    <link:label xlink:type="resource" xlink:label="label_PurchaseOfTreasuryShares_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PurchaseOfTreasuryShares_2" xml:lang="en-US" id="label_PurchaseOfTreasuryShares_2">Acquisition of treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfTreasuryShares" xlink:to="label_PurchaseOfTreasuryShares_2" xlink:title="Label : PurchaseOfTreasuryShares to label_PurchaseOfTreasuryShares_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CancellationOfTreasuryShares" xlink:label="CancellationOfTreasuryShares" xlink:title="CancellationOfTreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfTreasuryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CancellationOfTreasuryShares" xml:lang="en-US" id="label_CancellationOfTreasuryShares">Cancellation of treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfTreasuryShares" xlink:to="label_CancellationOfTreasuryShares" xlink:title="Label : CancellationOfTreasuryShares to label_CancellationOfTreasuryShares" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TreasurySharesMember" xlink:label="TreasurySharesMember" xlink:title="TreasurySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasurySharesMember" xml:lang="en-US" id="label_TreasurySharesMember">Treasury shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesMember" xlink:to="label_TreasurySharesMember" xlink:title="Label : TreasurySharesMember to label_TreasurySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfTreasuryShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CancellationOfTreasuryShares_1" xml:lang="en-US" id="label_CancellationOfTreasuryShares_1">Shares to be settled under buyback program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfTreasuryShares" xlink:to="label_CancellationOfTreasuryShares_1" xlink:title="Label : CancellationOfTreasuryShares to label_CancellationOfTreasuryShares_1" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TreasurySharesMember_1" xml:lang="en-US" id="label_TreasurySharesMember_1">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesMember" xlink:to="label_TreasurySharesMember_1" xlink:title="Label : TreasurySharesMember to label_TreasurySharesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MattrsPipeCoatingBusinessUnitMember" xlink:label="MattrsPipeCoatingBusinessUnitMember" xlink:title="MattrsPipeCoatingBusinessUnitMember" />
    <link:label xlink:type="resource" xlink:label="label_MattrsPipeCoatingBusinessUnitMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MattrsPipeCoatingBusinessUnitMember" xml:lang="en-US" id="label_MattrsPipeCoatingBusinessUnitMember">Information related to Mattr&#x2019;s pipe coating business unit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MattrsPipeCoatingBusinessUnitMember" xlink:to="label_MattrsPipeCoatingBusinessUnitMember" xlink:title="Label : MattrsPipeCoatingBusinessUnitMember to label_MattrsPipeCoatingBusinessUnitMember" />
    <link:label xlink:type="resource" xlink:label="label_MattrsPipeCoatingBusinessUnitMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MattrsPipeCoatingBusinessUnitMember_1" xml:lang="en-US" id="label_MattrsPipeCoatingBusinessUnitMember_1">Mattrs Pipe Coating Business Unit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MattrsPipeCoatingBusinessUnitMember" xlink:to="label_MattrsPipeCoatingBusinessUnitMember_1" xlink:title="Label : MattrsPipeCoatingBusinessUnitMember to label_MattrsPipeCoatingBusinessUnitMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PetroleosMexicanosMember" xlink:label="PetroleosMexicanosMember" xlink:title="PetroleosMexicanosMember" />
    <link:label xlink:type="resource" xlink:label="label_PetroleosMexicanosMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PetroleosMexicanosMember" xml:lang="en-US" id="label_PetroleosMexicanosMember">Petr&#xF3;leos Mexicanos Member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PetroleosMexicanosMember" xlink:to="label_PetroleosMexicanosMember" xlink:title="Label : PetroleosMexicanosMember to label_PetroleosMexicanosMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:label="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:title="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" />
    <link:label xlink:type="resource" xlink:label="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xml:lang="en-US" id="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult">Result on sale of Venezuela awards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:to="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:title="Label : SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult to label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" />
    <link:label xlink:type="resource" xlink:label="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_1" xml:lang="en-US" id="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_1">Result on sale of Venezuela awards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:to="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_1" xlink:title="Label : SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult to label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_1" />
    <link:label xlink:type="resource" xlink:label="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_2" xml:lang="en-US" id="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_2">Amount of net gain resulting from the sale of Venezuela awards.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult" xlink:to="label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_2" xlink:title="Label : SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult to label_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult_2" />
    <link:label xlink:type="resource" xlink:label="label_GainRecognisedInBargainPurchaseTransaction_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainRecognisedInBargainPurchaseTransaction_1" xml:lang="en-US" id="label_GainRecognisedInBargainPurchaseTransaction_1">Gain recognised in bargain purchase transaction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainRecognisedInBargainPurchaseTransaction" xlink:to="label_GainRecognisedInBargainPurchaseTransaction_1" xlink:title="Label : GainRecognisedInBargainPurchaseTransaction to label_GainRecognisedInBargainPurchaseTransaction_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xlink:label="CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xlink:title="CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xml:lang="en-US" id="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules">Current tax impact arising due to application of pillar two rules</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xlink:to="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xlink:title="Label : CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules to label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_1" xml:lang="en-US" id="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_1">Current Tax Impact Arising Due To Application Of Pillar Two Rules</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xlink:to="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_1" xlink:title="Label : CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules to label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_2" xml:lang="en-US" id="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_2">The amount of current tax impact arising due to the application of Pillar Two rules.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules" xlink:to="label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_2" xlink:title="Label : CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules to label_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:label="DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:title="DeferredTaxIncomeRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxIncomeRecognisedInProfitOrLoss" xml:lang="en-US" id="label_DeferredTaxIncomeRecognisedInProfitOrLoss">Deferred Tax Income Recognised In Profit Or Loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:to="label_DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:title="Label : DeferredTaxIncomeRecognisedInProfitOrLoss to label_DeferredTaxIncomeRecognisedInProfitOrLoss" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxIncomeRecognisedInProfitOrLoss_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxIncomeRecognisedInProfitOrLoss_1" xml:lang="en-US" id="label_DeferredTaxIncomeRecognisedInProfitOrLoss_1">Deferred tax income recognised in profit or loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:to="label_DeferredTaxIncomeRecognisedInProfitOrLoss_1" xlink:title="Label : DeferredTaxIncomeRecognisedInProfitOrLoss to label_DeferredTaxIncomeRecognisedInProfitOrLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxIncomeRecognisedInProfitOrLoss_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredTaxIncomeRecognisedInProfitOrLoss_2" xml:lang="en-US" id="label_DeferredTaxIncomeRecognisedInProfitOrLoss_2">The amount of income related to the recognition deferred tax assets due to previous years&#x2019; tax losses carried forward.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxIncomeRecognisedInProfitOrLoss" xlink:to="label_DeferredTaxIncomeRecognisedInProfitOrLoss_2" xlink:title="Label : DeferredTaxIncomeRecognisedInProfitOrLoss to label_DeferredTaxIncomeRecognisedInProfitOrLoss_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:label="PropertyPlantAndEquipmentPledgedAsSecurity" xlink:title="PropertyPlantAndEquipmentPledgedAsSecurity" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentPledgedAsSecurity" xml:lang="en-US" id="label_PropertyPlantAndEquipmentPledgedAsSecurity">Property, plant and equipment, pledged as security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentPledgedAsSecurity" xlink:to="label_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:title="Label : PropertyPlantAndEquipmentPledgedAsSecurity to label_PropertyPlantAndEquipmentPledgedAsSecurity" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfSubsidiaries" xlink:label="NumberOfSubsidiaries" xlink:title="NumberOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSubsidiaries" xml:lang="en-US" id="label_NumberOfSubsidiaries">Number Of Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSubsidiaries" xlink:to="label_NumberOfSubsidiaries" xlink:title="Label : NumberOfSubsidiaries to label_NumberOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSubsidiaries_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSubsidiaries_1" xml:lang="en-US" id="label_NumberOfSubsidiaries_1">Number of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSubsidiaries" xlink:to="label_NumberOfSubsidiaries_1" xlink:title="Label : NumberOfSubsidiaries to label_NumberOfSubsidiaries_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSubsidiaries_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSubsidiaries_2" xml:lang="en-US" id="label_NumberOfSubsidiaries_2">The number of subsidiaries of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSubsidiaries" xlink:to="label_NumberOfSubsidiaries_2" xlink:title="Label : NumberOfSubsidiaries to label_NumberOfSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfInterestPayablePerMonth" xlink:label="PercentageOfInterestPayablePerMonth" xlink:title="PercentageOfInterestPayablePerMonth" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfInterestPayablePerMonth" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfInterestPayablePerMonth" xml:lang="en-US" id="label_PercentageOfInterestPayablePerMonth">The percentage of interest payable per month.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfInterestPayablePerMonth" xlink:to="label_PercentageOfInterestPayablePerMonth" xlink:title="Label : PercentageOfInterestPayablePerMonth to label_PercentageOfInterestPayablePerMonth" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfInterestPayablePerMonth_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfInterestPayablePerMonth_1" xml:lang="en-US" id="label_PercentageOfInterestPayablePerMonth_1">Percentage of interest payable per month</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfInterestPayablePerMonth" xlink:to="label_PercentageOfInterestPayablePerMonth_1" xlink:title="Label : PercentageOfInterestPayablePerMonth to label_PercentageOfInterestPayablePerMonth_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfInterestPayablePerMonth_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfInterestPayablePerMonth_2" xml:lang="en-US" id="label_PercentageOfInterestPayablePerMonth_2">Percentage Of Interest Payable Per Month</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfInterestPayablePerMonth" xlink:to="label_PercentageOfInterestPayablePerMonth_2" xlink:title="Label : PercentageOfInterestPayablePerMonth to label_PercentageOfInterestPayablePerMonth_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfCompensationPayable" xlink:label="PercentageOfCompensationPayable" xlink:title="PercentageOfCompensationPayable" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCompensationPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfCompensationPayable" xml:lang="en-US" id="label_PercentageOfCompensationPayable">The percentage of compensation payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCompensationPayable" xlink:to="label_PercentageOfCompensationPayable" xlink:title="Label : PercentageOfCompensationPayable to label_PercentageOfCompensationPayable" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCompensationPayable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfCompensationPayable_1" xml:lang="en-US" id="label_PercentageOfCompensationPayable_1">Percentage of compensation payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCompensationPayable" xlink:to="label_PercentageOfCompensationPayable_1" xlink:title="Label : PercentageOfCompensationPayable to label_PercentageOfCompensationPayable_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCompensationPayable_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfCompensationPayable_2" xml:lang="en-US" id="label_PercentageOfCompensationPayable_2">Percentage Of Compensation Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCompensationPayable" xlink:to="label_PercentageOfCompensationPayable_2" xlink:title="Label : PercentageOfCompensationPayable to label_PercentageOfCompensationPayable_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" xlink:label="GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" xlink:title="GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" xml:lang="en-US" id="label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination">Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" xlink:to="label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" xlink:title="Label : GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination to label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OnerousContractsContingentLiabilityMember" xlink:label="OnerousContractsContingentLiabilityMember" xlink:title="OnerousContractsContingentLiabilityMember" />
    <link:label xlink:type="resource" xlink:label="label_OnerousContractsContingentLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnerousContractsContingentLiabilityMember" xml:lang="en-US" id="label_OnerousContractsContingentLiabilityMember">Onerous contracts contingent liability [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnerousContractsContingentLiabilityMember" xlink:to="label_OnerousContractsContingentLiabilityMember" xlink:title="Label : OnerousContractsContingentLiabilityMember to label_OnerousContractsContingentLiabilityMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_JFESteelCorporationMember" xlink:label="JFESteelCorporationMember" xlink:title="JFESteelCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_JFESteelCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JFESteelCorporationMember" xml:lang="en-US" id="label_JFESteelCorporationMember">JFE Steel Corporation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JFESteelCorporationMember" xlink:to="label_JFESteelCorporationMember" xlink:title="Label : JFESteelCorporationMember to label_JFESteelCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_JFESteelCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_JFESteelCorporationMember_1" xml:lang="en-US" id="label_JFESteelCorporationMember_1">The entity JFE Steel Corporation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JFESteelCorporationMember" xlink:to="label_JFESteelCorporationMember_1" xlink:title="Label : JFESteelCorporationMember to label_JFESteelCorporationMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TaxOnSalesAndServicesICMSMember" xlink:label="TaxOnSalesAndServicesICMSMember" xlink:title="TaxOnSalesAndServicesICMSMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxOnSalesAndServicesICMSMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxOnSalesAndServicesICMSMember" xml:lang="en-US" id="label_TaxOnSalesAndServicesICMSMember">Tax On Sales And Services ICMS Member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxOnSalesAndServicesICMSMember" xlink:to="label_TaxOnSalesAndServicesICMSMember" xlink:title="Label : TaxOnSalesAndServicesICMSMember to label_TaxOnSalesAndServicesICMSMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxOnSalesAndServicesICMSMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxOnSalesAndServicesICMSMember_1" xml:lang="en-US" id="label_TaxOnSalesAndServicesICMSMember_1">Tax On Sales And Services ICMS [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxOnSalesAndServicesICMSMember" xlink:to="label_TaxOnSalesAndServicesICMSMember_1" xlink:title="Label : TaxOnSalesAndServicesICMSMember to label_TaxOnSalesAndServicesICMSMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumPercentageOfExportProceedsWhichCanBeSold" xlink:label="MaximumPercentageOfExportProceedsWhichCanBeSold" xlink:title="MaximumPercentageOfExportProceedsWhichCanBeSold" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPercentageOfExportProceedsWhichCanBeSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumPercentageOfExportProceedsWhichCanBeSold" xml:lang="en-US" id="label_MaximumPercentageOfExportProceedsWhichCanBeSold">Maximum percentage of export proceeds can be sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPercentageOfExportProceedsWhichCanBeSold" xlink:to="label_MaximumPercentageOfExportProceedsWhichCanBeSold" xlink:title="Label : MaximumPercentageOfExportProceedsWhichCanBeSold to label_MaximumPercentageOfExportProceedsWhichCanBeSold" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPercentageOfExportProceedsWhichCanBeSold_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPercentageOfExportProceedsWhichCanBeSold_1" xml:lang="en-US" id="label_MaximumPercentageOfExportProceedsWhichCanBeSold_1">Maximum Percentage Of Export Proceeds Which Can Be Sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPercentageOfExportProceedsWhichCanBeSold" xlink:to="label_MaximumPercentageOfExportProceedsWhichCanBeSold_1" xlink:title="Label : MaximumPercentageOfExportProceedsWhichCanBeSold to label_MaximumPercentageOfExportProceedsWhichCanBeSold_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPercentageOfExportProceedsWhichCanBeSold_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPercentageOfExportProceedsWhichCanBeSold_2" xml:lang="en-US" id="label_MaximumPercentageOfExportProceedsWhichCanBeSold_2">The maximum percentage of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPercentageOfExportProceedsWhichCanBeSold" xlink:to="label_MaximumPercentageOfExportProceedsWhichCanBeSold_2" xlink:title="Label : MaximumPercentageOfExportProceedsWhichCanBeSold to label_MaximumPercentageOfExportProceedsWhichCanBeSold_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_BondMaturityTerm" xlink:label="BondMaturityTerm" xlink:title="BondMaturityTerm" />
    <link:label xlink:type="resource" xlink:label="label_BondMaturityTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondMaturityTerm" xml:lang="en-US" id="label_BondMaturityTerm">Bond Maturity Term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondMaturityTerm" xlink:to="label_BondMaturityTerm" xlink:title="Label : BondMaturityTerm to label_BondMaturityTerm" />
    <link:label xlink:type="resource" xlink:label="label_BondMaturityTerm_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondMaturityTerm_1" xml:lang="en-US" id="label_BondMaturityTerm_1">Bond maturity term</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondMaturityTerm" xlink:to="label_BondMaturityTerm_1" xlink:title="Label : BondMaturityTerm to label_BondMaturityTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_BondMaturityTerm_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondMaturityTerm_2" xml:lang="en-US" id="label_BondMaturityTerm_2">The period of Maturity of Bond issued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondMaturityTerm" xlink:to="label_BondMaturityTerm_2" xlink:title="Label : BondMaturityTerm to label_BondMaturityTerm_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_MaximumCarryForwardPeriodForLossesIncurred" xlink:label="MaximumCarryForwardPeriodForLossesIncurred" xlink:title="MaximumCarryForwardPeriodForLossesIncurred" />
    <link:label xlink:type="resource" xlink:label="label_MaximumCarryForwardPeriodForLossesIncurred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumCarryForwardPeriodForLossesIncurred" xml:lang="en-US" id="label_MaximumCarryForwardPeriodForLossesIncurred">Maximum Carry Forward Period For Losses Incurred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumCarryForwardPeriodForLossesIncurred" xlink:to="label_MaximumCarryForwardPeriodForLossesIncurred" xlink:title="Label : MaximumCarryForwardPeriodForLossesIncurred to label_MaximumCarryForwardPeriodForLossesIncurred" />
    <link:label xlink:type="resource" xlink:label="label_MaximumCarryForwardPeriodForLossesIncurred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumCarryForwardPeriodForLossesIncurred_1" xml:lang="en-US" id="label_MaximumCarryForwardPeriodForLossesIncurred_1">Maximum carry forward period for losses incurred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumCarryForwardPeriodForLossesIncurred" xlink:to="label_MaximumCarryForwardPeriodForLossesIncurred_1" xlink:title="Label : MaximumCarryForwardPeriodForLossesIncurred to label_MaximumCarryForwardPeriodForLossesIncurred_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumCarryForwardPeriodForLossesIncurred_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumCarryForwardPeriodForLossesIncurred_2" xml:lang="en-US" id="label_MaximumCarryForwardPeriodForLossesIncurred_2">Represents the maximum period over which the entity can carry forward incurred losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumCarryForwardPeriodForLossesIncurred" xlink:to="label_MaximumCarryForwardPeriodForLossesIncurred_2" xlink:title="Label : MaximumCarryForwardPeriodForLossesIncurred to label_MaximumCarryForwardPeriodForLossesIncurred_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_JointVenturesWhereEntityIsVenturerMember" xlink:label="JointVenturesWhereEntityIsVenturerMember" xlink:title="JointVenturesWhereEntityIsVenturerMember" />
    <link:label xlink:type="resource" xlink:label="label_JointVenturesWhereEntityIsVenturerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JointVenturesWhereEntityIsVenturerMember" xml:lang="en-US" id="label_JointVenturesWhereEntityIsVenturerMember">Joint ventures where entity is venturer [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointVenturesWhereEntityIsVenturerMember" xlink:to="label_JointVenturesWhereEntityIsVenturerMember" xlink:title="Label : JointVenturesWhereEntityIsVenturerMember to label_JointVenturesWhereEntityIsVenturerMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xlink:label="IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xlink:title="IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xml:lang="en-US" id="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults">Income From Joint Ventures Related Party Transactions Financial Results.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xlink:to="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xlink:title="Label : IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults to label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_1" xml:lang="en-US" id="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_1">Income from joint ventures in related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xlink:to="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_1" xlink:title="Label : IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults to label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_2" xml:lang="en-US" id="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_2">The income from joint ventures in related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults" xlink:to="label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_2" xlink:title="Label : IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults to label_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsReceivedRelatedPartyTransactions" xlink:label="DividendsReceivedRelatedPartyTransactions" xlink:title="DividendsReceivedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsReceivedRelatedPartyTransactions" xml:lang="en-US" id="label_DividendsReceivedRelatedPartyTransactions">The dividend received in related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedRelatedPartyTransactions" xlink:to="label_DividendsReceivedRelatedPartyTransactions" xlink:title="Label : DividendsReceivedRelatedPartyTransactions to label_DividendsReceivedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsReceivedRelatedPartyTransactions_1" xml:lang="en-US" id="label_DividendsReceivedRelatedPartyTransactions_1">Divicend received related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedRelatedPartyTransactions" xlink:to="label_DividendsReceivedRelatedPartyTransactions_1" xlink:title="Label : DividendsReceivedRelatedPartyTransactions to label_DividendsReceivedRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsReceivedRelatedPartyTransactions_2" xml:lang="en-US" id="label_DividendsReceivedRelatedPartyTransactions_2">Dividends Received Related Party Transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedRelatedPartyTransactions" xlink:to="label_DividendsReceivedRelatedPartyTransactions_2" xlink:title="Label : DividendsReceivedRelatedPartyTransactions to label_DividendsReceivedRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DividendsDistributedRelatedPartyTransactions" xlink:label="DividendsDistributedRelatedPartyTransactions" xlink:title="DividendsDistributedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDistributedRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsDistributedRelatedPartyTransactions" xml:lang="en-US" id="label_DividendsDistributedRelatedPartyTransactions">Dividends Distributed Related Party Transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDistributedRelatedPartyTransactions" xlink:to="label_DividendsDistributedRelatedPartyTransactions" xlink:title="Label : DividendsDistributedRelatedPartyTransactions to label_DividendsDistributedRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDistributedRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsDistributedRelatedPartyTransactions_1" xml:lang="en-US" id="label_DividendsDistributedRelatedPartyTransactions_1">Dividend distributed related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDistributedRelatedPartyTransactions" xlink:to="label_DividendsDistributedRelatedPartyTransactions_1" xlink:title="Label : DividendsDistributedRelatedPartyTransactions to label_DividendsDistributedRelatedPartyTransactions_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsDistributedRelatedPartyTransactions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsDistributedRelatedPartyTransactions_2" xml:lang="en-US" id="label_DividendsDistributedRelatedPartyTransactions_2">The dividends distributed in related party transactions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsDistributedRelatedPartyTransactions" xlink:to="label_DividendsDistributedRelatedPartyTransactions_2" xlink:title="Label : DividendsDistributedRelatedPartyTransactions to label_DividendsDistributedRelatedPartyTransactions_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfLimitSharesBuybackAuthorized" xlink:label="PercentageOfLimitSharesBuybackAuthorized" xlink:title="PercentageOfLimitSharesBuybackAuthorized" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfLimitSharesBuybackAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfLimitSharesBuybackAuthorized" xml:lang="en-US" id="label_PercentageOfLimitSharesBuybackAuthorized">Percentage of limit shares buyback authorized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfLimitSharesBuybackAuthorized" xlink:to="label_PercentageOfLimitSharesBuybackAuthorized" xlink:title="Label : PercentageOfLimitSharesBuybackAuthorized to label_PercentageOfLimitSharesBuybackAuthorized" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfLimitSharesBuybackAuthorized_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfLimitSharesBuybackAuthorized_1" xml:lang="en-US" id="label_PercentageOfLimitSharesBuybackAuthorized_1">The percentage of limit shares buyback authorized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfLimitSharesBuybackAuthorized" xlink:to="label_PercentageOfLimitSharesBuybackAuthorized_1" xlink:title="Label : PercentageOfLimitSharesBuybackAuthorized to label_PercentageOfLimitSharesBuybackAuthorized_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition">Decrease due to step-acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_1">Investments In Subsidiaries Joint Ventures And Associates Decrease Due To Step Acquisition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_1" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_2">The amount of decrease in investments in subsidiaries, joint ventures and associates during the period due to step-acquisition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_2" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition to label_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xlink:label="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xlink:title="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xml:lang="en-US" id="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory">Disclosure of Equity In Earnings of Non consolidated Companies Explanatory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xlink:to="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xlink:title="Label : DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory to label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" xlink:label="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" xlink:title="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" xml:lang="en-US" id="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract">Note 8 - Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" xlink:to="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" xlink:title="Label : DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract to label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CommoditiesDerivativeContractsPSVGasMember" xlink:label="CommoditiesDerivativeContractsPSVGasMember" xlink:title="CommoditiesDerivativeContractsPSVGasMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsPSVGasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesDerivativeContractsPSVGasMember" xml:lang="en-US" id="label_CommoditiesDerivativeContractsPSVGasMember">Commodities Derivative Contracts PSV Gas [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsPSVGasMember" xlink:to="label_CommoditiesDerivativeContractsPSVGasMember" xlink:title="Label : CommoditiesDerivativeContractsPSVGasMember to label_CommoditiesDerivativeContractsPSVGasMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsPSVGasMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesDerivativeContractsPSVGasMember_1" xml:lang="en-US" id="label_CommoditiesDerivativeContractsPSVGasMember_1">Commodities derivative contracts, PSV Gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsPSVGasMember" xlink:to="label_CommoditiesDerivativeContractsPSVGasMember_1" xlink:title="Label : CommoditiesDerivativeContractsPSVGasMember to label_CommoditiesDerivativeContractsPSVGasMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsPSVGasMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesDerivativeContractsPSVGasMember_2" xml:lang="en-US" id="label_CommoditiesDerivativeContractsPSVGasMember_2">This member stands for the information pertaining to PSV Gas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsPSVGasMember" xlink:to="label_CommoditiesDerivativeContractsPSVGasMember_2" xlink:title="Label : CommoditiesDerivativeContractsPSVGasMember to label_CommoditiesDerivativeContractsPSVGasMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_CommoditiesDerivativeContractsNickelMember" xlink:label="CommoditiesDerivativeContractsNickelMember" xlink:title="CommoditiesDerivativeContractsNickelMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsNickelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesDerivativeContractsNickelMember" xml:lang="en-US" id="label_CommoditiesDerivativeContractsNickelMember">Commodities Derivative Contracts Nickel [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsNickelMember" xlink:to="label_CommoditiesDerivativeContractsNickelMember" xlink:title="Label : CommoditiesDerivativeContractsNickelMember to label_CommoditiesDerivativeContractsNickelMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsNickelMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesDerivativeContractsNickelMember_1" xml:lang="en-US" id="label_CommoditiesDerivativeContractsNickelMember_1">Commodities derivative contracts, Nickel [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsNickelMember" xlink:to="label_CommoditiesDerivativeContractsNickelMember_1" xlink:title="Label : CommoditiesDerivativeContractsNickelMember to label_CommoditiesDerivativeContractsNickelMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesDerivativeContractsNickelMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesDerivativeContractsNickelMember_2" xml:lang="en-US" id="label_CommoditiesDerivativeContractsNickelMember_2">This member stands for the information pertaining to Nickel.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesDerivativeContractsNickelMember" xlink:to="label_CommoditiesDerivativeContractsNickelMember_2" xlink:title="Label : CommoditiesDerivativeContractsNickelMember to label_CommoditiesDerivativeContractsNickelMember_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1" xml:lang="en-US" id="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1">Note 8 - Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xlink:to="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1" xlink:title="Label : DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory to label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:label="DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:title="DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock">Disclosure of Detailed Information About Equity in Earnings of Nonconsolidated Companies [TextBlock]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:title="Label : DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock to label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock_1">The disclosure of detailed information about Equity in earnings of nonconsolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock" xlink:to="label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock_1" xlink:title="Label : DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock to label_DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:label="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:title="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xml:lang="en-US" id="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable">Disclosure of information about unconsolidated structured entities controlled by investment entity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:to="label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" xlink:title="Label : DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable to label_DisclosureOfInformationAboutUnconsolidatedStructuredEntitiesControlledByInvestmentEntityTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" xlink:label="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" xlink:title="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" xml:lang="en-US" id="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems">Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" xlink:to="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" xlink:title="Label : DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems to label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_1" xml:lang="en-US" id="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_1">Net loss related to participation increase in Usiminas</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies" xlink:to="label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_1" xlink:title="Label : LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies to label_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies_1" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination_1" xml:lang="en-US" id="label_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination_1">Remeasurement of previously held interest</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2" xml:lang="en-US" id="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2">The entire disclosure for Equity in earnings of nonconsolidated companies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory" xlink:to="label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2" xlink:title="Label : DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory to label_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/currency/2023/currency-2023.xsd#currency_BRL" xlink:label="BRL" xlink:title="BRL" />
    <link:label xlink:type="resource" xlink:label="label_BRL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BRL" xml:lang="en-US" id="label_BRL">Brazil, Brazil Real</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BRL" xlink:to="label_BRL" xlink:title="Label : BRL to label_BRL" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAcquisitionServices_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AuditorsRemunerationForAcquisitionServices_1" xml:lang="en-US" id="label_AuditorsRemunerationForAcquisitionServices_1">The amount of fees paid or payable to the entity's auditors for acquisition related services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAcquisitionServices" xlink:to="label_AuditorsRemunerationForAcquisitionServices_1" xlink:title="Label : AuditorsRemunerationForAcquisitionServices to label_AuditorsRemunerationForAcquisitionServices_1" />
    <link:label xlink:type="resource" xlink:label="label_AuditorsRemunerationForAcquisitionServices_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AuditorsRemunerationForAcquisitionServices_2" xml:lang="en-US" id="label_AuditorsRemunerationForAcquisitionServices_2">Auditors Remuneration For Acquisition Services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AuditorsRemunerationForAcquisitionServices" xlink:to="label_AuditorsRemunerationForAcquisitionServices_2" xlink:title="Label : AuditorsRemunerationForAcquisitionServices to label_AuditorsRemunerationForAcquisitionServices_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TreasuryShares" xlink:label="TreasuryShares" xlink:title="TreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_TreasuryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryShares" xml:lang="en-US" id="label_TreasuryShares">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryShares" xlink:to="label_TreasuryShares" xlink:title="Label : TreasuryShares to label_TreasuryShares" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NetPostEmploymentBenefitsFundedExposedAsLiabilities" xlink:label="NetPostEmploymentBenefitsFundedExposedAsLiabilities" xlink:title="NetPostEmploymentBenefitsFundedExposedAsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities" xml:lang="en-US" id="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities">Net Post Employment Benefits Funded Exposed As Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPostEmploymentBenefitsFundedExposedAsLiabilities" xlink:to="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities" xlink:title="Label : NetPostEmploymentBenefitsFundedExposedAsLiabilities to label_NetPostEmploymentBenefitsFundedExposedAsLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_1" xml:lang="en-US" id="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_1">Net post employment benefits funded exposed as liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPostEmploymentBenefitsFundedExposedAsLiabilities" xlink:to="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_1" xlink:title="Label : NetPostEmploymentBenefitsFundedExposedAsLiabilities to label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_2" xml:lang="en-US" id="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_2">The amount of net post-employment benefits funded exposed as liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetPostEmploymentBenefitsFundedExposedAsLiabilities" xlink:to="label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_2" xlink:title="Label : NetPostEmploymentBenefitsFundedExposedAsLiabilities to label_NetPostEmploymentBenefitsFundedExposedAsLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:label="MajorOrdinaryShareTransactionsMember" xlink:title="MajorOrdinaryShareTransactionsMember" />
    <link:label xlink:type="resource" xlink:label="label_MajorOrdinaryShareTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorOrdinaryShareTransactionsMember" xml:lang="en-US" id="label_MajorOrdinaryShareTransactionsMember">Major ordinary share transactions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorOrdinaryShareTransactionsMember" xlink:to="label_MajorOrdinaryShareTransactionsMember" xlink:title="Label : MajorOrdinaryShareTransactionsMember to label_MajorOrdinaryShareTransactionsMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TubularsFinishingNigeriaLimitedMember" xlink:label="TubularsFinishingNigeriaLimitedMember" xlink:title="TubularsFinishingNigeriaLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularsFinishingNigeriaLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubularsFinishingNigeriaLimitedMember" xml:lang="en-US" id="label_TubularsFinishingNigeriaLimitedMember">The entity Tubulars Finishing Nigeria Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularsFinishingNigeriaLimitedMember" xlink:to="label_TubularsFinishingNigeriaLimitedMember" xlink:title="Label : TubularsFinishingNigeriaLimitedMember to label_TubularsFinishingNigeriaLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_TubularsFinishingNigeriaLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TubularsFinishingNigeriaLimitedMember_1" xml:lang="en-US" id="label_TubularsFinishingNigeriaLimitedMember_1">Tubulars Finishing Nigeria Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TubularsFinishingNigeriaLimitedMember" xlink:to="label_TubularsFinishingNigeriaLimitedMember_1" xlink:title="Label : TubularsFinishingNigeriaLimitedMember to label_TubularsFinishingNigeriaLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardCollected_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardCollected_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardCollected_1">The amount collected as compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardCollected" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardCollected_1" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardCollected to label_NationalizationOfSubsidiariesCompensationAwardCollected_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesCompensationAwardCollected_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesCompensationAwardCollected_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesCompensationAwardCollected_2">Nationalization Of Subsidiaries Compensation Award Collected</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesCompensationAwardCollected" xlink:to="label_NationalizationOfSubsidiariesCompensationAwardCollected_2" xlink:title="Label : NationalizationOfSubsidiariesCompensationAwardCollected to label_NationalizationOfSubsidiariesCompensationAwardCollected_2" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesNetResults_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NationalizationOfSubsidiariesNetResults_1" xml:lang="en-US" id="label_NationalizationOfSubsidiariesNetResults_1">The amount of net gain on transfer of compensation for the nationalization of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesNetResults" xlink:to="label_NationalizationOfSubsidiariesNetResults_1" xlink:title="Label : NationalizationOfSubsidiariesNetResults to label_NationalizationOfSubsidiariesNetResults_1" />
    <link:label xlink:type="resource" xlink:label="label_NationalizationOfSubsidiariesNetResults_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NationalizationOfSubsidiariesNetResults_2" xml:lang="en-US" id="label_NationalizationOfSubsidiariesNetResults_2">Nationalization Of Subsidiaries Net Results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NationalizationOfSubsidiariesNetResults" xlink:to="label_NationalizationOfSubsidiariesNetResults_2" xlink:title="Label : NationalizationOfSubsidiariesNetResults to label_NationalizationOfSubsidiariesNetResults_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_InvestmentsInWindfarm" xlink:label="InvestmentsInWindfarm" xlink:title="InvestmentsInWindfarm" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInWindfarm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInWindfarm" xml:lang="en-US" id="label_InvestmentsInWindfarm">Investments In Windfarm</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInWindfarm" xlink:to="label_InvestmentsInWindfarm" xlink:title="Label : InvestmentsInWindfarm to label_InvestmentsInWindfarm" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInWindfarm_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInWindfarm_1" xml:lang="en-US" id="label_InvestmentsInWindfarm_1">The amount of investments made in a windfarm.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInWindfarm" xlink:to="label_InvestmentsInWindfarm_1" xlink:title="Label : InvestmentsInWindfarm to label_InvestmentsInWindfarm_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfEnergyRequirementsSupplied" xlink:label="PercentageOfEnergyRequirementsSupplied" xlink:title="PercentageOfEnergyRequirementsSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEnergyRequirementsSupplied" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfEnergyRequirementsSupplied" xml:lang="en-US" id="label_PercentageOfEnergyRequirementsSupplied">Percentage Of Energy Requirements Supplied</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEnergyRequirementsSupplied" xlink:to="label_PercentageOfEnergyRequirementsSupplied" xlink:title="Label : PercentageOfEnergyRequirementsSupplied to label_PercentageOfEnergyRequirementsSupplied" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfEnergyRequirementsSupplied_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfEnergyRequirementsSupplied_1" xml:lang="en-US" id="label_PercentageOfEnergyRequirementsSupplied_1">The percentage of energy requirements supplied.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfEnergyRequirementsSupplied" xlink:to="label_PercentageOfEnergyRequirementsSupplied_1" xlink:title="Label : PercentageOfEnergyRequirementsSupplied to label_PercentageOfEnergyRequirementsSupplied_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SecondWindFarmInArgentinaMember" xlink:label="SecondWindFarmInArgentinaMember" xlink:title="SecondWindFarmInArgentinaMember" />
    <link:label xlink:type="resource" xlink:label="label_SecondWindFarmInArgentinaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecondWindFarmInArgentinaMember" xml:lang="en-US" id="label_SecondWindFarmInArgentinaMember">Second Wind Farm In Argentina Member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondWindFarmInArgentinaMember" xlink:to="label_SecondWindFarmInArgentinaMember" xlink:title="Label : SecondWindFarmInArgentinaMember to label_SecondWindFarmInArgentinaMember" />
    <link:label xlink:type="resource" xlink:label="label_SecondWindFarmInArgentinaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SecondWindFarmInArgentinaMember_1" xml:lang="en-US" id="label_SecondWindFarmInArgentinaMember_1">This member stands for the information pertaining to "Second Wind farm in Argentina".</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondWindFarmInArgentinaMember" xlink:to="label_SecondWindFarmInArgentinaMember_1" xlink:title="Label : SecondWindFarmInArgentinaMember to label_SecondWindFarmInArgentinaMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfSharesApprovedForBuyback" xlink:label="NumberOfSharesApprovedForBuyback" xlink:title="NumberOfSharesApprovedForBuyback" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesApprovedForBuyback" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesApprovedForBuyback" xml:lang="en-US" id="label_NumberOfSharesApprovedForBuyback">Number Of Shares Approved For Buyback</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesApprovedForBuyback" xlink:to="label_NumberOfSharesApprovedForBuyback" xlink:title="Label : NumberOfSharesApprovedForBuyback to label_NumberOfSharesApprovedForBuyback" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesApprovedForBuyback_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesApprovedForBuyback_1" xml:lang="en-US" id="label_NumberOfSharesApprovedForBuyback_1">The number of shares that have been approved for buyback.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesApprovedForBuyback" xlink:to="label_NumberOfSharesApprovedForBuyback_1" xlink:title="Label : NumberOfSharesApprovedForBuyback to label_NumberOfSharesApprovedForBuyback_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfNumberOfSharesOutstanding" xlink:label="PercentageOfNumberOfSharesOutstanding" xlink:title="PercentageOfNumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfNumberOfSharesOutstanding" xml:lang="en-US" id="label_PercentageOfNumberOfSharesOutstanding">Percentage Of Number Of Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNumberOfSharesOutstanding" xlink:to="label_PercentageOfNumberOfSharesOutstanding" xlink:title="Label : PercentageOfNumberOfSharesOutstanding to label_PercentageOfNumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfNumberOfSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfNumberOfSharesOutstanding_1" xml:lang="en-US" id="label_PercentageOfNumberOfSharesOutstanding_1">The percentage of outstanding shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfNumberOfSharesOutstanding" xlink:to="label_PercentageOfNumberOfSharesOutstanding_1" xlink:title="Label : PercentageOfNumberOfSharesOutstanding to label_PercentageOfNumberOfSharesOutstanding_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfTreasurySharesPurchased" xlink:label="NumberOfTreasurySharesPurchased" xlink:title="NumberOfTreasurySharesPurchased" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfTreasurySharesPurchased" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfTreasurySharesPurchased" xml:lang="en-US" id="label_NumberOfTreasurySharesPurchased">The number of treasury purchased under buyback.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTreasurySharesPurchased" xlink:to="label_NumberOfTreasurySharesPurchased" xlink:title="Label : NumberOfTreasurySharesPurchased to label_NumberOfTreasurySharesPurchased" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfTreasurySharesPurchased_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfTreasurySharesPurchased_1" xml:lang="en-US" id="label_NumberOfTreasurySharesPurchased_1">Number Of Treasury Shares Purchased</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfTreasurySharesPurchased" xlink:to="label_NumberOfTreasurySharesPurchased_1" xlink:title="Label : NumberOfTreasurySharesPurchased to label_NumberOfTreasurySharesPurchased_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AmountPayableUnderShareBuyback" xlink:label="AmountPayableUnderShareBuyback" xlink:title="AmountPayableUnderShareBuyback" />
    <link:label xlink:type="resource" xlink:label="label_AmountPayableUnderShareBuyback" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountPayableUnderShareBuyback" xml:lang="en-US" id="label_AmountPayableUnderShareBuyback">Shares to be settled under buyback program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountPayableUnderShareBuyback" xlink:to="label_AmountPayableUnderShareBuyback" xlink:title="Label : AmountPayableUnderShareBuyback to label_AmountPayableUnderShareBuyback" />
    <link:label xlink:type="resource" xlink:label="label_AmountPayableUnderShareBuyback_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountPayableUnderShareBuyback_1" xml:lang="en-US" id="label_AmountPayableUnderShareBuyback_1">The amount payable under share buyback.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountPayableUnderShareBuyback" xlink:to="label_AmountPayableUnderShareBuyback_1" xlink:title="Label : AmountPayableUnderShareBuyback to label_AmountPayableUnderShareBuyback_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TerminationOfJointVentureAbstract" xlink:label="TerminationOfJointVentureAbstract" xlink:title="TerminationOfJointVentureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TerminationOfJointVentureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerminationOfJointVentureAbstract" xml:lang="en-US" id="label_TerminationOfJointVentureAbstract">Note 36 - Termination of NKKTubes joint venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminationOfJointVentureAbstract" xlink:to="label_TerminationOfJointVentureAbstract" xlink:title="Label : TerminationOfJointVentureAbstract to label_TerminationOfJointVentureAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfTerminationOfJointVentureTextBlock" xlink:label="DisclosureOfTerminationOfJointVentureTextBlock" xlink:title="DisclosureOfTerminationOfJointVentureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTerminationOfJointVentureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTerminationOfJointVentureTextBlock" xml:lang="en-US" id="label_DisclosureOfTerminationOfJointVentureTextBlock">Disclosure Of Termination Of Joint Venture [Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTerminationOfJointVentureTextBlock" xlink:to="label_DisclosureOfTerminationOfJointVentureTextBlock" xlink:title="Label : DisclosureOfTerminationOfJointVentureTextBlock to label_DisclosureOfTerminationOfJointVentureTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTerminationOfJointVentureTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfTerminationOfJointVentureTextBlock_1" xml:lang="en-US" id="label_DisclosureOfTerminationOfJointVentureTextBlock_1">The entire disclosure describing termination of joint venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTerminationOfJointVentureTextBlock" xlink:to="label_DisclosureOfTerminationOfJointVentureTextBlock_1" xlink:title="Label : DisclosureOfTerminationOfJointVentureTextBlock to label_DisclosureOfTerminationOfJointVentureTextBlock_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfShareBuybackProgramAbstract" xlink:label="DisclosureOfShareBuybackProgramAbstract" xlink:title="DisclosureOfShareBuybackProgramAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfShareBuybackProgramAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfShareBuybackProgramAbstract" xml:lang="en-US" id="label_DisclosureOfShareBuybackProgramAbstract">Note 37 - Share Buyback Program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBuybackProgramAbstract" xlink:to="label_DisclosureOfShareBuybackProgramAbstract" xlink:title="Label : DisclosureOfShareBuybackProgramAbstract to label_DisclosureOfShareBuybackProgramAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfShareBuybackProgramLineItems" xlink:label="DisclosureOfShareBuybackProgramLineItems" xlink:title="DisclosureOfShareBuybackProgramLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfShareBuybackProgramLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfShareBuybackProgramLineItems" xml:lang="en-US" id="label_DisclosureOfShareBuybackProgramLineItems">Disclosure Of Share Buyback Program [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBuybackProgramLineItems" xlink:to="label_DisclosureOfShareBuybackProgramLineItems" xlink:title="Label : DisclosureOfShareBuybackProgramLineItems to label_DisclosureOfShareBuybackProgramLineItems" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AnticorrosionCoatingAssetsMember" xlink:label="AnticorrosionCoatingAssetsMember" xlink:title="AnticorrosionCoatingAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_AnticorrosionCoatingAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AnticorrosionCoatingAssetsMember" xml:lang="en-US" id="label_AnticorrosionCoatingAssetsMember">Information related to acquisition of Anticorrosion Coating Assets in Italy.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnticorrosionCoatingAssetsMember" xlink:to="label_AnticorrosionCoatingAssetsMember" xlink:title="Label : AnticorrosionCoatingAssetsMember to label_AnticorrosionCoatingAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_AnticorrosionCoatingAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AnticorrosionCoatingAssetsMember_1" xml:lang="en-US" id="label_AnticorrosionCoatingAssetsMember_1">Anticorrosion Coating Assets [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnticorrosionCoatingAssetsMember" xlink:to="label_AnticorrosionCoatingAssetsMember_1" xlink:title="Label : AnticorrosionCoatingAssetsMember to label_AnticorrosionCoatingAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ErndtebrueckerEisenwerkMember" xlink:label="ErndtebrueckerEisenwerkMember" xlink:title="ErndtebrueckerEisenwerkMember" />
    <link:label xlink:type="resource" xlink:label="label_ErndtebrueckerEisenwerkMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ErndtebrueckerEisenwerkMember" xml:lang="en-US" id="label_ErndtebrueckerEisenwerkMember">Erndtebruecker Eisenwerk [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ErndtebrueckerEisenwerkMember" xlink:to="label_ErndtebrueckerEisenwerkMember" xlink:title="Label : ErndtebrueckerEisenwerkMember to label_ErndtebrueckerEisenwerkMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IsoplusMediterraneanSRLSMember" xlink:label="IsoplusMediterraneanSRLSMember" xlink:title="IsoplusMediterraneanSRLSMember" />
    <link:label xlink:type="resource" xlink:label="label_IsoplusMediterraneanSRLSMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IsoplusMediterraneanSRLSMember" xml:lang="en-US" id="label_IsoplusMediterraneanSRLSMember">Information related to Isoplus Mediterranean S.r.l.&#x2019;s (&#x201C;Isoplus&#x201D;)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IsoplusMediterraneanSRLSMember" xlink:to="label_IsoplusMediterraneanSRLSMember" xlink:title="Label : IsoplusMediterraneanSRLSMember to label_IsoplusMediterraneanSRLSMember" />
    <link:label xlink:type="resource" xlink:label="label_IsoplusMediterraneanSRLSMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IsoplusMediterraneanSRLSMember_1" xml:lang="en-US" id="label_IsoplusMediterraneanSRLSMember_1">Isoplus Mediterranean SRLS [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IsoplusMediterraneanSRLSMember" xlink:to="label_IsoplusMediterraneanSRLSMember_1" xlink:title="Label : IsoplusMediterraneanSRLSMember to label_IsoplusMediterraneanSRLSMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RepublicTubeLLCMember" xlink:label="RepublicTubeLLCMember" xlink:title="RepublicTubeLLCMember" />
    <link:label xlink:type="resource" xlink:label="label_RepublicTubeLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RepublicTubeLLCMember" xml:lang="en-US" id="label_RepublicTubeLLCMember">Information related to Republic Tube LLC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepublicTubeLLCMember" xlink:to="label_RepublicTubeLLCMember" xlink:title="Label : RepublicTubeLLCMember to label_RepublicTubeLLCMember" />
    <link:label xlink:type="resource" xlink:label="label_RepublicTubeLLCMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepublicTubeLLCMember_1" xml:lang="en-US" id="label_RepublicTubeLLCMember_1">Republic Tube LLC [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepublicTubeLLCMember" xlink:to="label_RepublicTubeLLCMember_1" xlink:title="Label : RepublicTubeLLCMember to label_RepublicTubeLLCMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_RevenueOfAcquiree" xlink:label="RevenueOfAcquiree" xlink:title="RevenueOfAcquiree" />
    <link:label xlink:type="resource" xlink:label="label_RevenueOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueOfAcquiree" xml:lang="en-US" id="label_RevenueOfAcquiree">Revenue of acquiree since acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueOfAcquiree" xlink:to="label_RevenueOfAcquiree" xlink:title="Label : RevenueOfAcquiree to label_RevenueOfAcquiree" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="InvestmentAccountedForUsingEquityMethod" xlink:title="InvestmentAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentAccountedForUsingEquityMethod" xml:lang="en-US" id="label_InvestmentAccountedForUsingEquityMethod">Investments accounted for using equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAccountedForUsingEquityMethod" xlink:to="label_InvestmentAccountedForUsingEquityMethod" xlink:title="Label : InvestmentAccountedForUsingEquityMethod to label_InvestmentAccountedForUsingEquityMethod" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_AcquisitionRelatedCosts" xlink:label="AcquisitionRelatedCosts" xlink:title="AcquisitionRelatedCosts" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionRelatedCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionRelatedCosts" xml:lang="en-US" id="label_AcquisitionRelatedCosts">Acquisition-related costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionRelatedCosts" xlink:to="label_AcquisitionRelatedCosts" xlink:title="Label : AcquisitionRelatedCosts to label_AcquisitionRelatedCosts" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionRelatedCosts_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionRelatedCosts_1" xml:lang="en-US" id="label_AcquisitionRelatedCosts_1">Acquisition Related Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionRelatedCosts" xlink:to="label_AcquisitionRelatedCosts_1" xlink:title="Label : AcquisitionRelatedCosts to label_AcquisitionRelatedCosts_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_GoodwillExpectedDeductibleForTaxPurposes" xlink:label="GoodwillExpectedDeductibleForTaxPurposes" xlink:title="GoodwillExpectedDeductibleForTaxPurposes" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillExpectedDeductibleForTaxPurposes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillExpectedDeductibleForTaxPurposes" xml:lang="en-US" id="label_GoodwillExpectedDeductibleForTaxPurposes">Goodwill expected to be deductible for tax purposes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillExpectedDeductibleForTaxPurposes" xlink:to="label_GoodwillExpectedDeductibleForTaxPurposes" xlink:title="Label : GoodwillExpectedDeductibleForTaxPurposes to label_GoodwillExpectedDeductibleForTaxPurposes" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US" id="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:title="Label : CurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xlink:label="IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xlink:title="IdentifiableAssetsAcquiredLiabilitiesAssumedOther" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther">The amount recognised as of the acquisition date for other net identifiable assets acquired or liabilities assumed in a business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumedOther to label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_1" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_1">Identifiable Assets Acquired Liabilities Assumed, Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_1" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumedOther to label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_RepublicTubePipeProcessingFacilityMember" xlink:label="RepublicTubePipeProcessingFacilityMember" xlink:title="RepublicTubePipeProcessingFacilityMember" />
    <link:label xlink:type="resource" xlink:label="label_RepublicTubePipeProcessingFacilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RepublicTubePipeProcessingFacilityMember" xml:lang="en-US" id="label_RepublicTubePipeProcessingFacilityMember">Information related to acquisition of Republic Tube pipe processing facility.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepublicTubePipeProcessingFacilityMember" xlink:to="label_RepublicTubePipeProcessingFacilityMember" xlink:title="Label : RepublicTubePipeProcessingFacilityMember to label_RepublicTubePipeProcessingFacilityMember" />
    <link:label xlink:type="resource" xlink:label="label_RepublicTubePipeProcessingFacilityMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepublicTubePipeProcessingFacilityMember_1" xml:lang="en-US" id="label_RepublicTubePipeProcessingFacilityMember_1">Republic Tube Pipe Processing Facility [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepublicTubePipeProcessingFacilityMember" xlink:to="label_RepublicTubePipeProcessingFacilityMember_1" xlink:title="Label : RepublicTubePipeProcessingFacilityMember to label_RepublicTubePipeProcessingFacilityMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPipeCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GlobalPipeCompanyMember_2" xml:lang="en-US" id="label_GlobalPipeCompanyMember_2">This member stands for the information pertaining to Global Pipe Company (&#x201C;GPC&#x201D;).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPipeCompanyMember" xlink:to="label_GlobalPipeCompanyMember_2" xlink:title="Label : GlobalPipeCompanyMember to label_GlobalPipeCompanyMember_2" />
    <link:label xlink:type="resource" xlink:label="label_AnticorrosionCoatingAssetsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AnticorrosionCoatingAssetsMember_2" xml:lang="en-US" id="label_AnticorrosionCoatingAssetsMember_2">Anticorrosion Coating Assets [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AnticorrosionCoatingAssetsMember" xlink:to="label_AnticorrosionCoatingAssetsMember_2" xlink:title="Label : AnticorrosionCoatingAssetsMember to label_AnticorrosionCoatingAssetsMember_2" />
    <link:label xlink:type="resource" xlink:label="label_RepublicTubePipeProcessingFacilityMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepublicTubePipeProcessingFacilityMember_2" xml:lang="en-US" id="label_RepublicTubePipeProcessingFacilityMember_2">Republic Tube Pipe Processing Facility [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepublicTubePipeProcessingFacilityMember" xlink:to="label_RepublicTubePipeProcessingFacilityMember_2" xlink:title="Label : RepublicTubePipeProcessingFacilityMember to label_RepublicTubePipeProcessingFacilityMember_2" />
    <link:label xlink:type="resource" xlink:label="label_MattrsPipeCoatingBusinessUnitMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MattrsPipeCoatingBusinessUnitMember_2" xml:lang="en-US" id="label_MattrsPipeCoatingBusinessUnitMember_2">Mattrs Pipe Coating Business Unit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MattrsPipeCoatingBusinessUnitMember" xlink:to="label_MattrsPipeCoatingBusinessUnitMember_2" xlink:title="Label : MattrsPipeCoatingBusinessUnitMember to label_MattrsPipeCoatingBusinessUnitMember_2" />
    <link:label xlink:type="resource" xlink:label="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_2" xml:lang="en-US" id="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_2">Other assets and liabilities, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IdentifiableAssetsAcquiredLiabilitiesAssumedOther" xlink:to="label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_2" xlink:title="Label : IdentifiableAssetsAcquiredLiabilitiesAssumedOther to label_IdentifiableAssetsAcquiredLiabilitiesAssumedOther_2" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1">Cash and Cash Equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" xlink:title="Label : CashAndCashEquivalentsRecognisedAsOfAcquisitionDate to label_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1">Current liabilities recognised as of acquisition date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" xlink:title="Label : CurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" xml:lang="en-US" id="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1">Property, Plant and Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" xlink:title="Label : PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate to label_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xml:lang="en-US" id="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2">Provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" xlink:title="Label : CurrentLiabilitiesRecognisedAsOfAcquisitionDate to label_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_2" />
    <link:label xlink:type="resource" xlink:label="label_ErndtebrueckerEisenwerkMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ErndtebrueckerEisenwerkMember_1" xml:lang="en-US" id="label_ErndtebrueckerEisenwerkMember_1">Erndtebruecker Eisenwerk [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ErndtebrueckerEisenwerkMember" xlink:to="label_ErndtebrueckerEisenwerkMember_1" xlink:title="Label : ErndtebrueckerEisenwerkMember to label_ErndtebrueckerEisenwerkMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionRelatedCosts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionRelatedCosts_2" xml:lang="en-US" id="label_AcquisitionRelatedCosts_2">The amount of acquisition-related costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionRelatedCosts" xlink:to="label_AcquisitionRelatedCosts_2" xlink:title="Label : AcquisitionRelatedCosts to label_AcquisitionRelatedCosts_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xlink:label="WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xlink:title="WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xml:lang="en-US" id="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits">Weighted Average Duration Of Liabilities Related To Post Employment Benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xlink:to="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xlink:title="Label : WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits to label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_1" xml:lang="en-US" id="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_1">Weighted average duration of liabilities related to post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xlink:to="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_1" xlink:title="Label : WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits to label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_2" xml:lang="en-US" id="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_2">The weighted average duration of liabilities related to post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits" xlink:to="label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_2" xlink:title="Label : WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits to label_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="OtherOperatingIncomeExpense" xlink:title="OtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeExpense" xml:lang="en-US" id="label_OtherOperatingIncomeExpense">Other operating income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OtherOperatingIncomeExpense_1" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_1">Other income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_1" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_3" xml:lang="en-US" id="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_3">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaltatradingEMarketingSociedadeUnipessoalLdaMember" xlink:to="label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_3" xlink:title="Label : TaltatradingEMarketingSociedadeUnipessoalLdaMember to label_TaltatradingEMarketingSociedadeUnipessoalLdaMember_3" />
    <link:label xlink:type="resource" xlink:label="label_AlgomaTubesIncMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AlgomaTubesIncMember_2" xml:lang="en-US" id="label_AlgomaTubesIncMember_2">ALGOMA TUBES INC. [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ExirosBVAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExirosBVAndSubsidiariesMember_2" xml:lang="en-US" id="label_ExirosBVAndSubsidiariesMember_2">EXIROS B.V. and subsidiaries [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_HydrilCompanyAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HydrilCompanyAndSubsidiariesMember_2" xml:lang="en-US" id="label_HydrilCompanyAndSubsidiariesMember_2">HYDRIL COMPANY and subsidiaries [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_MaverickTubeCorporationAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaverickTubeCorporationAndSubsidiariesMember_2" xml:lang="en-US" id="label_MaverickTubeCorporationAndSubsidiariesMember_2">MAVERICK TUBE CORPORATION and subsidiaries [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ScSilcotubSaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScSilcotubSaMember_2" xml:lang="en-US" id="label_ScSilcotubSaMember_2">S.C. SILCOTUB S.A. [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SaudiSteelPipeCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SaudiSteelPipeCompanyMember_2" xml:lang="en-US" id="label_SaudiSteelPipeCompanyMember_2">SAUDI STEEL PIPE CO. and subsidiaries [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SiatSociedadAnonimaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SiatSociedadAnonimaMember_2" xml:lang="en-US" id="label_SiatSociedadAnonimaMember_2">SIAT SOCIEDAD ANONIMA [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SidercaSaicAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SidercaSaicAndSubsidiariesMember_2" xml:lang="en-US" id="label_SidercaSaicAndSubsidiariesMember_2">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TenarisBayCityIncMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisBayCityIncMember_2" xml:lang="en-US" id="label_TenarisBayCityIncMember_2">TENARIS BAY CITY, INC. [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TenarisConnectionsBvMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisConnectionsBvMember_2" xml:lang="en-US" id="label_TenarisConnectionsBvMember_2">TENARIS CONNECTIONS BV [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesCanadaIncMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisGlobalServicesCanadaIncMember_2" xml:lang="en-US" id="label_TenarisGlobalServicesCanadaIncMember_2">TENARIS GLOBAL SERVICES (CANADA) INC. [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUsaCorporationMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisGlobalServicesUsaCorporationMember_2" xml:lang="en-US" id="label_TenarisGlobalServicesUsaCorporationMember_2">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TenarisGlobalServicesUkLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TenarisGlobalServicesUkLtdMember_2" xml:lang="en-US" id="label_TenarisGlobalServicesUkLtdMember_2">TENARIS GLOBAL SERVICES (UK) LTD [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TenarisQingdaoSteelPipesLtdMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TenarisQingdaoSteelPipesLtdMember_3" xml:lang="en-US" id="label_TenarisQingdaoSteelPipesLtdMember_3">TENARIS QINGDAO STEEL PIPES LTD. [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_2" xml:lang="en-US" id="label_TubosDeAceroDeMexicoSaAndSubsidiariesMember_2">The entity TUBOS DE ACERO DE MEXICO, SA and subsidiaries.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareTable" xlink:to="label_EarningsPerShareTable" xlink:title="Label : EarningsPerShareTable to label_EarningsPerShareTable" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_IncomeStatementLineItems" xlink:label="IncomeStatementLineItems" xlink:title="IncomeStatementLineItems" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementLineItems" xml:lang="en-US" id="label_IncomeStatementLineItems">CONSOLIDATED INCOME STATEMENTS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementLineItems" xlink:to="label_IncomeStatementLineItems" xlink:title="Label : IncomeStatementLineItems to label_IncomeStatementLineItems" />
    <link:label xlink:type="resource" xlink:label="label_MinimumApplicableTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumApplicableTaxRate_1" xml:lang="en-US" id="label_MinimumApplicableTaxRate_1">Minimum Applicable Tax Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumApplicableTaxRate" xlink:to="label_MinimumApplicableTaxRate_1" xlink:title="Label : MinimumApplicableTaxRate to label_MinimumApplicableTaxRate_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncome_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherIncome_2" xml:lang="en-US" id="label_OtherIncome_2">Other operating income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncome" xlink:to="label_OtherIncome_2" xlink:title="Label : OtherIncome to label_OtherIncome_2" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncome_2" xml:lang="en-US" id="label_FinanceIncome_2">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome_2" xlink:title="Label : FinanceIncome to label_FinanceIncome_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncomeCost_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherFinanceIncomeCost_2" xml:lang="en-US" id="label_OtherFinanceIncomeCost_2">Other financial results</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceIncomeCost" xlink:to="label_OtherFinanceIncomeCost_2" xlink:title="Label : OtherFinanceIncomeCost to label_OtherFinanceIncomeCost_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossAttributableToAbstract_1" xml:lang="en-US" id="label_ProfitLossAttributableToAbstract_1">Attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToAbstract" xlink:to="label_ProfitLossAttributableToAbstract_1" xlink:title="Label : ProfitLossAttributableToAbstract to label_ProfitLossAttributableToAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EarningsPerShareAbstract_1" xml:lang="en-US" id="label_EarningsPerShareAbstract_1">Earnings per share attributable to shareholders' equity during the year:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract_1" xlink:title="Label : EarningsPerShareAbstract to label_EarningsPerShareAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xml:lang="en-US" id="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_1">Items that may be subsequently reclassified to profit or loss:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xlink:title="Label : ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract to label_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_1">Change in value of cash flow hedges and instruments at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:to="label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_1" xlink:title="Label : OtherComprehensiveIncomeBeforeTaxCashFlowHedges to label_OtherComprehensiveIncomeBeforeTaxCashFlowHedges_1" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xml:lang="en-US" id="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_1">Items that will not be reclassified to profit or loss:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" xlink:title="Label : ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract to label_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_1">Remeasurements of post-employment benefit obligations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_1" xlink:title="Label : OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans to label_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xml:lang="en-US" id="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1">Remeasurements of post-employment benefit obligations of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" xlink:title="Label : ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax to label_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfVariance" xlink:label="PercentageOfVariance" xlink:title="PercentageOfVariance" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVariance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfVariance" xml:lang="en-US" id="label_PercentageOfVariance">Percentage of variance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVariance" xlink:to="label_PercentageOfVariance" xlink:title="Label : PercentageOfVariance to label_PercentageOfVariance" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfVariance_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfVariance_1" xml:lang="en-US" id="label_PercentageOfVariance_1">Percentage of Variance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVariance" xlink:to="label_PercentageOfVariance_1" xlink:title="Label : PercentageOfVariance to label_PercentageOfVariance_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_InformationAboutMajorCustomers" xlink:label="InformationAboutMajorCustomers" xlink:title="InformationAboutMajorCustomers" />
    <link:label xlink:type="resource" xlink:label="label_InformationAboutMajorCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InformationAboutMajorCustomers" xml:lang="en-US" id="label_InformationAboutMajorCustomers">Information about major customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InformationAboutMajorCustomers" xlink:to="label_InformationAboutMajorCustomers" xlink:title="Label : InformationAboutMajorCustomers to label_InformationAboutMajorCustomers" />
    <link:label xlink:type="resource" xlink:label="label_InformationAboutMajorCustomers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InformationAboutMajorCustomers_1" xml:lang="en-US" id="label_InformationAboutMajorCustomers_1">Information about major customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InformationAboutMajorCustomers" xlink:to="label_InformationAboutMajorCustomers_1" xlink:title="Label : InformationAboutMajorCustomers to label_InformationAboutMajorCustomers_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_CurrencyRiskMember" xlink:label="CurrencyRiskMember" xlink:title="CurrencyRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyRiskMember" xml:lang="en-US" id="label_CurrencyRiskMember">Currency risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyRiskMember" xlink:to="label_CurrencyRiskMember" xlink:title="Label : CurrencyRiskMember to label_CurrencyRiskMember" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FromParticipationInNonconsolidatedCompaniesAbstract" xlink:label="FromParticipationInNonconsolidatedCompaniesAbstract" xlink:title="FromParticipationInNonconsolidatedCompaniesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FromParticipationInNonconsolidatedCompaniesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FromParticipationInNonconsolidatedCompaniesAbstract" xml:lang="en-US" id="label_FromParticipationInNonconsolidatedCompaniesAbstract">From Participation in Non-consolidated Companies [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromParticipationInNonconsolidatedCompaniesAbstract" xlink:to="label_FromParticipationInNonconsolidatedCompaniesAbstract" xlink:title="Label : FromParticipationInNonconsolidatedCompaniesAbstract to label_FromParticipationInNonconsolidatedCompaniesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FromParticipationInNonconsolidatedCompaniesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FromParticipationInNonconsolidatedCompaniesAbstract_1" xml:lang="en-US" id="label_FromParticipationInNonconsolidatedCompaniesAbstract_1">From participation in non-consolidated companies:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromParticipationInNonconsolidatedCompaniesAbstract" xlink:to="label_FromParticipationInNonconsolidatedCompaniesAbstract_1" xlink:title="Label : FromParticipationInNonconsolidatedCompaniesAbstract to label_FromParticipationInNonconsolidatedCompaniesAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_MinimumApplicableTaxRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumApplicableTaxRate_2" xml:lang="en-US" id="label_MinimumApplicableTaxRate_2">The minimum applicable income tax rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumApplicableTaxRate" xlink:to="label_MinimumApplicableTaxRate_2" xlink:title="Label : MinimumApplicableTaxRate to label_MinimumApplicableTaxRate_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfSubsidiariesAcquired" xlink:label="NumberOfSubsidiariesAcquired" xlink:title="NumberOfSubsidiariesAcquired" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSubsidiariesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSubsidiariesAcquired" xml:lang="en-US" id="label_NumberOfSubsidiariesAcquired">Number of subsidiaries acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSubsidiariesAcquired" xlink:to="label_NumberOfSubsidiariesAcquired" xlink:title="Label : NumberOfSubsidiariesAcquired to label_NumberOfSubsidiariesAcquired" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSubsidiariesAcquired_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSubsidiariesAcquired_1" xml:lang="en-US" id="label_NumberOfSubsidiariesAcquired_1">Number of subsidiaries acquired</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSubsidiariesAcquired" xlink:to="label_NumberOfSubsidiariesAcquired_1" xlink:title="Label : NumberOfSubsidiariesAcquired to label_NumberOfSubsidiariesAcquired_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSubsidiariesAcquired_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSubsidiariesAcquired_2" xml:lang="en-US" id="label_NumberOfSubsidiariesAcquired_2">The number of subsidiaries acquired.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSubsidiariesAcquired" xlink:to="label_NumberOfSubsidiariesAcquired_2" xlink:title="Label : NumberOfSubsidiariesAcquired to label_NumberOfSubsidiariesAcquired_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ForecastPeriodOfRevenueProjections" xlink:label="ForecastPeriodOfRevenueProjections" xlink:title="ForecastPeriodOfRevenueProjections" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfRevenueProjections" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForecastPeriodOfRevenueProjections" xml:lang="en-US" id="label_ForecastPeriodOfRevenueProjections">Forecast period of revenue projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfRevenueProjections" xlink:to="label_ForecastPeriodOfRevenueProjections" xlink:title="Label : ForecastPeriodOfRevenueProjections to label_ForecastPeriodOfRevenueProjections" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfRevenueProjections_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForecastPeriodOfRevenueProjections_1" xml:lang="en-US" id="label_ForecastPeriodOfRevenueProjections_1">Forecast period of revenue projections</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfRevenueProjections" xlink:to="label_ForecastPeriodOfRevenueProjections_1" xlink:title="Label : ForecastPeriodOfRevenueProjections to label_ForecastPeriodOfRevenueProjections_1" />
    <link:label xlink:type="resource" xlink:label="label_ForecastPeriodOfRevenueProjections_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForecastPeriodOfRevenueProjections_2" xml:lang="en-US" id="label_ForecastPeriodOfRevenueProjections_2">The forecast period of revenue projections used to calculate expected loss rates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForecastPeriodOfRevenueProjections" xlink:to="label_ForecastPeriodOfRevenueProjections_2" xlink:title="Label : ForecastPeriodOfRevenueProjections to label_ForecastPeriodOfRevenueProjections_2" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInInvestingActivitiesAbstract_1" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivitiesAbstract_1">Cash flows from investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInInvestingActivitiesAbstract_1" xlink:title="Label : CashFlowsFromUsedInInvestingActivitiesAbstract to label_CashFlowsFromUsedInInvestingActivitiesAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1">Cash flows from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" xlink:title="Label : CashFlowsFromUsedInFinancingActivitiesAbstract to label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForReconcileProfitLossAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForReconcileProfitLossAbstract_1" xml:lang="en-US" id="label_AdjustmentsForReconcileProfitLossAbstract_1">Adjustments for:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForReconcileProfitLossAbstract" xlink:to="label_AdjustmentsForReconcileProfitLossAbstract_1" xlink:title="Label : AdjustmentsForReconcileProfitLossAbstract to label_AdjustmentsForReconcileProfitLossAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:label="DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:title="DisclosureOfMaterialAccountingPolicyInformationExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xml:lang="en-US" id="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory">II. ACCOUNTING POLICIES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:to="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:title="Label : DisclosureOfMaterialAccountingPolicyInformationExplanatory to label_DisclosureOfMaterialAccountingPolicyInformationExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1" xml:lang="en-US" id="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1">Disclosure of material accounting policy information [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:to="label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1" xlink:title="Label : DisclosureOfMaterialAccountingPolicyInformationExplanatory to label_DisclosureOfMaterialAccountingPolicyInformationExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_TechintHoldingsSarlMember" xlink:label="TechintHoldingsSarlMember" xlink:title="TechintHoldingsSarlMember" />
    <link:label xlink:type="resource" xlink:label="label_TechintHoldingsSarlMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TechintHoldingsSarlMember" xml:lang="en-US" id="label_TechintHoldingsSarlMember">The amount represent the information related to Techint Holding S.a.r.l.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechintHoldingsSarlMember" xlink:to="label_TechintHoldingsSarlMember" xlink:title="Label : TechintHoldingsSarlMember to label_TechintHoldingsSarlMember" />
    <link:label xlink:type="resource" xlink:label="label_TechintHoldingsSarlMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TechintHoldingsSarlMember_1" xml:lang="en-US" id="label_TechintHoldingsSarlMember_1">Techint Holdings S.&#xE0;r.l. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechintHoldingsSarlMember" xlink:to="label_TechintHoldingsSarlMember_1" xlink:title="Label : TechintHoldingsSarlMember to label_TechintHoldingsSarlMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteeFinancialDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GuaranteeFinancialDebt_1" xml:lang="en-US" id="label_GuaranteeFinancialDebt_1">Estimated financial effect of contingent liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteeFinancialDebt" xlink:to="label_GuaranteeFinancialDebt_1" xlink:title="Label : GuaranteeFinancialDebt to label_GuaranteeFinancialDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteeFinancialDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GuaranteeFinancialDebt_2" xml:lang="en-US" id="label_GuaranteeFinancialDebt_2">Represents the value of guarantee financial debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteeFinancialDebt" xlink:to="label_GuaranteeFinancialDebt_2" xlink:title="Label : GuaranteeFinancialDebt to label_GuaranteeFinancialDebt_2" />
    <link:label xlink:type="resource" xlink:label="label_GainRecognisedInBargainPurchaseTransaction_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_GainRecognisedInBargainPurchaseTransaction_2" xml:lang="en-US" id="label_GainRecognisedInBargainPurchaseTransaction_2">Equity in earnings of non-consolidated companies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainRecognisedInBargainPurchaseTransaction" xlink:to="label_GainRecognisedInBargainPurchaseTransaction_2" xlink:title="Label : GainRecognisedInBargainPurchaseTransaction to label_GainRecognisedInBargainPurchaseTransaction_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FromTwoYearsAnniversaryRightToSellMember" xlink:label="FromTwoYearsAnniversaryRightToSellMember" xlink:title="FromTwoYearsAnniversaryRightToSellMember" />
    <link:label xlink:type="resource" xlink:label="label_FromTwoYearsAnniversaryRightToSellMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FromTwoYearsAnniversaryRightToSellMember" xml:lang="en-US" id="label_FromTwoYearsAnniversaryRightToSellMember">This member stands for the information pertaining to From two years anniversary right to sell.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromTwoYearsAnniversaryRightToSellMember" xlink:to="label_FromTwoYearsAnniversaryRightToSellMember" xlink:title="Label : FromTwoYearsAnniversaryRightToSellMember to label_FromTwoYearsAnniversaryRightToSellMember" />
    <link:label xlink:type="resource" xlink:label="label_FromTwoYearsAnniversaryRightToSellMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FromTwoYearsAnniversaryRightToSellMember_1" xml:lang="en-US" id="label_FromTwoYearsAnniversaryRightToSellMember_1">From two years anniversary right to sell [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromTwoYearsAnniversaryRightToSellMember" xlink:to="label_FromTwoYearsAnniversaryRightToSellMember_1" xlink:title="Label : FromTwoYearsAnniversaryRightToSellMember to label_FromTwoYearsAnniversaryRightToSellMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NetOfEffectParticipationIncreaseMember" xlink:label="NetOfEffectParticipationIncreaseMember" xlink:title="NetOfEffectParticipationIncreaseMember" />
    <link:label xlink:type="resource" xlink:label="label_NetOfEffectParticipationIncreaseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetOfEffectParticipationIncreaseMember" xml:lang="en-US" id="label_NetOfEffectParticipationIncreaseMember">The member stand for effect participation increase.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetOfEffectParticipationIncreaseMember" xlink:to="label_NetOfEffectParticipationIncreaseMember" xlink:title="Label : NetOfEffectParticipationIncreaseMember to label_NetOfEffectParticipationIncreaseMember" />
    <link:label xlink:type="resource" xlink:label="label_NetOfEffectParticipationIncreaseMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetOfEffectParticipationIncreaseMember_1" xml:lang="en-US" id="label_NetOfEffectParticipationIncreaseMember_1">Net of Effect Participation Increase [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetOfEffectParticipationIncreaseMember" xlink:to="label_NetOfEffectParticipationIncreaseMember_1" xlink:title="Label : NetOfEffectParticipationIncreaseMember to label_NetOfEffectParticipationIncreaseMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:label="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:title="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" />
    <link:label xlink:type="resource" xlink:label="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xml:lang="en-US" id="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember">Temporary difference, unused tax losses and unused tax credits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:to="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:title="Label : TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember to label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:title="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xml:lang="en-US" id="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:title="Label : TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis to label_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NonDeductibleMember" xlink:label="NonDeductibleMember" xlink:title="NonDeductibleMember" />
    <link:label xlink:type="resource" xlink:label="label_NonDeductibleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonDeductibleMember" xml:lang="en-US" id="label_NonDeductibleMember">The member stand for non-deductible.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonDeductibleMember" xlink:to="label_NonDeductibleMember" xlink:title="Label : NonDeductibleMember to label_NonDeductibleMember" />
    <link:label xlink:type="resource" xlink:label="label_NonDeductibleMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonDeductibleMember_1" xml:lang="en-US" id="label_NonDeductibleMember_1">Non-deductible [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonDeductibleMember" xlink:to="label_NonDeductibleMember_1" xlink:title="Label : NonDeductibleMember to label_NonDeductibleMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NonDeductibleMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonDeductibleMember_2" xml:lang="en-US" id="label_NonDeductibleMember_2">Non-deductible [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonDeductibleMember" xlink:to="label_NonDeductibleMember_2" xlink:title="Label : NonDeductibleMember to label_NonDeductibleMember_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:label="DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:title="DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xml:lang="en-US" id="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract">Note 5 - Impairment charge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:to="label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" xlink:title="Label : DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract to label_DisclosureOfImpairmentLossAndReversalOfImpairmentLossAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ProportionOfOwnershipInterestInJointSubsidiary" xlink:label="ProportionOfOwnershipInterestInJointSubsidiary" xlink:title="ProportionOfOwnershipInterestInJointSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInJointSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestInJointSubsidiary" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInJointSubsidiary">Proportion of Ownership Interest In Joint Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInJointSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInJointSubsidiary" xlink:title="Label : ProportionOfOwnershipInterestInJointSubsidiary to label_ProportionOfOwnershipInterestInJointSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInJointSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestInJointSubsidiary_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInJointSubsidiary_1">Proportion of ownership interest in joint subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInJointSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInJointSubsidiary_1" xlink:title="Label : ProportionOfOwnershipInterestInJointSubsidiary to label_ProportionOfOwnershipInterestInJointSubsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestInJointSubsidiary_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProportionOfOwnershipInterestInJointSubsidiary_2" xml:lang="en-US" id="label_ProportionOfOwnershipInterestInJointSubsidiary_2">The proportion of ownership interest after acquisitions in a joint operation attributable to the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestInJointSubsidiary" xlink:to="label_ProportionOfOwnershipInterestInJointSubsidiary_2" xlink:title="Label : ProportionOfOwnershipInterestInJointSubsidiary to label_ProportionOfOwnershipInterestInJointSubsidiary_2" />
    <link:label xlink:type="resource" xlink:label="label_AmountPayableUnderShareBuyback_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountPayableUnderShareBuyback_2" xml:lang="en-US" id="label_AmountPayableUnderShareBuyback_2">Amount Payable Under Share Buyback</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountPayableUnderShareBuyback" xlink:to="label_AmountPayableUnderShareBuyback_2" xlink:title="Label : AmountPayableUnderShareBuyback to label_AmountPayableUnderShareBuyback_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" xlink:label="NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" xlink:title="NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" xml:lang="en-US" id="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome">Negative equity reserve at fair value through other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" xlink:title="Label : NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome to label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome_1" xml:lang="en-US" id="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome_1">The amount of negative equity reserve at fair value through other comprehensive income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome_1" xlink:title="Label : NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome to label_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:label="FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:title="FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xml:lang="en-US" id="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome">Financial assets at fair value through other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:to="label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" xlink:title="Label : FinancialAssetsAtFairValueThroughOtherComprehensiveIncome to label_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_UsDollarDenominatedArgentineBondsMember" xlink:label="UsDollarDenominatedArgentineBondsMember" xlink:title="UsDollarDenominatedArgentineBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_UsDollarDenominatedArgentineBondsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UsDollarDenominatedArgentineBondsMember" xml:lang="en-US" id="label_UsDollarDenominatedArgentineBondsMember">This member stands for the information pertaining to us dollar denominated argentine bonds.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsDollarDenominatedArgentineBondsMember" xlink:to="label_UsDollarDenominatedArgentineBondsMember" xlink:title="Label : UsDollarDenominatedArgentineBondsMember to label_UsDollarDenominatedArgentineBondsMember" />
    <link:label xlink:type="resource" xlink:label="label_UsDollarDenominatedArgentineBondsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsDollarDenominatedArgentineBondsMember_1" xml:lang="en-US" id="label_UsDollarDenominatedArgentineBondsMember_1">Us Dollar Denominated Argentine Bonds [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsDollarDenominatedArgentineBondsMember" xlink:to="label_UsDollarDenominatedArgentineBondsMember_1" xlink:title="Label : UsDollarDenominatedArgentineBondsMember to label_UsDollarDenominatedArgentineBondsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UsDollarDenominatedArgentineBondsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsDollarDenominatedArgentineBondsMember_2" xml:lang="en-US" id="label_UsDollarDenominatedArgentineBondsMember_2">US dollar denominated argentine bonds [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsDollarDenominatedArgentineBondsMember" xlink:to="label_UsDollarDenominatedArgentineBondsMember_2" xlink:title="Label : UsDollarDenominatedArgentineBondsMember to label_UsDollarDenominatedArgentineBondsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_ArgentineSubsidiariesMember" xlink:label="ArgentineSubsidiariesMember" xlink:title="ArgentineSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentineSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ArgentineSubsidiariesMember" xml:lang="en-US" id="label_ArgentineSubsidiariesMember">Argentine Subsidiaries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentineSubsidiariesMember" xlink:to="label_ArgentineSubsidiariesMember" xlink:title="Label : ArgentineSubsidiariesMember to label_ArgentineSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ArgentineSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ArgentineSubsidiariesMember_1" xml:lang="en-US" id="label_ArgentineSubsidiariesMember_1">Argentine subsidiaries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentineSubsidiariesMember" xlink:to="label_ArgentineSubsidiariesMember_1" xlink:title="Label : ArgentineSubsidiariesMember to label_ArgentineSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ArgentineSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ArgentineSubsidiariesMember_2" xml:lang="en-US" id="label_ArgentineSubsidiariesMember_2">This member stands for the information pertaining to argentine subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ArgentineSubsidiariesMember" xlink:to="label_ArgentineSubsidiariesMember_2" xlink:title="Label : ArgentineSubsidiariesMember to label_ArgentineSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_StockRepurchasedProgramPaymentAuthorised" xlink:label="StockRepurchasedProgramPaymentAuthorised" xlink:title="StockRepurchasedProgramPaymentAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_StockRepurchasedProgramPaymentAuthorised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRepurchasedProgramPaymentAuthorised" xml:lang="en-US" id="label_StockRepurchasedProgramPaymentAuthorised">Stock Repurchased Program Payment Authorised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedProgramPaymentAuthorised" xlink:to="label_StockRepurchasedProgramPaymentAuthorised" xlink:title="Label : StockRepurchasedProgramPaymentAuthorised to label_StockRepurchasedProgramPaymentAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_StockRepurchasedProgramPaymentAuthorised_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockRepurchasedProgramPaymentAuthorised_1" xml:lang="en-US" id="label_StockRepurchasedProgramPaymentAuthorised_1">The amount of stock repurchased program payment authorised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedProgramPaymentAuthorised" xlink:to="label_StockRepurchasedProgramPaymentAuthorised_1" xlink:title="Label : StockRepurchasedProgramPaymentAuthorised to label_StockRepurchasedProgramPaymentAuthorised_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_PercentageOfStockRepurchasedProgramSharesAuthorised" xlink:label="PercentageOfStockRepurchasedProgramSharesAuthorised" xlink:title="PercentageOfStockRepurchasedProgramSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfStockRepurchasedProgramSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfStockRepurchasedProgramSharesAuthorised" xml:lang="en-US" id="label_PercentageOfStockRepurchasedProgramSharesAuthorised">The percentage of stock repurchased program shares authorised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfStockRepurchasedProgramSharesAuthorised" xlink:to="label_PercentageOfStockRepurchasedProgramSharesAuthorised" xlink:title="Label : PercentageOfStockRepurchasedProgramSharesAuthorised to label_PercentageOfStockRepurchasedProgramSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfStockRepurchasedProgramSharesAuthorised_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfStockRepurchasedProgramSharesAuthorised_1" xml:lang="en-US" id="label_PercentageOfStockRepurchasedProgramSharesAuthorised_1">Percentage of stock repurchased program shares authorised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfStockRepurchasedProgramSharesAuthorised" xlink:to="label_PercentageOfStockRepurchasedProgramSharesAuthorised_1" xlink:title="Label : PercentageOfStockRepurchasedProgramSharesAuthorised to label_PercentageOfStockRepurchasedProgramSharesAuthorised_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DisclosureOfShareBuybackTextBlock" xlink:label="DisclosureOfShareBuybackTextBlock" xlink:title="DisclosureOfShareBuybackTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfShareBuybackTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfShareBuybackTextBlock" xml:lang="en-US" id="label_DisclosureOfShareBuybackTextBlock">Note 37 - Share Buyback Program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBuybackTextBlock" xlink:to="label_DisclosureOfShareBuybackTextBlock" xlink:title="Label : DisclosureOfShareBuybackTextBlock to label_DisclosureOfShareBuybackTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfShareBuybackTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfShareBuybackTextBlock_1" xml:lang="en-US" id="label_DisclosureOfShareBuybackTextBlock_1">Disclosure of share buyback [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBuybackTextBlock" xlink:to="label_DisclosureOfShareBuybackTextBlock_1" xlink:title="Label : DisclosureOfShareBuybackTextBlock to label_DisclosureOfShareBuybackTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfShareBuybackTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfShareBuybackTextBlock_2" xml:lang="en-US" id="label_DisclosureOfShareBuybackTextBlock_2">The disclosure of share buyback text block.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfShareBuybackTextBlock" xlink:to="label_DisclosureOfShareBuybackTextBlock_2" xlink:title="Label : DisclosureOfShareBuybackTextBlock to label_DisclosureOfShareBuybackTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SecondTrancheMember" xlink:label="SecondTrancheMember" xlink:title="SecondTrancheMember" />
    <link:label xlink:type="resource" xlink:label="label_SecondTrancheMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecondTrancheMember" xml:lang="en-US" id="label_SecondTrancheMember">Second tranche [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondTrancheMember" xlink:to="label_SecondTrancheMember" xlink:title="Label : SecondTrancheMember to label_SecondTrancheMember" />
    <link:label xlink:type="resource" xlink:label="label_SecondTrancheMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SecondTrancheMember_1" xml:lang="en-US" id="label_SecondTrancheMember_1">This member stands for the information pertaining to maturity of second tranche.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecondTrancheMember" xlink:to="label_SecondTrancheMember_1" xlink:title="Label : SecondTrancheMember to label_SecondTrancheMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_StockRepurchasedProgramSharesAuthorised" xlink:label="StockRepurchasedProgramSharesAuthorised" xlink:title="StockRepurchasedProgramSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_StockRepurchasedProgramSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockRepurchasedProgramSharesAuthorised" xml:lang="en-US" id="label_StockRepurchasedProgramSharesAuthorised">Stock repurchased program shares authorised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedProgramSharesAuthorised" xlink:to="label_StockRepurchasedProgramSharesAuthorised" xlink:title="Label : StockRepurchasedProgramSharesAuthorised to label_StockRepurchasedProgramSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_StockRepurchasedProgramSharesAuthorised_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockRepurchasedProgramSharesAuthorised_1" xml:lang="en-US" id="label_StockRepurchasedProgramSharesAuthorised_1">The amount of stock repurchased program shares authorised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockRepurchasedProgramSharesAuthorised" xlink:to="label_StockRepurchasedProgramSharesAuthorised_1" xlink:title="Label : StockRepurchasedProgramSharesAuthorised to label_StockRepurchasedProgramSharesAuthorised_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_FromTwoYearsAnniversaryRightToBuyMember" xlink:label="FromTwoYearsAnniversaryRightToBuyMember" xlink:title="FromTwoYearsAnniversaryRightToBuyMember" />
    <link:label xlink:type="resource" xlink:label="label_FromTwoYearsAnniversaryRightToBuyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FromTwoYearsAnniversaryRightToBuyMember" xml:lang="en-US" id="label_FromTwoYearsAnniversaryRightToBuyMember">From two years anniversary right to buy [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromTwoYearsAnniversaryRightToBuyMember" xlink:to="label_FromTwoYearsAnniversaryRightToBuyMember" xlink:title="Label : FromTwoYearsAnniversaryRightToBuyMember to label_FromTwoYearsAnniversaryRightToBuyMember" />
    <link:label xlink:type="resource" xlink:label="label_FromTwoYearsAnniversaryRightToBuyMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FromTwoYearsAnniversaryRightToBuyMember_1" xml:lang="en-US" id="label_FromTwoYearsAnniversaryRightToBuyMember_1">This member stands for the information pertaining to From two years anniversary right to buy.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromTwoYearsAnniversaryRightToBuyMember" xlink:to="label_FromTwoYearsAnniversaryRightToBuyMember_1" xlink:title="Label : FromTwoYearsAnniversaryRightToBuyMember to label_FromTwoYearsAnniversaryRightToBuyMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_OtherLiabilities" xlink:label="OtherLiabilities" xlink:title="OtherLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilities" xml:lang="en-US" id="label_OtherLiabilities">Other liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilities" xlink:to="label_OtherLiabilities" xlink:title="Label : OtherLiabilities to label_OtherLiabilities" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.ifrs.org/taxonomy/2023-03-23/full_ifrs/full_ifrs-cor_2023-03-23.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:title="DisclosureOfPropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentAbstract">Note 11 - Property, plant and equipment, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentAbstract to label_DisclosureOfPropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_NumberOfSharesRightPurchaseUnderAgreement" xlink:label="NumberOfSharesRightPurchaseUnderAgreement" xlink:title="NumberOfSharesRightPurchaseUnderAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesRightPurchaseUnderAgreement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesRightPurchaseUnderAgreement" xml:lang="en-US" id="label_NumberOfSharesRightPurchaseUnderAgreement">Number of shares right purchase under agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesRightPurchaseUnderAgreement" xlink:to="label_NumberOfSharesRightPurchaseUnderAgreement" xlink:title="Label : NumberOfSharesRightPurchaseUnderAgreement to label_NumberOfSharesRightPurchaseUnderAgreement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesRightPurchaseUnderAgreement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesRightPurchaseUnderAgreement_1" xml:lang="en-US" id="label_NumberOfSharesRightPurchaseUnderAgreement_1">Number of shares right purchase under agreement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesRightPurchaseUnderAgreement" xlink:to="label_NumberOfSharesRightPurchaseUnderAgreement_1" xlink:title="Label : NumberOfSharesRightPurchaseUnderAgreement to label_NumberOfSharesRightPurchaseUnderAgreement_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesRightPurchaseUnderAgreement_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesRightPurchaseUnderAgreement_2" xml:lang="en-US" id="label_NumberOfSharesRightPurchaseUnderAgreement_2">Number of shares right purchase under agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesRightPurchaseUnderAgreement" xlink:to="label_NumberOfSharesRightPurchaseUnderAgreement_2" xlink:title="Label : NumberOfSharesRightPurchaseUnderAgreement to label_NumberOfSharesRightPurchaseUnderAgreement_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EmployeeBenefitsCompanyVestingPeriod" xlink:label="EmployeeBenefitsCompanyVestingPeriod" xlink:title="EmployeeBenefitsCompanyVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsCompanyVestingPeriod" xml:lang="en-US" id="label_EmployeeBenefitsCompanyVestingPeriod">Employee Benefits Company Vesting Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyVestingPeriod" xlink:to="label_EmployeeBenefitsCompanyVestingPeriod" xlink:title="Label : EmployeeBenefitsCompanyVestingPeriod to label_EmployeeBenefitsCompanyVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyVestingPeriod_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsCompanyVestingPeriod_1" xml:lang="en-US" id="label_EmployeeBenefitsCompanyVestingPeriod_1">Employee benefits company vesting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyVestingPeriod" xlink:to="label_EmployeeBenefitsCompanyVestingPeriod_1" xlink:title="Label : EmployeeBenefitsCompanyVestingPeriod to label_EmployeeBenefitsCompanyVestingPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsCompanyVestingPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsCompanyVestingPeriod_2" xml:lang="en-US" id="label_EmployeeBenefitsCompanyVestingPeriod_2">Represents the period that units under an employee retention and long term incentive program vest ratably.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsCompanyVestingPeriod" xlink:to="label_EmployeeBenefitsCompanyVestingPeriod_2" xlink:title="Label : EmployeeBenefitsCompanyVestingPeriod to label_EmployeeBenefitsCompanyVestingPeriod_2" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTerminationOfJointVentureTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTerminationOfJointVentureTextBlock_2" xml:lang="en-US" id="label_DisclosureOfTerminationOfJointVentureTextBlock_2">Note 36 - Termination of NKKTubes joint venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTerminationOfJointVentureTextBlock" xlink:to="label_DisclosureOfTerminationOfJointVentureTextBlock_2" xlink:title="Label : DisclosureOfTerminationOfJointVentureTextBlock to label_DisclosureOfTerminationOfJointVentureTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFinStmtErrorCorrectionFlag" xlink:label="DocumentFinStmtErrorCorrectionFlag" xlink:title="DocumentFinStmtErrorCorrectionFlag" />
    <link:label xlink:type="resource" xlink:label="label_DocumentFinStmtErrorCorrectionFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentFinStmtErrorCorrectionFlag" xml:lang="en-US" id="label_DocumentFinStmtErrorCorrectionFlag">Document Financial Statement Error Correction [Flag]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFinStmtErrorCorrectionFlag" xlink:to="label_DocumentFinStmtErrorCorrectionFlag" xlink:title="Label : DocumentFinStmtErrorCorrectionFlag to label_DocumentFinStmtErrorCorrectionFlag" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherLiabilitiesFinancialMember" xlink:label="OtherLiabilitiesFinancialMember" xlink:title="OtherLiabilitiesFinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesFinancialMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLiabilitiesFinancialMember" xml:lang="en-US" id="label_OtherLiabilitiesFinancialMember">Other liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesFinancialMember" xlink:to="label_OtherLiabilitiesFinancialMember" xlink:title="Label : OtherLiabilitiesFinancialMember to label_OtherLiabilitiesFinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesFinancialMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesFinancialMember_1" xml:lang="en-US" id="label_OtherLiabilitiesFinancialMember_1">Liabilities classified as other liabilities (financial).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesFinancialMember" xlink:to="label_OtherLiabilitiesFinancialMember_1" xlink:title="Label : OtherLiabilitiesFinancialMember to label_OtherLiabilitiesFinancialMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_EffectParticipationIncreaseMember" xlink:label="EffectParticipationIncreaseMember" xlink:title="EffectParticipationIncreaseMember" />
    <link:label xlink:type="resource" xlink:label="label_EffectParticipationIncreaseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectParticipationIncreaseMember" xml:lang="en-US" id="label_EffectParticipationIncreaseMember">The member stand for effect participation increase.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectParticipationIncreaseMember" xlink:to="label_EffectParticipationIncreaseMember" xlink:title="Label : EffectParticipationIncreaseMember to label_EffectParticipationIncreaseMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesFinancialMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesFinancialMember_2" xml:lang="en-US" id="label_OtherLiabilitiesFinancialMember_2">Other Liabilities, Financial [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesFinancialMember" xlink:to="label_OtherLiabilitiesFinancialMember_2" xlink:title="Label : OtherLiabilitiesFinancialMember to label_OtherLiabilitiesFinancialMember_2" />
    <link:label xlink:type="resource" xlink:label="label_EffectParticipationIncreaseMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectParticipationIncreaseMember_1" xml:lang="en-US" id="label_EffectParticipationIncreaseMember_1">Effect Participation Increase [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectParticipationIncreaseMember" xlink:to="label_EffectParticipationIncreaseMember_1" xlink:title="Label : EffectParticipationIncreaseMember to label_EffectParticipationIncreaseMember_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_OtherLiabilitiesNonfinancialMember" xlink:label="OtherLiabilitiesNonfinancialMember" xlink:title="OtherLiabilitiesNonfinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesNonfinancialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLiabilitiesNonfinancialMember" xml:lang="en-US" id="label_OtherLiabilitiesNonfinancialMember">Other Liabilities, Nonfinancial [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesNonfinancialMember" xlink:to="label_OtherLiabilitiesNonfinancialMember" xlink:title="Label : OtherLiabilitiesNonfinancialMember to label_OtherLiabilitiesNonfinancialMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesNonfinancialMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLiabilitiesNonfinancialMember_1" xml:lang="en-US" id="label_OtherLiabilitiesNonfinancialMember_1">Other liabilities (non-financial) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesNonfinancialMember" xlink:to="label_OtherLiabilitiesNonfinancialMember_1" xlink:title="Label : OtherLiabilitiesNonfinancialMember to label_OtherLiabilitiesNonfinancialMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilitiesNonfinancialMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLiabilitiesNonfinancialMember_2" xml:lang="en-US" id="label_OtherLiabilitiesNonfinancialMember_2">Liabilities classified as other liabilities (non-financial).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilitiesNonfinancialMember" xlink:to="label_OtherLiabilitiesNonfinancialMember_2" xlink:title="Label : OtherLiabilitiesNonfinancialMember to label_OtherLiabilitiesNonfinancialMember_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLiabilities_1" xml:lang="en-US" id="label_OtherLiabilities_1">Other liabilities C and NC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLiabilities" xlink:to="label_OtherLiabilities_1" xlink:title="Label : OtherLiabilities to label_OtherLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xlink:label="SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xlink:title="SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets">Selling general and administrative expenses additional amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_1">Selling, general and administrative expenses, additional amortization of intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_1" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2">Amount of additional amortization of intangible assets attributable to selling, general and administrative expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets" xlink:to="label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2" xlink:title="Label : SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets to label_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ts-20231231.xsd#ts_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" xlink:label="DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" xlink:title="DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" xml:lang="en-US" id="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue">This element is represent Description of Growth Rate Used to Extrapolate Terminal Value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" xlink:to="label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" xlink:title="Label : DescriptionOfGrowthRateUsedToExtrapolateTerminalValue to label_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue" />
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note33Principalsubsidiaries" id="Note33Principalsubsidiaries">
        <link:definition>1350 - Disclosure - Note 33 - Principal subsidiaries</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note34Businesscombinations" id="Note34Businesscombinations">
        <link:definition>1360 - Disclosure - Note 34 - Business combinations</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note35NationalizationofVenezuelansubsidiaries" id="Note35NationalizationofVenezuelansubsidiaries">
        <link:definition>1370 - Disclosure - Note 35 - Nationalization of Venezuelan subsidiaries</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note35Otherrelevantinformation" id="Note35Otherrelevantinformation">
        <link:definition>1380 - Disclosure - Note 35 - Other relevant information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note36TerminationofNKKTubesjointventure" id="Note36TerminationofNKKTubesjointventure">
        <link:definition>1391 - Disclosure - Note 36-Termination of NKKTubes joint venture</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note37ShareBuybackProgram" id="Note37ShareBuybackProgram">
        <link:definition>1395 - Disclosure - Note 37 - Share Buyback Program</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note38Climatechange" id="Note38Climatechange">
        <link:definition>1440 - Disclosure - Note 38 - Climate change</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note39Eventsafterthereportingperiod" id="Note39Eventsafterthereportingperiod">
        <link:definition>1460 - Disclosure - Note 39 - Events after the reporting period</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/DelistingofTenarissSharesfromtheBuenosAiresStockExchange" id="DelistingofTenarissSharesfromtheBuenosAiresStockExchange">
        <link:definition>1630 - Disclosure - Delisting of Tenaris's Shares from the Buenos Aires Stock Exchange</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/DiscontinuedOperations" id="DiscontinuedOperations">
        <link:definition>1650 - Disclosure - Discontinued Operations</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIACCOUNTINGPOLICIESPolicies" id="IIACCOUNTINGPOLICIESPolicies">
        <link:definition>2020 - Disclosure - II. ACCOUNTING POLICIES (Policies)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIACCOUNTINGPOLICIESTables" id="IIACCOUNTINGPOLICIESTables">
        <link:definition>3020 - Disclosure - II. ACCOUNTING POLICIES (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIIFINANCIALRISKMANAGEMENTTables" id="IIIFINANCIALRISKMANAGEMENTTables">
        <link:definition>3030 - Disclosure - III. FINANCIAL RISK MANAGEMENT (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note1SegmentinformationTables" id="Note1SegmentinformationTables">
        <link:definition>3040 - Disclosure - Note 1 - Segment information (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note2CostofsalesTables" id="Note2CostofsalesTables">
        <link:definition>3050 - Disclosure - Note 2 - Cost of sales (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note3SellinggeneralandadministrativeexpensesTables" id="Note3SellinggeneralandadministrativeexpensesTables">
        <link:definition>3060 - Disclosure - Note 3 - Selling, general and administrative expenses (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesTables" id="Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesTables">
        <link:definition>3070 - Disclosure - Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note5ImpairmentchargeTables" id="Note5ImpairmentchargeTables">
        <link:definition>3080 - Disclosure - Note 5 - Impairment charge (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note6OtheroperatingincomeandexpensesTables" id="Note6OtheroperatingincomeandexpensesTables">
        <link:definition>3090 - Disclosure - Note 6 - Other operating income and expenses (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note7FinancialresultsTables" id="Note7FinancialresultsTables">
        <link:definition>3100 - Disclosure - Note 7 - Financial results (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note8EquityinearningsofnonconsolidatedcompaniesTables" id="Note8EquityinearningsofnonconsolidatedcompaniesTables">
        <link:definition>3105 - Disclosure - Note 8 - Equity in earnings of non-consolidated companies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note9IncometaxTables" id="Note9IncometaxTables">
        <link:definition>3110 - Disclosure - Note 9 - Income tax (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note11PropertyplantandequipmentnetTables" id="Note11PropertyplantandequipmentnetTables">
        <link:definition>3130 - Disclosure - Note 11 - Property, plant and equipment, net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note12IntangibleassetsnetTables" id="Note12IntangibleassetsnetTables">
        <link:definition>3140 - Disclosure - Note 12 - Intangible assets, net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note13RightofuseassetsnetandleaseliabilitiesTables" id="Note13RightofuseassetsnetandleaseliabilitiesTables">
        <link:definition>3150 - Disclosure - Note 13 - Right-of-use assets, net and lease liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note14InvestmentsinnonconsolidatedcompaniesTables" id="Note14InvestmentsinnonconsolidatedcompaniesTables">
        <link:definition>3160 - Disclosure - Note 14 - Investments in non-consolidated companies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note15ReceivablesnoncurrentTables" id="Note15ReceivablesnoncurrentTables">
        <link:definition>3170 - Disclosure - Note 15 - Receivables non-current (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note16InventoriesnetTables" id="Note16InventoriesnetTables">
        <link:definition>3180 - Disclosure - Note 16 - Inventories, net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note17ReceivablesandprepaymentsnetTables" id="Note17ReceivablesandprepaymentsnetTables">
        <link:definition>3190 - Disclosure - Note 17 - Receivables and prepayments, net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note18CurrenttaxassetsandliabilitiesTables" id="Note18CurrenttaxassetsandliabilitiesTables">
        <link:definition>3200 - Disclosure - Note 18 - Current tax assets and liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note19TradereceivablesnetTables" id="Note19TradereceivablesnetTables">
        <link:definition>3210 - Disclosure - Note 19 - Trade receivables, net (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note20CashandcashequivalentsandotherinvestmentsTables" id="Note20CashandcashequivalentsandotherinvestmentsTables">
        <link:definition>3220 - Disclosure - Note 20 - Cash and cash equivalents and other investments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note21BorrowingsTables" id="Note21BorrowingsTables">
        <link:definition>3230 - Disclosure - Note 21 - Borrowings (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note22DeferredtaxassetsandliabilitiesTables" id="Note22DeferredtaxassetsandliabilitiesTables">
        <link:definition>3240 - Disclosure - Note 22 - Deferred tax assets and liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note23OtherliabilitiesTables" id="Note23OtherliabilitiesTables">
        <link:definition>3250 - Disclosure - Note 23 - Other liabilities (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note24NoncurrentallowancesandprovisionsTables" id="Note24NoncurrentallowancesandprovisionsTables">
        <link:definition>3260 - Disclosure - Note 24 - Non-current allowances and provisions (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note25CurrentallowancesandprovisionsTables" id="Note25CurrentallowancesandprovisionsTables">
        <link:definition>3270 - Disclosure - Note 25 - Current allowances and provisions (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note26DerivativefinancialinstrumentsTables" id="Note26DerivativefinancialinstrumentsTables">
        <link:definition>3280 - Disclosure - Note 26 - Derivative financial instruments (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note30CashflowdisclosuresTables" id="Note30CashflowdisclosuresTables">
        <link:definition>3310 - Disclosure - Note 30 - Cash flow disclosures (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note31RelatedpartytransactionsTables" id="Note31RelatedpartytransactionsTables">
        <link:definition>3320 - Disclosure - Note 31 - Related party transactions (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note32PrincipalaccountantfeesTables" id="Note32PrincipalaccountantfeesTables">
        <link:definition>3340 - Disclosure - Note 32 - Principal accountant fees (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note33PrincipalsubsidiariesTables" id="Note33PrincipalsubsidiariesTables">
        <link:definition>3350 - Disclosure - Note 33 - Principal subsidiaries (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note34BusinesscombinationsTables" id="Note34BusinesscombinationsTables">
        <link:definition>3600 - Disclosure - Note 34 - Business combinations (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/DiscontinuedOperationsTables" id="DiscontinuedOperationsTables">
        <link:definition>3630 - Disclosure - Discontinued Operations (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIACCOUNTINGPOLICIESDetailsTextual" id="IIACCOUNTINGPOLICIESDetailsTextual">
        <link:definition>4020 - Disclosure - II. ACCOUNTING POLICIES (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIACCOUNTINGPOLICIESDetailsTextual2" id="IIACCOUNTINGPOLICIESDetailsTextual2">
        <link:definition>40201 - Disclosure - II. ACCOUNTING POLICIES (Details Textual 2)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIACCOUNTINGPOLICIESEstimatedUsefulLivesofPropertyPlantandEquipmentDetails" id="IIACCOUNTINGPOLICIESEstimatedUsefulLivesofPropertyPlantandEquipmentDetails">
        <link:definition>4021 - Disclosure - II. ACCOUNTING POLICIES - Estimated Useful Lives of Property, Plant and Equipment (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIACCOUNTINGPOLICIESChangesinKeyAssumptionsThatWouldCausetheRecoverableAmounttoEqualtheCarryingValueDetails" id="IIACCOUNTINGPOLICIESChangesinKeyAssumptionsThatWouldCausetheRecoverableAmounttoEqualtheCarryingValueDetails">
        <link:definition>4022 - Disclosure - II. ACCOUNTING POLICIES - Changes in Key Assumptions That Would Cause the Recoverable Amount to Equal the Carrying Value (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIIFINANCIALRISKMANAGEMENTDetailsTextual" id="IIIFINANCIALRISKMANAGEMENTDetailsTextual">
        <link:definition>4030 - Disclosure - III. FINANCIAL RISK MANAGEMENT (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIIFINANCIALRISKMANAGEMENTFinancialAssetsandLiabilitiesWhichImpactProfitandLossDetails" id="IIIFINANCIALRISKMANAGEMENTFinancialAssetsandLiabilitiesWhichImpactProfitandLossDetails">
        <link:definition>4031 - Disclosure - III. FINANCIAL RISK MANAGEMENT - Financial Assets and Liabilities Which Impact Profit and Loss (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIIFINANCIALRISKMANAGEMENTProportionsofVariablerateandFixedrateDebtDetails" id="IIIFINANCIALRISKMANAGEMENTProportionsofVariablerateandFixedrateDebtDetails">
        <link:definition>4032 - Disclosure - III. FINANCIAL RISK MANAGEMENT - Proportions of Variable-rate and Fixed-rate Debt (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIIFINANCIALRISKMANAGEMENTFinancialInstrumentsandClassificationWithintheFairValueHierarchyDetails" id="IIIFINANCIALRISKMANAGEMENTFinancialInstrumentsandClassificationWithintheFairValueHierarchyDetails">
        <link:definition>4033 - Disclosure - III. FINANCIAL RISK MANAGEMENT - Financial Instruments and Classification Within the Fair Value Hierarchy (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/IIIFINANCIALRISKMANAGEMENTChangesinLevel3AssetsandLiabilitiesDetails" id="IIIFINANCIALRISKMANAGEMENTChangesinLevel3AssetsandLiabilitiesDetails">
        <link:definition>4034 - Disclosure - III. FINANCIAL RISK MANAGEMENT - Changes in Level 3 Assets and Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note1SegmentinformationDetailsTextual" id="Note1SegmentinformationDetailsTextual">
        <link:definition>4040 - Disclosure - Note 1 - Segment information (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/statement-note-1-segment-information-reportable-operating-segments-details" id="statement-note-1-segment-information-reportable-operating-segments-details">
        <link:definition>4041 - Disclosure - Note 1 - Segment Information - Reportable Operating Segments (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note1SegmentinformationGeographicalInformationDetails" id="Note1SegmentinformationGeographicalInformationDetails">
        <link:definition>4042 - Disclosure - Note 1 - Segment information - Geographical Information (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note1SegmentinformationTubesSegmentRevenuesByMarketDetails" id="Note1SegmentinformationTubesSegmentRevenuesByMarketDetails">
        <link:definition>4043 - Disclosure - Note 1 - Segment information - Tubes Segment Revenues By Market (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note2CostofsalesComponentsofCostofSalesDetails" id="Note2CostofsalesComponentsofCostofSalesDetails">
        <link:definition>4050 - Disclosure - Note 2 - Cost of sales - Components of Cost of Sales (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note3SellinggeneralandadministrativeexpensesComponentsofSellingGeneralandAdministrativeExpensesDetails" id="Note3SellinggeneralandadministrativeexpensesComponentsofSellingGeneralandAdministrativeExpensesDetails">
        <link:definition>4060 - Disclosure - Note 3 - Selling, general and administrative expenses - Components of Selling, General and Administrative Expenses (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesDetails" id="Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesDetails">
        <link:definition>4070 - Disclosure - Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesNumberofEmployeesDetails" id="Note4LaborcostsincludedinCostofsalesandinSellinggeneralandadministrativeexpensesNumberofEmployeesDetails">
        <link:definition>4071 - Disclosure - Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) - Number of Employees (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note5ImpairmentchargeDetailsTextual" id="Note5ImpairmentchargeDetailsTextual">
        <link:definition>4080 - Disclosure - Note 5 - Impairment charge (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note6OtheroperatingincomeandexpensesDetailsTextual" id="Note6OtheroperatingincomeandexpensesDetailsTextual">
        <link:definition>4090 - Disclosure - Note 6 - Other operating income and expenses (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note6OtheroperatingincomeandexpensesDetails" id="Note6OtheroperatingincomeandexpensesDetails">
        <link:definition>4091 - Disclosure - Note 6 - Other operating income and expenses (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note7FinancialresultsDetailsTextual" id="Note7FinancialresultsDetailsTextual">
        <link:definition>4100 - Disclosure - Note 7 - Financial results (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note7FinancialresultsFinancialIncomeCostDetails" id="Note7FinancialresultsFinancialIncomeCostDetails">
        <link:definition>4101 - Disclosure - Note 7 - Financial results - Financial Income (Cost) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note8EquityinearningsofnonconsolidatedcompaniesDetailsTextual" id="Note8EquityinearningsofnonconsolidatedcompaniesDetailsTextual">
        <link:definition>4104 - Disclosure - Note 8 - Equity in earnings of non-consolidated companies (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note8EquityinearningsofnonconsolidatedcompaniesDetails" id="Note8EquityinearningsofnonconsolidatedcompaniesDetails">
        <link:definition>4105 - Disclosure - Note 8 - Equity in earnings of non-consolidated companies (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note9IncometaxDetailsTextual" id="Note9IncometaxDetailsTextual">
        <link:definition>4110 - Disclosure - Note 9 - Income tax (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note9IncometaxSummaryofIncomeTaxExpenseBenefitDetails" id="Note9IncometaxSummaryofIncomeTaxExpenseBenefitDetails">
        <link:definition>4111 - Disclosure - Note 9 - Income tax - Summary of Income Tax Expense (Benefit) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note9IncometaxSummaryofDifferencesBetweenIncomeTaxandTheoreticalAmountUsingTaxRateinEachCountryDetails" id="Note9IncometaxSummaryofDifferencesBetweenIncomeTaxandTheoreticalAmountUsingTaxRateinEachCountryDetails">
        <link:definition>4112 - Disclosure - Note 9 - Income tax - Summary of Differences Between Income Tax and Theoretical Amount Using Tax Rate in Each Country (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note10DividendsdistributionDetailsTextual" id="Note10DividendsdistributionDetailsTextual">
        <link:definition>4120 - Disclosure - Note 10 - Dividends distribution (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note11PropertyplantandequipmentnetDetailsTextual" id="Note11PropertyplantandequipmentnetDetailsTextual">
        <link:definition>4130 - Disclosure - Note 11 - Property, plant and equipment, net (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note11PropertyplantandequipmentnetComponentsofPropertyPlantandEquipmentNetDetails" id="Note11PropertyplantandequipmentnetComponentsofPropertyPlantandEquipmentNetDetails">
        <link:definition>4131 - Disclosure - Note 11 - Property, plant and equipment, net - Components of Property, Plant and Equipment, Net (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note12IntangibleassetsnetDetailsTextual" id="Note12IntangibleassetsnetDetailsTextual">
        <link:definition>4140 - Disclosure - Note 12 - Intangible assets, net (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note12IntangibleassetsnetIntangibleAssetsandGoodwillDetails" id="Note12IntangibleassetsnetIntangibleAssetsandGoodwillDetails">
        <link:definition>4141 - Disclosure - Note 12 - Intangible assets, net - Intangible Assets and Goodwill (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note12IntangibleassetsnetGoodwillAllocatedbyCGUDetails" id="Note12IntangibleassetsnetGoodwillAllocatedbyCGUDetails">
        <link:definition>4142 - Disclosure - Note 12 - Intangible assets, net - Goodwill Allocated by CGU (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note13RightofuseassetsnetandleaseliabilitiesDetailsTextual" id="Note13RightofuseassetsnetandleaseliabilitiesDetailsTextual">
        <link:definition>4150 - Disclosure - Note 13 - Right-of-use assets, net and lease liabilities (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note13RightofuseassetsnetandleaseliabilitiesEvolutionofRightofuseAssetsDetails" id="Note13RightofuseassetsnetandleaseliabilitiesEvolutionofRightofuseAssetsDetails">
        <link:definition>4151 - Disclosure - Note 13 - Right-of-use assets, net and lease liabilities - Evolution of Right-of-use Assets (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note13RightofuseassetsnetandleaseliabilitiesEvolutionofLeaseLiabilityDetails" id="Note13RightofuseassetsnetandleaseliabilitiesEvolutionofLeaseLiabilityDetails">
        <link:definition>4152 - Disclosure - Note 13 - Right-of-use assets, net and lease liabilities - Evolution of Lease Liability (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note14InvestmentsinnonconsolidatedcompaniesDetailsTextual" id="Note14InvestmentsinnonconsolidatedcompaniesDetailsTextual">
        <link:definition>4160 - Disclosure - Note 14 - Investments in non-consolidated companies (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note14InvestmentsinnonconsolidatedcompaniesSummaryofInvestmentsinNonconsolidatedCompaniesDetails" id="Note14InvestmentsinnonconsolidatedcompaniesSummaryofInvestmentsinNonconsolidatedCompaniesDetails">
        <link:definition>4161 - Disclosure - Note 14 - Investments in non-consolidated companies - Summary of Investments in Non-consolidated Companies (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note14InvestmentsinnonconsolidatedcompaniesPrincipalNonconsolidatedCompaniesDetails" id="Note14InvestmentsinnonconsolidatedcompaniesPrincipalNonconsolidatedCompaniesDetails">
        <link:definition>4162 - Disclosure - Note 14 - Investments in non-consolidated companies - Principal Non-consolidated Companies (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note14InvestmentsinnonconsolidatedcompaniesSummaryofSelectedFinancialInformationDetails" id="Note14InvestmentsinnonconsolidatedcompaniesSummaryofSelectedFinancialInformationDetails">
        <link:definition>4163 - Disclosure - Note 14 - Investments in non-consolidated companies - Summary of Selected Financial Information (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note15ReceivablesnoncurrentComponentsofReceivablesNonCurrentDetails" id="Note15ReceivablesnoncurrentComponentsofReceivablesNonCurrentDetails">
        <link:definition>4170 - Disclosure - Note 15 - Receivables non-current - Components of Receivables Non Current (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note15ReceivablesnoncurrentComponentsofReceivablesNonCurrentParentheticalDetail" id="Note15ReceivablesnoncurrentComponentsofReceivablesNonCurrentParentheticalDetail">
        <link:definition>4171 - Disclosure - Note 15 - Receivables non-current - Components of Receivables Non Current (Parenthetical) (Detail)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note16InventoriesnetComponentsofInventoriesDetails" id="Note16InventoriesnetComponentsofInventoriesDetails">
        <link:definition>4180 - Disclosure - Note 16 - Inventories, net - Components of Inventories (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note17ReceivablesandprepaymentsnetSummaryofReceivablesandPrepaymentsDetails" id="Note17ReceivablesandprepaymentsnetSummaryofReceivablesandPrepaymentsDetails">
        <link:definition>4190 - Disclosure - Note 17 - Receivables and prepayments, net - Summary of Receivables and Prepayments (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note18CurrenttaxassetsandliabilitiesSummaryofCurrentTaxAssetsDetails" id="Note18CurrenttaxassetsandliabilitiesSummaryofCurrentTaxAssetsDetails">
        <link:definition>4200 - Disclosure - Note 18 - Current tax assets and liabilities - Summary of Current Tax Assets (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note18CurrenttaxassetsandliabilitiesSummaryofCurrentTaxLiabilitiesDetails" id="Note18CurrenttaxassetsandliabilitiesSummaryofCurrentTaxLiabilitiesDetails">
        <link:definition>4201 - Disclosure - Note 18 - Current tax assets and liabilities - Summary of Current Tax Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note19TradereceivablesnetSummaryofCurrentTradeReceivablesDetails" id="Note19TradereceivablesnetSummaryofCurrentTradeReceivablesDetails">
        <link:definition>4210 - Disclosure - Note 19 - Trade receivables, net - Summary of Current Trade Receivables (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note19TradereceivablesnetSummaryoftheAgingofTradeReceivablesDetails" id="Note19TradereceivablesnetSummaryoftheAgingofTradeReceivablesDetails">
        <link:definition>4211 - Disclosure - Note 19 - Trade receivables, net - Summary of the Aging of Trade Receivables (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note20CashandcashequivalentsandotherinvestmentsComponentsofCashandCashEquivalentsandOtherInvestmentsDetails" id="Note20CashandcashequivalentsandotherinvestmentsComponentsofCashandCashEquivalentsandOtherInvestmentsDetails">
        <link:definition>4220 - Disclosure - Note 20 - Cash and cash equivalents and other investments - Components of Cash and Cash Equivalents and Other Investments (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note21BorrowingsNoncurrentandCurrentBorrowingsDetails" id="Note21BorrowingsNoncurrentandCurrentBorrowingsDetails">
        <link:definition>4230 - Disclosure - Note 21 - Borrowings - Non-current and Current Borrowings (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note21BorrowingsMaturityofBorrowingsDetails" id="Note21BorrowingsMaturityofBorrowingsDetails">
        <link:definition>4231 - Disclosure - Note 21 - Borrowings - Maturity of Borrowings (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note21BorrowingsSignificantBorrowingsasofClosingDateDetails" id="Note21BorrowingsSignificantBorrowingsasofClosingDateDetails">
        <link:definition>4232 - Disclosure - Note 21 - Borrowings - Significant Borrowings as of Closing Date (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note21BorrowingsWeightedAverageInterestRatesofBorrowingsDetails" id="Note21BorrowingsWeightedAverageInterestRatesofBorrowingsDetails">
        <link:definition>4233 - Disclosure - Note 21 - Borrowings - Weighted Average Interest Rates of Borrowings (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note21BorrowingsBorrowingsbyCurrencyandRateDetails" id="Note21BorrowingsBorrowingsbyCurrencyandRateDetails">
        <link:definition>4234 - Disclosure - Note 21 - Borrowings - Borrowings by Currency and Rate (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note21BorrowingsBorrowingsEvolutionDetails" id="Note21BorrowingsBorrowingsEvolutionDetails">
        <link:definition>4235 - Disclosure - Note 21 - Borrowings - Borrowings Evolution (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note22DeferredtaxassetsandliabilitiesDetailsTextual" id="Note22DeferredtaxassetsandliabilitiesDetailsTextual">
        <link:definition>4240 - Disclosure - Note 22 - Deferred tax assets and liabilities (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note22DeferredtaxassetsandliabilitiesDeferredTaxAssetsandLiabilitiesDetails" id="Note22DeferredtaxassetsandliabilitiesDeferredTaxAssetsandLiabilitiesDetails">
        <link:definition>4241 - Disclosure - Note 22 - Deferred tax assets and liabilities - Deferred Tax Assets and Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note22DeferredtaxassetsandliabilitiesRecoveryAnalysisofDeferredTaxAssetsandLiabilitiesDetails" id="Note22DeferredtaxassetsandliabilitiesRecoveryAnalysisofDeferredTaxAssetsandLiabilitiesDetails">
        <link:definition>4242 - Disclosure - Note 22 - Deferred tax assets and liabilities - Recovery Analysis of Deferred Tax Assets and Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note22DeferredtaxassetsandliabilitiesNetDeferredTaxLiabilitiesAssetsDetails" id="Note22DeferredtaxassetsandliabilitiesNetDeferredTaxLiabilitiesAssetsDetails">
        <link:definition>4243 - Disclosure - Note 22 - Deferred tax assets and liabilities - Net Deferred Tax Liabilities (Assets) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note23OtherliabilitiesDetailsTextual" id="Note23OtherliabilitiesDetailsTextual">
        <link:definition>4250 - Disclosure - Note 23 - Other liabilities (Details Textual)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note23OtherliabilitiesOtherNoncurrentLiabilitiesDetails" id="Note23OtherliabilitiesOtherNoncurrentLiabilitiesDetails">
        <link:definition>4251 - Disclosure - Note 23 - Other liabilities - Other Noncurrent Liabilities (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.tenaris.com/role/Note23OtherliabilitiesPostemploymentBenefitsDetails" id="Note23OtherliabilitiesPostemploymentBenefitsDetails">
        <link:definition>4252 - Disclosure - Note 23 - Other liabilities - Post-employment Benefits (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>4271 - Disclosure - Note 25 - Current allowances and provisions - Liabilities (Details)</link:definition>
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        <link:definition>4280 - Disclosure - Note 26 - Derivative financial instruments (Details Textual)</link:definition>
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        <link:definition>4281 - Disclosure - Note 26 - Derivative financial instruments - Net Fair Values (Details)</link:definition>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note26DerivativefinancialinstrumentsForeignExchangeDerivativeContractsandHedgeAccountingDetails" id="Note26DerivativefinancialinstrumentsForeignExchangeDerivativeContractsandHedgeAccountingDetails">
        <link:definition>4282 - Disclosure - Note 26 - Derivative financial instruments - Foreign Exchange Derivative Contracts and Hedge Accounting (Details)</link:definition>
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        <link:definition>4283 - Disclosure - Note 26 - Derivative financial instruments - Commodities Derivative Contracts (Details)</link:definition>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note26DerivativefinancialinstrumentsHedgeReserveEvolutionDetails" id="Note26DerivativefinancialinstrumentsHedgeReserveEvolutionDetails">
        <link:definition>4284 - Disclosure - Note 26 - Derivative financial instruments - Hedge Reserve Evolution (Details)</link:definition>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note27ContingenciescommitmentsandrestrictionsonthedistributionofprofitsDetailsTextual" id="Note27ContingenciescommitmentsandrestrictionsonthedistributionofprofitsDetailsTextual">
        <link:definition>4290 - Disclosure - Note 27 - Contingencies, commitments and restrictions on the distribution of profits (Details Textual)</link:definition>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note28CancellationoftitledeedinSaudiSteelPipeCompanyDetails" id="Note28CancellationoftitledeedinSaudiSteelPipeCompanyDetails">
        <link:definition>4300 - Disclosure - Note 28 - Cancellation of title deed in Saudi Steel Pipe Company (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>4310 - Disclosure - Note 29 - Foreign exchange control measures in Argentina (Details Textual)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note30CashflowdisclosuresCashFlowDisclosuresDetails" id="Note30CashflowdisclosuresCashFlowDisclosuresDetails">
        <link:definition>4320 - Disclosure - Note 30 - Cash flow disclosures - Cash Flow Disclosures (Details)</link:definition>
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        <link:definition>4330 - Disclosure - Note 31 - Related party transactions (Details Textual)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note31RelatedpartytransactionsTransactionsCarriedOutWithRelatedPartiesDetails" id="Note31RelatedpartytransactionsTransactionsCarriedOutWithRelatedPartiesDetails">
        <link:definition>4331 - Disclosure - Note 31 - Related party transactions - Transactions Carried Out With Related Parties (Details)</link:definition>
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      <link:roleType roleURI="http://www.tenaris.com/role/Note32PrincipalaccountantfeesFeesAccruedforProfessionalServicesDetails" id="Note32PrincipalaccountantfeesFeesAccruedforProfessionalServicesDetails">
        <link:definition>4340 - Disclosure - Note 32 - Principal accountant fees - Fees Accrued for Professional Services (Details)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>4345 - Disclosure - Note 32 - Principal accountant fees (Details Textual)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>4350 - Disclosure - Note 33 - Principal subsidiaries (Details Textual)</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:definition>4351 - Disclosure - Note 33 - Principal subsidiaries - Percentage of Ownership of Each Controlled Company (Details)</link:definition>
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        <link:definition>4355 - Disclosure - Note 34 - Business combinations (Details)</link:definition>
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        <link:definition>4360 - Disclosure - Note 34 - Business combinations (Details Textual)</link:definition>
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        <link:definition>4370 - Disclosure - Note 35 - Nationalization of Venezuelan subsidiaries (Details Textual)</link:definition>
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        <link:definition>4392 - Disclosure - Note 37 - Share Buyback Program  (Details Textual)</link:definition>
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        <link:definition>8000 - Disclosure - Update as of April 29, 2020 - Assets and Liabilities Assumed (Details)</link:definition>
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  <xsd:element name="DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" id="ts_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCurrentAllowancesAndProvisionsAbstract" id="ts_DisclosureOfCurrentAllowancesAndProvisionsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCurrentAllowancesAndProvisionsTextBlock" id="ts_DisclosureOfCurrentAllowancesAndProvisionsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" id="ts_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" id="ts_DisclosureOfCancellationOfTitleDeedInAffiliatesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" id="ts_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" id="ts_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCashFlowAbstract" id="ts_DisclosureOfCashFlowAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNationalizationOfSubsidiariesAbstract" id="ts_DisclosureOfNationalizationOfSubsidiariesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfNationalizationOfSubsidiariesTextBlock" id="ts_DisclosureOfNationalizationOfSubsidiariesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfOtherRelevantInformationAbstract" id="ts_DisclosureOfOtherRelevantInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfOtherRelevantInformationTextBlock" id="ts_DisclosureOfOtherRelevantInformationTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfClimateChangeAbstract" id="ts_DisclosureOfClimateChangeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfClimateChangeTextBlock" id="ts_DisclosureOfClimateChangeTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" id="ts_DisclosureOfEventsAfterReportingPeriodAndApprovalDateAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfPlantsAcquired" id="ts_NumberOfPlantsAcquired" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfDelistingOfSharesFromStockExchangeAbstract" id="ts_DisclosureOfDelistingOfSharesFromStockExchangeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DelistingOfSharesFromStockExchangeExplanatory" id="ts_DelistingOfSharesFromStockExchangeExplanatory" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSignificantAccountingPoliciesAbstract" id="ts_DisclosureOfSignificantAccountingPoliciesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" id="ts_DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" id="ts_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountTextBlock" id="ts_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SegmentRevenuesByMarketExplanatory" id="ts_SegmentRevenuesByMarketExplanatory" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" id="ts_DisclosureOfDetailedInformationAboutCostOfSalesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" id="ts_DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutLaborCostsTextBlock" id="ts_DisclosureOfDetailedInformationAboutLaborCostsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" id="ts_DisclosureOfSensitivityAnalysisForAdditionalImpairmentToChangesInKeyAssumptionsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" id="ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutFinancialIncomeCost" id="ts_DisclosureOfDetailedInformationAboutFinancialIncomeCost" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" id="ts_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" id="ts_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilityEvolutionTextBlock" id="ts_LeaseLiabilityEvolutionTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" id="ts_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" id="ts_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" id="ts_DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutInventoriesTextBlock" id="ts_DisclosureOfDetailedInformationAboutInventoriesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" id="ts_DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" id="ts_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" id="ts_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" id="ts_DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock" id="ts_DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock" id="ts_DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock" id="ts_DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" id="ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfBorrowingsEvolutionTextBlock" id="ts_DisclosureOfBorrowingsEvolutionTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" id="ts_DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxTextBlock" id="ts_DeferredTaxTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsDeductedFromNoncurrentReceivablesTextBlock" id="ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsDeductedFromNoncurrentReceivablesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" id="ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" id="ts_DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" id="ts_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" id="ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionOfIPSCOMember" id="ts_AcquisitionOfIPSCOMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IpscoTubularsIncMember" id="ts_IpscoTubularsIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SaudiSteelPipeCompanyMember" id="ts_SaudiSteelPipeCompanyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" id="ts_DisclosureOfDiscontinuedOperationsNetIncomeComponentsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSaleOfDiscontinuedOperationsTextBlock" id="ts_DisclosureOfSaleOfDiscontinuedOperationsTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TerniumSAMember" id="ts_TerniumSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UsiminasMember" id="ts_UsiminasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConfabIndustrialSaAndSubsidiariesMember" id="ts_ConfabIndustrialSaAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TTGroupMember" id="ts_TTGroupMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TerniumEntititesMember" id="ts_TerniumEntititesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConfabMember" id="ts_ConfabMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NSSMCMember" id="ts_NSSMCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PrevidenciaUsiminasMember" id="ts_PrevidenciaUsiminasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TecpetrolInternationalSAMember" id="ts_TecpetrolInternationalSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisMember" id="ts_TenarisMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TheNewSHAMember" id="ts_TheNewSHAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TechgenSAMember" id="ts_TechgenSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GlobalPipeCompanyMember" id="ts_GlobalPipeCompanyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InformationSystemProjectsMember" id="ts_InformationSystemProjectsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LicensesPatentsTrademarksAndProprietaryTechnologyMember" id="ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaverickTubeCorporationMember" id="ts_MaverickTubeCorporationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HydrilCompanyMember" id="ts_HydrilCompanyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OCTGUSAMember" id="ts_OCTGUSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" id="ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfSharesSubscribedTo" id="ts_NumberOfSharesSubscribedTo" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SharesSubscribedToPricePerShare" id="ts_SharesSubscribedToPricePerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SharesSubscribedToValue" id="ts_SharesSubscribedToValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SharesBoundToSHA" id="ts_SharesBoundToSHA" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentOfCompanyVotingCapital" id="ts_PercentOfCompanyVotingCapital" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" id="ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfMajorBusinessSegments" id="ts_NumberOfMajorBusinessSegments" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="FinitelivedIntangibleAssetUsefulLife" id="ts_FinitelivedIntangibleAssetUsefulLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" id="ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FinitelivedIntangibleAssetResidualValue" id="ts_FinitelivedIntangibleAssetResidualValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="FinitelivedIntangibleAssetResidualUsefulLife" id="ts_FinitelivedIntangibleAssetResidualUsefulLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfVotesPerShare" id="ts_NumberOfVotesPerShare" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" id="ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="EmployeeBenefitsUnitVestingPeriod" id="ts_EmployeeBenefitsUnitVestingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsCompanyRedemptionPeriod" id="ts_EmployeeBenefitsCompanyRedemptionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsEarlyRedemptionPeriod" id="ts_EmployeeBenefitsEarlyRedemptionPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CarryingValueOfUnitsGranted" id="ts_CarryingValueOfUnitsGranted" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfVotingRightsHeldInUnconsolidatedEntities" id="ts_PercentageOfVotingRightsHeldInUnconsolidatedEntities" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MaximumPeriodOfLeaseTermOfShortTermLeases" id="ts_MaximumPeriodOfLeaseTermOfShortTermLeases" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ForecastPeriodOfCashFlowProjections" id="ts_ForecastPeriodOfCashFlowProjections" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" id="ts_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FinitelivedIntangibleAssetReviewedUsefulLife" id="ts_FinitelivedIntangibleAssetReviewedUsefulLife" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OtherCurrentNoncurrentBenefits" id="ts_OtherCurrentNoncurrentBenefits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BuildingsAndImprovementsMember" id="ts_BuildingsAndImprovementsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PlantAndProductionEquipmentMember" id="ts_PlantAndProductionEquipmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VehiclesFurnitureAndFixturesAndOtherEquipmentMember" id="ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionalDepreciationExpenses" id="ts_AdditionalDepreciationExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="GrowthRateMeasurementInputMember" id="ts_GrowthRateMeasurementInputMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" id="ts_ProjectedChangeRateInFutureCashFlowsMeasurementInputMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" id="ts_AmountByWhichValueAssignedToKeyAssumptionMustChangeInOrderForUnitsRecoverableAmountToBeEqualToCarryingAmountPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" id="ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnePercentChangeEuroUsDollarForeignExchangeRiskMember" id="ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" id="ts_OnePercentChangeSaudiArabianRiyalUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" id="ts_OnePercentChangeBrazilianRealUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CustomerConcentrationRisk1Member" id="ts_CustomerConcentrationRisk1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CounterpartyRiskMember" id="ts_CounterpartyRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" id="ts_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeDerivativesContractsMember" id="ts_ForeignExchangeDerivativesContractsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EuropeanSovereignCounterpartiesMember" id="ts_EuropeanSovereignCounterpartiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherCurrenciesHedgedToUSDollarMember" id="ts_OtherCurrenciesHedgedToUSDollarMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GuaranteesUnderCreditInsuranceMember" id="ts_GuaranteesUnderCreditInsuranceMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LetterOfCreditAndOtherBankGuaranteesMember" id="ts_LetterOfCreditAndOtherBankGuaranteesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherGuaranteesMember" id="ts_OtherGuaranteesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PastDueMember" id="ts_PastDueMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AllowanceForDoubtfulAccountsTradeReceivablesMember" id="ts_AllowanceForDoubtfulAccountsTradeReceivablesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VenezuelanCompaniesMember" id="ts_VenezuelanCompaniesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebtToEquityRatio" id="ts_DebtToEquityRatio" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ForeignExchangeRiskCurrencyExposure" id="ts_ForeignExchangeRiskCurrencyExposure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LossOnInterestRateRiskIfMarketInterestRatesWereHigher" id="ts_LossOnInterestRateRiskIfMarketInterestRatesWereHigher" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ExposureInvestmentGradeRatedInstruments" id="ts_ExposureInvestmentGradeRatedInstruments" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ConcentrationRiskPercentage" id="ts_ConcentrationRiskPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LiquidFinancialAssetsPercentage" id="ts_LiquidFinancialAssetsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" id="ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" id="ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MaximumMaturityPeriodOfCashAndCashEquivalents" id="ts_MaximumMaturityPeriodOfCashAndCashEquivalents" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" id="ts_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MinimumMaturityPeriodOfCertificatesOfDeposits" id="ts_MinimumMaturityPeriodOfCertificatesOfDeposits" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CTAForeignExchangeRiskCurrencyExposure" id="ts_CTAForeignExchangeRiskCurrencyExposure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ArgentinePesoUsDollarForeignExchangeRiskMember" id="ts_ArgentinePesoUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EuroUsDollarForeignExchangeRiskMember" id="ts_EuroUsDollarForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SaudiArabianRiyalUsDollarExchangeRiskMember" id="ts_SaudiArabianRiyalUsDollarExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UsDollarBrazilianRealForeignExchangeRiskMember" id="ts_UsDollarBrazilianRealForeignExchangeRiskMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" id="ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CertificatesOfDepositsMember" id="ts_CertificatesOfDepositsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommercialPapersMember" id="ts_CommercialPapersMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherNotesMember" id="ts_OtherNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BondsAndOtherFixedIncomeMember" id="ts_BondsAndOtherFixedIncomeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NonUsGovernmentSecuritiesMember" id="ts_NonUsGovernmentSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CorporatesSecuritiesMember" id="ts_CorporatesSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherInvestments1Member" id="ts_OtherInvestments1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NonUsSovereignBillsMember" id="ts_NonUsSovereignBillsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UsSovereignBillsMember" id="ts_UsSovereignBillsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UsGovernmentSecuritiesMember" id="ts_UsGovernmentSecuritiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="StructuredNotesMember" id="ts_StructuredNotesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MutualFundFinancialInstrumentMember" id="ts_MutualFundFinancialInstrumentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherReceivablesMember" id="ts_OtherReceivablesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherReceivablesNonfinancialMember" id="ts_OtherReceivablesNonfinancialMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DerivativeLiabilitiesMember" id="ts_DerivativeLiabilitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" id="ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TubesMember" id="ts_TubesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewOperatingIncome" id="ts_ManagementViewOperatingIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInCostOfSales" id="ts_ManagementViewDifferencesInCostOfSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInDepreciationAndAmortization" id="ts_ManagementViewDifferencesInDepreciationAndAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" id="ts_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" id="ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AsiaPacificMiddleEastAndAfricaMember" id="ts_AsiaPacificMiddleEastAndAfricaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnallocatedRegionMember" id="ts_UnallocatedRegionMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OilAndGasMember" id="ts_OilAndGasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OilAndGasProcessingPlantsMember" id="ts_OilAndGasProcessingPlantsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HydrocarbonProcessingAndPowerGenerationMember" id="ts_HydrocarbonProcessingAndPowerGenerationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IndustrialAndOtherMember" id="ts_IndustrialAndOtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InventoriesIncludingDiscontinuedOperations" id="ts_InventoriesIncludingDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncreaseInInventoryDueToBusinessCombinations" id="ts_IncreaseInInventoryDueToBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DecreaseInInventoryDueToSaleOfSubsidiaries" id="ts_DecreaseInInventoryDueToSaleOfSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesRawMaterialsEnergyConsumablesAndOther" id="ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesServicesAndFees" id="ts_CostOfSalesServicesAndFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesLaborCost" id="ts_CostOfSalesLaborCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesDepreciationOfPropertyPlantAndEquipment" id="ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesAmortizationOfIntangibleAssets" id="ts_CostOfSalesAmortizationOfIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesDepreciationOfRightOfUseAssets" id="ts_CostOfSalesDepreciationOfRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesMaintenanceExpenses" id="ts_CostOfSalesMaintenanceExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesAllowanceForObsolescence" id="ts_CostOfSalesAllowanceForObsolescence" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesTaxes" id="ts_CostOfSalesTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesOther" id="ts_CostOfSalesOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesIncludingDiscontinuedOperations" id="ts_CostOfSalesIncludingDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesDiscontinuedOperations" id="ts_CostOfSalesDiscontinuedOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CostOfSalesLaborCostSeveranceCharges" id="ts_CostOfSalesLaborCostSeveranceCharges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesServicesAndFees" id="ts_SellingGeneralAndAdministrativeExpensesServicesAndFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesLaborCost" id="ts_SellingGeneralAndAdministrativeExpensesLaborCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" id="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" id="ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" id="ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" id="ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" id="ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesTaxes" id="ts_SellingGeneralAndAdministrativeExpensesTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesOther" id="ts_SellingGeneralAndAdministrativeExpensesOther" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" id="ts_SellingGeneralAndAdministrativeExpensesLaborCostSeveranceCharges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EmployeeRetentionAndLongTermIncentiveProgramExpenses" id="ts_EmployeeRetentionAndLongTermIncentiveProgramExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherGeographicalAreasMember" id="ts_OtherGeographicalAreasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NkktubesMember" id="ts_NkktubesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IPSCOMember" id="ts_IPSCOMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CoiledTubingMember" id="ts_CoiledTubingMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RodsUSAMember" id="ts_RodsUSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrowthRatesUsedInCurrentEstimateOfValueInUse" id="ts_GrowthRatesUsedInCurrentEstimateOfValueInUse" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CarryingAmountAfterImpairment" id="ts_CarryingAmountAfterImpairment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" id="ts_PercentageOfReasonablyPossibleIncreaseDecreaseInKeyAssumptionResultingAdditionalImpairment" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" id="ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessDivestituresAxis" id="ts_BusinessDivestituresAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EntitySTotalForBusinessDivestituresMember" id="ts_EntitySTotalForBusinessDivestituresMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GenevaStructuralTubesLlcMember" id="ts_GenevaStructuralTubesLlcMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BusinessDivestituresAcquirerAxis" id="ts_BusinessDivestituresAcquirerAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EntitySTotalForBusinessDivestituresAcquirerDomain" id="ts_EntitySTotalForBusinessDivestituresAcquirerDomain" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MkkUsaIncMember" id="ts_MkkUsaIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" id="ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" id="ts_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" id="ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InterestIncomeOnTaxAssets" id="ts_InterestIncomeOnTaxAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" id="ts_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfVotingEquityInterestsDivested" id="ts_PercentageOfVotingEquityInterestsDivested" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeAbstract" id="ts_OtherOperatingIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeNetIncomeFromOtherSales" id="ts_OtherOperatingIncomeNetIncomeFromOtherSales" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" id="ts_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" id="ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpensesAbstract" id="ts_OtherOperatingExpensesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" id="ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" id="ts_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingExpensesAllowanceForDoubtfulReceivables" id="ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinancialResultsTable" id="ts_DisclosureOfFinancialResultsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ArgentineSovereignBondsMember" id="ts_ArgentineSovereignBondsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinancialResultsLineItems" id="ts_DisclosureOfFinancialResultsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LossArisingFromDividendPaidInKind" id="ts_LossArisingFromDividendPaidInKind" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" id="ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeDerivativesContractsResults" id="ts_ForeignExchangeDerivativesContractsResults" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ArgentinaAndMexicoMember" id="ts_ArgentinaAndMexicoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" id="ts_AfterTaxEffectOfExpenseNotDeductibleInDeterminingProfitLoss" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" id="ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TaxInflationAdjustments" id="ts_TaxInflationAdjustments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfIncomeTaxLineItems" id="ts_DisclosureOfIncomeTaxLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" id="ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" id="ts_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendsPayableAmountPerAmericanDepositarySecurity" id="ts_DividendsPayableAmountPerAmericanDepositarySecurity" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PaymentsForDividendsApproved" id="ts_PaymentsForDividendsApproved" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DividendsPaidAmountPerShareIncludingInterimDividend" id="ts_DividendsPaidAmountPerShareIncludingInterimDividend" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPayableAmountPerShareIncludingInterimDividend" id="ts_DividendsPayableAmountPerShareIncludingInterimDividend" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" id="ts_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" id="ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendsPaidPerAmericanDepositarySecurity" id="ts_DividendsPaidPerAmericanDepositarySecurity" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PropertyPlantAndEquipmentCapitalizedInterest" id="ts_PropertyPlantAndEquipmentCapitalizedInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LandAndCivilBuildingsMember" id="ts_LandAndCivilBuildingsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IndustrialBuildingsPlantAndProductionEquipmentMember" id="ts_IndustrialBuildingsPlantAndProductionEquipmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VehiclesFurnitureAndFixturesMember" id="ts_VehiclesFurnitureAndFixturesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SparePartsAndEquipmentMember" id="ts_SparePartsAndEquipmentMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LicensesPatentsAndTrademarksMember" id="ts_LicensesPatentsAndTrademarksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherBusinessCombinationsMember" id="ts_OtherBusinessCombinationsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherMember" id="ts_TamsaHydrilAndOtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SidercaMember" id="ts_SidercaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HydrilMember" id="ts_HydrilMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherCguMember" id="ts_OtherCguMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LeaseAgreementMember" id="ts_LeaseAgreementMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RemainingLeasePaymentsToBeMadePercentage" id="ts_RemainingLeasePaymentsToBeMadePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisposalsConsumptionsRightOfUseAssets" id="ts_DisposalsConsumptionsRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesCancellations" id="ts_LeaseLiabilitiesCancellations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesCapitalRepayments" id="ts_LeaseLiabilitiesCapitalRepayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfChangesInRightOfUseAssetsAbstract" id="ts_ReconciliationOfChangesInRightOfUseAssetsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" id="ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsRightOfUseAssets" id="ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" id="ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RightofuseAssetsAccumulatedDepreciation" id="ts_RightofuseAssetsAccumulatedDepreciation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="RightofuseAssetsCost" id="ts_RightofuseAssetsCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="LeaseLiabilitiesIncreaseDueToBusinessCombinations" id="ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesTranslationDifferences" id="ts_LeaseLiabilitiesTranslationDifferences" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesAdditions" id="ts_LeaseLiabilitiesAdditions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesRepayments" id="ts_LeaseLiabilitiesRepayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LeaseLiabilitiesInterestAccrued" id="ts_LeaseLiabilitiesInterestAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TerniumAndUsiminasMember" id="ts_TerniumAndUsiminasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisSAMember" id="ts_TenarisSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SeveralBanksToRefinanceObligationsMember" id="ts_SeveralBanksToRefinanceObligationsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EewMember" id="ts_EewMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherStakeholderMember" id="ts_OtherStakeholderMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PAOPSeverstalMember" id="ts_PAOPSeverstalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ClosingPricePerAmericanDepositarySecurity" id="ts_ClosingPricePerAmericanDepositarySecurity" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ClosingPricePerShare" id="ts_ClosingPricePerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" id="ts_TransportationCapacityAgreementPurchasingCapacityOfNaturalGasPerDay" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ExposureToTransportationCapacityAgreements" id="ts_ExposureToTransportationCapacityAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ExposureToPurchaseAndOtherServiceAgreements" id="ts_ExposureToPurchaseAndOtherServiceAgreements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ExposureToThePurchaseOfCleanEnergyCertificates" id="ts_ExposureToThePurchaseOfCleanEnergyCertificates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" id="ts_ProceedsFromRepaymentsOfLoansReceivableFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProportionOfCorporateGuaranteeCoveringObligations" id="ts_ProportionOfCorporateGuaranteeCoveringObligations" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DebtServiceCoverageRatioCoveredPercent" id="ts_DebtServiceCoverageRatioCoveredPercent" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="LettersOfCreditCovered" id="ts_LettersOfCreditCovered" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CorporateGuaranteeCoveringObligations" id="ts_CorporateGuaranteeCoveringObligations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="WriteDownsOfInvestment" id="ts_WriteDownsOfInvestment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PeriodOverWhichManagementHasProjectedCashFlows" id="ts_PeriodOverWhichManagementHasProjectedCashFlows" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ProportionOfOwnershipInterestPurchaseInAssociate" id="ts_ProportionOfOwnershipInterestPurchaseInAssociate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncreaseInCorporateGuaranteeCoveringObligations" id="ts_IncreaseInCorporateGuaranteeCoveringObligations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" id="ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DividendsDeclaredByNonconsolidatedCompanies" id="ts_DividendsDeclaredByNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" id="ts_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" id="ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" id="ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" id="ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OtherMember" id="ts_OtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NoncurrentReceivablesEmployeeAdvancesAndLoans" id="ts_NoncurrentReceivablesEmployeeAdvancesAndLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NonCurrentLegalDeposits" id="ts_NonCurrentLegalDeposits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" id="ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentReceivablesFromInterestInVenezuelanCompanies" id="ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentReceivablesTable" id="ts_NoncurrentReceivablesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxesAxis" id="ts_TaxesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxesDomain" id="ts_TaxesDomain" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" id="ts_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NoncurrentReceivablesLineItems" id="ts_NoncurrentReceivablesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InventoriesGross" id="ts_InventoriesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InventoriesAllowanceForObsolescence" id="ts_InventoriesAllowanceForObsolescence" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" id="ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsGovernmentEntities" id="ts_CurrentReceivablesAndPrepaymentsGovernmentEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" id="ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" id="ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" id="ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentReceivablesAndPrepaymentsGross" id="ts_CurrentReceivablesAndPrepaymentsGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentAllowanceForOtherDoubtfulAccounts" id="ts_CurrentAllowanceForOtherDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentIncomeTaxAssets" id="ts_CurrentIncomeTaxAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentPrepaidTaxes" id="ts_CurrentPrepaidTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentIncomeTaxLiabilities" id="ts_CurrentIncomeTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentOtherTaxLiabilities" id="ts_CurrentOtherTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesCurrentAccounts" id="ts_CurrentTradeReceivablesCurrentAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesGross" id="ts_CurrentTradeReceivablesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesAllowanceForDoubtfulAccounts" id="ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="StatementTable" id="ts_StatementTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentTradeReceivablesNotDueMember" id="ts_CurrentTradeReceivablesNotDueMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentTradeReceivablesPastDueLessThan180DaysMember" id="ts_CurrentTradeReceivablesPastDueLessThan180DaysMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentTradeReceivablesPastDueGreaterThan180DaysMember" id="ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentTradeReceivablesGuaranteed" id="ts_CurrentTradeReceivablesGuaranteed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesNotGuaranteed" id="ts_CurrentTradeReceivablesNotGuaranteed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesExpectedLossRate" id="ts_CurrentTradeReceivablesExpectedLossRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AllowanceForDoubtfulAccountsNetOfNominativeAllowances" id="ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" id="ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsCurrentAbstract" id="ts_OtherInvestmentsCurrentAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherInvestmentsCurrentFixedIncome" id="ts_OtherInvestmentsCurrentFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsCurrentBondsAndOtherFixedIncome" id="ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsCurrentFundInvestments" id="ts_OtherInvestmentsCurrentFundInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsNoncurrentAbstract" id="ts_OtherInvestmentsNoncurrentAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" id="ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherInvestmentsNoncurrentOthers" id="ts_OtherInvestmentsNoncurrentOthers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="BankBorrowingsMember" id="ts_BankBorrowingsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BankOverdrafts1Member" id="ts_BankOverdrafts1Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinanceLeaseLiabilitiesMember" id="ts_FinanceLeaseLiabilitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" id="ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentCostsOfIssueOfDebt" id="ts_NoncurrentCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentBorrowingsBeforeCostsOfIssueOfDebt" id="ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentCostsOfIssueOfDebt" id="ts_CurrentCostsOfIssueOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherBorrowingsMember" id="ts_OtherBorrowingsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsIncludingInterestToBeAccrued" id="ts_BorrowingsIncludingInterestToBeAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SignificantBorrowingsAsOfClosingDateMember" id="ts_SignificantBorrowingsAsOfClosingDateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SignificantBorrowingsOneAsOfClosingDateMember" id="ts_SignificantBorrowingsOneAsOfClosingDateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SignificantBorrowingsTwoAsOfClosingDateMember" id="ts_SignificantBorrowingsTwoAsOfClosingDateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SignificantBorrowingsThreeAsOfClosingDateMember" id="ts_SignificantBorrowingsThreeAsOfClosingDateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SignificantBorrowingsFourAsOfClosingDateMember" id="ts_SignificantBorrowingsFourAsOfClosingDateMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaverickTubeCorporationAndSubsidiariesOneMember" id="ts_MaverickTubeCorporationAndSubsidiariesOneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaverickTubeCorporationAndSubsidiariesTwoMember" id="ts_MaverickTubeCorporationAndSubsidiariesTwoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaverickTubeCorporationAndSubsidiariesMember" id="ts_MaverickTubeCorporationAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TubosDelCaribeMember" id="ts_TubosDelCaribeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherOneMember" id="ts_TamsaHydrilAndOtherOneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherTwoMember" id="ts_TamsaHydrilAndOtherTwoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaHydrilAndOtherThreeMember" id="ts_TamsaHydrilAndOtherThreeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SidercaSaicAndSubsidiariesMember" id="ts_SidercaSaicAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TamsaMember" id="ts_TamsaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EffectOfTranslationDifferencesOnLongtermBorrowings" id="ts_EffectOfTranslationDifferencesOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" id="ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" id="ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfReclassificationsOnLongtermBorrowings" id="ts_EffectOfReclassificationsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfBusinessCombinationsOnLongtermBorrowings" id="ts_EffectOfBusinessCombinationsOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfOverdraftsVariationOnLongtermBorrowings" id="ts_EffectOfOverdraftsVariationOnLongtermBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" id="ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" id="ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringWithinOneYearPercentage" id="ts_RecognizedTaxLossesExpiringWithinOneYearPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" id="ts_RecognizedTaxLossesExpiringInTwoToFiveYearsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" id="ts_RecognizedTaxLossesExpiringInMoreThanFiveYearsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInLessThanOneYear" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringBetweenTwoAndFiveYears" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" id="ts_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognisedPercentExpiringInMoreThanFiveYears" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DeferredTaxLiabilitiesFixedAssetsMember" id="ts_DeferredTaxLiabilitiesFixedAssetsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxLiabilitiesInventoryMember" id="ts_DeferredTaxLiabilitiesInventoryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" id="ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxLiabilitiesMember" id="ts_DeferredTaxLiabilitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsProvisionsAndAllowancesMember" id="ts_DeferredTaxAssetsProvisionsAndAllowancesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsInventoryMember" id="ts_DeferredTaxAssetsInventoryMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsTaxLossMember" id="ts_DeferredTaxAssetsTaxLossMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsOtherMember" id="ts_DeferredTaxAssetsOtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetsMember" id="ts_DeferredTaxAssetsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" id="ts_DeferredTaxLiabilityIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" id="ts_DeferredTaxAssetIncreaseDecreaseDueToAdoptionOfNewAccountingStandards" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OverfundedPlan" id="ts_OverfundedPlan" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentPostemploymentBenefitsLiability" id="ts_NoncurrentPostemploymentBenefitsLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherNoncurrentBenefitsLiability" id="ts_OtherNoncurrentBenefitsLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherNoncurrentMiscellaneousLiabilities" id="ts_OtherNoncurrentMiscellaneousLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" id="ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DecreaseIncreaseInNetDefinedBenefitLiabilityAssetResultingFromReclassifiedToCurrentLiabilities" id="ts_DecreaseIncreaseInNetDefinedBenefitLiabilityAssetResultingFromReclassifiedToCurrentLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FairValueOfFundedPostemploymentBenefitsMember" id="ts_FairValueOfFundedPostemploymentBenefitsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EquityInstrumentsPercentContributedToFairValueOfPlanAssets" id="ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DebtInstrumentsPercentContributedToFairValueOfPlanAssets" id="ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="OtherAssetsPercentContributedToFairValueOfPlanAssets" id="ts_OtherAssetsPercentContributedToFairValueOfPlanAssets" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CurrentEmployeeRelatedLiabilities" id="ts_CurrentEmployeeRelatedLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OtherCurrentMiscellaneousLiabilities" id="ts_OtherCurrentMiscellaneousLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForNoncurrentLiabilitiesMember" id="ts_ProvisionForNoncurrentLiabilitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionUsedOtherProvisionsMovements" id="ts_ProvisionUsedOtherProvisionsMovements" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" id="ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AllowanceForInventoryObsolescenceMember" id="ts_AllowanceForInventoryObsolescenceMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughReversalsAndAdditionalAllowances" id="ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseAdditionalAllowancesOtherProvisions" id="ts_IncreaseDecreaseAdditionalAllowancesOtherProvisions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" id="ts_IncreaseDecreaseDueToEffectOfAdoptionOfNewAccountingStandardsOtherProvisions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProvisionsForCurrentLiabilitiesMember" id="ts_ProvisionsForCurrentLiabilitiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SalesRisksMember" id="ts_SalesRisksMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionalProvisionsOtherProvisionsReversals" id="ts_AdditionalProvisionsOtherProvisionsReversals" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DerivativesHedgingBorrowingsAndInvestmentsMember" id="ts_DerivativesHedgingBorrowingsAndInvestmentsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherDerivativesMember" id="ts_OtherDerivativesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DerivativeFinancialAssetsLiabilities" id="ts_DerivativeFinancialAssetsLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PurchaseForeignExchangeContractMember" id="ts_PurchaseForeignExchangeContractMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyEurMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyRonSellCurrencyUsdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCadMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyGpbMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" id="ts_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyCnyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" id="ts_ForeignExchangeContractPurchaseCurrencyBrlSellCurrencyUsdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeContractOtherMember" id="ts_ForeignExchangeContractOtherMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TermOneMember" id="ts_TermOneMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TermTwoMember" id="ts_TermTwoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommodityDerivativesContractMember" id="ts_CommodityDerivativesContractMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesDerivativeContractsHoustonShipChannelGasMember" id="ts_CommoditiesDerivativeContractsHoustonShipChannelGasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" id="ts_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesDerivativeContractsIronOreMember" id="ts_CommoditiesDerivativeContractsIronOreMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesDerivativeContractsElectricEnergyMember" id="ts_CommoditiesDerivativeContractsElectricEnergyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesDerivativeContractsTitleTransferFacilityGasMember" id="ts_CommoditiesDerivativeContractsTitleTransferFacilityGasMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeAndCommoditiesDerivativesContractsMember" id="ts_ForeignExchangeAndCommoditiesDerivativesContractsMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DalmineSPAAndSubsidiariesMember" id="ts_DalmineSPAAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisBayCityIncMember" id="ts_TenarisBayCityIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProductLiabilityLitigationMember" id="ts_ProductLiabilityLitigationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" id="ts_TaxContingentLiabilityRelatedToFiscalYears2014And2015Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" id="ts_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember" id="ts_TaxContingentLiabilityRelatedToFiscalYears2014And2015PrincipalInterestAndPenaltiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYear2014Member" id="ts_TaxContingentLiabilityRelatedToFiscalYear2014Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" id="ts_TaxContingentLiabilityRelatedToFiscalYear2014PrincipalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" id="ts_TaxContingentLiabilityRelatedToFiscalYear2014InterestAndPenaltiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYear2015Member" id="ts_TaxContingentLiabilityRelatedToFiscalYear2015Member" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" id="ts_TaxContingentLiabilityRelatedToFiscalYear2015PrincipalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" id="ts_TaxContingentLiabilityRelatedToFiscalYear2015InterestAndPenaltiesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" id="ts_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ContingentLiabilityForCivilPenaltyMember" id="ts_ContingentLiabilityForCivilPenaltyMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OctgProductMember" id="ts_OctgProductMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LinePipeProductMember" id="ts_LinePipeProductMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PetroleoBrasileiroSaMember" id="ts_PetroleoBrasileiroSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CompanhiaSiderrgicaNacionalMember" id="ts_CompanhiaSiderrgicaNacionalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TribunalDeContasDaUniaoMember" id="ts_TribunalDeContasDaUniaoMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TransportadoraDeGasDelNorteSaMember" id="ts_TransportadoraDeGasDelNorteSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PraxairSAMember" id="ts_PraxairSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GraftechMember" id="ts_GraftechMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ValeInternationalSAMember" id="ts_ValeInternationalSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CanadianNationalRailwayMember" id="ts_CanadianNationalRailwayMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AirLiquideMexicoSDeRLDeCVMember" id="ts_AirLiquideMexicoSDeRLDeCVMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NucorSteelMemphisIncMember" id="ts_NucorSteelMemphisIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TerniumMexicoSADeCVMember" id="ts_TerniumMexicoSADeCVMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VoestalpineGrobblechGmbhMember" id="ts_VoestalpineGrobblechGmbhMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChubbMember" id="ts_ChubbMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VeracelCeluloseSaMember" id="ts_VeracelCeluloseSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="VestasGroupMember" id="ts_VestasGroupMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TerniumUsaIncMember" id="ts_TerniumUsaIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PresidenteNestorKirchnerGasPipelineMember" id="ts_PresidenteNestorKirchnerGasPipelineMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterestsPercentage" id="ts_TagalongTenderOfferToNoncontrollingInterestsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterests" id="ts_TagalongTenderOfferToNoncontrollingInterests" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterestsShares" id="ts_TagalongTenderOfferToNoncontrollingInterestsShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TagalongTenderOfferToNoncontrollingInterestsContingentLiability" id="ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PaymentsForSettlement" id="ts_PaymentsForSettlement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SettlementAmountOrderedToPay" id="ts_SettlementAmountOrderedToPay" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SettlementAmountOrderedToPayInsuranceDeductible" id="ts_SettlementAmountOrderedToPayInsuranceDeductible" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SettlementAmountOrderedToPayDamages" id="ts_SettlementAmountOrderedToPayDamages" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AllegedOverpriceThatWillBeReducedAmount" id="ts_AllegedOverpriceThatWillBeReducedAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FineImposedPercentageOfAllegedlyUndueCredits" id="ts_FineImposedPercentageOfAllegedlyUndueCredits" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TermOfSupplyContract" id="ts_TermOfSupplyContract" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PurchaseCommitments" id="ts_PurchaseCommitments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PurchaseCommitmentsPercentageToBeMade" id="ts_PurchaseCommitmentsPercentageToBeMade" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ProportionOfPowerGenerationCapacity" id="ts_ProportionOfPowerGenerationCapacity" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentOfAnnualIronOreNeedsSupplied" id="ts_PercentOfAnnualIronOreNeedsSupplied" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MaximumNumberOfTonsOfPelletsSuppliedAnnually" id="ts_MaximumNumberOfTonsOfPelletsSuppliedAnnually" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PerformanceGuaranteesIssued" id="ts_PerformanceGuaranteesIssued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="MasterDistributionAgreementTerm" id="ts_MasterDistributionAgreementTerm" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TermOfSupplyContractAvailableExtension" id="ts_TermOfSupplyContractAvailableExtension" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PenaltiesImposed" id="ts_PenaltiesImposed" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DumpingRateImposed" id="ts_DumpingRateImposed" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct" id="ts_FavourablePercentageExpectedOfDutiesAndTariffsOnImportValueOfProduct" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RenewableTermOfSupplyContract" id="ts_RenewableTermOfSupplyContract" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentOfMinimumTransferOfNetProfitToLegalReserve" id="ts_PercentOfMinimumTransferOfNetProfitToLegalReserve" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital" id="ts_PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AreaOfLand1" id="ts_AreaOfLand1" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="InternationalMarketMember" id="ts_InternationalMarketMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfEntitysNetEquity" id="ts_PercentageOfEntitysNetEquity" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DistributionOfDividendInKind" id="ts_DistributionOfDividendInKind" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" id="ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxAccrualsLessPaymentsAbstract" id="ts_IncomeTaxAccrualsLessPaymentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeTaxesAccrued" id="ts_IncomeTaxesAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestAccrualsLessPaymentsNetAbstract" id="ts_InterestAccrualsLessPaymentsNetAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestAccrued" id="ts_InterestAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SanFaustinSaMember" id="ts_SanFaustinSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfOwnershipInterest" id="ts_PercentageOfOwnershipInterest" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="UnitsIssuedRelatedPartyTransactions" id="ts_UnitsIssuedRelatedPartyTransactions" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RevenueRelatedPartyTransactions" id="ts_RevenueRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PurchasesOfGoodsAndServicesRelatedPartyTransactions" id="ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AmountsReceivablePayableRelatedPartyTransactions" id="ts_AmountsReceivablePayableRelatedPartyTransactions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinanceLeaseLiabilitiesFromAssociatedCompanies" id="ts_FinanceLeaseLiabilitiesFromAssociatedCompanies" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" id="ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinancialDebtRelatedParties" id="ts_FinancialDebtRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AuditorsRemunerationForAuditrelatedFees" id="ts_AuditorsRemunerationForAuditrelatedFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="HydrilCompanyAndSubsidiariesMember" id="ts_HydrilCompanyAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TechnicalDrillingProductionServicesNigeriaLtdMember" id="ts_TechnicalDrillingProductionServicesNigeriaLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisSupplyChainSAMember" id="ts_TenarisSupplyChainSAMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TubularTechnicalServicesAndPipeCoatersMember" id="ts_TubularTechnicalServicesAndPipeCoatersMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmajaTubularServicesLimitedMember" id="ts_AmajaTubularServicesLimitedMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TubularServicesAngolaLdaMember" id="ts_TubularServicesAngolaLdaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisBaogangBaotouSteelPipesLtdMember" id="ts_TenarisBaogangBaotouSteelPipesLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AlgomaTubesIncMember" id="ts_AlgomaTubesIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IPSCOTUBULARSINCAndSubsidiariesMember" id="ts_IPSCOTUBULARSINCAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="KazakhstanPipeThreadersLimitedMember" id="ts_KazakhstanPipeThreadersLimitedMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PtSeamlessPipeIndonesiaJayaMember" id="ts_PtSeamlessPipeIndonesiaJayaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PrudentialSteelLtdMember" id="ts_PrudentialSteelLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScSilcotubSaMember" id="ts_ScSilcotubSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SiatSociedadAnonimaMember" id="ts_SiatSociedadAnonimaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaltatradingEMarketingSociedadeUnipessoalLdaMember" id="ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisConnectionsBvMember" id="ts_TenarisConnectionsBvMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisFinancialServicesSaMember" id="ts_TenarisFinancialServicesSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesCanadaIncMember" id="ts_TenarisGlobalServicesCanadaIncMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesUsaCorporationMember" id="ts_TenarisGlobalServicesUsaCorporationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesUkLtdMember" id="ts_TenarisGlobalServicesUkLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesSaAndSubsidiariesMember" id="ts_TenarisGlobalServicesSaAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisInvestmentsNLBVMember" id="ts_TenarisInvestmentsNLBVMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisInvestmentsNLBVAndSubsidiariesMember" id="ts_TenarisInvestmentsNLBVAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" id="ts_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" id="ts_TenarisInvestmentsSwitzerlandAgAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisQingdaoSteelPipesLtdMember" id="ts_TenarisQingdaoSteelPipesLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TenarisTubocaribeLtdaMember" id="ts_TenarisTubocaribeLtdaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TubosDeAceroDeMexicoSaAndSubsidiariesMember" id="ts_TubosDeAceroDeMexicoSaAndSubsidiariesMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatesiMaterialesSiderrgicosSaMember" id="ts_MatesiMaterialesSiderrgicosSaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TavsaAndComsiguaMember" id="ts_TavsaAndComsiguaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" id="ts_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FederalCourtInDistrictOfColumbiaMember" id="ts_FederalCourtInDistrictOfColumbiaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AwardsPurchaseAgreementMember" id="ts_AwardsPurchaseAgreementMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesPreawardInterest" id="ts_NationalizationOfSubsidiariesPreawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterestAndLegalFees" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterestAndLegalFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesReimbursementOfLegalFees" id="ts_NationalizationOfSubsidiariesReimbursementOfLegalFees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" id="ts_NationalizationOfSubsidiariesGracePeriodGrantedFromDateOfAwardToMakePayment" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesPostawardInterestRate" id="ts_NationalizationOfSubsidiariesPostawardInterestRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" id="ts_NationalizationOfSubsidiariesPeriodOfPostAwardInterestFromDateOfAwardToPaymentInDefault" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardPostawardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardPostawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardPostJudgmentInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" id="ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesInterestRateBasisSpread" id="ts_NationalizationOfSubsidiariesInterestRateBasisSpread" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NationalizationOfSubsidiariesBasisSpreadOnVariableRate" id="ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesReimbursementExpenses" id="ts_NationalizationOfSubsidiariesReimbursementExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesPurchaseAgreement" id="ts_NationalizationOfSubsidiariesPurchaseAgreement" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" id="ts_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="WeldedPipePlantInWestSiberiaMember" id="ts_WeldedPipePlantInWestSiberiaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SteelPipePremiumConnectionThreadingPlantInBaotouMember" id="ts_SteelPipePremiumConnectionThreadingPlantInBaotouMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InnerMongoliaBaotouSteelUnionCompanyLtdMember" id="ts_InnerMongoliaBaotouSteelUnionCompanyLtdMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="JfeMember" id="ts_JfeMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BentelerSteelAndTubeManufacturingCorporationMember" id="ts_BentelerSteelAndTubeManufacturingCorporationMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DefinitiveAgreementMember" id="ts_DefinitiveAgreementMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ManufacturingCapacitySteelPipes" id="ts_ManufacturingCapacitySteelPipes" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="EstimatedInvestmentsInJointVenturesForNextFiscalYear" id="ts_EstimatedInvestmentsInJointVenturesForNextFiscalYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" id="ts_EstimatedManufacturingCapacitySteelPipesForNextFiscalYear" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfClimateChangeTable" id="ts_DisclosureOfClimateChangeTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TimeHorizonAxis" id="ts_TimeHorizonAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TimeHorizonMember" id="ts_TimeHorizonMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MediumTermTargetMember" id="ts_MediumTermTargetMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfClimateChangeLineItems" id="ts_DisclosureOfClimateChangeLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfTargetForReducingCarbonEmissionsIntensity" id="ts_PercentageOfTargetForReducingCarbonEmissionsIntensity" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOverClimateRelatedTargetApplies" id="ts_PeriodOverClimateRelatedTargetApplies" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" id="ts_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AnnualDividendProposalMember" id="ts_AnnualDividendProposalMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="WindFarmInArgentinaMember" id="ts_WindFarmInArgentinaMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EstimatedInvestmentsPlanWindfarm" id="ts_EstimatedInvestmentsPlanWindfarm" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" id="ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry" type="num:massItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfEnergyRequirementsInThatMillToBeSupplied" id="ts_PercentageOfEnergyRequirementsInThatMillToBeSupplied" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" id="ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DividendsPayableAmountPerShares" id="ts_DividendsPayableAmountPerShares" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="AnnualDividendPayable" id="ts_AnnualDividendPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfSharesToBePurchasedUnderAgreement" id="ts_NumberOfSharesToBePurchasedUnderAgreement" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfVotingCapitalIncreasedInControlGroup" id="ts_PercentageOfVotingCapitalIncreasedInControlGroup" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfVotingCapitalInControlGroup" id="ts_PercentageOfVotingCapitalInControlGroup" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MajorityPercentageOfControlGroupShares" id="ts_MajorityPercentageOfControlGroupShares" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" id="ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NumberOfTradingDaysToCalculateMovingAverageSharePrice" id="ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="WorkingCapitalRecognisedAsOfAcquisitionDate" id="ts_WorkingCapitalRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherAssetsRecognisedAsOfAcquisitionDate" id="ts_OtherAssetsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionsRecognisedAsOfAcquisitionDate" id="ts_ProvisionsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
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<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>14
<FILENAME>ex22_1.htm
<DESCRIPTION>EXHIBIT 2.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="font-size: 11pt; line-height: normal; margin: 0cm 0cm 12pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; font-weight: bold; break-after: avoid; font-size: 10pt;">Exhibit 2.2</font></p>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; line-height: 1.2;"><br></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; break-after: avoid; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #003366; line-height: inherit;">Description of securities </font></b></font></p>
<p style="margin: 0cm 0cm 8pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">The
shares of Tenaris S.A. (the &#8220;Company&#8221;) are listed on the Mexican Stock Exchange
and its ADSs are listed on the NYSE under the symbol &#8220;TS&#8221;. The shares are also
listed on the Italian Stock Exchange under the symbol &#8220;TEN&#8221;. Trading on the
NYSE and the Mexican Stock Exchange began on December 16, 2002, and trading on
the Italian Stock Exchange began on December 17, 2002. </font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; break-after: avoid; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><b style="mso-bidi-font-weight: normal;"><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit;">Memorandum and Articles of Association </font></b></font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">The Company&#8217;s authorized
share capital is fixed by the Company&#8217;s articles of association as amended from
time to time with the approval of shareholders at an extraordinary general
shareholders&#8217; meeting. The Company has an authorized share capital of a single
class of 2,500,000,000 shares having a nominal value of USD1.00 per share.
There are currently 1,180,536,830 shares. As at the end of the first tranche of
its share buyback program, the Company had repurchased 17,779,302 shares which
are expected to be cancelled in the upcoming extraordinary shareholders meeting
scheduled to be held on April 30, 2024.<font style="line-height: inherit;">&nbsp;
</font>A reduction of the Company&#8217;s issued share capital for $17,779,302, so as
to bring the issued share capital from $1,180,536,830 to $1,162,757,528
(represented by 1,162,757,528 shares with a nominal value of $1,00 each) and a
corresponding amendment of the first paragraph of article 5 "Share
Capital" of the Company's articles of association to reflect such
resolutions, are also expected to be<font style="line-height: inherit;">&nbsp;
</font>approved. All issued shares are fully paid.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">The
Company&#8217;s articles of association authorize the board of directors, or any
delegate(s) duly appointed by the board of directors, to issue shares within
the limits of the authorized share capital against contributions in cash,
contributions in kind or by way of available reserves, at such time and on such
terms and conditions, including the issue price, as the board of directors, or
its delegate(s), may in its or their discretion resolve. </font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">The
Company&#8217;s extraordinary shareholders&#8217; meeting held on June 2, 2020 approved the
renewal for an additional five-year period of the authorization granted to the
board of directors to waive, suppress or limit any preemptive subscription
rights of shareholders provided for by law to the extent it deems such waiver,
suppression or limitation advisable for any issue or issues of shares within
the authorized share capital; and have waived any preemptive subscription
rights provided for by law and related procedures. The validity period of such
authorization will expire on June 12, 2025. However, under the Company&#8217;s
articles of association, the Company&#8217;s existing shareholders shall have a
preferential right to subscribe for any new shares issued pursuant to the
authorization granted to its board of directors, except in the following cases
(in which cases no preemptive subscription rights shall apply):</font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: -1cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit;">any
issuance of shares (including, without limitation, the direct issuance of
shares or upon the exercise of options, rights convertible into shares, or
similar instruments convertible or exchangeable into shares) against a
contribution other than in cash; <i style="mso-bidi-font-style: normal;">and</i></font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: -1cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit;">any
issuance of shares (including by way of free shares or at discount), up to an
amount equal to 1.5% of the issued share capital of the Company, to directors,
officers, agents or employees of the Company, its direct or indirect
subsidiaries, or its affiliates, including, without limitation, the direct
issuance of shares or upon the exercise of options, rights convertible into
shares, or similar instruments convertible or exchangeable into shares, issued
for the purpose of compensation or incentive for any such persons or in
relation thereto (which the board of directors shall be authorized to issue
upon such terms and conditions as it deems fit).</font></font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit;">Amendment of the Company&#8217;s
articles of association requires the approval of shareholders at an extraordinary
shareholders&#8217; meeting with a two-thirds majority vote of the shares represented
at the meeting.</font><b style="mso-bidi-font-weight: normal;"><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; line-height: inherit;"></font></b></font></p>
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</div>
<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font style="font-size: 10pt;"><b></b></font><br></p>
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font style="font-size: 10pt;"><b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;">Dividends</font></b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;"></font></font></p>
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font style="font-size: 10pt;"><b></b></font><br></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">Subject to
applicable law, all shares (including shares underlying ADSs) are entitled to
participate equally in dividends when, as and if declared by the shareholders
at the annual general shareholders&#8217; meeting, out of funds legally available for
such purposes.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">Dividends may be
lawfully declared and paid if the Company&#8217;s net&nbsp;profits&nbsp;and
distributable reserves are sufficient under Luxembourg law. The amount and
payment of dividends must be approved by a majority vote&nbsp;at a general
shareholders&#8217; meeting, generally, but not necessarily, based on the
recommendation of the Company&#8217;s board of directors. Under Article 21 of the
Company&#8217;s articles of association, the board of directors has the power to
distribute interim dividends out of profits, share premium or any other
available reserves, in accordance with applicable law, in particular in
accordance with the conditions set forth in Article 461-3 of the Luxembourg
Company Law. Such dividend payments must be finally approved by the general
shareholders&#8217; meeting.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">As provided by
Article 21 of the Company&#8217;s articles of association, dividends or other
distributions declared by the general meeting as well as interim dividends or
other distributions declared by the board of directors will be distributed at
the times and places determined by the board of directors. The Company will
make any and all dividend payments and any other distributions in respect of
shares registered in the name of any securities settlement system or operator
of such a system or in the name of any financial institution or other
professional depositary of securities or any other depositary, whether in cash,
shares or other assets, only to such registered holder, or otherwise in
accordance with such registered holder&#8217;s instructions, and, as provided by
Article 21 of the Company&#8217;s articles of association, that payment shall release
the Company from any and all obligations for such payment.</font></p>
<p style="margin: 2pt 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">The
Company conducts and will continue to conduct its operations through
subsidiaries and, accordingly, its main source of cash to pay dividends, among
other possible sources, will be the dividends received from its subsidiaries.</font></p>
<p style="margin: 2pt 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 2pt 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">Under
Luxembourg law, claims for dividends will lapse in favor of the Company five
years after the date such dividends are declared. However, the Company may
elect to pay a declared dividend after such period. Declared and unpaid
dividends held by the Company for the account of its shareholders do not bear
interest.</font></p>
<p style="margin: 0pt;font-family: 'times new roman';font-size: 10pt;"><font style="font-family: 'times new roman';font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 2pt 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; line-height: inherit; font-size: 10pt;">Pursuant
to Luxembourg law, at least 5% of our net profits per year must be allocated to
the creation of a legal reserve until such reserve has reached an amount equal
to 10% of our issued share capital. If the legal reserve later falls below the
10% threshold, at least 5% (or such lower amount required to reach the 10%
threshold) of net profits again must&nbsp;be&nbsp;allocated toward the reserve.
As of December 31, 2023, the Company&#8217;s legal reserve represented 10% of its
share capital.&nbsp;The legal reserve is not available for distribution.</font></p>
<p style="margin: 2pt 0cm; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;">Shareholders&#8217; Meetings;&nbsp;Voting
Rights; Election of Directors</font></b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;"></font></font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Each share entitles the holder thereof
to one vote at the Company&#8217;s general shareholders&#8217; meetings. Shareholder action
by written consent is not permitted, but proxy voting is permitted. Notices of
general shareholders&#8217; meetings are governed by the provisions of Luxembourg law
and the Company&#8217;s articles of association. Pursuant to applicable Luxembourg
law, the Company must give notice of the calling of any general shareholders&#8217;
meeting at least 30 days prior to the date for which the meeting is being
called, by publishing the relevant convening notice in the&nbsp;<i>Recueil</i>&nbsp;<i>Electronique&nbsp;des&nbsp;Soci&#233;t&#233;s&nbsp;et
Associations</i>&nbsp;(Luxembourg&#8217;s electronic official gazette) and in a
leading newspaper having general circulation in Luxembourg and by issuing a
press release informing of the calling of such meeting. In case the Company&#8217;s
shares are listed on a foreign regulated market, notices of general shareholders&#8217;
meetings shall also comply with the requirements (including as to content and
publicity) and follow the customary practices of such regulated market.</font></p>
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<p style="margin: 0pt;font-family: 'times new roman';font-size: 10pt;"><font style="font-family: 'times new roman';font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Pursuant to the Company&#8217;s articles of
association, for as long as the shares or other securities of the Company are
listed on a regulated market within the European Union (as they currently are),
and unless otherwise provided by applicable law, only shareholders holding
shares as of midnight, central European time, on the day that is fourteen days
prior to the day of any given general shareholders&#8217; meeting can attend and vote
at such meeting. The board of directors may determine other conditions that
must be satisfied by shareholders in order to participate in a general
shareholders&#8217; meeting in person or by proxy, including with respect to
deadlines for submitting supporting documentation to or for the Company.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">No attendance quorum is required at
ordinary general shareholders&#8217; meetings, and resolutions may be adopted by a
simple majority of the votes validly cast, irrespective of the number of shares
present or represented. Unless otherwise provided by applicable law, an
extraordinary general shareholders&#8217; meeting may not validly deliberate on
proposed amendments to the Company&#8217;s articles of association unless a quorum of
at least half of the share capital is represented at the meeting. If a quorum
is not reached at the first extraordinary shareholders&#8217; meeting, a second
extraordinary shareholders&#8217; meeting may be convened in accordance with the Company&#8217;s
articles of association and applicable law and such second extraordinary
general shareholders&#8217; meeting shall validly deliberate regardless of the number
of shares represented. In both cases, the Luxembourg Company Law and the
Company&#8217;s articles of association require that any resolution of an
extraordinary general shareholders&#8217; meeting as to amendments to the Company&#8217;s
articles of association be adopted by a two-thirds majority of the votes
validly cast at the meeting. If a proposed resolution consists of changing the
Company&#8217;s nationality or of increasing the shareholders&#8217; commitments, the
unanimous consent of all shareholders is required.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Cumulative voting is not permitted.
The Company&#8217;s articles of association do not provide for staggered terms and directors
are elected for a maximum of one year but may be reappointed or removed at any
time, with or without cause, by the general shareholders&#8217; meeting, by
resolution passed by a simple majority vote of the shares validly cast at the
meeting. In the case of a vacancy occurring in the board of directors, the
remaining directors shall have the right to temporarily fill such vacancy with
a temporary director appointed by resolution adopted with the affirmative vote
of a majority of the remaining directors; provided that the next general
shareholder&#8217;s meeting shall be called upon to ratify such appointment. The term
of any such temporary director elected to fill a vacancy shall expire at the
end of the term of office of the replaced director.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">The articles of association provide
that annual general shareholders&#8217; meetings shall meet in Luxembourg within six
months from the end of the previous financial year at the date, place and hour
indicated in the convening notice.&nbsp;The rights of the shareholders attending
the meetings are governed by Shareholders&#8217; Rights Law.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Holders of shares deposited in
fungible securities accounts have the same rights and obligations as holders of
shares recorded in the Company&#8217;s share register. However,&nbsp;in order
to&nbsp;be able to participate in and vote at shareholders&#8217; meetings of the
Company, the former must submit, prior to the relevant meeting, reasonably
satisfactory evidence to the Company as to the number of shares held on the
applicable record date for such meeting.&nbsp;For as long as the shares or the
other securities of the Company are listed on a regulated market within the
European Union, participation in a shareholders&#8217; general meeting shall&nbsp;<i>inter
alia</i>&nbsp;be subject to the relevant shareholder holding shares of the
Company on the fourteenth day midnight Central European Time prior to the
meeting (unless otherwise provided for by applicable law).</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Holders of ADSs only have those rights
that are expressly granted to them in the deposit agreement. ADS holders may
not attend or directly exercise voting rights in shareholder&#8217; meetings, but
holders of record of our ADSs as of the relevant ADS holders&#8217; record date set
for any given general shareholders&#8217; meeting are entitled to instruct the
Depositary as to the exercise of the voting rights in respect of the shares
underlying such holder&#8217;s ADSs at such meeting. Holders of ADSs maintaining
non-certificated positions must follow voting instructions given by their
broker or custodian bank.</font></p>
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<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><br></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;">Appraisal Rights</font></b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;"></font></font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">In the event the Company&#8217;s
shareholders approve:</font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">the delisting of the
shares from all stock exchanges where the shares are listed at that time,</font></font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">a merger in which the
Company is not the surviving entity (unless the shares or other equity <font style="line-height: inherit;">&nbsp;&nbsp; </font>securities of such entity are listed on the
New York or London stock exchanges),</font></font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">a sale,
lease,&nbsp;exchange&nbsp;or other disposition of all or substantially all of
the Company&#8217;s assets,</font></font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">an amendment of our
articles of association that has the effect of materially changing the
Company&#8217;s corporate purpose,</font></font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">the relocation of the Company&#8217;s
domicile outside of the Grand Duchy of Luxembourg,&nbsp;<i>or</i></font></font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">amendments to the
Company&#8217;s articles of association that restrict the rights of the Company&#8217;s
shareholders.</font></font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Dissenting or absent shareholders have
the right to have their shares repurchased by the Company at (i)&nbsp;the
average market value of the shares over the 90 calendar days preceding the
applicable shareholders&#8217; meeting or (ii)&nbsp;in the event that the shares are
not traded on a regulated market, the amount that results from applying the
proportion of the Company&#8217;s equity that the shares being sold represent over
the Company&#8217;s net worth as of the date of the applicable shareholders&#8217; meeting.</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Dissenting or absent shareholders must
present their claim within one month following the date of the shareholders&#8217;
meeting and supply the Company with evidence of their shareholding at the time
of such meeting. The Company must (to the extent permitted by applicable laws
and regulations and in compliance therewith) repurchase its shares within six
months following the date of the shareholders&#8217; meeting.</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">If delisting from one or more, but not
all, of the stock exchanges where the shares are listed is approved in the
shareholders&#8217; meeting, only dissenting or absent shareholders with shares held
through participants in the local clearing system for that market or markets
can exercise this appraisal right if:</font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">they held the shares as of
the date of the announcement by the Company of its intention to delist or as of
the date of publication of the first convening notice for the general
shareholders&#8217; meeting that approved the delisting;&nbsp;<i>and</i></font></font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">they present their claim
within one month following the date of the general shareholders&#8217; meeting and
supply evidence of their shareholding as of the date of the Company&#8217;s
announcement or the publication of the first convening notice to the meeting.</font></font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">In the event a shareholder exercises
its appraisal rights, applicable Luxembourg law provisions shall apply.</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Holders of ADSs may not be able to
exercise, or may encounter difficulties in the exercise of, certain rights
afforded to shareholders, including appraisal rights.</font></p>
<p style="margin: 0px; line-height: normal; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><br></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;">American&nbsp;Depositary&nbsp;Shares</font></b><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;"></font></font></p>
<p style="margin: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;">&nbsp;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;"></font></font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Deutsche Bank Trust Company Americas
acts&nbsp;as depositary under the ADSs deposit agreement.&nbsp;As long
as&nbsp;the deposit agreement remains in effect, the Company will furnish the
Depositary with:</font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">its annual reports,&nbsp;<i>and</i></font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">copies of all notices of
shareholders&#8217; meetings and other reports and communications that are made
generally available to the Company&#8217;s shareholders.</font></font></p>
<div>
<table style="width: 100%; font-family: &quot;times new roman&quot;; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"></td>

</tr>



</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><font style="font-size: 10pt;"><a href="#TOC"></a></font><br></div>

</div>
<p style="margin: 0px; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif; text-indent: 0px;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;"></font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">The Depositary will, as provided in
the deposit agreement and if requested in writing by the Company, arrange for
the mailing of such reports, notices and communications to all record holders
of ADSs, on a basis similar to that for holders of shares, or on such other
basis as the Company may advise the Depositary may be required by any
applicable law or regulation or any requirement of any stock exchange to which
the Company may be subject. Any reports and communications, including any proxy
solicitation material, shall be furnished in English to the extent such
materials are required to be translated into English pursuant to any
regulations of the SEC.&nbsp;</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Any record holder of ADSs may read the
reports, notices, and other communications including any proxy solicitation
material at the Depositary&#8217;s office located at One Columbus Circle, New York,
New York 10019.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;">In addition, such
reports,&nbsp;notices&nbsp;and other communications are made available to all
shareholders and holders of ADSs on the Company&#8217;s website at:&nbsp;</font><u><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #0563c1; line-height: inherit;">https://ir.tenaris.com/investor-relations</font></u><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: #000000; line-height: inherit;"></font></font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">According to the Company&#8217;s deposit
agreement, holders of ADSs may have to pay to the Depositary, either directly
or indirectly, fees or charges up to the amounts set forth below:</font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">A fee of $5.00 (or less)
per 100 ADSs (or portion of 100 ADSs) for: issuance of ADSs, including
issuances resulting from a distribution of shares or rights or other property;
and cancellation of ADSs for the purpose of withdrawal, including if the
deposit agreement terminates.&nbsp;</font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">A fee of $0.02 (or less)
per ADSs for any cash distribution to ADS registered holders, excluding cash
dividend.</font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">Any charges for taxes and
other governmental charges that the Depositary or the custodian may be required
to pay on any ADS or share underlying an ADS (e.g., share transfer taxes, stamp
duty or withholding taxes); and any charges incurred by the Depositary or its
agents for servicing the depositary securities.</font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">Registration or transfer
fees for transfer and registration of shares on our share register to or from
the name of the Depositary or its agent when you deposit or withdraw shares.</font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">Expenses of the Depositary
for cable,&nbsp;telex&nbsp;and facsimile transmissions (when expressly provided
in the deposit agreement) and conversion of foreign currency.</font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">A fee equivalent to the
fee that would be payable if securities distributed to ADS holders had been
shares and the shares had been deposited for issuance of ADSs for distribution
of securities distributed to holders of deposited securities which are
distributed by the Depositary to ADS registered holders.</font></font></p>
<p style="margin: 0cm 0cm 12pt; text-indent: 0cm; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="font-family: Symbol; color: rgb(0, 0, 0); line-height: inherit;"><font style="line-height: inherit;">&#183;<font style="font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: &quot;Times New Roman&quot;;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light', sans-serif; color: black; line-height: inherit;">As necessary, charges for
any costs incurred by the Depositary or its agents for servicing the deposited
securities.</font></font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">The Depositary collects its fees for
delivery and surrender of ADSs directly from investors depositing shares or
surrendering ADSs for the purpose of withdrawal or from intermediaries acting
for them. The Depositary collects fees for making distributions to investors by
deducting those fees from the amounts distributed or by selling a portion of
distributable property to pay the fees. The Depositary may collect its annual
fee for depositary services by deduction from cash distributions or by directly
billing investors or by charging the book-entry system accounts of participants
acting for them. The Depositary may generally refuse to provide fee-attracting
services until its fees for those services are paid.</font></p>
<p style="margin: 0cm 0cm 12pt; line-height: 1.2; font-size: 11pt; font-family: Calibri, sans-serif;"><font lang="EN-US" style="font-family: &quot;Frutiger 45 Light&quot;, sans-serif; color: rgb(0, 0, 0); line-height: inherit; font-size: 10pt;">Under the deposit agreement with the
Depositary, the Depositary is not liable to holders of ADSs, except that the
Depositary agrees to perform its obligations specifically set forth therein
without gross negligence and willful misconduct.</font></p>




</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>15
<FILENAME>ex81_2.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Exhibit 8.1</font></p>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid;"><font style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Principal</font><font style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> subsidiaries</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">We conduct all our operations through subsidiaries. The following table shows the </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">principal</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> subsidiaries of the Company and its direct and indirect ownership in each subsidiary as of December 31, 20</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 20</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and 20</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 465px; width: 100%;" width="100%">

<tr style="height: 35px;">
<td rowspan="2" style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 52px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Company</font></p>


</td>
<td rowspan="2" style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 52px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Country of Incorporation</font></p>


</td>
<td rowspan="2" style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 52px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Main activity</font></p>


</td>
<td colspan="3" style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Percentage of ownership at December 31, (*)</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2023</font></p>


</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2022</font></p>


</td>
<td style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2021</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 42%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ALGOMA TUBES INC.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Canada</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 30%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of welded and seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">BREDERO SHAW INTERNATIONAL B.V. and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Netherlands</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Holding company and supplier of pipe coating services</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NA</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NA</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">CONFAB INDUSTRIAL S.A. and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Brazil</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of welded steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">DALMINE S.p.A. and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Italy</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">EXIROS B.V. and subsidiaries (a)</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Netherlands</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Procurement and trading services</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">50%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">50%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">50%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">HYDRIL COMPANY and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">USA</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacture and marketing of premium connections</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">MAVERICK TUBE CORPORATION and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">USA</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of welded and seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">P.T. SEAMLESS PIPE INDONESIA JAYA</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Indonesia</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of seamless steel products</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">89%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">89%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">89%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S.C. SILCOTUB S.A.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Romania</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SAUDI STEEL PIPE CO. and subsidiaries (b)</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Arabia</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of welded steel pipes </font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">48%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">48%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">48%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SIAT SOCIEDAD ANONIMA</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Argentina</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of welded steel pipes </font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 12px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c)</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Argentina</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Portugal</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Holding company</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS BAY CITY, INC.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">USA</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of welded and seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS CONNECTIONS BV</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Netherlands</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Development, management and licensing of intellectual property</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS FINANCIAL SERVICES S.A.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Uruguay</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial company</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS GLOBAL SERVICES (CANADA) INC.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Canada</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Marketing of steel products</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">USA</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Marketing of steel products</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS GLOBAL SERVICES (UK) LTD</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">United Kingdom</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Holding company and marketing of steel products</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS GLOBAL SERVICES S.A. and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Uruguay</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Holding company, marketing and distribution of steel products</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS INVESTMENTS (NL) B.V. and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Netherlands</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Holding company</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Frutiger 45 Light';">TENARIS GLOBAL SERVICES and INVESTMENTS </font><font style="font-family: 'Frutiger 45 Light';">S.&#224;r.l</font><font style="font-family: 'Frutiger 45 Light';">. and subsidiaries</font></font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Luxembourg</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Holding company</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS QINGDAO STEEL PIPES LTD.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">China</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Processing of premium joints, couplings and automotive components</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TENARIS TUBOCARIBE LTDA.</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Colombia</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of welded and seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">TUBOS DE ACERO DE MEXICO, S.A. and subsidiaries</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Mexico</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Manufacturing of seamless steel pipes</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">100%</font></p>


</td>


</tr>





</table>
<p style="line-height: 12pt; margin: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 3pt;">
<td style="border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 472.5pt;">
<p style="line-height: 10pt; margin: 0pt;"><br></p>


</td>


</tr>





</table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">

<tr style="height: 13pt;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 468pt; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(*) All percentages rounded.</font></p>


</td>


</tr>
<tr style="height: 13pt;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 468pt; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of </font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Amaja</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Tubular Services Limited, 60% of </font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris</font> <font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Baogang</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Baotou Steel Pipes Ltd. Until 2022 held 98.4% of Tenaris Supply Chain S.A. and, until 2021 held 49% of Tubular Services Angola </font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Lda</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</font> <font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">after which years it started holding 100% of each of both companies</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</font></font></p>


</td>


</tr>
<tr style="height: 13pt;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 468pt; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a) Tenaris holds 50% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</font></p>


</td>


</tr>
<tr style="height: 13pt;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 468pt; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(b) Saudi Steel Pipe Co. is a public company listed in the Saudi Arabian Stock Exchange (</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tad</font><font style="font-family: Calibri; line-height: inherit;">&#257;</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">wul</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">), </font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris</font><font style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> holds 47.79% and has the right to nominate the majority of the votes of the board of directors, therefore Tenaris has control over SSPC. Since May, 2023, Saudi Steel Pipe Co. holds 57.3% of Global Pipe Company, therefore Tenaris has control over GPC.</font></font></p>


</td>


</tr>
<tr style="height: 3pt; margin: 0px; text-indent: 0px;">
<td style="padding: 0px; vertical-align: middle; width: 468pt; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Frutiger 45 Light';">(c) Until its liquidation in April 2023 </font><font style="font-family: 'Frutiger 45 Light';">Siderca</font><font style="font-family: 'Frutiger 45 Light';"> held 51% of </font><font style="font-family: 'Frutiger 45 Light';">NKKTubes</font><font style="font-family: 'Frutiger 45 Light';">.</font></font></p>


</td>


</tr>





</table>
<p style="margin: 0pt;"><br></p>


</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>16
<FILENAME>ex121_3.htm
<DESCRIPTION>EXHIBIT 12.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 12pt 0cm 0cm; break-after: avoid; line-height: 1.2; text-align: right;"><font style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;font-weight:bold;mso-bidi-font-weight: normal;">Exhibit 12.1</font></p>
<p align="center" style="margin: 12pt 0cm 0cm; text-align: center; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;font-weight:bold;mso-bidi-font-weight: normal;"><b><font lang="IT">CERTIFICATE</font></b></font><b style="mso-bidi-font-weight: normal;"><font lang="IT" style="font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;"></font></b></p>
<p style="margin: 12pt 0cm 0cm; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="IT" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;">I, PAOLO ROCCA, CERTIFY
THAT:</font><font lang="IT" style="font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">1.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>I have reviewed this annual report on Form
20-F of Tenaris S.A.;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">2.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">3.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Based on my knowledge, the financial
statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this
report;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">4.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>The registrant&#8217;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f) for the registrant and have:</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(a)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(b)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>Designed such internal control over
financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles; </font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(c)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Evaluated the effectiveness of the registrant&#8217;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; <i>and</i></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(d)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>Disclosed in this report any change in the
registrant&#8217;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is
reasonably likely to materially affect, the registrant&#8217;s internal control over
financial reporting; <i>and</i></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">5.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>The registrant&#8217;s other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant&#8217;s auditors and the audit committee of the
registrant&#8217;s board of directors (or persons performing the equivalent
functions):</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(a)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant&#8217;s
ability to record, process, summarize and report financial information; <i>and</i></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(b)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
registrant&#8217;s internal control over financial reporting.</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 12pt 0cm 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Date:
March 27, 2024</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 0cm; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>
<div align="right">
<table border="0" cellspacing="0" cellpadding="0" width="40%" style="width: 40.0%; border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm;">

<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td width="188" colspan="2" style="width: 141.1pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: .5pt; mso-bidi-font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>

  </td>
<td width="81" style="width: 60.5pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: .5pt; mso-bidi-font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>

  </td>

 </tr>
<tr style="mso-yfti-irow: 1;">
<td width="269" colspan="3" valign="top" style="width: 201.6pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">/s/ Paolo Rocca</font></p>
<div style="border-right: none; border-bottom: none; border-left: none; border-image: initial; border-top: 1pt solid windowtext; padding: 1pt 0cm 0cm;">
<p style="margin: 1pt 0cm 0cm; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; border: none; padding: 0cm;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>

  </div>

  </td>

 </tr>
<tr style="mso-yfti-irow: 2;">
<td width="98" valign="top" style="width: 73.25pt; padding: 0cm 0cm 0cm 0cm;">
<p style="break-after: avoid; margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Name:</font></p>

  </td>
<td width="171" colspan="2" valign="top" style="width: 128.35pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Paolo
  Rocca</font></p>

  </td>

 </tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td width="98" valign="top" style="width: 73.25pt; padding: 0cm 0cm 0cm 0cm;">
<p style="break-after: avoid; margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Title:</font></p>

  </td>
<td width="171" colspan="2" valign="top" style="width: 128.35pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Chief
  Executive Officer</font></p>

  </td>

 </tr>


</table>


</div>





</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>17
<FILENAME>ex122_4.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 12pt 0cm 0cm; break-after: avoid; line-height: 1.2; text-align: right;"><br><font style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;font-weight:bold;mso-bidi-font-weight: normal;">Exhibit 12.2 </font></p>
<p align="center" style="margin: 12pt 0cm 0cm; text-align: center; font-size: 12pt; font-family: 'Times New Roman', serif;"><b style="mso-bidi-font-weight: normal;"><font lang="IT" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;">CERTIFICATE</font></b><b style="mso-bidi-font-weight: normal;"><font lang="IT" style="font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;"></font></b></p>
<p style="margin: 12pt 0cm 0cm; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="IT" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;">I, ALICIA M&#211;NDOLO, CERTIFY
THAT:</font><font lang="IT" style="font-family: 'Frutiger 45 Light',sans-serif; mso-ansi-language: IT;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">1.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>I have reviewed this annual report on Form
20-F of Tenaris S.A.;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">2.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">3.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Based on my knowledge, the financial
statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this
report;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">4.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>The registrant&#8217;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and
15d-15(f) for the registrant and have:</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(a)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(b)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>Designed such internal control over
financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(c)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>Evaluated the effectiveness of the registrant&#8217;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; <i>and</i></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(d)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>Disclosed in this report any change in the registrant&#8217;s
internal control over financial reporting that occurred during the period
covered by the annual report that has materially affected, or is reasonably
likely to materially affect, the registrant&#8217;s internal control over financial
reporting; <i>and</i></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 24.45pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">5.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>The registrant&#8217;s other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant&#8217;s auditors and the audit committee of
the registrant&#8217;s board of directors (or persons performing the equivalent
functions):</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(a)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp; </font>All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant&#8217;s
ability to record, process, summarize and report financial information; <i>and</i></font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 6pt 0cm 0cm 48.95pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">(b)<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant&#8217;s
internal control over financial reporting.</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 12pt 0cm 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Date:
March 27, 2024</font><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;"></font></p>
<p style="margin: 0cm; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>
<div align="right">
<table border="0" cellspacing="0" cellpadding="0" width="33%" style="width: 33.58%; border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm;">

<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td width="145" colspan="2" style="width: 108.75pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: .5pt; mso-bidi-font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>

  </td>
<td width="81" style="width: 60.5pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: .5pt; mso-bidi-font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>

  </td>

 </tr>
<tr style="mso-yfti-irow: 1;">
<td width="226" colspan="3" valign="top" style="width: 169.25pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">/s/ Alicia M&#243;ndolo</font></p>
<div style="border-right: none; border-bottom: none; border-left: none; border-image: initial; border-top: 1pt solid windowtext; padding: 1pt 0cm 0cm;">
<p style="margin: 1pt 0cm 0cm; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; border: none; padding: 0cm;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">&nbsp;</font></p>

  </div>

  </td>

 </tr>
<tr style="mso-yfti-irow: 2;">
<td width="64" valign="top" style="width: 48.0pt; padding: 0cm 0cm 0cm 0cm;">
<p style="break-after: avoid; margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Name:</font></p>

  </td>
<td width="162" colspan="2" valign="top" style="width: 121.25pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm 0cm 0cm 7.1pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Alicia
  M&#243;ndolo</font></p>

  </td>

 </tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td width="64" valign="top" style="width: 48.0pt; padding: 0cm 0cm 0cm 0cm;">
<p style="break-after: avoid; margin-right: 0cm; margin-left: 0cm; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Title:</font></p>

  </td>
<td width="162" colspan="2" valign="top" style="width: 121.25pt; padding: 0cm 0cm 0cm 0cm;">
<p style="margin: 0cm 0cm 0cm 7.1pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10.0pt; font-family: 'Frutiger 45 Light',sans-serif;">Chief
  Financial Officer</font></p>

  </td>

 </tr>


</table>


</div>
<p style="margin: 12pt 0pt 0pt; text-align: center; line-height: 1.2;"></p>
</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>18
<FILENAME>ex131_5.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 13.5pt 0pt 0pt;"><br></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Exhibit 13.1 </font></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CERTIFICATION</font></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">PURSUANT TO SECTION</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(SUBSECTIONS (A)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">AND (B)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">OF SECTION</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE)</font></p>
<p style="margin: 12pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">906 of the Sarbanes-Oxley Act of 2002 (Subsections (a)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and (b)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Tenaris S.A. (the &#8220;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Company</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), hereby certifies, to such officer&#8217;s knowledge, that the Company&#8217;s Annual Report on Form 20-F for the year ended December</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31, 20</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">23</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (the &#8220;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Report</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 47px; width: 100%; text-indent: 0px;" width="100%">

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<td style="vertical-align: middle; width: 21pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


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<td style="vertical-align: middle; width: 38%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


</td>
<td style="vertical-align: middle; width: 24pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


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<td style="vertical-align: middle; width: 29pt; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


</td>
<td style="vertical-align: middle; width: 38%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


</td>


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<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin: 5pt 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Date:</font></p>


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<td style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">March</font> <font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">27</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">20</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</font></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; line-height: 1pt; margin: 1pt 0pt 0pt; padding-top: 1pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="padding-left: 7.2pt; vertical-align: top; height: 10px;">
<p style="line-height: 2pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


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<td colspan="2" style="vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/s/ Paolo Rocca</font></p>
<p style="border-top-color: #000000; border-top-style: solid; border-top-width: 1pt; line-height: 1pt; margin: 1pt 0pt 0pt; padding-top: 1pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>


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<tr style="height: 10px;">
<td style="padding-left: 7.2pt; vertical-align: top; height: 10px;">
<p style="line-height: 2pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Name:</font></p>


</td>
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Paolo Rocca</font></p>


</td>


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<tr style="height: 10px;">
<td style="padding-left: 7.2pt; vertical-align: top; height: 10px;">
<p style="line-height: 2pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Title:</font></p>


</td>
<td style="vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Chief Executive Officer</font></p>


</td>


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</table>
<p style="margin: 0px; text-align: center; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; text-align: center; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; text-align: center; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The foregoing certification is being furnished solely pursuant to section 906 </font></p>
<p style="margin: 0px; text-align: center; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the Sarbanes-Oxley Act of 2002 (subsections (a)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and (b)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of section 1350, chapter 63 of title 18, United States </font></p>
<p style="margin: 0px; text-align: center; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Code) and is not being filed as part of the Report or </font></p>
<p style="margin: 0px; text-align: center; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as a separate disclosure document.</font></p>
<p style="margin: 0px; break-after: avoid; text-align: right; text-indent: 0px;"><br></p>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>19
<FILENAME>ex132_6.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 12pt 0pt 0pt; page-break-after: avoid; text-align: right;"><br><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Exhibit 13.2 </font></p>
<p style="margin: 12pt 0pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">CERTIFICATION</font></p>
<p style="margin: 12pt 0pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">PURSUANT TO SECTION</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>
<p style="margin: 12pt 0pt 0pt; break-after: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">(SUBSECTIONS (A)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">AND (B)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">OF SECTION</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE)</font></p>
<p style="margin: 12pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pursuant to Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">906 of the Sarbanes-Oxley Act of 2002 (Subsections (a)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and (b)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of Section</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Tenaris S.A. (the &#8220;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Company</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), hereby certifies, to such officer&#8217;s knowledge, that the Company&#8217;s Annual Report on Form 20-F for the year ended December</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">31, 20</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">23</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (the &#8220;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-decoration: underline; line-height: inherit;">Report</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;), fully complies with the requirements of section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
<p style="margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">

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<td style="vertical-align: middle; width: 21pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


</td>
<td style="vertical-align: middle; width: 38%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


</td>
<td style="vertical-align: middle; width: 24pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


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<td style="vertical-align: middle; width: 29pt;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


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<td style="vertical-align: middle; width: 38%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 0.5pt;">&nbsp;</font></p>


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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Date:</font></p>


</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">March </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">27</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">20</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">2</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</font></p>
<p style="border-top: 1pt solid #000000; line-height: 1pt; margin: 0px; padding-top: 1pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


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<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


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<td colspan="2" style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/s/ </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">M&#243;ndolo</font></p>
<p style="border-top: 1pt solid #000000; line-height: 1pt; margin: 0px; padding-top: 1pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>


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<tr>
<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Name:</font></p>


</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Alicia </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">M&#243;ndolo</font></p>


</td>


</tr>
<tr>
<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


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<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


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<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: 2pt; margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>


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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Title:</font></p>


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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Chief Financial Officer</font></p>


</td>


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</table>
<p style="margin: 12pt 0pt 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The foregoing certification is being furnished solely pursuant to section 906 </font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the Sarbanes-Oxley Act of 2002 (subsections (a)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and (b)</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of section 1350, chapter 63 of title 18, United States </font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Code) and is not being filed as part of the Report or </font></p>
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as a separate disclosure document.</font></p>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt 0pt 12pt 14.2pt; page-break-after: avoid; text-align: right; text-indent: -14.2pt;"><br></p>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>20
<FILENAME>ex151_7.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt 0pt 12pt 14.2pt; page-break-after: avoid; text-align: right; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Exhibit </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">15</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">.1</font></p>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid;"><font style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Ratios</font></p>
<p style="margin: 0pt 0pt 12pt 14.2pt; page-break-after: avoid; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Liquid financial assets over total assets</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"> <font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">At </font><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">December</font><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;"> 31, </font></font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-style: italic;">Thousands of U.S. dollars</font></p>
</td>
<td style="border-width: 0.5pt 1.5pt; border-style: solid; border-color: rgb(0, 0, 0) rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2023</font></p>
</td>
<td style="border-bottom: 0.5pt solid rgb(0, 0, 0); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2022</font></p>
</td>
<td style="border-bottom: 0.5pt solid rgb(0, 0, 0); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2021</font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 40%;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;;">Cash and cash </font><font style="font-family: &quot;Frutiger 45 Light&quot;;">equivalents</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 20%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 1,637,821 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 20%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 1,091,527 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 20%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 318,127 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;;">Other</font> <font style="font-family: &quot;Frutiger 45 Light&quot;;">current</font> <font style="font-family: &quot;Frutiger 45 Light&quot;;">investments</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 1,969,631 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 438,448 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 397,849 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">Non-current investments</font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;;">&nbsp; </font><font style="font-family: &quot;Frutiger 45 Light&quot;;">398,220 </font></font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 113,574 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 312,619 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">Liquid</font> <font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">financial</font> <font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">assets</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 4,005,672 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 1,643,549 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 1,028,595 </font></p>
</td>
</tr>
<tr style="height: 1pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">Total </font><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">assets</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 21,081,895 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 17,550,246 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 14,449,431 </font></p>
</td>
</tr>
<tr style="height: 1pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">Ratio</font></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">0.19</font></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 </font></p>
</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 </font></p>
</td>
</tr>

</table>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Total </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">l</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">iabilities to </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">t</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">otal </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">a</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ssets </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">r</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">atio</font></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 85px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"> <font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">At </font><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">December</font><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;"> 31, </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; width: 40%;">
<p style="margin: 0pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-style: italic;">Thousands of U.S. dollars</font></p>
</td>
<td style="border-bottom: 0.5pt solid rgb(0, 0, 0); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2023</font></p>
</td>
<td style="border-bottom: 0.5pt solid rgb(0, 0, 0); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2022</font></p>
</td>
<td style="border-bottom: 0.5pt solid rgb(0, 0, 0); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2021</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;;">Total </font><font style="font-family: &quot;Frutiger 45 Light&quot;;">liabilities</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 4,051,458 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 3,515,809 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 2,343,729 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;;">Total </font><font style="font-family: &quot;Frutiger 45 Light&quot;;">assets</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 21,081,895 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 17,550,246 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 14,449,431 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">Ratio</font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 0.19 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 0.20 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 0.16 </font></p>
</td>
</tr>

</table>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"></font></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current borrowings to total borrowings</font></p>
<p style="margin: 0px; break-after: avoid; text-indent: 0px;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: &quot;times new roman&quot;; font-size: 10pt;" width="100%">

<tr style="height: 7.2pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 10pt;"> <font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">At </font><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">December</font><font style="font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;"> 31, </font></font></p>
</td>
</tr>
<tr style="height: 7.2pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 40%;">
<p style="margin: 0pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-style: italic;">Thousands of U.S. dollars</font></p>
</td>
<td style="border-width: 0.5pt 1.5pt; border-style: solid; border-color: rgb(0, 0, 0) rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2023</font></p>
</td>
<td style="border-bottom: 0.5pt solid rgb(0, 0, 0); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2022</font></p>
</td>
<td style="border-bottom: 0.5pt solid rgb(0, 0, 0); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">2021</font></p>
</td>
</tr>
<tr style="height: 7.2pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;;">Current</font> <font style="font-family: &quot;Frutiger 45 Light&quot;;">borrowings</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 535,133 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 682,329 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 219,501 </font></p>
</td>
</tr>
<tr style="height: 7.2pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;;">Total </font><font style="font-family: &quot;Frutiger 45 Light&quot;;">borrowings</font></font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 583,437 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 728,762 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt;">&nbsp; 330,933 </font></p>
</td>
</tr>
<tr style="height: 7.2pt; background-color: rgb(204, 238, 255);">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">Ratio</font></p>
</td>
<td style="border-left: 1.5pt solid rgb(255, 255, 255); border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 0.92 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 0.94 </font></p>
</td>
<td style="border-right: 1.5pt solid rgb(255, 255, 255); border-top: 0.5pt solid rgb(0, 0, 0); padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt; text-align: right;"><font style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 10pt; font-weight: bold;">&nbsp; 0.66 </font></p>
</td>
</tr>

</table>
<p style="margin: 0pt 0pt 12pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="margin: 0pt 0pt 12pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 12pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>21
<FILENAME>ex152_8.htm
<DESCRIPTION>EXHIBIT 15.2
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0pt 0pt 12pt; break-after: avoid; text-align: right;"><font style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">Exhibit<font>&nbsp;</font></font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">15</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: &quot;Frutiger 45 Light&quot;; font-weight: bold;">.2</font></font></p>
<p style="margin: 0pt 0pt 12pt; page-break-after: avoid;"><font style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Alternative performance measures</font></p>
<p style="line-height: 12pt; margin: 0pt 0pt 12pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">EBITDA, Earnings before interest, tax</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">, depreciation and amortization</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are 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. </font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">EBITDA is calculated in the following manner:</font></p>
<p style="line-height: 12pt; margin: 0pt;"><br></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">EBITDA = Net income for</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the period + Income tax charge</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charge</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/(reversal</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">EBITDA is a non-IFRS alternative performance measure. </font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>





</td>
<td colspan="3" style="border-bottom: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> For the year ended December 31, </font></p>





</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Millions of U.S. dollars</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2023</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2022</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2021</font></p>





</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 40%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net income</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3,958</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 2,549 </font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 1,053 </font></p>





</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Income tax charge</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">675</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 617 </font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 189 </font></p>





</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Equity in earnings of non-consolidated companies</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(95)</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (209) </font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (513) </font></p>





</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial results</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(221)</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 6 </font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (23) </font></p>





</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Depreciation and amortization</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">549</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 608 </font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 595 </font></p>





</td>





</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Impairment charge</font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> -&nbsp; </font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 77 </font></p>





</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 57 </font></p>





</td>





</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">EBITDA</font></p>





</td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">4,865</font></p>





</td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">3,648</font></p>





</td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">1,359</font></p>





</td>





</tr>











</table>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Net cash / (debt) position</font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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&#8217;s leverage, financial strength, flexibility and risks.</font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net cash/ debt is calculated in the following manner:</font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net cash= Cash and cash equivalents + Other investments (Current and Non-Current) +/- Derivatives hedging borrowings and investments &#8211; Borrowings (Current and Non-Current).</font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net cash is a non-IFRS alternative performance measure.</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>





</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </font></p>





</td>




</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Millions of U.S. dollars</font></p>





</td>
<td style="border-width: 0.5pt 1.5pt; border-style: solid; border-color: #000000 #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2023</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2022</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2021</font></p>





</td>




</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 40%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cash and cash equivalents</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 1,638 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 1,092 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 20%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 318 </font></p>





</td>




</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other current investments</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 1,970 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 438 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 398 </font></p>





</td>




</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-current investments</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 398 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 114 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 313 </font></p>





</td>




</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Derivatives hedging borrowings and investments</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; - </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 6 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 2 </font></p>





</td>




</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Current borrowings</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (535) </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (682) </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (220) </font></p>





</td>




</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-current borrowings</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (48) </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (46) </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (111) </font></p>





</td>




</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Net cash position</font></p>





</td>
<td style="border-width: 0.5pt 1.5pt 1pt; border-style: solid; border-color: #000000 #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">3,422</font></p>





</td>
<td style="border-width: 0.5pt 1.5pt 1pt; border-style: solid; border-color: #000000 #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">921</font></p>





</td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">700</font></p>





</td>




</tr>










</table>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<div><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>

</div>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Free Cash Flow</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; 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. </font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Free cash flow is calculated in the following manner:</font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Free cash flow = Net cash (used in) provided by operating activities &#8211; Capital expenditures.</font></p>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 14.2pt; text-indent: -14.2pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Free cash flow is a non-IFRS alternative performance measure. Net cash provided by operating activities for the year 202</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> amounted to $</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">395</font><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million.</font></p>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>





</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> For the year ended December 31, </font></p>





</td>




</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40%;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Millions of U.S. dollars</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2023</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2022</font></p>





</td>
<td style="border-bottom: 0.5pt solid #000000; border-right: 1.5pt solid #ffffff; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 20%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">2021</font></p>





</td>




</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net cash provided by operating activities</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 4,395 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 1,167 </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; 119 </font></p>





</td>




</tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Capital expenditures</font></p>





</td>
<td style="border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (619) </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (378) </font></p>





</td>
<td style="border-right: 1.5pt solid #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&nbsp; (240) </font></p>





</td>




</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Free cash flow</font></p>





</td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">3,776</font></p>





</td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-left: 1.5pt solid #ffffff; border-right: 1.5pt solid #ffffff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">789</font></p>





</td>
<td style="border-bottom: 1pt solid #000000; border-top: 0.5pt solid #000000; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">(120)</font></p>





</td>




</tr>










</table>
<p style="line-height: 12pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>





</div>
<p style="margin: 0pt;"><br></p>





</div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.3
<SEQUENCE>22
<FILENAME>ex153_9.htm
<DESCRIPTION>EXHIBIT 15.3
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div class="ng-binding">
<div>
<p style="margin: 0px; text-indent: 0px; text-align: right;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-weight: bold;">Exhibit<font>&nbsp;</font></font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-weight: bold;">15</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-weight: bold;">.3</font></p>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<p style="line-height: 1.2; margin: 0pt;"><font style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><img src="img1294409995b943d0a6f5.jpg" alt="Graphics">&nbsp;</font></p>
<p style="margin: 3.9pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Securities</font> <font style="font-size: 10pt; line-height: inherit;">and</font> <font style="font-size: 10pt; line-height: inherit;">Exchange</font> <font style="font-size: 10pt; line-height: inherit;">Commission </font></font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">100 F Street, N.E.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Washington,</font> <font style="font-size: 10pt; line-height: inherit;">DC</font> <font style="font-size: 10pt; line-height: inherit;">20549</font></font></p>
<table style="width: 100%; margin-left: 0.1px;">

<tr>
<td style="width: 100%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"></td>
</tr>

</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Commissioners:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: justify;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">We have read the statements made by Tenaris S.A. (copy attached), which we understand will be filed with the Securities and Exchange Commission, pursuant to Item 16F of Form 20-F of Tenaris S.A. dated 27 March 2024. We agree with the statements concerning our Firm contained therein.</font></font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Very</font> <font style="font-size: 10pt; line-height: inherit;">truly</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">yours,</font></font></p>
<p style="margin: 0pt 0pt 0pt 54.35pt; orphans: 0; widows: 0;"><br></p>
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<td style="width: 55.9825%;">
<p style="margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: arial, helvetica, sans-serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: arial, helvetica, sans-serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Represented by</font></p>




</td>
<td style="width: 38.4846%; vertical-align: top; margin: 0px; text-indent: 0px; text-align: right;" valign="top"><font style="font-family: arial, helvetica, sans-serif;"><font style="color: rgb(0, 0, 0); font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Luxembourg,</font><font style="color: rgb(0, 0, 0); font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">27</font><font style="color: rgb(0, 0, 0); font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">March</font><font style="color: rgb(0, 0, 0); font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font><font style="color: rgb(0, 0, 0); font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">2024</font></font></td>

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<p style="margin: 0pt 22.95pt 0pt 54.35pt; orphans: 0; widows: 0;"><font style="font-family: 'Arial MT'; font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></p>
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Arial MT'; font-size: 10pt;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 9.60344%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: arial, helvetica, sans-serif;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">/s/</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Gilles</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Vanderweyen&nbsp;</font></font></td>
<td style="width: 84.5789%;"><br></td>

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<tr>
<td style="width: 9.60344%;"><font style="color: #000000; font-family: arial, helvetica, sans-serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Gilles Vanderweyen</font></td>
<td style="width: 84.5789%;"></td>

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</table>




</div>
<div>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'Arial MT'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-style: italic; font-family: georgia, palatino; font-size: 8pt;">PricewaterhouseCoopers, Soci&#233;t&#233; coop&#233;rative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg<br>T : +352 494848 1, F : +352 494848 2900, www.pwc.lu</font></p>
<p style="margin: 0px; font-family: 'times new roman'; font-size: 7pt; text-indent: 0px;"><font style="font-style: italic; font-family: georgia, palatino; font-size: 8pt;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-style: italic; font-family: georgia, palatino; font-size: 8pt;">Cabinet de r&#233;vision agr&#233;&#233;. Expert-comptable (autorisation gouvernementale n&#176;10028256)<br>R.C.S. Luxembourg B 65 477 - TVA LU25482518</font></p>
<div style="margin: 0px; text-indent: 0px;"><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>




</div>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: Arial; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">Attachment</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: Arial; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: Arial; font-size: 10pt; font-weight: bold;">Change</font> <font style="font-family: Arial; font-size: 10pt; font-weight: bold;">in</font> <font style="font-family: Arial; font-size: 10pt; font-weight: bold;">Registrant&#8217;s</font> <font style="font-family: Arial; font-size: 10pt; font-weight: bold;">Certifying</font> <font style="font-family: Arial; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt;">Accountant</font></p>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: Arial; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Since 2011, PricewaterhouseCoopers S.C., R&#233;viseurs d&#8217;entreprises agr&#233;&#233; (&#8220;PwC&#8221;) served as the Company&#8217;s statutory auditor. Following the completion of a tender process for the selection of a replacement audit firm for the year 2024, as required under applicable EU and Luxembourg mandatory auditor rotation rules, on 3 November 2022, the Company&#8217;s board of directors, based on the audit committee&#8217;s recommendation, recommended the annual general shareholders&#8217; meeting to appoint Ernst &amp; Young S.A. (&#8220;EY&#8221;) as the Company&#8217;s statutory auditors for the fiscal year ending 31 December 2024. The annual general shareholders meeting held on 3 May 2023 approved the appointment of EY as the Company&#8217;s statutory auditor for the fiscal year ending 31 December 2024.</font></font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The reports issued by PwC on our consolidated financial statements for the years 2023 and 2022 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During each of the years 2023 and 2022, there has not been (i) any disagreement between the Company and PwC over any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreement, if not resolved to PwC&#8217;s satisfaction, would have caused PwC to make reference to the subject matter of the disagreement in connection with its audit reports, nor (ii) any reportable event.</font></font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: arial, helvetica, sans-serif; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company has provided PwC with a copy of the foregoing disclosure and has requested that PwC furnish the Company with a letter addressed to the SEC stating whether PwC agrees with the Company&#8217;s statements in such disclosure and, if not, stating the respects in which it does not agree. A copy of PwC&#8217;s letter dated 27 March 2024, is filed as an exhibit to this annual report.</font></font></p>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-97.1
<SEQUENCE>24
<FILENAME>ex971_10.htm
<DESCRIPTION>EXHIBIT 97.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;">
<div>
<p style="margin: 0pt 0pt 0pt 5pt; line-height: 1.2; text-align: right;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Exhibit 97.1</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;<img src="img3d9a11c7496b4001ab07.jpg" alt="Graphics"></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 9.1pt 0pt 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 21pt 0pt 0pt; text-align: right; text-indent: 0pt; line-height: 1.2;"><font style="color: #ff00ff; font-family: Calibri; font-size: 11pt; letter-spacing: -0.1pt; line-height: inherit;">Tenaris Clawback Policy</font></p>
<p style="margin: 0pt 5.8pt 0pt 0pt; text-align: right; line-height: 1.2;"><br></p>
<p style="margin: 0pt 5.8pt 0pt 0pt; text-align: right; line-height: 1.2;"><br></p>
<p style="margin: 0px; text-align: right; text-indent: 0px; line-height: 1.2;"><br></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; color: #ffffff; line-height: inherit;" class="pageno"><font class='pageno'>1</font></font></td>






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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>






</div>




</div>
<div style="line-height: 1.2;">
<p style="margin: 6pt 0pt 0pt 50.95pt; orphans: 0; text-indent: -21.95pt; widows: 0;"><br></p>





&#8203;
<table cellpadding="0" cellspacing="0" border="0" style="width: 100%; margin-left: 0.1px; height: 170px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 30px; height: 17px;" colspan="2"><font style="color: #2e5395; font-family: 'Calibri Light'; font-size: 21.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Contents</font></td>
<td style="height: 17px;">
<p style="vertical-align: middle; text-align: center;;margin:0pt"><br></p>





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<tr style="height: 17px;">
<td style="text-align: center; width: 6%; height: 17px;">1.</td>
<td style="width: 91%; height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#BA_2122024104134785">Introduction and purpose.</a></font></td>
<td class="bmpageno" style="width: 3%; height: 17px;">3</td>





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<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">2.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#BB_2122024104147823">Scope and application.</a></font></td>
<td class="bmpageno" style="height: 17px;">3</td>





</tr>
<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">3.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#Bc_2122024104157680">Incentive-based compensation.</a></font></td>
<td class="bmpageno" style="height: 17px;">3</td>





</tr>
<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">4.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#BD_212202410429832">Erroneously awarded compensation.</a></font></td>
<td class="bmpageno" style="height: 17px;">4</td>





</tr>
<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">5.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#Be_2122024104219320">Recovery period.</a></font></td>
<td class="bmpageno" style="height: 17px;">4</td>





</tr>
<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">6.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#Bf_2122024104229672">Triggering events and recovery procedure.</a></font></td>
<td class="bmpageno" style="height: 17px;">4</td>





</tr>
<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">7.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#BG_2122024104240225">Exceptions</a></font></td>
<td class="bmpageno" style="height: 17px;">5</td>





</tr>
<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">8.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#BH_2122024104248616">Prohibition against indemnification</a></font></td>
<td class="bmpageno" style="height: 17px;">5</td>





</tr>
<tr style="height: 17px;">
<td style="text-align: center; height: 17px;">9.</td>
<td style="height: 17px;"><font style="font-family: calibri; line-height: inherit;"><a href="#BI_2122024104258255">Supplemental Incentive-Based Compensation arising from a restatement.</a></font></td>
<td class="bmpageno" style="height: 17px;">5</td>





</tr>











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<p style="margin: 6pt 0pt 0pt 50.95pt; orphans: 0; text-indent: -21.95pt; widows: 0;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>2</font></font></td>






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</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>






</div>
<p style="font-size: 10pt; line-height: 6%; margin: 0px; text-indent: 0px;"><br></p>






</div>






<br>
<div style="line-height: 1.2;">
<div style="margin: 1.55pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.3pt; widows: 0;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BA_2122024104134785" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-size: 11pt; font-style: normal; font-weight: normal; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1.</font></font><font style="font-size: 10pt; line-height: inherit;"><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Introduction</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">and</font><font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;"> purpose.</font></font></a></div>
<p style="margin: 1.65pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Calibri Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 5.75pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">Tenaris</font> <font style="font-family: Calibri; line-height: inherit;">S.A.</font> <font style="font-family: Calibri; line-height: inherit;">(the</font> <font style="font-family: Calibri; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Company</font><font style="font-family: Calibri; line-height: inherit;">&#8221;</font> <font style="font-family: Calibri; line-height: inherit;">and,</font> <font style="font-family: Calibri; line-height: inherit;">together</font> <font style="font-family: Calibri; line-height: inherit;">with</font> <font style="font-family: Calibri; line-height: inherit;">its</font> <font style="font-family: Calibri; line-height: inherit;">subsidiaries,</font> <font style="font-family: Calibri; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Tenaris</font><font style="font-family: Calibri; line-height: inherit;">&#8221;)</font> <font style="font-family: Calibri; line-height: inherit;">is</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">leading</font> <font style="font-family: Calibri; line-height: inherit;">global</font> <font style="font-family: Calibri; line-height: inherit;">manufacturer and supplier of steel pipe products and related services for the world&#8217;s energy industry and for other industrial applications. Tenaris&#8217;s customers include most of the world&#8217;s leading</font> <font style="font-family: Calibri; line-height: inherit;">oil and gas companies as well as engineering companies engaged in constructing oil and gas gathering, transportation, processing and</font> <font style="font-family: Calibri; line-height: inherit;">power</font> <font style="font-family: Calibri; line-height: inherit;">generation</font> <font style="font-family: Calibri; line-height: inherit;">facilities,</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">its</font> <font style="font-family: Calibri; line-height: inherit;">principal</font> <font style="font-family: Calibri; line-height: inherit;">products</font> <font style="font-family: Calibri; line-height: inherit;">include</font> <font style="font-family: Calibri; line-height: inherit;">casing,</font> <font style="font-family: Calibri; line-height: inherit;">tubing,</font> <font style="font-family: Calibri; line-height: inherit;">line</font> <font style="font-family: Calibri; line-height: inherit;">pipe,</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">mechanical and structural pipes.</font></font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 5.8pt 5.75pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">This Clawback Policy (the &#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Policy</font><font style="font-family: Calibri; line-height: inherit;">&#8221;) sets forth the principles for the prompt recovery or &#8220;clawback&#8221; of erroneously</font> <font style="font-family: Calibri; line-height: inherit;">awarded</font> <font style="font-family: Calibri; line-height: inherit;">incentive-based</font> <font style="font-family: Calibri; line-height: inherit;">compensation</font> <font style="font-family: Calibri; line-height: inherit;">granted</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">certain</font> <font style="font-family: Calibri; line-height: inherit;">officers</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">Tenaris</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">event</font> <font style="font-family: Calibri; line-height: inherit;">of a restatement of the Company&#8217;s financial statements, as further described herein.</font></font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 5.65pt 0pt 29pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">This Policy has been approved by the Company&#8217;s board of directors (the &#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Board</font><font style="font-family: Calibri; line-height: inherit;">&#8221;) on, and is effective as </font><font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">of,</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">November</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">2,</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">2023,</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">response</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">requirements</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">Section</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">303A.14</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">New</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">York</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">Stock</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">Exchange </font><font style="font-family: Calibri; line-height: inherit;">(the</font> <font style="font-family: Calibri; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">NYSE</font><font style="font-family: Calibri; line-height: inherit;">&#8221;)</font> <font style="font-family: Calibri; line-height: inherit;">Listed</font> <font style="font-family: Calibri; line-height: inherit;">Company</font> <font style="font-family: Calibri; line-height: inherit;">Manual</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">will</font> <font style="font-family: Calibri; line-height: inherit;">be</font> <font style="font-family: Calibri; line-height: inherit;">interpreted</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">be</font> <font style="font-family: Calibri; line-height: inherit;">consistent</font> <font style="font-family: Calibri; line-height: inherit;">with</font> <font style="font-family: Calibri; line-height: inherit;">such</font> <font style="font-family: Calibri; line-height: inherit;">requirements.</font> <font style="font-family: Calibri; line-height: inherit;">This Policy evidences the Company&#8217;s commitment to accountability and integrity as</font> <font style="font-family: Calibri; line-height: inherit;">well Tenaris&#8217;s policies on fair and equitable compensation.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.3pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BB_2122024104147823" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">2.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Scope</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">and </font><font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">application.</font></a></font></div>
<p style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.3pt; widows: 0;"><br></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 5.75pt 0pt 28.95pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">This</font> <font style="font-family: Calibri; line-height: inherit;">Policy</font> <font style="font-family: Calibri; line-height: inherit;">applies</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">Tenaris&#8217;s</font> <font style="font-family: Calibri; line-height: inherit;">executive</font> <font style="font-family: Calibri; line-height: inherit;">officers,</font> <font style="font-family: Calibri; line-height: inherit;">as</font> <font style="font-family: Calibri; line-height: inherit;">such</font> <font style="font-family: Calibri; line-height: inherit;">term</font> <font style="font-family: Calibri; line-height: inherit;">is</font> <font style="font-family: Calibri; line-height: inherit;">defined</font> <font style="font-family: Calibri; line-height: inherit;">under</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">rules</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Securities and</font> <font style="font-family: Calibri; line-height: inherit;">Exchange</font> <font style="font-family: Calibri; line-height: inherit;">Commission</font> <font style="font-family: Calibri; line-height: inherit;">(the</font> <font style="font-family: Calibri; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">SEC</font><font style="font-family: Calibri; line-height: inherit;">&#8221;)</font> <font style="font-family: Calibri; line-height: inherit;">under</font> <font style="font-family: Calibri; line-height: inherit;">Section</font> <font style="font-family: Calibri; line-height: inherit;">16</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Securities</font> <font style="font-family: Calibri; line-height: inherit;">Exchange</font> <font style="font-family: Calibri; line-height: inherit;">Act</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">1934</font> <font style="font-family: Calibri; line-height: inherit;">(&#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Executive</font> <font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Officers</font><font style="font-family: Calibri; line-height: inherit;">&#8221;)<font style="font-size: 8pt;"><sup>1</sup></font></font><font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">&nbsp;The Company has determined that, as of the date this Policy was approved, the individuals listed as &#8220;senior management&#8221; in Item 6.A of the Company&#8217;s annual report on Form 20-F, qualify as Executive</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">Officers</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">for</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">purposes</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">of</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">this</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">Policy,</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">and</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">will</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">update</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">such</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">list</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">of</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">&#8220;senior</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">management&#8221;</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">from</font> <font style="font-family: Calibri; vertical-align: baseline; line-height: inherit;">time to time to include all Executive Officers subject to the Policy.</font></font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<p style="font-size: 11pt; line-height: 112%; margin: 5.8pt 5.75pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">The audit committee of the Board (the &#8220;</font><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Committee</font><font style="font-family: Calibri; line-height: inherit;">&#8221;) will be in charge of the interpretation, implementation,</font> <font style="font-family: Calibri; line-height: inherit;">control</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">enforcement</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">this</font> <font style="font-family: Calibri; line-height: inherit;">Policy.</font> <font style="font-family: Calibri; line-height: inherit;">All</font> <font style="font-family: Calibri; line-height: inherit;">determinations</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Committee</font> <font style="font-family: Calibri; line-height: inherit;">will</font> <font style="font-family: Calibri; line-height: inherit;">be</font> <font style="font-family: Calibri; line-height: inherit;">final, </font><font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">binding</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">and</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">conclusive.</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">The</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">Committee</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">may</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">amend</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">this</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">Policy</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">from</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">time</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">to</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">time</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">manner</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">that</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">complies </font><font style="font-family: Calibri; line-height: inherit;">with applicable law.</font></font></p>
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<div style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bc_2122024104157680" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">3.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Incentive-based</font> <font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">compensation.</font></a></font></div>
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<p style="margin: 0pt 0pt 0pt 29pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">This</font> <font style="font-family: Calibri; line-height: inherit;">Policy</font> <font style="font-family: Calibri; line-height: inherit;">applies</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">any</font> <font style="font-family: Calibri; line-height: inherit;">compensation</font> <font style="font-family: Calibri; line-height: inherit;">received</font> <font style="font-family: Calibri; line-height: inherit;">by</font> <font style="font-family: Calibri; line-height: inherit;">any</font> <font style="font-family: Calibri; line-height: inherit;">Executive</font> <font style="font-family: Calibri; line-height: inherit;">Officer</font> <font style="font-family: Calibri; line-height: inherit;">from</font> <font style="font-family: Calibri; line-height: inherit;">Tenaris</font> <font style="font-family: Calibri; line-height: inherit;">that</font> <font style="font-family: Calibri; line-height: inherit;">is</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">granted,</font></font></p>
<p style="margin: 1.6pt 0pt 0pt 29pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">earned</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">vested</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">based</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">wholly</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">or</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">in</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">part</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">upon</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">the</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">attainment</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">of</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">a</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">financial</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">reporting</font> <font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">measure (&#8220;</font><font style="font-family: Calibri; letter-spacing: -0.1pt; text-decoration: underline; line-height: inherit;">Incentive-</font></font></p>
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<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; vertical-align: 4.5pt; line-height: inherit;">1<font style="line-height: inherit;">&nbsp;</font></font><font style="font-family: Calibri; line-height: inherit;">Under</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">SEC</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">rules</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">under</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">Section</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">16</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">of</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">the</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">Securities</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">Exchange</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">Act</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">of</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">1934,</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">the</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">term &#8220;Executive</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">Officers&#8221;</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">means</font><font style="line-height: inherit;">&nbsp;</font><font style="font-family: Calibri; line-height: inherit;">the president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policymaking functions. Executive officers of the Company&#8217;s subsidiaries are deemed Executive Officers of the Company if they perform such policy making functions for the Company.</font></font></p>
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<p style="font-size: 11pt; line-height: 112%; margin: 1.5pt 5.65pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Based</font> <font style="font-family: Calibri; text-decoration: underline; line-height: inherit;">Compensation</font><font style="font-family: Calibri; line-height: inherit;">&#8221;).</font> <font style="font-family: Calibri; line-height: inherit;">A</font> <font style="font-family: Calibri; line-height: inherit;">&#8220;financial</font> <font style="font-family: Calibri; line-height: inherit;">reporting</font> <font style="font-family: Calibri; line-height: inherit;">measure&#8221;</font> <font style="font-family: Calibri; line-height: inherit;">means</font> <font style="font-family: Calibri; line-height: inherit;">any</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">following:</font> <font style="font-family: Calibri; line-height: inherit;">(i)</font> <font style="font-family: Calibri; line-height: inherit;">measures</font> <font style="font-family: Calibri; line-height: inherit;">that</font> <font style="font-family: Calibri; line-height: inherit;">are determined</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">presented</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">accordance</font> <font style="font-family: Calibri; line-height: inherit;">with</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">accounting</font> <font style="font-family: Calibri; line-height: inherit;">principles</font> <font style="font-family: Calibri; line-height: inherit;">used</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">preparing</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Company&#8217;s financial statements, and any measures that are derived wholly or in part from such measures, (ii) stock price and (iii) total shareholder return. A financial reporting measure need not be presented within the Company&#8217;s financial statements or included in a filing with the SEC. Incentive-Based Compensation shall be</font> <font style="font-family: Calibri; line-height: inherit;">deemed</font> <font style="font-family: Calibri; line-height: inherit;">received</font> <font style="font-family: Calibri; line-height: inherit;">by</font> <font style="font-family: Calibri; line-height: inherit;">an</font> <font style="font-family: Calibri; line-height: inherit;">Executive</font> <font style="font-family: Calibri; line-height: inherit;">Officer,</font> <font style="font-family: Calibri; line-height: inherit;">for</font> <font style="font-family: Calibri; line-height: inherit;">purposes</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">this</font> <font style="font-family: Calibri; line-height: inherit;">Policy,</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Company&#8217;s</font> <font style="font-family: Calibri; line-height: inherit;">fiscal</font> <font style="font-family: Calibri; line-height: inherit;">year</font> <font style="font-family: Calibri; line-height: inherit;">during which the financial</font> <font style="font-family: Calibri; line-height: inherit;">reporting measure used to determine the Incentive-Based</font> <font style="font-family: Calibri; line-height: inherit;">Compensation is attained, regardless of whether vesting, payment or grant of the Incentive-Based Compensation occurs after the end of such period.</font></font></p>
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<div style="margin: 0.05pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.3pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BD_212202410429832" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">4.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Erroneously</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">awarded</font> <font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">compensation.</font></a></font></div>
<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'Calibri Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 5.6pt 0pt 29pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">Incentive-Based Compensation will be &#8220;erroneously awarded&#8221; for purposes of this Policy when the Company is required to make an accounting restatement of any previously issued consolidated financial statement</font> <font style="font-family: Calibri; line-height: inherit;">due</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">material</font> <font style="font-family: Calibri; line-height: inherit;">non-compliance</font> <font style="font-family: Calibri; line-height: inherit;">with</font> <font style="font-family: Calibri; line-height: inherit;">financial</font> <font style="font-family: Calibri; line-height: inherit;">reporting</font> <font style="font-family: Calibri; line-height: inherit;">requirements</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">material</font> <font style="font-family: Calibri; line-height: inherit;">violation of applicable laws, regulations or employment policies that resulted in a significant harm to Tenaris, or such non-compliance would result in a material misstatement if the error were corrected in the current period</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">left</font> <font style="font-family: Calibri; line-height: inherit;">uncorrected</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">current</font> <font style="font-family: Calibri; line-height: inherit;">period,</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">extent</font> <font style="font-family: Calibri; line-height: inherit;">such</font> <font style="font-family: Calibri; line-height: inherit;">restatement</font> <font style="font-family: Calibri; line-height: inherit;">impacts</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">financial reporting measure used to determine the amount of Incentive-Based Compensation granted, earned or vested to an Executive Officer.</font></font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 5.6pt 0pt 29pt; orphans: 0; text-align: justify; widows: 0;"><br></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 0pt 0pt 29pt; text-align: justify; text-indent: -29pt;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit; margin: 0pt 5.6pt 0pt 29pt; text-align: justify; text-indent: 0pt;">Executive Officers subject to <font style="font-family: Calibri; line-height: inherit;">this</font> Policy are required to reimburse to the Company any erroneously awarded Incentive-Based Compensation on the term and through the mechanism determined by the Company in its sole discretion.</font></p>
<p style="margin: 0.5pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Be_2122024104219320" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">5.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Recovery</font> <font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">period.</font></a></font></div>
<p style="margin: 1.6pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Calibri Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0.05pt 5.8pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">This</font> <font style="font-family: Calibri; line-height: inherit;">Policy</font> <font style="font-family: Calibri; line-height: inherit;">applies</font> <font style="font-family: Calibri; line-height: inherit;">with</font> <font style="font-family: Calibri; line-height: inherit;">respect</font> <font style="font-family: Calibri; line-height: inherit;">to Incentive-Based Compensation</font> <font style="font-family: Calibri; line-height: inherit;">received</font> <font style="font-family: Calibri; line-height: inherit;">on</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">after</font> <font style="font-family: Calibri; line-height: inherit;">December</font> <font style="font-family: Calibri; line-height: inherit;">1,</font> <font style="font-family: Calibri; line-height: inherit;">2023 by any Executive Officer (i) who serves in such position at the time of application of the Policy; (ii) while the</font> <font style="font-family: Calibri; line-height: inherit;">Company</font> <font style="font-family: Calibri; line-height: inherit;">has</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">class</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">securities</font> <font style="font-family: Calibri; line-height: inherit;">listed</font> <font style="font-family: Calibri; line-height: inherit;">on</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">U.S.</font> <font style="font-family: Calibri; line-height: inherit;">national</font> <font style="font-family: Calibri; line-height: inherit;">securities</font> <font style="font-family: Calibri; line-height: inherit;">exchange,</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">(iii)</font> <font style="font-family: Calibri; line-height: inherit;">who</font> <font style="font-family: Calibri; line-height: inherit;">served</font> <font style="font-family: Calibri; line-height: inherit;">as an Executive Officer at any time during the three completed</font> <font style="font-family: Calibri; line-height: inherit;">fiscal years immediately preceding the date on which the Company is required to make a restatement of its financial statements.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0.05pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bf_2122024104229672" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">6.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Triggering</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">events</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">and</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">recovery</font> <font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">procedure.</font></a></font></div>
<p style="margin: 1.6pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: 'Calibri Light'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 5.65pt 0pt 28.95pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">The recovery procedure described in this Policy will be triggered on the date on which the Board concludes,</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">reasonably</font> <font style="font-family: Calibri; line-height: inherit;">should</font> <font style="font-family: Calibri; line-height: inherit;">have</font> <font style="font-family: Calibri; line-height: inherit;">concluded,</font> <font style="font-family: Calibri; line-height: inherit;">that</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Company</font> <font style="font-family: Calibri; line-height: inherit;">is</font> <font style="font-family: Calibri; line-height: inherit;">required</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">prepare</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">restatement of</font> <font style="font-family: Calibri; line-height: inherit;">its</font> <font style="font-family: Calibri; line-height: inherit;">consolidated</font> <font style="font-family: Calibri; line-height: inherit;">annual</font> <font style="font-family: Calibri; line-height: inherit;">financial</font> <font style="font-family: Calibri; line-height: inherit;">statements;</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">on</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">date</font> <font style="font-family: Calibri; line-height: inherit;">on</font> <font style="font-family: Calibri; line-height: inherit;">which</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">court,</font> <font style="font-family: Calibri; line-height: inherit;">regulator,</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">other</font> <font style="font-family: Calibri; line-height: inherit;">legally authorized body directs the Company to prepare such restatement.</font></font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 10pt 5.8pt 10pt 28.95pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">The amount of Incentive-Based Compensation subject to recovery under this Policy will be the amount exceeding the Incentive-Based Compensation that the Executive Officer would have otherwise received had</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Incentive-Based</font> <font style="font-family: Calibri; line-height: inherit;">Compensation</font> <font style="font-family: Calibri; line-height: inherit;">been</font> <font style="font-family: Calibri; line-height: inherit;">determined</font> <font style="font-family: Calibri; line-height: inherit;">based</font> <font style="font-family: Calibri; line-height: inherit;">on</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">restated</font> <font style="font-family: Calibri; line-height: inherit;">amounts</font> <font style="font-family: Calibri; line-height: inherit;">reflected</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">the restatement (without regard to any taxes paid). For Incentive-Based Compensation based on stock price</font></font></p>






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<p style="font-size: 11pt; line-height: 112%; margin: 1.5pt 5.7pt 0pt 29pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">or total shareholder return, where the amount erroneously awarded is not subject to mathematical recalculation</font> <font style="font-family: Calibri; line-height: inherit;">directly</font> <font style="font-family: Calibri; line-height: inherit;">from</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">information</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">a</font> <font style="font-family: Calibri; line-height: inherit;">restatement,</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">recoverable</font> <font style="font-family: Calibri; line-height: inherit;">amount</font> <font style="font-family: Calibri; line-height: inherit;">will</font> <font style="font-family: Calibri; line-height: inherit;">be</font> <font style="font-family: Calibri; line-height: inherit;">determined by the Committee based on a reasonable estimate of the effect of the restatement on such measure.</font> <font style="font-family: Calibri; line-height: inherit;">In such</font> <font style="font-family: Calibri; line-height: inherit;">event,</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Company</font> <font style="font-family: Calibri; line-height: inherit;">shall</font> <font style="font-family: Calibri; line-height: inherit;">maintain</font> <font style="font-family: Calibri; line-height: inherit;">documentation</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">determination</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">that</font> <font style="font-family: Calibri; line-height: inherit;">reasonable</font> <font style="font-family: Calibri; line-height: inherit;">estimate and provide such documentation to the NYSE.</font></font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 5.85pt 5.75pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">The Company will notify any Executive Officer who must reimburse any erroneously awarded Incentive- Based Compensation pursuant to this Policy and will make efforts to recover such amounts reasonably promptly, </font><font style="font-family: Calibri; font-style: italic; line-height: inherit;">provided</font><font style="font-family: Calibri; line-height: inherit;">, </font><font style="font-family: Calibri; font-style: italic; line-height: inherit;">however</font><font style="font-family: Calibri; line-height: inherit;">, that for purposes of determining the need for a recovery and the amount of Incentive-Based Compensation subject to recovery, the Committee will take into consideration all relevant factors to the extent consistent with this Policy.</font></font></p>
<p style="margin: 0.4pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BG_2122024104240225" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">7.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">Exceptions</font></a></font></div>
<div style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.35pt; widows: 0;"><br></div>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 5.8pt 0pt 29pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">This Policy</font> <font style="font-family: Calibri; line-height: inherit;">will not apply</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">extent</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Committee</font> <font style="font-family: Calibri; line-height: inherit;">has made a</font> <font style="font-family: Calibri; line-height: inherit;">determination</font> <font style="font-family: Calibri; line-height: inherit;">that recovery would</font> <font style="font-family: Calibri; line-height: inherit;">be impracticable in the following cases:</font></font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 5.9pt 5.7pt 0pt 29pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; font-style: normal; font-weight: normal; line-height: inherit;">A.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp; </font><font style="font-family: Calibri; font-style: italic; text-decoration: underline; line-height: inherit;">Direct Expense Exceeds Recoverable Amount</font><font style="font-family: Calibri; line-height: inherit;">: if the direct expense paid to a third party to assist in enforcing</font> <font style="font-family: Calibri; line-height: inherit;">this</font> <font style="font-family: Calibri; line-height: inherit;">Policy</font> <font style="font-family: Calibri; line-height: inherit;">would</font> <font style="font-family: Calibri; line-height: inherit;">exceed</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">amount</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">be</font> <font style="font-family: Calibri; line-height: inherit;">recovered;</font> <font style="font-family: Calibri; font-style: italic; line-height: inherit;">provided</font><font style="font-family: Calibri; line-height: inherit;">,</font> <font style="font-family: Calibri; font-style: italic; line-height: inherit;">however</font><font style="font-family: Calibri; line-height: inherit;">,</font> <font style="font-family: Calibri; line-height: inherit;">that</font> <font style="font-family: Calibri; line-height: inherit;">in</font> <font style="font-family: Calibri; line-height: inherit;">such</font> <font style="font-family: Calibri; line-height: inherit;">case,</font> <font style="font-family: Calibri; line-height: inherit;">the Company will (i) make a reasonable attempt to recover such erroneously awarded Incentive-Based Compensation,</font> <font style="font-family: Calibri; line-height: inherit;">(ii)</font> <font style="font-family: Calibri; line-height: inherit;">document</font> <font style="font-family: Calibri; line-height: inherit;">such</font> <font style="font-family: Calibri; line-height: inherit;">reasonable</font> <font style="font-family: Calibri; line-height: inherit;">recovery</font> <font style="font-family: Calibri; line-height: inherit;">attempts,</font> <font style="font-family: Calibri; line-height: inherit;">and</font> <font style="font-family: Calibri; line-height: inherit;">(iii)</font> <font style="font-family: Calibri; line-height: inherit;">submit</font> <font style="font-family: Calibri; line-height: inherit;">any</font> <font style="font-family: Calibri; line-height: inherit;">such</font> <font style="font-family: Calibri; line-height: inherit;">documentation and evidence to the NYSE.</font></font></p>
<p style="margin: 1.4pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 112%; margin: 0pt 5.75pt 0pt 29pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; font-style: normal; font-weight: normal; line-height: inherit;">B.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp; </font><font style="font-family: Calibri; font-style: italic; text-decoration: underline; line-height: inherit;">Violation of Home Country Law:</font> <font style="font-family: Calibri; line-height: inherit;">if recovery of Incentive Based-Compensation would result in the violation</font> <font style="font-family: Calibri; line-height: inherit;">of</font> <font style="font-family: Calibri; line-height: inherit;">any</font> <font style="font-family: Calibri; line-height: inherit;">laws</font> <font style="font-family: Calibri; line-height: inherit;">adopted</font> <font style="font-family: Calibri; line-height: inherit;">prior</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">November</font> <font style="font-family: Calibri; line-height: inherit;">28,</font> <font style="font-family: Calibri; line-height: inherit;">2022,</font> <font style="font-family: Calibri; line-height: inherit;">applicable</font> <font style="font-family: Calibri; line-height: inherit;">to</font> <font style="font-family: Calibri; line-height: inherit;">Tenaris;</font> <font style="font-family: Calibri; font-style: italic; line-height: inherit;">provided</font><font style="font-family: Calibri; line-height: inherit;">,</font> <font style="font-family: Calibri; font-style: italic; line-height: inherit;">however</font><font style="font-family: Calibri; line-height: inherit;">,</font> <font style="font-family: Calibri; line-height: inherit;">that in such case, the Company shall (i) obtain an opinion from a counsel of the jurisdiction which law would be violated if recovery were sought and (ii) shall provide such opinion to the NYSE.</font></font></p>
<p style="margin: 0.45pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.3pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BH_2122024104248616" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">8.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Prohibition</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">against</font> <font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">indemnification</font></a></font></div>
<p style="font-size: 11pt; line-height: 112%; margin: 7.3pt 5.65pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">Notwithstanding any indemnification arrangement or insurance policy for the benefit of an Executive Officer,</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">Company</font> <font style="font-family: Calibri; line-height: inherit;">will</font> <font style="font-family: Calibri; line-height: inherit;">not</font> <font style="font-family: Calibri; line-height: inherit;">indemnify</font> <font style="font-family: Calibri; line-height: inherit;">any</font> <font style="font-family: Calibri; line-height: inherit;">Executive</font> <font style="font-family: Calibri; line-height: inherit;">Officer</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">former</font> <font style="font-family: Calibri; line-height: inherit;">Executive</font> <font style="font-family: Calibri; line-height: inherit;">Officer</font> <font style="font-family: Calibri; line-height: inherit;">against</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">loss of</font> <font style="font-family: Calibri; line-height: inherit;">erroneously</font> <font style="font-family: Calibri; line-height: inherit;">awarded</font> <font style="font-family: Calibri; line-height: inherit;">Incentive-Based</font> <font style="font-family: Calibri; line-height: inherit;">Compensation,</font> <font style="font-family: Calibri; line-height: inherit;">including</font> <font style="font-family: Calibri; line-height: inherit;">by</font> <font style="font-family: Calibri; line-height: inherit;">paying</font> <font style="font-family: Calibri; line-height: inherit;">or</font> <font style="font-family: Calibri; line-height: inherit;">reimbursing</font> <font style="font-family: Calibri; line-height: inherit;">for</font> <font style="font-family: Calibri; line-height: inherit;">the</font> <font style="font-family: Calibri; line-height: inherit;">cost</font> <font style="font-family: Calibri; line-height: inherit;">of insurance obtained by any</font> <font style="font-family: Calibri; line-height: inherit;">such Executive Officer with</font> <font style="font-family: Calibri; line-height: inherit;">respect to amounts</font> <font style="font-family: Calibri; line-height: inherit;">recoverable under this</font> <font style="font-family: Calibri; line-height: inherit;">Policy.</font></font></p>
<p style="margin: 0.5pt 0pt 0pt; orphans: 0; widows: 0;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt 0pt 0pt 57.3pt; orphans: 0; text-indent: -28.3pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BI_2122024104258255" class="customBookmark"><font style="color: #2e5395; font-family: 'Calibri Light'; font-weight: normal; line-height: inherit;">9.</font><font style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Supplemental</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Incentive-Based</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">Compensation</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">arising</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">from</font> <font style="color: #2e5395; font-family: 'Calibri Light'; line-height: inherit;">a</font> <font style="color: #2e5395; font-family: 'Calibri Light'; letter-spacing: -0.1pt; line-height: inherit;">restatement.</font></a></font></div>
<p style="font-size: 11pt; line-height: 112%; margin: 7.3pt 5.65pt 0pt 28.95pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: Calibri; line-height: inherit;">The Company acknowledges that it is unlikely that an accounting restatement of any previously issued consolidated financial statement that impacts the financial reporting measure used to determine the amount of Incentive-Based Compensation granted to an Executive Officer may result in supplemental Incentive-Based Compensation payable to the Executive Officer. If, however, any such event shall occur, the Company may make arrangements to pay such supplemental Incentive-Based Compensation to the Executive Officer on the term and through the mechanism determined by the Company in its sole </font><font style="font-family: Calibri; letter-spacing: -0.1pt; line-height: inherit;">discretion.</font></font></p>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547632435984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2023 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Tenaris SA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-31518<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001190723<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">N4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">26, Boulevard Royal &#8211; 4th Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">L-2449<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Luxembourg<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">LU<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding (in shares)</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document Accounting Standard</a></td>
<td class="text">International Financial Reporting Standards<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">PricewaterhouseCoopers<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">1328<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Luxembourg<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFinStmtErrorCorrectionFlag', window );">Document Financial Statement Error Correction [Flag]</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Javier Cayzac<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">26, Boulevard Royal &#8211; 4th Floor<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">L-2449<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Luxembourg<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">LU<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(352)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">26 47 89 78<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding (in shares)</a></td>
<td class="nump">12,648,091<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ts_AmericanDepositarySharesMember', window );">American Depositary Shares (&#8220;ADSs&#8221;)</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">American Depositary Shares<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TS<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Ordinary shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Ordinary Shares, par value $1.00 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TS<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:accountingStandardItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFinStmtErrorCorrectionFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether any of the financial statement period in the filing include a restatement due to error correction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFinStmtErrorCorrectionFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ts_AmericanDepositarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ts_AmericanDepositarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619548576">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED INCOME STATEMENTS - USD ($)<br> shares in Thousands, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeStatementLineItems', window );"><strong>CONSOLIDATED INCOME STATEMENTS</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
<td class="nump">$ 6,521,207<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,668,915)<span></span>
</td>
<td class="num">(7,087,739)<span></span>
</td>
<td class="num">(4,611,602)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,199,945<span></span>
</td>
<td class="nump">4,674,787<span></span>
</td>
<td class="nump">1,909,605<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">Selling, general and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,919,307)<span></span>
</td>
<td class="num">(1,634,575)<span></span>
</td>
<td class="num">(1,206,569)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(76,725)<span></span>
</td>
<td class="num">(57,075)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">53,043<span></span>
</td>
<td class="nump">104,497<span></span>
</td>
<td class="nump">68,245<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherExpenseByFunction', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(17,273)<span></span>
</td>
<td class="num">(104,709)<span></span>
</td>
<td class="num">(6,697)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,316,408<span></span>
</td>
<td class="nump">2,963,275<span></span>
</td>
<td class="nump">707,509<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">213,474<span></span>
</td>
<td class="nump">80,020<span></span>
</td>
<td class="nump">38,048<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(106,862)<span></span>
</td>
<td class="num">(45,940)<span></span>
</td>
<td class="num">(23,677)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceIncomeCost', window );">Other financial results</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">114,365<span></span>
</td>
<td class="num">(40,120)<span></span>
</td>
<td class="nump">8,295<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax', window );">Income before equity in earnings of non-consolidated companies and income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,537,385<span></span>
</td>
<td class="nump">2,957,235<span></span>
</td>
<td class="nump">730,175<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">95,404<span></span>
</td>
<td class="nump">208,702<span></span>
</td>
<td class="nump">512,591<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,632,789<span></span>
</td>
<td class="nump">3,165,937<span></span>
</td>
<td class="nump">1,242,766<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(674,956)<span></span>
</td>
<td class="num">(617,236)<span></span>
</td>
<td class="num">(189,448)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,957,833<span></span>
</td>
<td class="nump">2,548,701<span></span>
</td>
<td class="nump">1,053,318<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,918,065<span></span>
</td>
<td class="nump">2,553,280<span></span>
</td>
<td class="nump">1,100,191<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,768<span></span>
</td>
<td class="num">(4,579)<span></span>
</td>
<td class="num">(46,873)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,957,833<span></span>
</td>
<td class="nump">$ 2,548,701<span></span>
</td>
<td class="nump">$ 1,053,318<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share attributable to shareholders' equity during the year:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of outstanding ordinary shares (thousands) (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,178,738<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShareFromContinuingOperations', window );">Basic earnings per share (U.S. dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3.32<span></span>
</td>
<td class="nump">$ 2.16<span></span>
</td>
<td class="nump">$ 0.93<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations', window );">Diluted earnings per share (U.S. dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.32<span></span>
</td>
<td class="nump">2.16<span></span>
</td>
<td class="nump">0.93<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ts_AmericanDepositarySharesMember', window );">American Depositary Shares (&#8220;ADSs&#8221;)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings per share attributable to shareholders' equity during the year:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShareFromContinuingOperations', window );">Basic earnings per share (U.S. dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6.65<span></span>
</td>
<td class="nump">4.33<span></span>
</td>
<td class="nump">1.86<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations', window );">Diluted earnings per share (U.S. dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 6.65<span></span>
</td>
<td class="nump">$ 4.33<span></span>
</td>
<td class="nump">$ 1.86<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Each ADS equals <span>two</span> shares.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShareFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Basic earnings (loss) per share from continuing operations. [Refer: Basic earnings (loss) per share; Continuing operations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShareFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of all expenses directly or indirectly attributed to the goods or services sold. Attributed expenses include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, such as depreciation and maintenance of factory buildings and equipment used in the production process, unallocated production overheads, and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Diluted earnings (loss) per share from continuing operations. [Refer: Continuing operations [member]; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShareFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByFunction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'function of expense' form for its analysis of expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35_b_vii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByFunction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income or cost that the entity does not separately disclose in the same statement or note. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2023-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2023-01-01<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeStatementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeStatementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The (loss) income before equity in earnings of non-consolidated companies and income tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ts_AmericanDepositarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ts_AmericanDepositarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634893904">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,957,833<span></span>
</td>
<td class="nump">$ 2,548,701<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,053,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items that may be subsequently reclassified to profit or loss:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,937<span></span>
</td>
<td class="num">(23,710)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(81,953)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax', window );">Reclassification of currency translation adjustment reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(878)<span></span>
</td>
<td class="num">(71,252)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges', window );">Change in value of cash flow hedges and instruments at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(112,433)<span></span>
</td>
<td class="num">(5,186)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,178)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss', window );">Income tax relating to components of other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(24,591)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,511)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FromParticipationInNonconsolidatedCompaniesAbstract', window );"><strong>From participation in non-consolidated companies:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies', window );">- Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">110,801<span></span>
</td>
<td class="nump">7,336<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(11,085)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies', window );">- Changes in the value of cash flow hedges and instruments at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(47,963)<span></span>
</td>
<td class="nump">1,435<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax', window );">Total other comprehensive (loss) that will be reclassified to profit or loss, net of tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(36,127)<span></span>
</td>
<td class="num">(91,377)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(95,714)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items that will not be reclassified to profit or loss:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post-employment benefit obligations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,816)<span></span>
</td>
<td class="nump">13,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14,648<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss', window );">Income tax on items that will not be reclassified</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,204<span></span>
</td>
<td class="num">(2,673)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,137)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">Remeasurements of post-employment benefit obligations of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,083)<span></span>
</td>
<td class="nump">3,588<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,829<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">Total other comprehensive (loss) income that will not be reclassified to profit or loss, net of tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,695)<span></span>
</td>
<td class="nump">14,492<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,340<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(44,822)<span></span>
</td>
<td class="num">(76,885)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(82,374)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,913,011<span></span>
</td>
<td class="nump">2,471,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">970,944<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,873,213<span></span>
</td>
<td class="nump">2,476,373<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,016,434<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,798<span></span>
</td>
<td class="num">(4,557)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(45,490)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,913,011<span></span>
</td>
<td class="nump">$ 2,471,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 970,944<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">During <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> result of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">was</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> reclassified </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">with impact in</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> income statement</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>36</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8220;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Termination of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> joint</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> venture</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to NKKTubes&#8217; cease of operations. For more information see note 36 &#8220;Termination of NKKTubes joint venture&#8221;.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Mainly related to the change in the fair value of U.S. dollar-denominated Argentine bonds. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>29</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, before tax, before reclassification adjustments. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income that will be reclassified to profit or loss. [Refer: Income tax relating to components of other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income that will not be reclassified to profit or loss. [Refer: Income tax relating to components of other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, after reclassification adjustments, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)] [Contrast: Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will not be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2023-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to exchange differences when the financial statements of foreign operations are translated, before tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2023-01-01<br> -Paragraph 48<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_48&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Share of the other comprehensive income of associates and joint ventures accounted for using the equity method that will not be reclassified to profit or loss, net of tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FromParticipationInNonconsolidatedCompaniesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FromParticipationInNonconsolidatedCompaniesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income (loss), net of tax, attributable to non-consolidated companies related to exchange differences when financial statements of foreign operations are translated.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, attributable to non-consolidated companies related to derivatives held as cash flow hedges and others.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherComprehensiveIncomeNetOfTaxAssetsMeasuredAtFairValueAttributableToNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619688080">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="nump">$ 6,078,179<span></span>
</td>
<td class="nump">$ 5,556,263<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, net</a></td>
<td class="nump">1,377,110<span></span>
</td>
<td class="nump">1,332,508<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Right-of-use assets, net</a></td>
<td class="nump">132,138<span></span>
</td>
<td class="nump">111,741<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Investments in non-consolidated companies</a></td>
<td class="nump">1,608,804<span></span>
</td>
<td class="nump">1,540,646<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments NC</a></td>
<td class="nump">405,631<span></span>
</td>
<td class="nump">119,902<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">789,615<span></span>
</td>
<td class="nump">208,870<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Receivables, net</a></td>
<td class="nump">185,959<span></span>
</td>
<td class="nump">211,720<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">10,577,436<span></span>
</td>
<td class="nump">9,081,650<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories, net</a></td>
<td class="nump">3,921,097<span></span>
</td>
<td class="nump">3,986,929<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets', window );">Receivables and prepayments, net</a></td>
<td class="nump">228,819<span></span>
</td>
<td class="nump">183,811<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsCurrent', window );">Current tax assets</a></td>
<td class="nump">256,401<span></span>
</td>
<td class="nump">243,136<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="nump">2,480,889<span></span>
</td>
<td class="nump">2,493,940<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Derivative financial instruments CA</a></td>
<td class="nump">9,801<span></span>
</td>
<td class="nump">30,805<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments C</a></td>
<td class="nump">1,969,631<span></span>
</td>
<td class="nump">438,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">1,637,821<span></span>
</td>
<td class="nump">1,091,527<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">10,504,459<span></span>
</td>
<td class="nump">8,468,596<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">21,081,895<span></span>
</td>
<td class="nump">17,550,246<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Shareholders' equity</a></td>
<td class="nump">16,842,972<span></span>
</td>
<td class="nump">13,905,709<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">187,465<span></span>
</td>
<td class="nump">128,728<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">17,030,437<span></span>
</td>
<td class="nump">14,034,437<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">48,304<span></span>
</td>
<td class="nump">46,433<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">96,598<span></span>
</td>
<td class="nump">83,616<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments NCL</a></td>
<td class="nump">255<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">631,605<span></span>
</td>
<td class="nump">269,069<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">271,268<span></span>
</td>
<td class="nump">230,142<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisions', window );">Provisions</a></td>
<td class="nump">101,453<span></span>
</td>
<td class="nump">98,126<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">1,149,483<span></span>
</td>
<td class="nump">727,386<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">535,133<span></span>
</td>
<td class="nump">682,329<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Lease liabilities</a></td>
<td class="nump">37,835<span></span>
</td>
<td class="nump">28,561<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments CL</a></td>
<td class="nump">10,895<span></span>
</td>
<td class="nump">7,127<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current tax liabilities</a></td>
<td class="nump">488,277<span></span>
</td>
<td class="nump">376,240<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other liabilities</a></td>
<td class="nump">422,645<span></span>
</td>
<td class="nump">260,614<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Provisions</a></td>
<td class="nump">35,959<span></span>
</td>
<td class="nump">11,185<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAdvances', window );">Customer advances</a></td>
<td class="nump">263,664<span></span>
</td>
<td class="nump">242,910<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">1,107,567<span></span>
</td>
<td class="nump">1,179,457<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">2,901,975<span></span>
</td>
<td class="nump">2,788,423<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">4,051,458<span></span>
</td>
<td class="nump">3,515,809<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total equity and liabilities</a></td>
<td class="nump">$ 21,081,895<span></span>
</td>
<td class="nump">$ 17,550,246<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current advances received representing current contract liabilities for performance obligations satisfied at a point in time. [Refer: Advances received, representing contract liabilities for performance obligations satisfied at point in time]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments and other current assets. [Refer: Other current assets; Current prepayments]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions, including provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax assets. [Refer: Current tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries reported in separate financial statements]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2023-01-01<br> -Paragraph 22<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions, including provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables and non-current other receivables. [Refer: Non-current trade receivables; Other non-current receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Note that right-of-use assets are not included. [Contrast: Property, plant and equipment including right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term that do not meet the definition of investment property. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547627130320">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2"><div>Total</div></th>
<th class="th"><div>Total</div></th>
<th class="th" colspan="2"><div>Share Capital</div></th>
<th class="th" colspan="2"><div>Treasury shares</div></th>
<th class="th"><div>Legal Reserves</div></th>
<th class="th"><div>Share Premium</div></th>
<th class="th"><div>Currency Translation Adjustment</div></th>
<th class="th" colspan="2"><div>Other Reserves</div></th>
<th class="th" colspan="2"><div>Retained Earnings</div></th>
<th class="th"><div>Non-controlling interests</div></th>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2020</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11,446,473<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 11,262,888<span></span>
</td>
<td class="nump">$ 1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 118,054<span></span>
</td>
<td class="nump">$ 609,733<span></span>
</td>
<td class="num">$ (958,374)<span></span>
</td>
<td class="num">$ (345,217)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 10,658,155<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 183,585<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,053,318<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,100,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,100,191<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(46,873)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(81,953)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(81,674)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(81,674)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(279)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax', window );">Reclassification of currency translation adjustment reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post-employment benefit obligations, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,511<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,798<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,813<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(15)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(287)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,689)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,638)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,638)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,949<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">From other comprehensive income of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,243)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,243)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(11,085)<span></span>
</td>
<td class="nump">3,842<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(82,374)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(83,757)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(92,759)<span></span>
</td>
<td class="nump">9,017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(15)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,383<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">970,944<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,016,434<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(92,759)<span></span>
</td>
<td class="nump">9,017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,100,176<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(45,490)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">10,384<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,384<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid in cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(322,099)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(318,744)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(318,744)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,355)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2021</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,105,702<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">11,960,578<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">118,054<span></span>
</td>
<td class="nump">609,733<span></span>
</td>
<td class="num">(1,051,133)<span></span>
</td>
<td class="num">(336,200)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2],[6]</sup></td>
<td class="nump">11,439,587<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">145,124<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,548,701<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,553,280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,553,280<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,579)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(23,710)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(23,632)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(23,632)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(78)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax', window );">Reclassification of currency translation adjustment reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="num">(71,252)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(71,252)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(71,252)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post-employment benefit obligations, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,904<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10,532<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,519<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">372<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,186)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,914)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,914)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(272)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">From other comprehensive income of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,359<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,359<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,336<span></span>
</td>
<td class="nump">5,023<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(76,885)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(76,907)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(87,548)<span></span>
</td>
<td class="nump">10,628<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">22<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,471,816<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,476,373<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(87,548)<span></span>
</td>
<td class="nump">10,628<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">2,553,293<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,557)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,407)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,407)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid in cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(541,674)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(531,242)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(531,242)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(10,432)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2022</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,034,437<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,905,709<span></span>
</td>
<td class="nump">1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[5],[8]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">118,054<span></span>
</td>
<td class="nump">609,733<span></span>
</td>
<td class="num">(1,138,681)<span></span>
</td>
<td class="num">(325,572)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[6],[9]</sup></td>
<td class="nump">13,461,638<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">128,728<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,957,833<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,918,065<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,918,065<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">39,768<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,937<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">38,587<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,587<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">350<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax', window );">Reclassification of currency translation adjustment reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(878)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(878)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(878)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of post-employment benefit obligations, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,612)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,292)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,096)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="num">(1,196)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="num">(320)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[11]</sup></td>
<td class="num">(137,024)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(137,024)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(137,024)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">From other comprehensive income of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">58,755<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">58,755<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110,801<span></span>
</td>
<td class="num">(52,046)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(44,822)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(44,852)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">148,510<span></span>
</td>
<td class="num">(192,166)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="num">(1,196)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">30<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,913,011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">3,873,213<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">148,510<span></span>
</td>
<td class="num">(192,166)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">3,916,869<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">39,798<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Repurchase of own shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[12]</sup></td>
<td class="num">(213,739)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(213,739)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (213,739)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CancellationOfTreasuryShares', window );">Shares to be settled under buyback program</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[13]</sup></td>
<td class="num">(86,240)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(86,240)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(86,240)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Acquisition and other changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[14]</sup></td>
<td class="nump">38,446<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">540<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">540<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">37,906<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends paid in cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(655,478)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(636,511)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(636,511)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="num">(18,967)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Balance at Dec. 31, 2023</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 17,030,437<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 16,842,972<span></span>
</td>
<td class="nump">$ 1,180,537<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="num">$ (213,739)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[12]</sup></td>
<td class="nump">$ 118,054<span></span>
</td>
<td class="nump">$ 609,733<span></span>
</td>
<td class="num">$ (990,171)<span></span>
</td>
<td class="num">$ (603,978)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[9]</sup></td>
<td class="nump">$ 16,742,536<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[10]</sup></td>
<td class="nump">$ 187,465<span></span>
</td>
</tr>
<tr><td colspan="16"></td></tr>
<tr><td colspan="16"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of <span style="border-left: none; border-right: none;">2.5</span> billion shares having a nominal value of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1.00</span> per share. As of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">21</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">there were <span style="border-left: none; border-right: none;">1,180,536,830</span> shares issued. All issued shares are fully paid.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the </span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; font-size: 9pt;">remeasurement</span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">During <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> result of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">was</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> reclassified </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">with impact in</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> income statement</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>36</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8220;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Termination of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> joint</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> venture</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt; line-height: inherit;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to the agreement for the construction of Tenaris </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Baogang</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> Baotou Steel Pipes Ltd</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of <span style="border-left: none; border-right: none;">2.5</span> billion shares having a nominal value of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1.00</span> per share. As of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">there were <span style="border-left: none; border-right: none;">1,180,536,830</span> shares issued. All issued shares are fully paid.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the </span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; font-size: 9pt;">remeasurement</span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"> of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments measured at fair value through other comprehensive income.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to NKKTubes&#8217; cease of operations. For more information see note 36 &#8220;Termination of NKKTubes joint venture&#8221;.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of 2.5 billion shar</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">es having a nominal value of $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">1.00 per share. As of December 31, 20</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> there were 1,180,536,830 shares issued. All issued shares are fully paid.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[9]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Other reserves include mainly the result of transactions with non-controlling interest</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> that do not result in a loss of control, the remeasurement of post-em</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ployment benefit obligations</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, the changes in value of cash flow hedges</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and t</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">he changes in </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">financial instruments measured at fair value through other comprehensive income.</span></span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[10]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">restrictions </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">on</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> the distribution of profits and payment of dividends </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">according to Luxembourg Law are </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">disclosed in n</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ote </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">27</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">(iii)</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated Financial Statements</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[11]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to the change in the fair value of U.S. dollar-denominated Argentine bonds. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">29</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[12]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">As of December 31, 2023, the Company </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">held </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">12,648,091</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> as treasury shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ee note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">37</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[13]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">37</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[14]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to Global Pipe Company (&#8220;GPC&#8221;) acquisition. For more information see note</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CancellationOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of treasury stock cancelled during the period. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CancellationOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 107<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, before tax, before reclassification adjustments. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity through changes in ownership interests in subsidiaries that do not result in loss of control. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, after reclassification adjustments, related to financial assets measured at fair value through other comprehensive income applying paragraph 4.1.2A of IFRS 9. [Refer: Financial assets measured at fair value through other comprehensive income; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)] [Contrast: Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2023-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to exchange differences when the financial statements of foreign operations are translated, before tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2023-01-01<br> -Paragraph 48<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_48&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, net of tax. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B16<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B16_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547632061328">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parentheticals) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized share capital (in shares)</a></td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding at end of period (in shares)</a></td>
<td class="nump">1,167,888,739<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Nominal value (in dollars per share)</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Shares issued (in shares)</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding at end of period (in shares)</a></td>
<td class="nump">12,648,091<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
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<tr>
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<td>na</td>
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<tr>
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<td>instant</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>33
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618925760">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Income for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,957,833<span></span>
</td>
<td class="nump">$ 2,548,701<span></span>
</td>
<td class="nump">$ 1,053,318<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments for:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">548,510<span></span>
</td>
<td class="nump">607,723<span></span>
</td>
<td class="nump">594,721<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">76,725<span></span>
</td>
<td class="nump">57,075<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Income tax accruals less payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(143,391)<span></span>
</td>
<td class="nump">257,651<span></span>
</td>
<td class="nump">35,602<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(95,404)<span></span>
</td>
<td class="num">(208,702)<span></span>
</td>
<td class="num">(512,591)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Interest accruals less payments, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(53,480)<span></span>
</td>
<td class="nump">1,480<span></span>
</td>
<td class="num">(11,363)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForProvisions', window );">Changes in provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,284<span></span>
</td>
<td class="nump">16,433<span></span>
</td>
<td class="nump">7,381<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AdjustmentsForReclassificationOfForeignExchangeReserve', window );">Reclassification of currency translation adjustment reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(878)<span></span>
</td>
<td class="num">(71,252)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Result of sale of subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(6,768)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Changes in working capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2],[3]</sup></td>
<td class="nump">182,428<span></span>
</td>
<td class="num">(2,131,245)<span></span>
</td>
<td class="num">(1,071,464)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherAdjustmentsForNoncashItems', window );">Others, including net exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(21,829)<span></span>
</td>
<td class="nump">69,703<span></span>
</td>
<td class="num">(26,836)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,395,073<span></span>
</td>
<td class="nump">1,167,217<span></span>
</td>
<td class="nump">119,075<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(619,445)<span></span>
</td>
<td class="num">(378,446)<span></span>
</td>
<td class="num">(239,518)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment', window );">Changes in advance to suppliers of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,736<span></span>
</td>
<td class="num">(18,901)<span></span>
</td>
<td class="num">(5,075)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Proceeds from sale of subsidiaries, net of cash</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">24,332<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Acquisition of subsidiaries, net of cash acquired</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="num">(265,657)<span></span>
</td>
<td class="num">(4,082)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Investment in companies under cost method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,126)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(692)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfInterestsInAssociates', window );">Additions to associated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(22,661)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToRelatedParties', window );">Loan to joint-ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,754)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Proceeds from disposal of property, plant and equipment and intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,881<span></span>
</td>
<td class="nump">48,458<span></span>
</td>
<td class="nump">22,735<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities', window );">Dividends received from non-consolidated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">68,781<span></span>
</td>
<td class="nump">66,162<span></span>
</td>
<td class="nump">75,929<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments', window );">Changes in investments in securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,857,272)<span></span>
</td>
<td class="nump">123,254<span></span>
</td>
<td class="nump">390,186<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash (used in) provided by investing activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,686,517)<span></span>
</td>
<td class="num">(163,555)<span></span>
</td>
<td class="nump">267,897<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Dividends paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(636,511)<span></span>
</td>
<td class="num">(531,242)<span></span>
</td>
<td class="num">(318,744)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities', window );">Dividends paid to non-controlling interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(18,967)<span></span>
</td>
<td class="num">(10,432)<span></span>
</td>
<td class="num">(3,355)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl', window );">Changes in non-controlling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,772<span></span>
</td>
<td class="num">(1,407)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares', window );">Acquisition of treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(213,739)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Payments of lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(51,492)<span></span>
</td>
<td class="num">(52,396)<span></span>
</td>
<td class="num">(48,473)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds from borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,723,677<span></span>
</td>
<td class="nump">1,511,503<span></span>
</td>
<td class="nump">843,668<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,931,747)<span></span>
</td>
<td class="num">(1,094,370)<span></span>
</td>
<td class="num">(1,121,053)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,125,007)<span></span>
</td>
<td class="num">(178,344)<span></span>
</td>
<td class="num">(647,957)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Increase (decrease) in cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">583,549<span></span>
</td>
<td class="nump">825,318<span></span>
</td>
<td class="num">(260,985)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract', window );"><strong>Movement in cash and cash equivalents</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,091,433<span></span>
</td>
<td class="nump">318,067<span></span>
</td>
<td class="nump">584,583<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Effect of exchange rate changes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(58,385)<span></span>
</td>
<td class="num">(51,952)<span></span>
</td>
<td class="num">(5,531)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges', window );">Increase (decrease) in cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">583,549<span></span>
</td>
<td class="nump">825,318<span></span>
</td>
<td class="num">(260,985)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">At December 31,</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,616,597<span></span>
</td>
<td class="nump">1,091,433<span></span>
</td>
<td class="nump">318,067<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and bank deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,637,821<span></span>
</td>
<td class="nump">1,091,527<span></span>
</td>
<td class="nump">318,127<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents', window );">Bank overdrafts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(21,224)<span></span>
</td>
<td class="num">(94)<span></span>
</td>
<td class="num">(60)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,616,597<span></span>
</td>
<td class="nump">$ 1,091,433<span></span>
</td>
<td class="nump">$ 318,067<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, r</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">elated to </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8217; </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cease of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">operations. </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>36</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8220;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Termination of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> joint venture</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Changes in</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> working capital </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">do not include</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> non-</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for an amount of $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">(16.7)</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">4.2</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> and $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">25.6</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For <span>2023</span>, related </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">to the</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">GPC, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Isoplus</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Republic Tube LLC&#8217;s OCTG pipe processing facility </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">and </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">acquisitions</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>34</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncomeCost</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain (loss) on disposals investments in subsidiaries, joint ventures and associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries, joint ventures and associates reported in separate financial statements; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for undistributed profits of associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUndistributedProfitsOfAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BankOverdraftsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount that has been withdrawn from an account in excess of existing cash balances. This is considered a short-term extension of credit by the bank. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BankOverdraftsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAdvancesAndLoansMadeToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loans and advances made to related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAdvancesAndLoansMadeToRelatedParties</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash and cash equivalents in the statement of cash flows when different from the amount of cash and cash equivalents in the statement of financial position. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows arising from losing control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in short-term deposits and investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInDecreaseIncreaseInShorttermDepositsAndInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid to non-controlling interests, classified as financing activities. [Refer: Non-controlling interests; Dividends paid to non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow representing dividends received from associates, classified as investing activities. [Refer: Associates [member]; Dividends received]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents before the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAdjustmentsForNoncashItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for non-cash items to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAdjustmentsForNoncashItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire or redeem entity's shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsToAcquireOrRedeemEntitysShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the disposal of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2023-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfInterestsInAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of interests in associates. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfInterestsInAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of investments other than investments accounted for using equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdjustmentsForReclassificationOfForeignExchangeReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of adjustments for reclassification foreign exchange to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdjustmentsForReclassificationOfForeignExchangeReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) due to a decrease (increase) in advance to suppliers of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CashFlowsFromUsedInDecreaseIncreaseInAdvanceToSuppliersOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow (outflow) from changes in ownership interests in subsidiaries that do not result in a loss of control.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProceedsPaymentsFromChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651025296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_StatementOfCashFlowsAbstract', window );"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrencyTranslationAdjustmentWorkingCapital', window );">Currency translation adjustment, working capital</a></td>
<td class="num">$ (16.7)<span></span>
</td>
<td class="nump">$ 4.2<span></span>
</td>
<td class="nump">$ 25.6<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfCashFlowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfCashFlowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrencyTranslationAdjustmentWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of currency translation adjustment working capital to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrencyTranslationAdjustmentWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<link rel="stylesheet" type="text/css" href="include/report.css">
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547620282352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>I. GENERAL INFORMATION<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfGeneralInformationAboutFinancialStatementsAbstract', window );"><strong>I. GENERAL INFORMATION</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory', window );">I. GENERAL INFORMATION</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">I.</span> <span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">GENERAL INFORMATION</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris S.A. (the &#8220;Company&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">) was established as a public limited liability company (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">oci</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#233;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">t&#233; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">nonyme</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these Consolidated Financial Statements to &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8221; refer to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and its consolidated subsidiaries. A list of the principal Company&#8217;s subsidiaries is included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">33</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company&#8217;s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company&#8217;s American Depositary Securities (&#8220;ADS&#8221;) trade on the New York Stock Exchange.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These Consolidated Financial Statements were approved for issuance by the Company&#8217;s Board of Directors on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> February </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">21</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for general information about financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 51<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619668160">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>II. ACCOUNTING POLICIES</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory', window );">II. ACCOUNTING POLICIES</a></td>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">II</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">. </span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">A</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">CCOUNTING POLICIES</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">A</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Basis of presentation</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IFRS Accounting Standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in accordance with IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as adopted by the European Union,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">under the historical cost convention, as modified by the revaluation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial assets</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (&#8220;$&#8221;).</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Whenever necessary, c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ertain comparative amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">have been reclassified to conform to changes in presentation in the current year.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> areas involving </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> estimates or judgements are: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mpairment of goodwill</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-lived assets (not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">),</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">impairment in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> investments in associates (note II.B)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">; i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">axes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">including recoverability of deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">obsolescence of inventory (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">II.J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); contingencies (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Q</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allowance for trade receivables (note II.K)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">post-employment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and other long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">);</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(notes II.B); u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">seful lives of property, plant and equipment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> other long-lived assets (notes II.E, II.F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">property title ownership </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">restriction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>28</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> there were no </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">significant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> changes in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> accounting estimates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and judgements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Accounting pronouncements applicable as from J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">anuary <span>1</span>, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>3</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Amendments to IAS <span>12</span> - International Tax Reform</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Pillar <span>Two</span> Model Rules</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In December 2021, the Organization for Economic Co-operation and Development (&#8220;OECD&#8221;) released the Pillar <span>Two</span> model rules (the Global Anti-Base Erosion rules, or &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;) to reform international corporate taxation. Following Pillar <span>Two</span> OECD&#8217;s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from <span>2024</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In May 2023, the IASB made narrow-scope amendments to IAS <span>12</span> setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar <span>Two</span> model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On December 20, 2023, the Luxembourg Parliament approved the Pillar <span>Two</span> law transposing the EU Pillar <span>Two</span> Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<div>
<div id="t_ft_61T6OQ0W8W00000000000000000000b">
 </div> </div>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company is within the scope of the rules, and therefore will be required to calculate its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> effective tax rate per jurisdiction and the 15% minimum rate, as from <span>2024</span>.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information see note <span>9</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other accounting pronouncements that became effective during <span>2023</span> have <span>no</span> material effect on the Company&#8217;s financial condition or results of operations.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">New ac</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">counting pronouncements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">applicable as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">of December 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>1</span>, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>3</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Certain</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">new</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ly published</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> accounting standards, amendments to accounting standards and interpretations are not mandatory for December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">B&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Group accounting</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Subsidiaries and transactions with non-controlling interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">s</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In some cases, the Company considers that it has the ability to affect returns through its power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able to prevail at all of the subsidiary&#8217;s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary&#8217;s board of directors.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> method is used to account for the acquisition of subsidiaries by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The cost of an acquisition is measured as the fair value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, equity instruments issued and liabilities incurred or assumed at the date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exchange</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Acquisition-related costs are expensed as incurred.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Identifiable assets acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> liabilities and contingent liabilities assumed in a business combination are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">measured initially at their fair values at the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquiree&#8217;s net </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">identifiable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The excess of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> aggregate of the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">consideration transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the amount of any non-controlling interest in the acquiree</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">over the fair value of the identifiable net assets acquired is recorded as goodwill. If </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">this</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Contingent consideration is classified either as equity or a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest in the acquire</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ransactions with non-controlling interests </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">that do not result in a loss of control</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are accounted</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.</span> <br/></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Material intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">balances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and unrealized gains (losses) on transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">between Tenaris subsidiaries have been eliminated in consolidation. However, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">since</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the functional currency of some subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s respective local currency, some financial gains (losses) arising from intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are generated. These</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are included in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">inancial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Non-consolidated companies</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies (associate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and joint ventures) are accounted for by the equity method and are initially recognized at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (as defined by IAS <span>28</span>, &#8220;Investments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ssociates and Joint Ventures&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The Company&#8217;s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#8217;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&#8217;s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> adjusted where necessary to ensure consistency with IFRS.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">The Company&#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Equity in earnings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">. The Company&#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">a)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Ternium</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">At December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">, Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">ld </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">11.46</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> share capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Ternium S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">. The following factors and circumstances evidence that Tenaris has significant influence </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">over Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oth the Company and Ternium are under</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mon control of San Faustin S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;San Faustin&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">our out of eight</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;members of Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors (including Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hairman) are also members of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nder the shareholders</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> agreement by and between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Holdings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S.&#224;r.l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ("</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">")</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, a wholly owned subsidiary of San Faustin </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and Ternium&#8217;s main shareholder, dated January 9, 2006</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is required to take actions within its power to cause</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (a) <span>one</span> of the members of Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors to be nominated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and (b) any director nominated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to be removed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">from Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">only </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">pursuant to previous written instructions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">b)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Usiminas</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"><span>3</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), 47.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million ordinary shares and 1.3 million preferred shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usinas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Sider&#250;rgicas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> de Minas Gerais S.A. - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), representing 6.76</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% of its shares with voting rights and 3.96</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% of its total share capital.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">participation in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> share</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> capital is the result of a series of acquisitions, the first of which was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ordinary shares and joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; existing control group. Subsequently, in <span>2016</span>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</span> <br/></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">More recently, o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n March 30, 2023, Confab, together with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ternium (through its subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ternium Investments and Ternium Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">agreed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquire an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">68.7 million ordinary shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at a price of BRL10 per ordinary share. The transaction closed on July 3, 2023 and was financed with cash on hand. Tenaris paid approximately BRL110 million (approximately $22.7 million) in cash for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">11 million ordinary shares, increasing its participation in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group to 9.8%.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">MetalOne</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; employee pension fund, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. At December 31, 2023, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; voting capital and the T/T Group held an aggregate participation of 61.3% in the control group (with 51.5% of the control group&#8217;s participation corresponding to Ternium&#8217;s subsidiaries, and remaining 9.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% corresponding to Confab); the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> held 31.7% and 7%, respectively, in the control group.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Upon </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">closing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of the July 3, 2023 acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">then </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">existing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">governing the relationship between the T/T Group, the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">was replaced by a new shareholders agreement setting forth a new governance structure for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The T/T Group is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">now </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entitled to nominate a majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of directors, the chief executive officer and four other members of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of directors and one member of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of officers. Ordinary decisions may be approved with a 55% majority of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; control group shares. </span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the NSC Group&#8217;s remaining interest in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group (153.1 million ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at BRL10 per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its current participation in the T/T Group.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab and the Ternium entities party to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Under s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">uch separate agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab enjoys certain rights with respect to the governance of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">among others, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the ability to nominate certain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; officers and directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Those circumstances evidence that Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">continues having </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sign</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ificant influence over </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and, as a result, continues accounting for its investment under the equity method.</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">c)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Techgen</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> S.A. de C.V. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, which operates an electric power plant in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is a joint venture company owned 48% by Ternium, 30% by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> International S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and 22%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> by Tenaris. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, Ternium and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are parties to a shareholders&#8217; agreement relating to the governa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nce of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are under the indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mon control of San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Based on the facts stated above, the Company has determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that it has significant influence over this entity.</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">d)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Global Pipe Company</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Global Pipe Company (&#8220;GPC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is a joint venture, established in <span>2010</span> and located in Jubail</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, which manufactures LSAW pipes. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Until May 16, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris, through its subsidiary</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Steel Pipe Company ("</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">")</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">owned 35% of the share capital of GPC</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and, accordingly was a non-consolidated company.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On May 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching a participation of 57.3%. The Company consolidates GPC&#8217;s balances and results of operations as from May 17, 2023.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information on GPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">'s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> acquisition and its accounting treatment see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Global Pipe Company acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris carries its investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s in non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">consolidated companies</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the equity method, with no additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset&#8217;s carrying amount may not be recoverable. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>14</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">C</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Segment information</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company is organized in one major business segment, Tubes, which is also the reportable operating segment.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">All other business activities and operating segments that are not required to be separately reported are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">disclosed in the Other segment.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (&#8220;OCTG&#8221;) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> worldwide</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> oil and gas industry, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Other segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> includ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">all business activities related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the production and selling of sucker rods, coiled tubing, tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plumbing and construction</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">applications, oilfield / hydraulic fracturing services,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the recently acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">coating business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and others as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> energy and raw materials that exceed internal requirements.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s Chief Operating Decision Maker (&#8220;CODM&#8221;) reviews operating and financial performance information with senior management on a monthly basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. This </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">information differ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> from IFRS principally as follows:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciation;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, mainly on a FIFO basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ny currency translation adjustment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">classification</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar; and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther timing differences, if any.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> presents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> its geographical information in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>four</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> areas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> North America,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> South America, Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Middle East and Afri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. For purposes of reporting geographical information, net sales are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to geographical areas based on the customer&#8217;s location; allocation of assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> capital expenditures and associated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are based on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">geographical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> location of the assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>

<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">D</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Foreign </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">c</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">urrency </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">t</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ranslation</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 35.45pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -35.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Functional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> and presentation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IAS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>21</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revised</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;The effects of changes in foreign exchange rates&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">defines the functional currency as the currency of the primary economic environment in which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entity operates.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The functional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and presentation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">curren</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">y of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is the U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is the currency that best reflects the economic substance of the underlying events and circumstances relevant to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> global operations. </span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.</span></p>
<div style="font-family: 'times new roman', times;">
<div id="t_ft_2WCEZJDWPS00000000000000000000b">
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<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This decision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">wa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s a result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">significant increase of its Brazilian Subsidiaries&#8217;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCTG and l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ine</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ipe international markets, a trend which started in recent years and has been strengthened in <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">increased l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">evel of integration of the local operations within Tenaris&#8217;s int</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ernational </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">commercial and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">supply chain system</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as well </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the fact that the main purchase agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contracts and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the long term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contracts with major international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and local </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oil companies are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">either</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entered or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">indexed to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Local steel prices are also being affected by the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ollar / Brazilian Real fluctuations.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">xcept f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the Italian subsid</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">iaries whose functional currency</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Euro</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and two recently acquired subsidiaries wh</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> functional currencies are the Canadian Dollar and the Norwegian Krone</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris determined that the functional currency of its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> other subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is the U.S. dollar, based on the following principal considerations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ales are mainly negotiated, denominated and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> settled in U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. If priced in a currency other than the U.S. dollar, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">price </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">may consider</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> exposure to fluctuation in the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">against</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the U.S. dollar;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rices of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">critical raw materials and inputs are priced and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> settled in U.S. dollars; </span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ransaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and operational</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> environment and the cash flow </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">operations ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the U.S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as reference currency;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">there is a s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ignificant level of integration of the l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ocal operations within Tenaris's&#160;international&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">global distribution network</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">et financial assets and liabilities are mainly received and maintained in U.S. dollars; and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he exchange rate of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain legal currencies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">has long-been affected by recurring and seve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re economic crise</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s.</span></li> </ul>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Transactions in currencies other than the functional currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuati</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">on where items are re-measured.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> the fair value was determined.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal;">Other financial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">alifying net investment hedges.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Translation of financial information in currencies other than the functional currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as a gain or loss from the sale</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> following IAS <span>21</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rate.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Property, plant and equipment</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property, plant and equipment are recognized at historical acquisition or construction cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> less accumulated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and impairment losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">istorical cost includes expenditure that is directly attributable to the acquisition of the items</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quipment acquired through</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquisitions accounted for as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">combination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">have been valued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">initially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">market </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquired.</span></p>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Major overhaul and rebuilding expenditures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are capitalized as property, plant and equipment only when </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it is probable that future economic benefits associated with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the item will flow to the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the investment enhances the condition of assets beyond its original condition.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The carrying amount of the replaced part is derecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">M</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost may also include transfers fro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">m equity of any gains or losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> IAS <span>23</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revised</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Borrowing Cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">epreciation method is reviewed at each year end. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Depreciation</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is calculated using the straight-line method to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">depreciate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the cost of each asset to its residual value over its estimated useful life</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </span></p> </td> </tr>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 30-50 years </span></p> </td> </tr>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 10-40 years </span></p> </td> </tr>
<tr style="height: 1.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 1.4pt; text-indent: -1.4pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 4-10 years </span></p> </td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">residual values and useful lives of significant plant and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">production </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">equipment are reviewed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and adjusted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> if appropriate, at each year-end</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">date. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">An asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">estimation of asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> useful </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, performed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with IAS <span>16</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, Plant and E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quipment&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">resulted in additional depreciation expenses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">39</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">did not materially affect depreciation expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2021</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> depreciates each significant part of an item of property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for its different production facilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">F&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Intangible assets</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Goodwill </span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Goodwill represents the excess of the acquisition cost </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">over the fair value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">at least </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> the Consolidated Statement of Financial Position under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Intangible assets, net.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#160; &#160; &#160; &#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For the purpose of impairment testing, g</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">oodwill<span>&#160;</span>is allocated to a<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cash generating unit (&#8220;</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">CGU</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;)</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>&#160;</span>or group of<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">CGUs</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>&#160;</span>that<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">are expected to benefit from the business combination which generated the goodwill being tested.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Information systems projects</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding <span>one</span> year and comply with the recognition criteria of IAS <span>38</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Intangible Assets&#8221;.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">not exceeding a period of 3 years. Amortization charges are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span> <br/></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">did not materially affect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Licenses, patents, trademarks and proprietary technology </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Licenses, patents, trademarks, and proprietary technology are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">using the straight-line method to allocate the cost over their estimated useful lives, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which are in the range between 3 and 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> years.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization charges are mainly classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The balance of acquired t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rademarks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that have indefinite useful lives according to external appraisal</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">86.7</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Main factors considered in the determination of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> indefinite useful lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> include the years that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">they have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> been in service and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognition among customers in the industry.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> did no</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t materially affect amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> expenses for <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Research and development</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Research expenditures as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">development costs that do not fulfill the criteria for capitalization are recorded as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement as incurred. Research and development expenditures included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for the years </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> totaled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">60.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">50.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">45.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Capitalized costs were not material for the years <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">(<span>5</span>)&#160; &#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">Customer relationship</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">s</span></p>
<p style="line-height: 12pt; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In accordance with IFRS <span>3</span>, "Business Combinations" and IAS <span>38</span>, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Tube Corporation (&#8220;Maverick&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Company (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> groups, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Ipsco</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Tubulars Inc. (&#8220;IPSCO&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">the more recent acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful li</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">which were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">approximately 14 years for Maverick, 10 y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ears for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 9 years for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">4 months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for Mattr&#8217;s pipe coating business unit.</span></p>
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<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In <span>2022</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the Company reviewed the useful life of SSPC&#8217;s customer relationships and decided to reduce </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> from 5 years to 3 years, consequently a higher amortization charge of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> million was recorded in the Consolidated Income Statement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for the year ended December 31, 2022.</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span>, did not affect amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2021</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">f December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the net book</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#8217;s customer relationship amoun</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">26.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> million, with a residual useful life of </span><span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3376"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">1</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">9</span></span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> months</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Mattr&#8217;s amounted to $21.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, with a residual useful life of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">3</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">hile </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">IPSCO&#8217;s, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Maverick&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> customer relationships </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> fully amortized.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">G&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Right-of-use assets and lease liabilities</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> term on a straight-line basis.</span> <br/></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment wit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">h similar terms and conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Right-of-use assets are measured at cost comprising the amount of the initial measurement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or early termination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, or not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Payments associated with short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and leases of low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value assets are recognized on a straight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">H</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Impairment of non-financial assets</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">). Most of the Company&#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation that generates largely independent cash inflows.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test, or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are tested</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> more frequently if events or circumstances indicate that the carrying amount value may be impaired. In some </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> where there have not been significant changes to CGU assets and liabilities as well as external and internal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">events and circumstances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which could materially alter the recoverable amount of the CGU, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the most recent detailed calculation of recoverable amount made in a preceding period may be used in the impairment test for that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the current period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris&#8217;s cash flow projections and the business condition in terms of competitive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> economic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and regulatory </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#8217;s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or <span>zero</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">use is calculated by discounting the estimated cash flows over a <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3394">five-year</span></span></span></span>&#160;period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the <span><span style="border-left: none; border-right: none;">five</span>-year</span> period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly the historical inflation rate.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.</span> <br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. For more information on impairment charges </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">I</span>&#160; &#160; &#160; &#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">i</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">nvestments</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther investments consist primarily of investments in financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and time deposits with a maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>three</span> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at the date of purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Certain non-derivative financ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ial assets that the Company held not for trading</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> have been categorized as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value through other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;FV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as the business model objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. They are carried at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">omprehensive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Income and transferred to the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement when the financial asset is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">disposed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement. F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">V</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> instruments with maturities greater than 12 months after the balance sheet date a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re included in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> non-current assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther investments in financial instruments and time deposits are c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ategorized as financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at fair value through profit or loss </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;FVPL&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">because such investments are held for trading and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> performance is evaluated on a fair value basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The results of these investments are recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Financial Results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Purchases and sales of financial investments are recognized as of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ir</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">The fair values of quoted investments are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ee s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ectio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">n III Financial Risk Management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">J&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Inventories</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and other direct costs and related production overhead costs, and it excludes borrowing costs. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">llocation of fixed production costs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including depreciation and amortization charges,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is based on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> normal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> level of production capacity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> cost is mainly based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">FIFO method. Tenaris estimates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oods in transit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">end are valued based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">supplier&#8217;s invoice cost.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management&#8217;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">K</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">and other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">receivables</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Trade and other receivables are recognized initially at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> fair value that corresponds to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the amount of consideration that is unconditional unless they contain significant financing c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">omponents. The Company holds</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> trade receivables with the objective to collect the contractual cash flows and therefore measu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">res them subsequently at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ed cost using the effective interest method. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> short-term nature, their carrying amount is considered to be the same as their fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
<div>
<div id="t_ft_H1Q8MZ1A7400000000000000000000b">
 </div> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris applies the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> IFRS <span>9</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> &#8220;Financial Instruments&#8221;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">simplified approach to measure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> expected credit losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">three years</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">and the corresponding historical credit losses exp</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">erienced within this period. The expected loss allowance also</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> reflect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> current and forward-looking information on macroeconomic factors affecting the ability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">each </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">custo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">mer to settle the receivables.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">L</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Cash and cash equi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">valents are comprised of cash at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> banks, liquidity funds and short-term investments with a maturity of less than <span>three</span> months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">approximates fair market value.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In the Consolidated Statement of Financial Position, bank overdrafts are included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Borrowings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> in current liabilities.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">For the purposes of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Consolidated Statement of C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">low</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">ash and cash equivalents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">overdrafts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">M</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">quity</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> components</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hanges in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quity include</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he value of share capital, legal reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">share premium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and other distributable reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with Luxembourg l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">aw;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he currency translation adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">treasury shares, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other reserves,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> retained earnings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">non-controlling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> interest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">calculated in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> IFRS.</span> </li> </ul>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Share cap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">al</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company has an authorized share capital of a single </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">class of 2.5 billion shares having a nominal value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1.00 per share. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total ordinary shares issued as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1,180,536,830</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">with a par value of $1.00 per share with one vote each.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total ordinary shares outstanding as of December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1,167,888,739</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and as of December 31, 2022 and <span>2021</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1,180,536,830</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury shares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">All issued shares are fully paid.</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Treasury Shares</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Any potential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> gains </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> losses on disposal of treasury shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> recognized under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">eserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Changes in Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Treasury shares outstanding as of December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">12,648,091</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Dividends distribution by the Company to shareholders </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividends distributions are recorded in the Company&#8217;s financial statements when Company&#8217;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (iii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">N</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.</span><br/></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">O</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current and d</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">eferred income tax</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The income tax expense or credit for the period is the tax payable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on the current period&#8217;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Current and deferred t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ax is recognized in the Consolidated Income Statement, except </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to the extent that it relates to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">items recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other comprehensive income or directly in equity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company&#8217;s subsidiaries operate and generate taxable income.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net operating loss carry-forwards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">post-employment benefits and other long-term employee benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value adjustments of assets acquired in business combinations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets are recognized to the extent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> it is probable that future taxable profits will be available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> against which the te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and losses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">can be utiliz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At the end of each reporting period, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> reassesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax assets. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a previously </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax asset to the extent that it has become probable that future taxable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> will allow the deferred tax asset to be recovered.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ax basi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and liabilities are re-measured</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> if tax rates change. These amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are charged or credited to the Consolidated Income Statement or to the item </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ther co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">mprehensive income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comprehensive I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome, depending on the account to which the original </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amount was charged or credited.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">P</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Employee benefits</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; text-align: justify; text-indent: -22.5pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Short-term obligations</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Liabilities for wages and salaries are recognized in respect of employees&#8217; services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.5pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"> &#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Post</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">employment benefits</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on <span>one</span> or more factors such as age, years of service and compensation.&#160; &#160;&#160;</span><br/></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For defined benefit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">funded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plans, net interest income</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
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<p>&#8226;</p> </td>
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<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">benefits based on years of service and final average salary</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">As of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for this plan amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">48.1</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span></p> </td> </tr>
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<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
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<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Employees&#8217; service rescission indemnity</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. T</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">he </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability ac</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">crued for employees at </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Tenaris&#8217;s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Tenaris&#8217;s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> Italian subsidiary pays every year the required contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">limited to the contributions of <span>2007</span> onwards.</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">As of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for this plan amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">10.6</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span><br/></p> </td> </tr>
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<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
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<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Funded retirement benefit plan held in the U</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">S</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for the benefit of some employees hir</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ed prior a certain date,</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">funds. Additionally, an unfunded post</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>-</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">retirement health and life plan</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> is</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> in place</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> that offers limited medical and life insurance benefits to the retirees, </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">frozen to new participants</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> A</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for these</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> plan</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">5.6</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
<td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 1px;" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">primarily of </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retiree</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s,</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">investments in </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">debt and </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">equit</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">y instruments</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for the purposes of credited service as well as determination of final average pay. As of December 31, 202</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">the plan was overfunded and the net assets related to this plan amounted to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">10.8</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">million</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></td> </tr> </tbody> </table> </div> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<br/><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">(<span>3</span>)</span><span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"> &#160; &#160; &#160; </span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">O</span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">ther long-</span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">term benefits</span>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During <span>2007</span>, Tenaris launched an</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">employee retention and long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">term incentive program</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Program&#8221;) applicable to certain senior officers and employees of the Company, who will be granted a number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits throughout the duration of the Program. The value of each of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits is based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders&#8217; equity (excluding non-cont</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rolling interest). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Until </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2017</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ratably over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a period of <span style="border-left: none; border-right: none;">four years</span> and were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mandatorily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> redeemed by the Company <span style="border-left: none; border-right: none;">ten years</span> after grant date, with the option of an early redemption at <span style="border-left: none; border-right: none;">seven years</span> after</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> grant date.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Since</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2018</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">units </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ratably over the same period and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mandatorily redeemed by the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Company <span style="border-left: none; border-right: none;">seven years</span> after grant date.</span></p>
<div>
<div id="t_ft_KQ7U20T3K000000000000000000000b">
 </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he beneficiaries of the Program are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entitled to receive cash amounts based on: (i) the amount of dividend payments made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The payment of the benefit is tied to the book value of the shares, and not to their market value.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris valued this long-term incentive program as a long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">term benefit plan as classified in IAS <span>19</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Employee Benefits&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the outstanding liability corresponding to the Program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">119.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">94.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively. The total value of the units granted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(vested and unvested) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to date under the program, considering the number of units and the book value p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">er share as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, is $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">144.0</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">123.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font: 10pt 'Times New Roman';"> &#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Termination benefits</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <span>37</span> involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>5</span>)</span><span style="font: 7.0pt 'Times New Roman';">&#160; &#160; &#160;&#160;<span style="font-size: 10pt;">&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Other compensation obligations</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Employ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee entitlements to annual leave, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-service leave</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, sick leave and other bonuses and compensations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> obligations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are accrued as earned.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Q</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Provisions </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as a result of past events, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a potential loss from a claim or proceeding is considered probable and the amount can be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">reliably</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> estimated, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As the scope of liabilities become better defined, there may be changes in the estimates of future costs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which could have a material adverse effect on its results of operations, financial condition and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">cash flows.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This note should be read in conjunction with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">R&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade and other payables </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">subsequently measured at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed cost. They are presented as current liabilities unl</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ess payment is not due within <span>twelve</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> months after the reporting period.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> short-term nature </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">heir carrying amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considered to be the same as their fair value. </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">S</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Revenue recognition </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> rendering of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> services in the ordinary course of Tenaris&#8217;s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue is recognized at a point in time or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The control </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> transfer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">red</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">upon</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> delivery.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These conditions are determined and ana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lyzed on a contract by contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> basis to ensure that all performance obligations are fulfilled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">For bill and hold transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">does not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> have the ability to use the product or to direct it to another customer; (d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">) the usual payment terms apply.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company&#8217;s contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> with customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> do not provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and right</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of return</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are based o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n expected value considering past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and contract conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost plus margin.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations. </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris provides services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> primarily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> related to goods sold, which represent a non-material portion of sales revenue and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">include:</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Pipe Management Services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Field Services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comprises</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">field technical support and running assistance.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rendered in connection to the sales of goods and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">also </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">provide</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> hydraulic fracturing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> coiled tubing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and coating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">services. The revenue related to these services is included in the Other segment.</span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he following in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">puts and outputs methods are applied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to recognize revenue</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering the nature</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of service</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Storage services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ompany provides storage services in owned or third-party warehouses, subject to a variable fee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to be invoiced. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">his fe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e is determined based on the time that the customer maintains the material in the warehouse and th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the revenue </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">on a pro rata basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">units delivered and time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> elapsed.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Field services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the revenue i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s recognized considering output</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> method</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, in particular surveys of service comple</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tion provided by the customer.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds <span>one</span> year. As a consequence,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering that the contracts do not include any significant financing component,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the Company does not adjust any of the transaction pric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other revenues earned by Tenaris are recognized on the following basis:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Interest income: on the effective yield basis. </span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividend income from investments in other companies: when Tenaris&#8217;s right to receive payment is established.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net income from other sales: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">when contro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">l is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to the customer.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Construction / coating c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ontracts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revenues</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with the stage of the project completion.</span></li> </ul>

<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">T</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cost of sales and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">other selling expenses</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost of sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other selling</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">expenses are recognized in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement on the accrual basis of accounting.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Commissions, freight</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and other selling expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including shipping and handling costs, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recorded</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">elling, general and administrative expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Consolidated I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;">&#160; &#160; &#160;&#160;</h4>

<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">U</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Earnings per share</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Earnings per share are calculated by dividing the income attributable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the shareholders&#8217; equity</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">monthly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">weighted average number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">common</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">outstanding</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> during the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no dilutive potential ordinary shares.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>

<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">V</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">F</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">inancial instruments</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s and trade and other payables.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company classifies its financial instruments according to the following measurement categories:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">those to be measured at amortised cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The classification depends on the Company&#8217;s business model for managing the financial assets and contractual terms of the cash flows.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.</span></p>
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<div id="t_ft_VX4Z3F9HCW00000000000000000000b">
 </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsequent measurement of debt instruments depends on the Company&#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are <span>three</span> measurement categories into which the Company classifies its debt instruments:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Amortized Cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Fair value through oth</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">er comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Fai</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">r value through profit and loss</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quity instruments are subsequently measured at fair value.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Accounting for derivative financial instruments and hedging act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ivities is included within the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ection III, Financial Risk Management.</span></p>  <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651197520">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>III. FINANCIAL RISK MANAGEMENT</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory', window );">III. FINANCIAL RISK MANAGEMENT</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">iii</span><span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">.</span> <span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Financial risk management</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The multinational nature of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> operations and customer base expose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompany </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a variety of risks,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> mainly related to market risks (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">including the effects of changes in foreign currency exchange rates and interest rates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, credit risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and capital</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In order to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">manage the volatility related to these exposures, management evaluates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">exposures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on a consolidated basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tak</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> advantage of exposure netting. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company or its subsidiaries may </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">then </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enter into various derivative transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in order</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prevent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> potential adverse impacts on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">performance</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Such derivative transactions are executed in accordance with internal policies and hedging practices.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">A. Financial </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">r</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">isk </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">f</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">actors</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(i) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Capital risk m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">anagement</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is seeks to maintain a low</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> debt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to total </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity ratio considering the industry and the mark</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ets where it operates. The year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">end </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ratio of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">debt </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to total </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(where </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">debt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> comprises financial borrowings and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">total </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is the sum of financial borrowings and equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.03</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.05</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The Company does not have to comply with regulatory capital adequacy requirements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(ii)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Foreign exchange risk </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. Since the Company&#8217;s functional currency is the U.S. dollar the purpose of Tenaris&#8217;s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s exposure to currency fluctuations is reviewed on a periodic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consolidated basis. A number of derivative transactions are performed in order to achieve an efficient </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">coverage in the absence of operative or natural hedges. Almost all of these transactions are fo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rward exchange rates contracts. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ee </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>26</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris does not</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In the case of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> functional currencies other than the U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the results of hedging activities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> reported in accordance with IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> may not</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reflect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> entirely</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> management&#8217;s assessment of its foreign exchange risk hedging program. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ntercompany balances between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries may generate financial gains (losses) to the extent that functional currencies differ.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> financial assets and liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ubject to changes arising from</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the variation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign currency</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exchange rates. The following table </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">provides</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a breakdown of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">main financial assets and liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(including foreign exchange derivative contracts) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which impact the Company&#8217;s profit and loss </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 78px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> All amounts Long / (Short) in thousands of U.S. dollars </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> As of December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Currency Exposure / Functional currency </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Argentine Peso / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (134,716 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (126,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Euro / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (203,608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (42,458 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabian Riyal / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (181,931 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (74,183 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
 </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The main relevant exposures correspond to:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li class="mylistitemclass" style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Argentine Peso / U.S. dollar</span></span></li> </ul>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consisting primarily of Argentine Peso-denominated financial, trade, social and fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of <span>1</span>% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-align: justify;"><br/></p>
<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li class="mylistitemclass" style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;">Euro / U.S. dollar</span></span></li> </ul>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and <span>2022</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">dollar. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">A change of <span>1</span>% in the EUR/USD exchange rate would have generated a pre-tax gain / loss of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively, which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&#8217;s net equity position.</span></p>
<ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;">
<li class="mylistitemclass" style="font-family: Wingdings; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;">Saudi Arabian Riyal / U.S. dollar</span></span></li> </ul>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> consisting primarily of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Saudi Arabian Riyal-denominated financial and trade payables</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. The Saudi Arabian Riyal is tied to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> U.S.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> dollar.</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 17.85pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Considering the balances held as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous <span>1</span>% favorable / unfavorable movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d be a pre-tax gain / loss of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6.7</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million (including a loss / gain of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million due to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which would be partially offset by changes to Tenaris&#8217;s net equity position of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> For balances held as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, a simultaneous <span>1</span>% favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (including a loss / gain of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million due to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which would have been partially offset by changes to Tenaris&#8217;s net equity position of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris based its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">sensitivity analysis on a 1% variance for information purposes only, enabling the analysis to any particular variance.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(iii) </span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Interest rate risk</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 17.85pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris is subject to interest rate risk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> its investment portfolio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and its debt</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Company may choose to enter into </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">foreign exchange derivative contracts and / or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">interest rate swaps to mitigate the exposure to changes in the interest rates. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">table </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">summarizes</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the proportions of variable-rate and fixed-rate debt as of each year end</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-left: none; border-right: none;">

<div style="line-height: 1.2;">
<div id="t_ft_HIB39DURDS00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> As of December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> In thousands of U.S. dollars </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> In thousands of U.S. dollars </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fixed rate <sup>(*) </sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 294,946 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 51% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 497,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 68% </span></p> </td>
<td style="padding: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Variable rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 288,491 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 230,873 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 32% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 9pt;"><sup>(*)</sup> <span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Out of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">294.9</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion fixed rate </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">borrowings,</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">271.1</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion are short-term</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></p>  </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
 </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company estimates that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> if</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> market</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> interest rates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> applicable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> borrowings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">had</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> been <span>100</span> basis points higher</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">then the additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pre-tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> would </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">have been </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6.4</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris based its interest rate sensitivity analysis on a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>100</span> basis points</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> variance for information purposes only, enabling the analysis to any particular variance.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(iv) </span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Credit risk</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">No single customer comprised more than 10% of Tenaris&#8217;s net sales in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">maintains</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> a strong, longstanding relationship with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Petr&#243;leos</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Mexicanos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pemex</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>one</span> of the world&#8217;s largest crude oil and condensates producers and <span>one</span> of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> largest customers. Over the past several months, Pemex has delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit exposure to Pemex, which represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">% of the Company&#8217;s overall credit exposure as of December 31, 2023. The Company has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer. Although the parties are in continuous conversations and Pemex is making partial payments on a periodic basis, at this stage the Company cannot predict whether or not its exposure to Pemex will be reduced, or the timing for any such reduction.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s credit policies related to sales of products and services are designed to identify customers with acceptable credit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to minimize credit risks </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> See s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ection II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">K</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2,480.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. Trade receivables ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> guarantees under credit insurance of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">212.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, letter of credit and other bank guarantees of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">48.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">verdue trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">679.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, overdue guaranteed trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">24.4</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million; and the allowance for doubtful accounts amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">49.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> trade receivables amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2,493.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. Trade receivables ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> guarantees under credit insurance </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">231.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, letter of credit and other bank guarantees of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">34.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">verdue trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">544.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, overdue guaranteed trade receivables amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">28.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million; and the allowance for doubtful accounts amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">45.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management believes that b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">oth the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(v) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Counterparty risk</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">91%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> of Tenaris&#8217;s liquid financial assets correspond</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> to Investment Grade-rated instruments as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, in comparison with approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">80%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Liquidity risk</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> financing strategy </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s to maintain adequate financial resources and access to additional liquidity. During <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">appropriate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">access to market for short-term working capital needs.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Liquid financial assets as a whole (comprising cash and cash equivalents and other investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">19%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> total asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s at the end of <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has a conservative approach to the management of its liquidity, which consists of i)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cash and cash equivalents (cash in banks, liquidity funds and investments</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">maturity of less than <span style="border-left: none; border-right: none;">three months</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">at the date of purchase), and ii) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ther </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nvestments (fixed income securities, time d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">eposits, and fund investments).</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris holds primarily investments in money market </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">funds and variable or fixed-rate securities from investment grade issuers. </span></p>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">Tenaris holds its investments primarily in U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">dollars. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, U.S. dollar denominated liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">94%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">87%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">of total liquid financial assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(vii) </span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Commodity price risk</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not in excess of <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span>one</span> year</span></span>, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">n general hedging for these risks is performed on a limited basis.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">B. Category of financial instruments and classification w</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ithin th</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">e fair value h</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ierarchy</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As mentioned in note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">V</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through othe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and fair </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">value through profit and loss</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For financial instruments that are measured in the statement of financial position at fair value, IFRS <span>13</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Fair value measurement&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Level <span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Quoted prices (unadjusted) in active markets for identical assets or liabilities.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Level <span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Inputs other than quoted prices included within Level <span>1</span> that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Level <span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).<br/></span></p>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following tables present the financial instruments by category and levels as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2023 </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 18%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,637,821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,414,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,969,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,073,465 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> U.S. Sovereign Bills </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Certificates of deposits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Commercial papers </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Non-U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Corporates securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Mutual Fund </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other Investments Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 405,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Receivables C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 414,778 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 321,634 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 4,884,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 1,232,501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 479,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 1,695,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Borrowings C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other liabilities C and NC (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;">693,913</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;">86,240</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;">86,240</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">86,240</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">86,240</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">86,240</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">607,673</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Lease Liabilities C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 1,825,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 97,390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">86,240</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><sup>(*)</sup> <span>Includes liability related to share buyback program. See note <span>37</span> to these Consolidated Financial Statements.</span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div>
 </div>
<div id="t_ft_I8R79O5E4G00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 487px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 13.9912%;">
<p style="margin: 0pt;"><br/></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 34.3152%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 30.9278%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 13.9912%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.9838%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,091,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.5729%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 668,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.24742%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.65832%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 422,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 422,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 438,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 182,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 59,308 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 242,296 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Certificates of deposits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 36,167 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 36,167 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Commercial papers </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 19,785 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 19,785 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 18px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 140,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 140,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 211,953 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 182,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 28,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 211,953 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Non-U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 108,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 79,345 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 28,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 108,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Corporates securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 103,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 103,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 103,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Mutual Fund </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other Investments Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 119,902 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Receivables C and NC (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 395,531 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 105,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 154,056 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 105,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 241,475 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 3,464,157 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 345,221 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 519,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 778,729 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 54,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Borrowings C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,179,457 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,179,457 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Lease Liabilities C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 2,020,396 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt;"><sup><span style="line-height: inherit;">(*) </span></sup></span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes balances related to interest in Venezuelan companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ee n</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ote</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>35</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements.</span></span></span></p> </div>  </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div>
 </div>
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">here were no transfers between l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> during the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of financial instruments traded in active markets is based on quoted market prices at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reporting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm&#8217;s length basis. The quoted market price used for financial assets held by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is the current bid price. These instruments are included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span> and comprise primar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">il</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">y corporate and sovereign debt securities.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">three months</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">orward and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nterest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ate derivative in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">truments) is determined by using valuation techniques</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> which</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> maximiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e the use</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of observable market data when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> available and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the instrument is included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel <span>2</span>.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris values its assets and liabilities included in this level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied volatilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">obtained </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">from market contributors as of the valuation date.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">If <span>one</span> or more of the significant inputs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not based on observable market data, the instruments are included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel <span>3</span>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company&#8217;s best estimate on how market participants would price the asset or liability at measurement date. <span><span dir="ltr">Main balances in this level include a liability related to the shares to be settled under the share buyback program recognized during the period. For more information see note <span>37</span>.</span></span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table presents the changes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">L</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">evel <span>3</span> assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-left: none; border-right: none;">

<div style="border-left: none; border-right: none;">
<div id="t_ft_Q7IX9T1HS000000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 102px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 54,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 56,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; padding: 0px 0px 0px 7px; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Decrease <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (47,467 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (181 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 54,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="font-size: 8pt;"><sup>(*)</sup><span style="font-family: 'times new roman', times; font-size: 9pt;"> <span><span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">For <span>2023</span>, r</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; text-decoration: none; font-weight: normal; color: black;">elated to the sale of Venezuela awards. For more information see notes <span>6</span> and <span>35</span></span>.</span></span></span></span></span></span></span></p>  </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div>
 </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">C</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">. </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair value estimation</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair values of quoted investments are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> generally</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on current bid prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation techniques. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of all outstanding derivatives is determined using speci</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fic pricing models that include</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> inputs that are observable in the market or can be derived from or corroborated by observable data.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Borrowings are classified under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">other financial liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and measured at their amortized cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Tenaris estimates that the fair value of its main financial liabilities is approxi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">99.8%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">99.2%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of its carrying amount </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">inc</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">luding interests accrued</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">cash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">flows.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The carrying</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amount of investments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> valuated at amortized cos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t approximates its fair value.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">D. Accounting for derivative financial instruments and hedging activities</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools are used for calculation of each instrument&#8217;s fair value and these tools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates matching the nature of each underlying risk. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Financial Results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris designa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tes certain derivatives </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">as hedges of particular risks associated with recognized assets or liabilities or highly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Tenaris&#8217;s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial position.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For transactions designated and qualifying for hedge accounting, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertak</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ing various hedge transactions.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris also documents its assessment on an ongoing basis, of whether the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">hedging instrument</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are highly effective in offsetting changes in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">fair value or cash flow of hedged items.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the effective portion of designated cash flow hedges </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">which is included</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other Reserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in equity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to </span><span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">8.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">credit</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">13.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">credit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair values of various derivative instruments used for hedging purposes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and the movements of the hedging reserve included within </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other Reserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in equity </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">disclosed in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ote</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>26</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the entity's financial risk management practices and policies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596330224">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsAbstract', window );"><strong>Note 1 - Segment information</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory', window );">Note 1 - Segment information</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span>1</span></span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Segment information</span></p>
<p style="line-height: 8pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As mentioned in sectio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">egment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nformation is disclosed as follow</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Reportable operating segments</span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">(All amounts in millions of U.S. dollars</span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">)&#160;</span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 204px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (134 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (9 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,316 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 221 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 95 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,633 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 14,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 14,869 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 518 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 31 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 549 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div id="t_ft_7OPW9RNHNK00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; text-indent: 0px; height: 238px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,772 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 44 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 74 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,963 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (6 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,957 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 209 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 11,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 630 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 11,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table> </div>

<p style="margin: 0pt; text-align: justify;"><br/></p>
<div id="t_ft_EVIUJKWQLS00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 221px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2021 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 178 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 65 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 243 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 473 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 730 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 513 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,243 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 5,994 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 528 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 6,521 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 575 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 595 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Transactions between segments, which were eliminated in consolidation,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly related to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> sales of scrap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, energy, surplus raw materials and others</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> from the Other segment to the Tubes segment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">98.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">77.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">45.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no material differences between IFRS and management view in total revenues and by reportable segments.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> minor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> timing differences.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The main difference in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating income (expenses)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">, net</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ended </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December 31</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>2022</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is attributable to t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes&#8217; definitive cease of operations, not impacting the management view.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In addition to the amounts reconciled above, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Geographical information</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 423px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> North America </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> South America </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Europe </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Asia Pacific, Middle East and Africa <span style="font-size: 8pt; line-height: inherit;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Unallocated <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,765,130 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,382,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,175,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,545,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,868,860 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,210,620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,751,121 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,839,378 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,671,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,081,895 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,222,635 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 447,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 278,077 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 532,798 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,676,352 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,143,752 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 794,242 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 463,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,078,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 214,932 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 246,061 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 119,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,632 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 619,445 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 307,139 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 115,156 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 74,862 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 51,353 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 548,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,902,787 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,550,402 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,000,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,308,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,762,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,018,386 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,896,403 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,071,624 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,023,187 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,550,246 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,371,717 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 583,223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 202,753 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 336,247 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,548,844 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,031,423 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 706,539 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 269,457 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,556,263 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 118,644 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 176,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 62,143 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 378,446 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 348,550 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 125,324 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 57,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 607,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2021 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,360,345 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,311,279 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 742,463 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,107,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,521,207 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,992,946 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,399,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,727,573 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 945,690 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,383,774 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,449,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 652,483 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 234,800 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 180,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 231,274 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,299,072 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,805,912 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 984,413 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 742,461 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 292,015 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,824,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 106,118 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,344 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,333 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 239,518 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 307,116 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 125,781 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 89,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 72,157 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 594,721 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(*) </span></sup><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light';"> and</span><span style="font-family: 'Frutiger 45 Light';"> Middle East and Africa segments were merged in a single geographical segment.</span></span></span></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(**)</span></sup><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';"><span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="font-family: 'Frutiger 45 Light';"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">See n</span><span style="font-family: 'Frutiger 45 Light';">ote </span><span style="font-family: 'Frutiger 45 Light';"><span>14</span></span><span style="font-family: 'Frutiger 45 Light';"> t</span><span style="font-family: 'Frutiger 45 Light';">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light';"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no revenues from external customers attributable to the Company&#8217;s country of incorporation (Luxembourg). </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The principal countries from which the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ompany derives its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revenues are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USA</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">39%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">15%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Mexico, Canada, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Brazil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">26%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">22%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">23%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> respectively.</span></p>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tubes segment revenues by market:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(All amounts in millions of U.S. dollars)</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 68px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Revenues Tubes </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Oil &amp; gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,488 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,895 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Oil &amp; gas processing plants </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 738 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Industrial, power and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 879 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 852 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 640 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 14,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 11,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,994 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the Company recognized contract liabilities related to customer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> advances in the amount of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">263.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">242.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">92.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Each of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">se</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re reclassified to revenues during the subsequent year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. In these periods, no significant adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in revenues were performed related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">previously satisfied </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">performance obligations.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for operating segments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IFRS08_g20-24_TI<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651170944">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Cost of sales<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCostOfSalesAbstract', window );"><strong>Note 2 - Cost of sales</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCostOfSalesExplanatory', window );">Note 2 - Cost of sales</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">2</span></span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cost of sales</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 302px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Inventories at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,986,929 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,672,593 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,636,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase in inventory due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 107,588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Decrease in inventory due to sale of subsidiaries </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,662</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Plus: Charges of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Raw materials, energy, consumables and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,277,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,772,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,841,551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Services and fees </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 437,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 293,490 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 208,472 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Labor cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,403,546 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,160,085 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 824,071 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of property, plant and equipment</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 424,373 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 465,849 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 448,843 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization of intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,582 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,754 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of right-of-use assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,352 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 33,244 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,910 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Maintenance expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 408,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 267,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 129,350 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for obsolescence</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,296 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 272,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 194,736 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40,887 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 216,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 178,691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 98,159 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,603,083 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,402,075 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,647,522 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Less: Inventories at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,921,097 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,986,929 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (2,672,593 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,668,915 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 7,087,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,611,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*) </span></sup><span><span style="font-family: 'Frutiger 45 Light';">Related </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>  </div> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the cost of sales. [Refer: Cost of sales]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651196288">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Selling, general and administrative expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">3</span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Selling, general and administrative expense</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">s</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 207px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Services and fees </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 163,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 148,331 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 115,303 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Labor cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 652,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 518,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 426,414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of property, plant and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,517 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,883 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 22,924 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization of intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40,761 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 59,018 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of right-of-use assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,925 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,975 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,525 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Freights and other selling expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 696,705 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 641,812 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 415,895 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Provisions for contingencies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,606 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowances for doubtful accounts&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (223</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,297</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 170,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 121,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,800 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 110,883 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 87,263 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 47,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,919,307 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,634,575 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,206,569 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>  <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of general and administrative expenses. [Refer: Administrative expenses]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547614926192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfLaborCostsAbstract', window );"><strong>Note 4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">Note 4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</a></td>
<td class="text">
<p style="margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">4&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>

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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Wages, salaries and social security costs </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,943,825 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,594,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,170,562 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Severance indemnities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,470 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,070 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,625 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits - defined contribution plans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,055 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits - defined benefit plans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,452 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 16,320 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,353 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee retention and long-term incentive program </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 51,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 25,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 25,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,056,366 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,678,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,250,485 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt;"><br/></p>
<div>
<div style="border-left: none; border-right: none;">
 </div> </div>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The following table shows the geographical distribution of the employees</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 221px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt;padding-right: 5.4pt;vertical-align: middle;height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 65%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Mexico </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,919 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Argentina </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,267 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,444 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,169 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USA </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,882 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,509 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Italy </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,187 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,136 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,011 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Romania </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,884 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,725 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Indonesia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,573 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Brazil </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,492 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,460 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,817 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Canada </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,195 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 944 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 758 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Colombia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,183 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 849 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 427 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 408 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,193 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,215 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 29,134 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 25,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 22,776 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>  <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Section Scope<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS19_g2-7_TI<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651182592">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Impairment charge<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory', window );">Note 5 - Impairment charge</a></td>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">5&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Impairment charge</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company conducts regular assessments of the carrying values of its assets. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recoverable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s based on the value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">use. The main key assumptions used in estimating the value in use are discount ra</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">te, growth rate and competitive,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> economic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and regulatory </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">factors applied to determine cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For purposes of assessing key assumptions, to estimate discounted future cash flows, the Company uses external sources of information and management judgment based on past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and expectations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management has determined the value of each of the key assumptions as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Discount rate: based on the applicable weighted average cost of capital (&#8220;WACC&#8221;), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets are allocated, a specific WACC was determined.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Growth rate: considers mainly the inflation impact on prices and costs, the long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">evolution</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#8217;s expected market penetration. In <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, a nominal growth rate of 2% was considered.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Oil and gas prices: based on industry analysts&#8217; reports and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">management&#8217;s expectations of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> market development</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Rig count: based on information published by Baker Hughes and management&#8217;s expectations.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">- Raw material costs: based on industry analysts&#8217; reports and management&#8217;s expectations.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Considering that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> recoverable amount of the cash-generating units</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obtained in prior year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">'</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tests</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the assets and liabilities making up those units have not changed significantly, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">nor</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the key assumptions mentioned above, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">concluded that impairment tests for previous years are still valid as of the end of the reporting period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In addition, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ompany has considered the impact of updating the main discount rates, applying rates in a range between 12.5% and 21.4%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the CGUs under analysis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the facts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mentioned above, the Company conclude</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that no impairment charge shall be recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the year <span>2023</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In December 2022, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in the presence of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">impairment indicator</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ompany conducted impairment tests</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and reviewed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the values </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain idle assets in its subsidiaries. The aforementioned analysis resulted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">impairment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> charge</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">76.7 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in $63.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;million to the Tubes segment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and $13.6 million to the Other s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">egment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he main discount rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> used were in a range between 13.4% and 20.2%.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> In <span>2022</span>, a nominal growth rate of 2% was considered.</span></p>
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<p style="margin: 0pt;"><br/></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In December 2021, as a result of the expected termination of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> joint venture</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at the time </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">represented an im</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">pairment indicator for its assets, an impairment test was conducted, resulting in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">charge of $57 million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">totally reduced</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the carrying amounts of p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">roperty, plant and equipment and intangible assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The total amount was allocated to the Tubes segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he main discount rate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> used were in a range between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">10.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">18.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">%.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> In <span>2021</span>, a nominal growth rate of 2% was considered.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS36_g126-137_TI<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547635159696">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">6&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Other operating income and expenses</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>

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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 9pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Other operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net income from other sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,960 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,161 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,694 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net rents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,702 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,084 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,314 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassification of currency translation adjustment reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 878 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,252 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax recovery in Brazilian subsidiaries </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,568 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bargain purchase gain </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,162 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Result on sale of Venezuela awards </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 33,341 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Recovery on allowance for doubtful receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 379 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 16,290 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 53,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 104,497 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 68,245 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Other operating expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Contributions to welfare projects and non-profit organizations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,538 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,697 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for doubtful receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 107 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Securities Exchange Commission investigation settlement </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,100 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other expense </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,628 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,595 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 17,273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 104,709 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 6,697 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other income, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 35,770 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 61,548 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; text-indent: -22.4pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Reclassification of currency translation adjustment reserve:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During <span>2022</span>, a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the income statement. For more information see not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>36</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Tax recovery in Brazilian subsidiaries</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On May 13, 2021, the Brazilian Supreme Court issued a final judgment confirming that in calculating PIS and COFINS (Federal Social Contributions on Gross Revenues), tax payers should exclude from its base the total output of ICMS, calculated on a gross basis. This decision led to a recognition of approximately $53 million tax credit in Brazilian subsidiaries, out of which $36 million were recognized in other operating income and $17 million in financial results (impacting in Finance Income and Finance Cost). In addition the tax charge related to this gain amounted to $12 million.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Bargain purchase gain:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;This gain relates to the&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> anticorrosion coating division acquisition. For more information see note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>34</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Acquisition of Anticorrosion Coating Assets in Italy</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Result on sale of Venezuela awards:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> For more information see not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>35</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On November 1, 2021, Tenaris&#160;sold&#160;100% of the shares of Geneva Structural Tubes LLC (&#8220;Geneva&#8221;) to MKK USA Inc., a subsidiary of Maruichi Steel Tube Ltd of Japan for an aggregate price of $24.3 million. The gain of this transaction amounted to approximately $6.8 million.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Securities Exchange Commission investigation settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Contingencies, commitments and restrictions to the distribution of profits - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Contingencies - Petrobras-related proceedings and claims</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.</span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547594864944">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial results<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">7&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Financial results</span></p>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="height: 183px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; margin-left: 0.1px;" width="100%">
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Interest income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 201,852 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; text-align: left;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 86,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,048 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,622 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (6,092 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Finance income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 213,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 80,020 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 38,048 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Finance cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (106,862 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (45,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (23,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net foreign exchange transactions results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 218,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,287 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net foreign exchange derivatives contracts results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,974 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (25,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7,966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (95,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (30,108 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,026 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other financial results, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 114,365 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (40,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,295 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net financial results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 220,977 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (6,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 22,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;">Finance Income: </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="font-family: 'Frutiger 45 Light';"> includes $</span><span style="font-family: 'Frutiger 45 Light';">61.2</span><span style="font-family: 'Frutiger 45 Light';"> million, $<span style="border-left: none; border-right: none;">33.0</span></span><span style="font-family: 'Frutiger 45 Light';">&#160;million and $</span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">3.3</span></span><span style="font-family: 'Frutiger 45 Light';"> million of interest related to instruments carried at FVPL, respectively. </span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2022</span> also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement of trade receivables.</span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2021</span> also includes $<span style="border-left: none; border-right: none;">18.0</span></span><span style="font-family: 'Frutiger 45 Light';"> million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see note <span>6</span> to these Consolidated Financial Statements.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;">Net foreign exchange transactions results: </span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2023</span> mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated </span><span style="font-family: 'Frutiger 45 Light';">net financial position</span><span style="font-family: 'Frutiger 45 Light';"> at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation against the U</span><span style="font-family: 'Frutiger 45 Light';">.</span><span style="font-family: 'Frutiger 45 Light';">S. dollar on</span><span style="font-family: 'Frutiger 45 Light';"> Brazilian denominated</span> <span style="font-family: 'Frutiger 45 Light';">net financial position</span><span style="font-family: 'Frutiger 45 Light';"> at subsidiaries with functional currency U.S. dollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by an increase in currency translation adjustment reserve from an Italian subsidiary.</span></span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2022</span> mainly includes </span><span style="font-family: 'Frutiger 45 Light';">result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated </span><span style="font-family: 'Frutiger 45 Light';">net financial position</span> <span style="font-family: 'Frutiger 45 Light';">at subsidiaries with functional currency U.S. dollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p>
<p style="background-color: #ffffff;line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>2021</span> mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on </span><span style="font-family: 'Frutiger 45 Light';">Argentine </span><span style="font-family: 'Frutiger 45 Light';">peso and</span><span style="font-family: 'Frutiger 45 Light';"> Japanese</span><span style="font-family: 'Frutiger 45 Light';"> yen denominated </span><span style="font-family: 'Frutiger 45 Light';">net financial position</span><span style="font-family: 'Frutiger 45 Light';"> at subsidiaries with functional currency U.S. dollar. </span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p>
<p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-size: 9pt;font-family: 'Frutiger 45 Light';font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">Net f</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">oreign exchange derivatives contracts results:</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> In <span>2023</span> includes mainly losses on derivatives covering net receivables in Brazilian real.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2022</span> includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.</span></p>
<p style="background-color: #ffffff; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2021</span> includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net receivables in Brazilian real.</span></p>
<p style="background-color: #ffffff; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;">Other: </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">In <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';"> includes a </span><span style="font-family: 'Frutiger 45 Light';">net </span><span style="font-family: 'Frutiger 45 Light';">loss </span><span style="font-family: 'Frutiger 45 Light';">of $94.7&#160;</span><span style="font-family: 'Frutiger 45 Light';">million</span><span style="font-family: 'Frutiger 45 Light';"> related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders. For more information see not</span><span style="font-family: 'Frutiger 45 Light';">e </span><span style="font-family: 'Frutiger 45 Light';"><span>29</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">In <span>2022</span> includes a loss of $29.8 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651334256">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Equity in earnings of non-consolidated companies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract', window );"><strong>Note 8 - Equity in earnings of non-consolidated companies</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory', window );">Note 8 - Equity in earnings of non-consolidated companies</a></td>
<td class="text">
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">8&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Equity in earnings of non-consolidated companies</span></p>
<p style="line-height: 10pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 129px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; margin-left: 0.1px; vertical-align: bottom; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> From non-consolidated companies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 104,897 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 242,743 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 512,591 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Remeasurement of previously held interest </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,506 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bargain purchase gain </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,487 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment loss on non-consolidated companies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (34,041 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net loss related to participation increase in Usiminas</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (25,486 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 95,404 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 208,702 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; padding: 0px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 512,591 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Remeasurement of previously held interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Bargain purchase gain</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year ended December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">11.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">elated to GPC acquisition. For more information see note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Acquisition of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Impairment loss on non-consolidated companies:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> For </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year ended December 31, 2022</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, $19.1 related to the investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and $14.9 related to the joint venture with PAO </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;).</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Net loss related to participation increase in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Investments in non-consolidated companies - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.&#160;&#160;</span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651177232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income tax<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Note 9 - Income tax</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"><span>9</span></span><span style="line-height: inherit;"><span>&#160; &#160; &#160; </span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;">Income tax</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current tax </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (868,695 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (589,706 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (215,467 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 193,739 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (27,530 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 26,019 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax charge </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (674,956 </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (617,236 </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (189,448 </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">No current tax impacts have arisen in the current Consolidated Financial Statements as of December 31, 2023, due to the application of Pillar <span>Two</span> rules, as they will be applicable as from <span>2024</span> in jurisdictions relevant for the Company.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, the Company has applied the exception prescribed by the amendments to IAS <span>12</span>, and therefore it has not recognized any deferred tax impact from the Pillar <span>Two</span> application.</span><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company is in the process of assessing its exposure to the Pillar <span>Two</span> legislation and testing its situation under the OECD transitional safe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">harbour</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rules and expects no major impacts in relation to top-up tax due to the application of <span>one</span> or more of the transitional safe </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">harbour</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> rules. </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Due to the complexities in applying the legislation and calculating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> income, the quantitative impact of the enacted legislation is not yet reasonably estimable.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: 1.2;"><br/></p>

<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The tax on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 204px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 34.7006%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,632,789 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,165,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,242,766 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.984413%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Less impairment charges (non-deductible) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 57,075 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Income before income tax without impairment charges </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,632,789 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,165,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,299,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tax calculated at the tax rate in each country </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,127,428 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (705,727 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (209,765 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Effect of currency translation on tax base </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (346,573 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (187,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (76,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Changes in the tax rates </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,535 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,422 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (29,881 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Utilization of previously unrecognized tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 787 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 29,560 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tax revaluation, withholding tax and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 796,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 249,539 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 125,275 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax charges </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (674,956 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (617,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (189,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Effect of currency translation on tax base</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris applies the liability method to recognize deferred income tax on temporary differences between the tax bases of assets / liabilities and their carrying amounts in the financial statements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax bases of the relevant assets will not result in any deduction / obligation for tax purposes in future periods.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Changes in the tax rates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">For the year <span>2021</span>, i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncludes mainly the effect of the increase in the corporate income tax rate in Argentina from 25% to 35%.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Tax revaluation, withholding tax and others</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ncludes a net tax</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> income of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">349.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">250.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">113.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively related to the tax revaluation regimes in Argentina and Mexico. It also includes a charge of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">164.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">21.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">22.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively related to withholding taxes for intra-group international operations.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additionally, it </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">includes $550.3 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> tax income for <span>2023</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to the recognition deferred tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> due to previous years&#8217; tax losses carried forward </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in Luxembourg</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For more information see note <span>22</span>.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88_TI<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651334256">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10 - Dividends distribution<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDividendsDistributionAbstract', window );"><strong>Note 10 - Dividends distribution</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDividendsExplanatory', window );">Note 10 - Dividends distribution</a></td>
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<p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"><span>10</span></span><span style="line-height: inherit;"><span>&#160; &#160; &#160; &#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;">Dividends distribution</span><br/></p> </div>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the Company&#8217;s Board of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Directors approved an interim dividend of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">0.20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;per </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">outstanding </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">share ($</span><span style="border-left: none; border-right: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">0.40</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> per ADS), or approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">235</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, pa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">id</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on November </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, with an ex-dividend date of November </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>0</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On May 3, 2023, the Company&#8217;s shareholders approved an annual dividend in the amount of $0.51 per share ($1.02 per ADS). The amount approved by the shareholders included the interim dividend previously paid on November 23, 2022 in the amount of $0.17 per share ($0.34 per ADS). The balance, amounting to $0.34 per share ($0.68 per ADS), was paid on May 24, 2023, for an amount of approximately $401 million. In the aggregate, the interim dividend paid in November 2022 and the balance paid in May 2023 amounted to approximately $602 million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On May 3, 2022, the Company&#8217;s shareholders approved an annual dividend in the amount of $0.41 per share ($0.82 per ADS). The amount approved included the interim dividend previously paid on November 24, 2021 in the amount of $0.13 per share ($0.26 per ADS). The balance, amounting to $0.28 per share ($0.56 per ADS), was paid on May 25, 2022, for an amount of approximately $331 million. In the aggregate, the interim dividend paid in November 2021 and the balance paid in May 2022 amounted to approximately $484 million.</span></p> </div> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651182592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Property, plant and equipment, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Note 11 - Property, plant and equipment, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Note 11 - Property, plant and equipment, net</a></td>
<td class="text">
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt;"><span style="border-left: none; border-right: none;"><span><b>11</b></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">Property, plant and equipment, net</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt;"><br/></p>
<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 201px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Work in progress </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 29%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 815,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,857,494 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 402,485 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 252,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 55,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,383,647 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 53,282 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,675 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,462 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 58,481 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64,413 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 256,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 831 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,838 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 393,981 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 330 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 546,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,671 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 570,997 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 435,550 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 22,530 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (471,381 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,270 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,443 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (68,613 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,428 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,710 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,562 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (92,756 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 889,957 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 13,538,273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 416,913 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 396,103 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 71,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 15,313,080 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 152,272 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,313,971 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 340,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,827,384 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,074 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,584 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 105 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40,153 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 411,861 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 445,890 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (16 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (391 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (380 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (67,471 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (78,146 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 164,894 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,696,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 351,309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 22,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 9,234,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 725,063 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,842,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 65,604 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 396,103 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 49,180 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 6,078,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 34.85pt; text-align: justify; text-indent: -34.85pt;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-weight: normal; vertical-align: super;"><span style="font-size: 9pt;">(*)</span> </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Related </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">.</span></span></span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 270px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Work in progress </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; width: 29%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 830,104 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,064,541 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 420,930 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 147,429 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 59,522 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,522,526 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,601 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (71,347 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,838 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 376 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (174 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (74,584 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 187 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 187 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,271 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 734 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 334,912 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,150 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 346,067 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,829 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 184,915 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 16,221 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (227,153 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (16,188 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (22,569 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (322,886 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (33,562 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,372 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,972 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (394,361 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 815,763 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 12,857,494 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 402,485 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 252,379 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 55,526 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 14,383,647 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation and impairment </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 139,941 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,199,724 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 353,639 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,421 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,697,725 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (289 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (51,283 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,756 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 130 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (53,198 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,577 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 432,648 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,022 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,485 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 487,732 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,506 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (215 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,723 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment charge (See note <span>5</span>) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 75,722 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 321 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,043 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 13px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (955 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (321,334 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (32,485 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,421 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (359,195 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 152,272 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,313,971 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 340,526 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 20,615 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,827,384 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 663,491 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,543,523 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 61,959 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 252,379 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 34,911 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,556,263 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span><span><span style="font-family: 'Frutiger 45 Light';">Related</span> <span style="font-family: 'Frutiger 45 Light';">to</span><span style="font-family: 'Frutiger 45 Light';"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light';">acquisition</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>  </div>
<p style="font-family: 'times new roman', times; line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';"><br/></span></span></p>
<div style="font-family: 'times new roman', times;">
 </div>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">See note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>28</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for a description of certain restricted assets with a carrying value of $56.2 million held in Saudi Arabia by the Company&#8217;s subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, in which Tenaris holds a 47.79%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">include</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">capitalized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> net amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">28.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">30.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">were no</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">new </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">capitalized during <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 11pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Government grants recognized as a reduction of property, plant and equipment were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material for the years <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 11pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For the year <span>2023</span>, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he carrying amount of assets pledged as security for current and non-current borrowings amounted to $89.6 million held in Saudi Arabia by the Company&#180;s subsidiary GPC, in which SSPC holds a 57.3%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For the year <span>2022</span>, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he carrying amount of assets pledged as security for current and non-current borrowings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material.&#160;</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS16_g73-79_TI<br> -URIDate 2023-03-23<br></p></div>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651168528">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Intangible assets, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="line-height: inherit;"><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt;"><b>12&#160; &#160; &#160;&#160;</b></span></span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold; line-height: inherit;">Intangible assets, net</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><br/></p>

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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 41%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 614,474 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 550,991 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,469,726 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,762,042 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,397,233 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,233 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 39 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,274 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 18px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(**)</span></sup></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 105 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 116 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18,616 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 28,638 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,475 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additions </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 39,375 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,073 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 48,448 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 437 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 367 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 804 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,737 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,737 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Values at the end of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 648,887 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 560,549 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,488,381 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,790,680 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,488,497 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amortization and impairment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 561,119 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 398,417 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,384,674 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,720,515 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,064,725 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,140 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,141 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charge </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 21,285 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,799 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,259 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 52,343 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (86 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (86 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,736 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,736 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Accumulated at the end of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 576,722 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 407,217 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,384,674 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,742,774 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,111,387 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 72,165 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 153,332 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,103,707 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 47,906 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,377,110 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><sup>(*)</sup> <span><span style="border-right: none; border-left: none;">Includes Proprietary Technology.</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><sup>(**) </sup></span><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></span></span></span></span></span></span></p>
<div style="border-left: none; border-right: none;">

<p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.8777%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Licenses, patents and trademarks </span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 8pt;"><sup>(*)</sup></span></p> </td>
<td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 650,155 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 547,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,468,638 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,211,151 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,877,471 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,626 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,088 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,538 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations<span style="font-size: 8pt;"><sup> (**)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,427 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 952 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 32,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,535 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,535 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disposals </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(***)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (58,947 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (449,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (509,563 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 614,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 550,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,469,726 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,762,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,397,233 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amortization and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 599,307 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 391,223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,383,994 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,130,771 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,505,295 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,496 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,496 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,701 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 38,853 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 70,772 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment charge (See note <span>5</span>) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 680 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 682 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disposals </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(***)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (58,912 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (449,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (509,528 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 561,119 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 398,417 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,384,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,720,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,064,725 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 53,355 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 152,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,085,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 41,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,332,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes Proprietary Technology.</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(**)</span><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt; line-height: inherit;">(***)</span></span><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">fully depreciated assets following the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">deconsolidation of a Canadian subsidiary of the Company.</span></span></span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The geographical </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">allocation of goodwill </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ended December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">944.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for North America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">111.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for South America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">33.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Asia Pacific, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Middle East &amp; Africa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">15.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million for Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The carrying amount of goodwill allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by CGU, as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, was as follows: </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (all amounts in millions of U.S. dollars) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 51.9231%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 22.4852%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tubes Segment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other Segment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 51.9231%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> CGU </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hydril Acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 51.9231%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tamsa </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 19 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.47929%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 365 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Siderca </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 93 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 358 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Hydril </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 58 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 920 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 170 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,104 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> </div>  <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS38_g118-128_TI<br> -URIDate 2023-03-23<br></p></div>
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<tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547675396352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Right-of-use assets, net and lease liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Note 13 - Right-of-use assets, net and lease liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfLeasesExplanatory', window );">Note 13 - Right-of-use assets, net and lease liabilities</a></td>
<td class="text">
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">13&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Right-of-use assets, net and lease liabilities</span></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Right of use assets evolution</span></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 348px;" width="100%">
<tbody>
<tr style="height: 65px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 29.6296%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.2222%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 11.7037%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0741%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.18519%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.88889%; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 125,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,291 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200,720 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 99 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 243 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 263 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 605 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,803 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 37 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,886 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,066 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,732 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,486 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 61,324 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (12,806 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 66,464 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 148,380 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 43,217 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 261,729 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 52,794 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 88,979 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 34 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 134 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 368 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,663 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,685 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,316 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 613 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 50,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,638 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,033 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 27,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 75,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 25,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 823 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 129,591 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 38,492 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 72,813 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 17,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,845 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 132,138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Times New Roman';">(*) </span></sup></span><span><span style="font-size: 9pt;"> <span style="font-family: 'Frutiger 45 Light';">Related to the GPC and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></span></span></p> </div>
<p style="font-size: 10pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 327px;" width="100%">
<tbody>
<tr style="height: 55px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 55px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,082 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 131,816 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 198,154 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 52 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (417 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (779 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,872 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 31,778 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 56,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (5,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,483 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,270 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (36,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,705 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (53,161 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 43,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 125,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 30,291 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 200,720 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,005 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 54,727 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 89,416 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (9 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (139 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (251 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 32,767 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 49,219 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,974 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,054 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (35,992 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (49,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 52,794 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 17,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 88,979 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 24,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 72,883 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 13,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 111,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr> </tbody> </table> </div>

<p style="font-size: 10pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Depreciation of right-of-use assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> mainly included in Tubes segment. </span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<div>
 </div>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Lease liability evolution</span></p>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 163px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 117,285 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,148 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,237 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,922 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 61,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 56,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cancellations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (5,207 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 14px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Repayments </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (54,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (55,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,473 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,436 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 13.3333px;"><span style="font-size: 8pt;"><sup>(*)</sup></span> </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></sup></span><span><span style="border-left: none; border-right: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';"> i</span><span style="font-family: 'Frutiger 45 Light';">nclude</span><span style="font-family: 'Frutiger 45 Light';">s</span> <span style="font-family: 'Frutiger 45 Light';">repayments of </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">51.5</span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">in capital </span><span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">3.4</span><span style="font-family: 'Frutiger 45 Light';"> million</span><span style="font-family: 'Frutiger 45 Light';"> of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></span></p>
<p style="font-size: 9pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">F</span><span style="font-family: 'Frutiger 45 Light';">or <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> includes repayments of $</span><span style="font-family: 'Frutiger 45 Light';">52.4</span><span style="font-family: 'Frutiger 45 Light';"> million in capital and $</span><span style="font-family: 'Frutiger 45 Light';">3.5</span><span style="font-family: 'Frutiger 45 Light';"> million of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p>
<p style="font-size: 10pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he amount of remaining payments with maturit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ies of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> less than <span>1</span> year, between <span>2</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>5</span> years and more than <span>5</span> years was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">28%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">45%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">27%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he amount of remaining payments with maturit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ies of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> less than <span>1</span> year, between <span>2</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>5</span> years and more than <span>5</span> years was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">25%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">48%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">27%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> relat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">leases of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">elling, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">g</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">eneral and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">dministrative </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">xpense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> not material for the years <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Section Presentation<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g47-50_TI<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g51-60_TI<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547641224000">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Investments in non-consolidated companies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesAbstract', window );"><strong>Note 14 - Investments in non-consolidated companies</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInterestsInOtherEntitiesExplanatory', window );">Note 14 - Investments in non-consolidated companies</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">14</span></span>&#160; &#160; &#160; &#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Investments in </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">non-consolidated</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> companies</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 24.1983%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,383,774 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.02041%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 110,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 79,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 242,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment loss in non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (34,041 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Dividends and distributions declared </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (69,216 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (64,189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Acquisition of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Decrease due to step-acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (23,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (Decrease) / increase in equity reserves and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (52,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Equity in earnings of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: Includes a loss of $25.5 related to the participation increase in Usiminas and does </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> include $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">11.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to GPC acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> since May 17, 2023, which is the date of its consolidation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Impairment loss in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Includes an impairment of $19.1 million related to the investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and $14.9 million related to the joint venture with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> PAO</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Severstal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Dividends and distributions declared</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Related to Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. During </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">68.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">66.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were collected</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to the investment in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<div>
 </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Decrease due to step-acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">R</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">elated to GPC acquisition. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The principal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">non-consolidated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> companies are:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">

<table cellpadding="0" cellspacing="0" style="height: 125px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % ownership at December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Book value at December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Country of incorporation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a) Ternium </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 30%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Luxembourg </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11.46% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11.46% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,430,616 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,363,607 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span> <span style="font-size: 8pt; line-height: inherit;"><sup><span>(**)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Brazil </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="display: inline;">3.96</span>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3.07% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 123,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 109,534 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> c) Techgen </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mexico </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22.00% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22.00% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 53,556 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 41,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d) Global Pipe Company </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(***)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 57.30% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35.00% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 978 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,977 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(*)</sup><span><span style="font-size: 9pt;">Including treasury shares.</span></span><br/></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(**)</sup><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;">At December 31, 2023 the voting rights were 6.76% and at December 31, 2022 were 5.19%.</span></span></span></span></span></span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(***)</sup><span><span style="font-size: 9pt;">Consolidated as from May 17, 2023.</span></span></span></p>  </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;">a) Ternium</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a steel producer with production facilities in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Brazil, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Argentina, Colombia,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Southern</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Un</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ited States and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Central America</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is <span>one</span> of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> main suppliers of round steel bars and flat steel products for its pipes business.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the closing price of Ternium&#8217;s ADSs as quoted on the New York </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Stock Exchange was</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">42.47</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">per ADS, giving </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ownership stake a ma</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">rket value of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">975.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the carrying value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ownership stake in Ternium, based on Ternium&#8217;s IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Financial S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tements,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1,430.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset&#8217;s carrying amount may not be recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the Company concluded that</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the carrying amount does not exceed the recoverable value of the investment.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 234px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Ternium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,148,560 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,647,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,030,544 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,844,038 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 24,179,104 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 17,491,548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,566,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,506,325 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,800,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,216,832 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,367,245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,723,157 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 16,811,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,768,391 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,393,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,922,434 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 17,610,092 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 16,414,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Gross profit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,559,355 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,927,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net income for the year attributable to shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 676,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,767,516 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;">b) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;">Usiminas</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the closing price of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; ordinary and preferred shares, as quoted on the B<span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brasil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bolsa </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Balc&#227;o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9.20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.90</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) and BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9.29</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ($</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.92</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">), respectively, giving Tenaris&#8217;s ownership stake a market value of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">92.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> that date, the carrying value of Tenaris&#8217;s ownership stake in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">123.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Following the acquisition of shares referred to in note II.B.<span>2</span>).b) and considering the carrying value of the previously held interest, the price</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> paid for the acquisition </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the additional</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares and the fair value measurement of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">conducted at the T/T Group</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> level)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the Company recorded a net loss of $25.5 million included in Equity in (losses) earnings of non-consolidated companies in the Consolidated Income Statement.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company reviews its participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> whenever events or circumstances indicate that the asset&#8217;s carrying amount may not be recoverable. As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span>2023</span>, the Company concluded that the carrying amount did not exceed the recoverable value of the investment.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Summarized selected financial information of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 220px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Usiminas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,591,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,764,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,589,129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,901,844 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,180,892 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,666,297 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,672,676 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,671,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,139,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,033,524 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,811,706 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,704,773 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,369,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,961,524 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 556,418 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 523,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,531,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,296,964 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Gross profit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 357,845 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,110,439 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net income for the year attributable to shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 278,402 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 319,979 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table>

<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">c) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Techgen</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Pesquer&#237;a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> area of the State of Nuevo Le&#243;n, Mexico, with a power capacity of <span>900</span> megawatts. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, Tenaris held 22% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> share capital, and its affiliates, Ternium and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (both controlled by San Faustin), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">beneficially owned</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 48% and 30% respectively.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the carrying value of Tenaris&#8217;s ownership stake in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">53.6</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> entered into certain transportation capacity agreements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> an agreement for the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">purchase of clean energy certificates. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">, Tenaris&#8217;s exposure under these agreements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">39.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"> million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">16.9</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;">million respectively.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sponsors granted certain subordinated loans to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the aggregate outstanding principal amount under these subordinated loans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">was $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">281.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, of which $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">61.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million correspond to Tenaris&#8217;s contribution.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On February 13, 2019, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> entered into a $640 million syndicated loan agreement with several banks to refinance an existing loan, resulting in the release of certain corporate guarantees previously issued by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholders to secure the replaced facility.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The existing syndicated loan agreement is &#8220;non-recourse&#8221; on the sponsors. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> obligations thereunder are guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and certain direct agreements &#8211;customary for these type of transactions&#8211;. The commercial terms and conditions governing the purchase by the Company&#8217;s Mexican subsidiary, Tamsa, of 22% of the energy generated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> remain substantially unchanged.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the loan agreement, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> is committed to maintain a debt service reserve account covering debt service becoming due during <span>two</span> consecutive quarters; such account is funded by stand-by letters of credit issued for the account of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> sponsors in proportion to their respective participations in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Accordingly, the Company applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">10.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">d)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">GPC</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">GPC is a joint venture established in <span>2010</span> and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. Until May 16, 2023, Tenaris, through its subsidiary SSPC, owned 35% of the share capital of GPC and, accordingly, GPC was a non-consolidated company. On May 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching a participation of 57.3%. The Company consolidates GPC&#8217;s balances and results of operations as from May 17, 2023. For more information on GPC acquisition and its accounting treatment see </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>34</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Global Pipe Company acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;. </span></p> <span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for interests in other entities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 1<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_1&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547670188352">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Receivables non-current<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesAbstract', window );"><strong>Note 15 - Receivables non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfNoncurrentReceivablesTextBlock', window );">Note 15 - Receivables non-current</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">15&#160; &#160; &#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Receivables</span> <span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">non</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">-</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">current</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>

<div style="border-right: none; border-left: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 156px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; width: 22.2403%; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; font-family: 'Frutiger 45 Light'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 76.2987%; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee advances and loans </span></p> </td>
<td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,395 </span></p> </td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,908 </span></p> </td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tax credits <sup>(*)</sup></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 53,483 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,333 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from related parties </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 69,820 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 67,921 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Legal deposits </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,355 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,394 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Advances to suppliers and other advances </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,043 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,779 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivable Venezuelan subsidiaries </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,659 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,863 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,726 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 185,959 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 211,720 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 8pt; line-height: inherit;"><sup>(*)</sup> <span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;">As of December 31</span></span></span><span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, <span style="border-left: none; border-right: none; line-height: inherit;">2023</span>, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">i</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">ncluded approximately</span> <span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">$</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">40.6</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> million related to </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">ICMS</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> (</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">Tax on Sales and Services</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">) </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">from</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> Brazilian subsidiaries.</span></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">As of December 31</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">2022</span></span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">i</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">nclude</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">d</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> approximately</span> <span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">$</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">8</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> million related to PIS and COFINS (Federal Social Contributions on Gross Revenues) tax recovery </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">from</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> Brazilian subsidiaries.</span></span></span></p>  <span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for non-current receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfNoncurrentReceivablesTextBlock</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596403680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Inventories, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Note 16 - Inventories, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">Note 16 - Inventories, net</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span><b style="color: #003366; font-size: 10pt;">16</b><span>&#160; &#160; &#160;&#160;</span></span></span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Inventories</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">, net</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finished goods </span></p> </td>
<td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,401,754 </span></p> </td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,592,706 </span></p> </td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in process </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,068,956 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 936,555 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Raw materials </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 569,837 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 606,977 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Supplies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 648,443 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 542,636 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in transit </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 441,217 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 530,721 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,130,207 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,209,595 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 11px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for obsolescence, see note <span>25</span> (i) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (209,110 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (222,666 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,921,097 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,986,929 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"></td> </tr> </tbody> </table>  <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39_TI<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInventoriesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651281184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Receivables and prepayments, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract', window );"><strong>Note 17 - Receivables and prepayments, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPrepaymentsAndOtherAssetsExplanatory', window );">Note 17 - Receivables and prepayments, net</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.25pt; text-indent: -21.25pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">17&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Receivables and prepayments</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">, net</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 197px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 77%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Prepaid expenses and other receivables</span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 104,015 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 47,419 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government entities </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,330 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,121 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee advances and loans </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,316 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,701 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Advances to suppliers and other advances </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,455 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41,549 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government tax refunds on exports </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,210 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,898 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from related parties </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,759 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,184 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 50,173 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41,418 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 232,258 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 187,290 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for other doubtful accounts, see note <span>25</span> (i) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,439 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,479 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 228,819 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 183,811 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"></td> </tr> </tbody> </table>  <span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of prepayments and other assets. [Refer: Other assets; Prepayments]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547594871088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Current tax assets and liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.25pt; text-indent: -21.25pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><b>18&#160; &#160; &#160;&#160;</b></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: -21.3pt; color: #003366; font-weight: bold; line-height: inherit;">Current tax assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: -21.3pt; color: #003366; font-weight: bold; line-height: inherit;"> and liabilities</span></p>
<div style="font-family: 'times new roman', times; font-size: 10pt; border-left: none; border-right: none;">
<p style="line-height: 1.2; margin: 0pt;">&#160;</p>

<table cellpadding="0" cellspacing="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 77%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 122,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 24,812 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> V.A.T. credits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 132,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 218,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other prepaid taxes&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,172 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 315 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 256,401 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 243,136 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>  <br/>

<table cellpadding="0" cellspacing="0" style="height: 82px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 11px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 344,565 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 280,469 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> V.A.T. liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 60,047 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 17,228 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 83,665 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 78,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 488,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 376,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table>  </div> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of tax receivables and payables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596336448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 19 - Trade receivables, net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Note 19 - Trade receivables, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory', window );">Note 19 - Trade receivables, net</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">19&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Trade receivables, net</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 98px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px;text-align: center;padding-left: 0px;padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Year ended December 31,</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,471,565 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,479,035 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Receivables from related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 58,370 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 60,400 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,529,935 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,539,435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts, see note <span>25</span> (i) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (49,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following table sets forth details </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the aging</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of trade receivables:</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 129px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>1</span> - <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &gt; <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 261,113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 236,714 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 408 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,268,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,613,626 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 590,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 64,960 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,529,935 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,850,340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 614,227 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 65,368 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Expected loss rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.06</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.02</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.18</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.46</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,636 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (312 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nominative allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (47,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> -</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (748 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (46,662 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,850,028 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 612,230 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 18,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 134px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>1</span> - <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &gt; <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 265,898 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 237,784 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 27,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 683 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,273,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,756,707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 465,423 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 51,407 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,539,435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,994,491 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 492,854 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 52,090 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Expected loss rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.06</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.03</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.18</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.77</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (920 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (83 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nominative allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (43,838 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> -</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,541 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (42,297 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,993,837 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 490,393 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,710 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Trade receivables are mainly denominated in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. dollars.</span></p> </div> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651022768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 20 - Cash and cash equivalents and other investments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsAbstract', window );"><strong>Note 20 - Cash and cash equivalents and other investments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock', window );">Note 20 - Cash and cash equivalents and other investments</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">20&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">o</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">ther investments</span></p>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 248px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 22.426%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.8688%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash at banks </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 370,487 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 149,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Liquidity funds </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 422,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Short-term investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,043,910 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 519,244 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,637,821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,091,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other investments - current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 211,953 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fund investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,969,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 438,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other investments - non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 405,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 119,902 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> </div>  <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of cash and cash equivalents and other investments.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547631815056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Borrowings<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Note 21 - Borrowings</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBorrowingsExplanatory', window );">Note 21 - Borrowings</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">21&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 166px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 513,909 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 682,255 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank overdrafts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,224 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 94 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Costs of issue of debt </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin:0pt"><br/></p>
<div>
 </div>
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The maturity of borrowings is as follows:</span></p>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">

<div>
<table cellpadding="0" cellspacing="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> year or less </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> - <span>2</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2</span> &#8211; <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Over <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 46,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest to be accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,533 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 283 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,326 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 545,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 50,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,783 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 597,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> year or less </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> - <span>2</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2</span> &#8211; <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Over <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 41,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Interest to be accrued <sup>(*)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,153 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 708,482 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 42,754 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,064 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 755,808 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="background-color: #ffffff; line-height: 9pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*)</span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> Includes the effect of hedge accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">.</span></span></span></p>  </div>
<p style="margin:0pt"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Significant borrowings include:</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> In millions of U.S. dollars </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Disbursement date </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Borrower </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Type </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Final maturity </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Outstanding </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 52%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 18%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tubos de Acero de Mexico S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200 </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tenaris Tubocaribe Ltda. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 60 </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Confab Industrial S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40 </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2017</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Global Pipe Company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> / <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 39 </span></p> </td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 2023, Tenaris was in compliance with all of its covenants, or obtained the necessary wa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vers from the applicable financial institution if the covenants were not met.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">considering hedge accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> where applicable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 27px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10.56% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9.45% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<div>
 </div>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Breakdown of long-term borrowings by currency and rate is as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Non-current borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Currency </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,803 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total non-current borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Current</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 176px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Currency </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 57%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 221,008 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200,350 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 111,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 206,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 39,947 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 25,104 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,829 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 141,802 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ARS </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,462 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 74,025 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,035 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 110,923 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,964 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total current borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> evolution</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">

<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31,&#160;2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 45 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (74,851 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Proceeds and repayments, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (231,797 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interests accrued less payments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,702 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (18,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <sup>(*)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 122,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Overdrafts variation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,130 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-indent: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Related to the&#160;</span><span style="font-family: 'Frutiger 45 Light';">GPC</span><span style="font-family: 'Frutiger 45 Light';"> acquisition, for more information see </span><span style="font-family: 'Frutiger 45 Light';">note 34</span> <span style="font-family: 'Frutiger 45 Light';">to these Consolidated Financial Statements.</span></span></span></p>  </div> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBorrowingsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547675396352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Deferred tax assets and liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract', window );"><strong>Note 22 - Deferred tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDeferredTaxesExplanatory', window );">Note 22 - Deferred tax assets and liabilities</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">22</span></span>&#160; &#160; &#160;&#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Deferred </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">tax</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> assets and liabilities</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.</span></p>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">evolution of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax assets and liabilities</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">during the year </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>

<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Deferred tax liabilities</span></p>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Fixed assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Intangible assets and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 575,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 114,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 733,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,175 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,563 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,498 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income statement charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 39,627 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 141,745 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 618,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 114,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 160,202 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 893,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; line-height: 1.2;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fixed assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Intangible assets and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 669,830 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 27,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 104,346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 801,684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (64 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 600 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,719 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,719 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement (credit) / charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (94,099 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 16,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,877 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (70,213 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 575,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 43,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 733,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Deferred tax assets</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax losses </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,817 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (180,152 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (310,589 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (156,984 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (673,542 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (24 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (611 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (640 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,374 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (223 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,875 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (35,941 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (39,413 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,342 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,342 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement (credit) / charge </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,314 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (18,620 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (322,431 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,881 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (335,484 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (31,511</span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (199,019</span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (634,894 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (185,997</span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,051,421 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 92px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,083 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (85,037 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (485,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (176,627 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (772,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (345 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 114 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 747 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 271 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 954 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 954 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement charge / (credit) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (389 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (95,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 174,427 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 97,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (25,817 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (180,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (310,589</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (156,984 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (673,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">(*)</span> </span><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; border-right: none; border-left: none;">Related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">4</span>.</span></span></span></span></span></p>
<div>
 </div>
<p style="line-height: 1.2; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Deferred tax assets related to tax losses of Tenaris subsidiaries are recognized to the extent it is probable that future </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">taxable profits will be available, against which such losses can be utilized. The utilization of such tax losses may also be restricted by the nature of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">profit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, expiration dates and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> / or potential </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> limitations on the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> yearly consumption. In determining the amount of deferred taxes to be recognized. Tenaris considered existing evidence, both positive and negative, including the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">historical taxable profits </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">projections of future taxable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">profits</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">prepared</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by management to assess the probability that the deferred tax assets will be realized. Management applies significant judgment in assessing the likelihood that future taxable profits will be available.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Deferred tax assets related to tax losses as of the end of <span>2023</span> include </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">550.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> recognized in its Luxembourg subsidiary mainly due to impairment charges over certain undertakings in the past years. Under the Luxembourg tax law, tax losses generated before <span>2017</span> can be carried forward indefinitely and are not subject to any yearly consumption limitation. Losses incurred as from 2017 may be carried forward for a maximum of 17 years. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris has concluded as of end <span>2023</span> that it is probable that sufficient future taxable profits will be generated by business activities to be carried out by its Luxembourg subsidiary, against which the above-mentioned tax losses could be utilized prior to their expiration.&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Deferred tax assets related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">tax losses</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">also in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">clude $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">77.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million related to U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> subsidiaries mainly due to the recognition of accelera</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ted fiscal depreciations, as well as the amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">related to the acquisition of IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in <span>2020</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tenaris has concluded that these deferred tax assets will be recoverable based on t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he business plans and budgets.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>99</span>%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the recognized tax losses have an expiration date in more than <span>5</span> years or do not expire.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the net unrecognized deferred tax assets amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3,130.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Approximately</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>99</span>%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">un</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">recognized tax losses have an expiration date in more than <span>5</span> years or do not expire.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into consideration </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">anagement assumptions and estimates, is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 57px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax assets to be recovered after <span>12</span> months </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (655,415 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (171,717 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax liabilities to be settled after <span>12</span> months </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 689,976 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 688,124 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred income tax assets and liabilities are offset when (<span>1</span>) there is a legally enforceable right to set</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">off current tax assets against current tax liabilities and (<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the deferred income taxes relate to the same fiscal authority</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The following amounts, determined after appropriate set</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">off, are shown in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">inancial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">osition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Deferred tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (789,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (208,870 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Deferred tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 631,605 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 269,069 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 5pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The movement i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n the net deferred income tax </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(asset) / liability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> account is as follows:</span></p>

<table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,174 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (89 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (22,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,204 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income statement (credit) / charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (193,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,530 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"><span style="font-size: 8pt;">(*)</span> </span><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>  <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547594868592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Other liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Note 23 - Other liabilities</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory', window );">Note 23 - Other liabilities</a></td>
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<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"><span><b>23</b></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold; line-height: inherit;">Other liabilities</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(i)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other liabilities &#8211; Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">current </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 88px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Post-employment benefits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 117,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 108,936 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other long-term benefits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 91,435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71,446 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 62,327 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49,760 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 271,268 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 230,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">At December 31, 2023 the weighted average duration of liabilities related to post-employment benefits was </span><span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> years. </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Post-employment benefits</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 78px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Unfunded </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 112,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 103,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Funded </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,974 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,114 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 117,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 108,936 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -18.92pt; padding-left: 8.42pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Unfunded</span></li> </ul>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 214px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 22.0264%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9457%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9457%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 103,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 103,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.46843%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current service cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,810 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,610 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Curtailments and settlements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (675 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (64 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Remeasurements <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,228 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (12,687 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(**)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,531 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid from the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (8,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,111 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Reclassified to current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (461 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (840 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,082 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 112,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 103,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</span> <span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">8.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financ</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ial assumptions.</span></span></span></span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">4.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span></span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(**) </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span></span></span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The actuarial assumptions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for the most relevant plans</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 61px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3% - 7% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4% - 7% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2% - 3% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">f December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an increase / (decrease) of 1% in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated a (decrease) / increase on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively, and an increase / (decrease) of 1% in the rate of compensation assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated an increase / (decrease) impact on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2.9</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million respectivel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">y. The above sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<ul style="font-family: 'times new roman', times;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -18.92pt; padding-left: 8.42pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Funded</span></li> </ul>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">The amounts recognized in the statement of financial position</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> for the current annual period and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> previous </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">annual period</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">are as follows:</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 74px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Present value of funded obligations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 123,234 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 116,617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fair value of plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (126,842 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Asset (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (10,818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (10,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: normal; vertical-align: super; line-height: inherit;">(*)</span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> In <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">15.8</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">15.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">corresponding to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">plans</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">with surplus balance</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s that</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> w</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ere</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">reclassified</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> within other </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">non-</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">current assets</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, consequently the net post-employment benefits funded exposed as liabilities </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">5.0</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">5.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million respectively.</span></span></span></p>  </div>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The movement in the present value of funded obligations is as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 22.1566%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 76.9572%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 116,617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 159,528 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.4771%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6,635 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current service cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 154 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,715 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,293 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Remeasurements <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (30,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(**)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (8,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (10,374 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 571 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 123,234 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 116,617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*) </span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.9</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">1.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">4.8</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">25.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions. </span></span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(**)</span> <span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times;">
 </div>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The movement in the fair value of plan assets is as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 187px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 22.1566%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9572%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (126,842 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (160,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.4771%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,897 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,639 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Return on plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6,121 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,319 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Remeasurements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Contributions paid to the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid from the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 10,374 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 477 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 416 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (126,842 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*)</span> </span><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>Related to <span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none;">Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></span></span></span></span></span></span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The major categories of plan assets as a percentage of total plan assets are as follows:</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Equity instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 29% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Debt instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 33% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 67% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 3pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The actuarial assumptions for the most relevant plans were as follows:</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0% - 3% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0% - 3% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">return</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">plan assets is determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">long-term, prospective rates of return as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the end of the reporting period. </span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, an increase / (decrease) of 1% in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">discount rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated a (decrease) / increase on the defined benefit obligation of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">11.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively, and an increase / (decrease) of 1% in the compensation rate assumption </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">of the main plans </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">would have generated an increase / (decrease) on the defined benefit obligation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e above sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> expected employer </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">contributions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">for the year <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are not material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The methods and types of assumptions used in p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">reparing the sensitivity analyse</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s did not change compared to the previous period.</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="font-family: 'times new roman', times;">
 </div>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(ii)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Other liabilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#8211;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">urrent</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Payroll and social security payable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 301,213 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 224,630 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Shares to be settled under buyback program </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35,192 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35,984 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 422,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 260,614 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table>  <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other liabilities. [Refer: Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherLiabilitiesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherLiabilitiesAbstract</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651253360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 24 - Non-current allowances and provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract', window );"><strong>Note 24 - Non-current allowances and provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock', window );">Note 24 - Non-current allowances and provisions</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">24&#160; &#160; &#160;</span></span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Non-current allowances and provisions</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Liabilities</span></p>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 144px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 98,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 83,556 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,260 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 357 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations (*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional allowance&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,102 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used and other movements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,170 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 882 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 101,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 98,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*) </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>  <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547595591824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Current allowances and provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCurrentAllowancesAndProvisionsTextBlock', window );">Note 25 - Current allowances and provisions</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span style="font-size: 10pt;"><span style="border-left: none; border-right: none;"><span><b>25</b></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">Current </span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">allowances and </span><span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;">provisions</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(i)</span>&#160; &#160; &#160; &#160; &#160;&#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Deducted from assets&#160;</span></p>
<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 114px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for doubtful accounts - Trade receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for other doubtful accounts - Other receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for inventory obsolescence </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,479 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (222,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (128 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (88 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (452 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"> (*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (9,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (Additional) allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (107 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,066 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 235 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 36,768 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (49,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,439 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (209,110 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> </div> </div>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times;">
 </div>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 113px;" width="100%">
<tbody>
<tr style="height: 28px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 28px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for doubtful accounts - Trade receivables </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for other doubtful accounts - Other receivables </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for inventory obsolescence </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (47,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,206 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (245,774 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (12 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 68 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (405 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (Additional) / reversal allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (24,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,479 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (222,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td> </tr> </tbody> </table> </div>

<p style="font-family: 'times new roman', times; margin: 0pt;"><br/></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">)</span>&#160; &#160; &#160; &#160; &#160;<span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Liabilities</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times; border-left: none; border-right: none;">

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9595%; text-indent: 0px; height: 138px;" width="100%">
<tbody>
<tr style="height: 23px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sales risks </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-size: 10pt; line-height: inherit; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="font-size: 10pt; line-height: 1; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit;">Other claims and contingencies </span><span style="line-height: inherit; font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 3,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 7,999 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 11,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 285 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (208 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 77 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"> (**)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 5,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 5,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 30,057 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 6,941 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 36,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (13,588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (4,194 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (17,782 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 19,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 16,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 35,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 133px;" width="100%">
<tbody>
<tr style="height: 31px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sales risks </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-size: 10pt; line-height: inherit; height: 31px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 1; text-align: center;"><span style="font-size: 10pt; line-height: inherit; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">Other claims and contingencies </span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 1,468 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 7,854 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 9,322 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (160 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (97 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 5,315 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 4,189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 9,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (2,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (2,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (3,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (1,718 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (5,155 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 3,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 7,999 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 11,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></span></span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(**) </span><span><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitio</span><span style="font-family: 'Frutiger 45 Light';">n</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>  </div> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596413376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 26 - Derivative financial instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>III. FINANCIAL RISK MANAGEMENT</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory', window );">Note 26 - Derivative financial instruments</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">26&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative financial instruments</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net fair values of derivative financial instruments</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The net fair values of derivative financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, in accordance with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">IFRS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>13</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">re:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 153px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Derivatives hedging borrowings and investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other derivatives </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 24,325 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Contracts with positive fair values </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other derivatives </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Contracts with negative fair values </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 23,678 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Foreign e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">xchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">and commodities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">derivative</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and hedge accounting</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">naris applies hedge accounting </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">to certain cash flow hedges of highly probable forecast transactions. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The net fair values of exchange rate derivatives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and those derivat</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">iv</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">es that were designated for hedge accounting as of December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div style="border-right: none; border-left: none;">

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 241px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Purchase currency </span></p> </td>
<td rowspan="2" style="padding: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Sell currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Term </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hedge Accounting Reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 33%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,571 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (67 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,125 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,557 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,866 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 624 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,786 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> / <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20,783 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,935 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,490 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> KWD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (50 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (388 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> CAD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 404 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GBP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (51 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (11 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> CNY </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (242 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> RON </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 261 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 50 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,554 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 27,038 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 21,085 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div>
 </div>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 156px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Commodity Derivatives </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Term </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hedge Accounting Reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 43%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Houston Ship Channel Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (231 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (814 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (231 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (814 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> LME Scrap </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,376 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 29 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,376 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,148 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Iron Ore </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,274 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Electric Energy </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (519 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (519 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> TTF Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,068 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,207 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> PSV Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,566 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,566 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nickel </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">1,966</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">1,966</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 205 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (3,360 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 205 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (7,963 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div> </div> </div>

<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">ollowing is a summary</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"> of the hedge reserve evolution:</span></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"><br/></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 62px;" width="100%">
<tbody>
<tr style="height: 35px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 35px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2021</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Movements <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Movements <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Foreign Exchange &amp; Commodities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,259 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Total Cash flow Hedge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,259 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 11,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (4,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
</div>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Tenaris estimates that t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">cash flow he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">dge reserve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">corresponding to derivatives instruments </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> will be recycled to the Consolida</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ted Income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Statement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">during <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><span>4</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> For informa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">tion on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">hedge accounting reserve,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">see</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ection III.D</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> to these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651223456">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 27 - Contingencies, commitments and restrictions on the distribution of profits<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfContingenciesCommitmentsAndRestrictionsOnDistributionOfProfitsAbstract', window );"><strong>Note 27 - Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory', window );">Note 27 - Contingencies, commitments and restrictions on the distribution of profits</a></td>
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<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span>27</span></span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'Times New Roman';">&#160; &#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Contingencies,</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> commitments and restrictions </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">o</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">n</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> the distribution of profits</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(i)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Contingencies</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;">Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages, reimbursement for losses, or indemnity. Management with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. </span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;">Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;">If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able to make a reliable estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence, in some of such cases has accrued a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice the Tenaris&#8217;s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range of potential loss.</span></p>
<div style="text-align: justify;">
 <span style="text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements</span> <span style="text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">are adequate based upon currently available information. However, if management&#8217;s estimates prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a material adverse effect on its results of operations, financial condition, net worth and cash flows.</span><br/></div>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Below is a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">summary description of Tenaris&#8217;s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is believed to be material.</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; margin: 0pt 0pt 0pt -10.22pt; orphans: 0; padding-left: 7.72pt; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">CSN claims relating to the January 2012 acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Usiminas</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In <span>2013</span>, the Company was notified of a lawsuit filed in Brazil by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Companhia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Sider&#250;rgica</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nacional (&#8220;CSN&#8221;), and various entities affiliated with CSN against the Company&#8217;s Brazilian subsidiary Confab and three subsidiaries of Ternium, all of which compose the T/T Group under the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shareholders agreement. The entities named in the CSN lawsuit had acquired a participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in January 2012. The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL 28.8, and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> not belonging to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8217; control group. Confab&#8217;s share in the offer would be 17.9%.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court of Justice (&#8220;SCJ&#8221;) seeking the review and reversal of the decision issued by the Court of Appeals. On September 10, 2019, the SCJ declared CSN&#8217;s appeal admissible. On March 7, 2023, the SCJ, by majority vote, rejected CSN&#8217;s appeal. CSN made several submissions in connection with the SCJ decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote and, at the date of these financial statements, voting at the SCJ with respect to the motion for clarification is ongoing. At an October 17, 2023 session, <span>two</span> justices voted in favor of remanding the case to the first instance for it to be retried following production and assessment of the new evidence, and <span>two</span> justices voted, without requiring any further evidence, in favor of granting CSN&#8217;s motion for clarification and reversing the March 7, 2023 decision that rejected CSN&#8217;s appeal; because the fifth member of SCJ excused himself from voting, a justice from another panel at the SCJ will be summoned to produce the tie-breaking vote. There are no specified deadlines for voting to be resumed or the SCJ decision to be issued. In any event, either party may appeal against a SCJ decision.</span></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">According to the views of the <span>two</span> justices that voted in favor of CSN&#8217;s motion, Confab and the other members of the T/T Group should be ordered to pay to CSN an indemnification amount equal to the difference between the price paid by the T/T Group in its acquisition and the market value of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> shares at signing, plus monetary adjustment and interest (at a rate of 1% per month) through the date of payment, plus legal costs equal to 10% of the compensation payable to CSN, with CSN retaining ownership of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> ordinary shares it currently owns. If that unprecedented view were to prevail, and depending on how the indemnification is calculated by other courts, as of the date of these financial statements the potential aggregate indemnification payable by Confab could reach up to BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">900.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">186.0</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million at the BRL/$ rate as of such date).</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company continues to believe that all of CSN&#8217;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, <span>two</span> decisions issued by the Brazilian securities regulator in February 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ decision referred to above. Notwithstanding the foregoing, in light of the votes already issued by <span>two</span> members of the SCJ on CSN&#8217;s motion for clarification, the Company cannot predict the ultimate resolution on the matter.</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 1.2; list-style-position: inside; margin: 0pt 0pt 0pt -19.22pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Veracel celulose accident litigation</span></li> </ul>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160;</p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 21, 2007, an accident occurred in the premises of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Celulose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) in connection with a rupture in <span>one</span> of the tanks used in an evaporation system manufactured by Confab. The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident allegedly resulted in material damages to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. Ita&#250; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Seguros</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S.A. (&#8220;Ita&#250;&#8221;), </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> insurer at the time of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident and then replaced by Chubb </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Seguros</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Brasil</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> S/A (&#8220;Chubb&#8221;), initiated a lawsuit against Confab seeking reimbursement of damages paid to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in connection with the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident and other amounts not covered by insurance. Ita&#250; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> claimed that the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> accident was caused by the improper handling by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Veracel&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> personnel of the equipment supplied by Confab in violation of Confab&#8217;s instructions. The <span>two</span> lawsuits were consolidated and are considered by the <span>6</span>th Civil Court of S&#227;o Caetano do Sul. However, each lawsuit will be adjudicated separately.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the accident or the claim.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:<br/></span></p>
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<p style="text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> With respect to&#160;Chubb&#8217;s&#160;claim, the court subsequently homologated the above-mentioned settlement and, accordingly, the claim was finalized. </span></p> </td> </tr>
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<p style="line-height: 1.2; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> With respect to&#160;Veracel&#8217;s&#160;claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to&#160;BRL100.6&#160;million (approximately $20.8&#160;million) including interest, fees and expenses. Both parties filed motions for clarification against the court&#8217;s decision, which were partially granted. Although the contract between Confab and&#160;Veracel&#160;expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL86.4&#160;million (approximately $17.8&#160;million) of damages arising therefrom. Confab has additional&#160;defense&#160;arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019,&#160;Veracel&#160;filed its response to the appeal. In June 2022, the court resolved&#160;that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. The parties are currently waiting for the trial of the appeal to be scheduled. At this stage the Company cannot predict the outcome of the claim or the amount or range of loss in case of an&#160;unfavorable&#160;outcome. </span></p> </td> </tr> </tbody> </table> </div>
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<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt 3pt; orphans: 0; text-align: justify; text-indent: -21.8pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Petrobras-related proceedings and claims <span style="font-size: 8pt;"><sup>1</sup></span></span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Upon learning that Brazilian, Italian and Swiss authorities were investigating whether certain payments were made prior to <span>2014</span> from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;) and whether any such payments were intended to benefit the Company&#8217;s Brazilian subsidiary Confab</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company&#8217;s review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) and the U.S. Department of Justice (&#8220;DOJ&#8221;) in October 2016. The Company conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any involvement by the Company or its directors, officers or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the Company neither admits nor denies the SEC&#8217;s findings and on June 24, 2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the matter.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In July 2019, the Company learned that the public prosecutors&#8217; office of Milan, Italy, had completed a preliminary investigation into the same alleged payments and had included in the investigation, among other persons, the Company&#8217;s Chairman and Chief Executive Officer, <span>two</span> other board members, Gianfelice Rocca and Roberto Bonatti, and the Company&#8217;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. On March 22, 2022, upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan in charge of the case to impose sanctions on our Chairman and Chief Executive Officer, on the other <span>two</span> board members, and on San Faustin. The Company&#8217;s outside counsel in Italy advised the Company that neither the case file nor the prosecutor&#8217;s request contain or identify any evidence of involvement in, or knowledge of, the alleged wrongdoing by any of the <span>three</span> directors. On May 26, 2022, the first-instance court dismissed the case brought by the public prosecutor against the defendants for lack of jurisdiction and stated that the criminal proceeding should not have been initiated. On October 7, 2022, the public prosecutor filed an appeal against the first-instance court&#8217;s decision.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On February 22, 2024, the court of appeals referred the case to the court of cassation, which will be in charge of determining whether or not the Italian courts have jurisdiction over the matter.</span></p>
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<td colspan="2" style="height: 10px; font-family: 'Frutiger 45 Light';"><sup>1</sup> This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#8217;s Board of Directors on February 21, 2024.</td> </tr> </tbody> </table>

<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In June 2020, the Brazilian public prosecutors&#8217; office requested the indictment of several individuals, including <span>three</span> executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between <span>2007</span> and <span>2010</span>, and money laundering in relation to payments between <span>2009</span> and <span>2013</span>. These criminal proceedings are underway. Neither the Company nor Confab is a party to these criminal proceedings.&#160;</span></p>
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<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, Petrobras and the Brazilian public prosecutors filed civil claims for damages against, among others, Confab and the Confab executives named in the criminal proceedings referred to above. Confab became aware of these civil claims in September 2022. As of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> December 31, 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the aggregate amount of these claims was estimated at BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">322.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (or approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">66.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million). The plaintiffs also seek that Confab be prohibited from contracting with, or receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not address either the defense arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is vigorously contesting them. At this stage, the Company cannot predict the outcome of these civil proceedings.&#160;</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -16.8pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Putative class actions</span></li> </ul>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Following the Company&#8217;s November 27, 2018, announcement that its Chairman and CEO Paolo Rocca had been included in an Argentine court investigation known as the Notebooks Case (a decision subsequently reversed by a higher court), <span>two</span> putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &#8220;In re Tenaris S.A. Securities Litigation&#8221;, and appointed lead plaintiffs and lead counsel. </span></p>
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<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018. The individual defendants named in the complaint are Tenaris&#8217;s Chairman and CEO and Tenaris&#8217;s former CFO. The complaint alleges that during the class period, the Company and the individual defendants inflated the Tenaris share price by failing to disclose that the nationalization proceeds received by Ternium (in which the Company held an 11.46% stake) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. </span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On October 9, 2020, the court granted in part and denied in part the defendants&#8217; motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&#8217;s former CFO. </span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 11, 2022, the parties filed a joint notice of settlement announcing a settlement in principle of all claims in the action, subject to finalizing the settlement agreements and court approval.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The parties&#8217; agreement in principle provides that, in exchange for dismissal of the action and customary releases from class members and with no admission of liability by Tenaris or Mr. Rocca, Tenaris will pay to the class $9.5 million (inclusive of legal fees to lead plaintiff&#8217;s counsel).</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On April 10, 2023, the court granted preliminary approval to the class settlement. The final settlement approval hearing was set for October 19, 2023, and on that date the court ordered that, prior to granting final settlement approval, the lead plaintiffs submit on or before March 29, 2024, an update letter advising the court of the status of the claims processing.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 1.2; list-style-position: inside; margin: 0pt; orphans: 0; text-align: justify; text-indent: -14.8pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">Administrative proceeding concerning Brazilian tax credits</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&#8217;s appeal, thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Special appeals were filed by Confab in July 2023 and by the Brazilian General Tax Attorney (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">PGFN</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">) in September 2023. The parties are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> currently awaiting a resolution. In case of an unfavorable resolution, Confab may appeal before the courts. The estimated amount of this claim is BRL</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">60.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">12.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million). At this stage, the Company cannot predict the outcome of this claim.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt; orphans: 0; text-align: justify; text-indent: -14.8pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;">U.S. patent infringement litigation</span></li> </ul>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris Coiled Tubes, LLC (&#8220;TCT&#8221;), a U.S. subsidiary of the Company, was sued in <span>2017</span> by its competitor Global Tubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by TCT, and Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint (including the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On March 20, 2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are unenforceable due to inequitable conduct during the patent prosecution process. TCT appealed this judgment, and Global Tubing appealed a previous ruling of the judge. Global Tubing also filed a brief seeking to recover attorneys&#8217; fees, without specifying the amount of those fees. Although it is not possible to predict the final outcome of this matter, the Company believes that any potential losses arising from this case will not be material.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.22pt; orphans: 0; padding-left: 11.67pt; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">U.S. Antidumping Duty Investigations</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On October 27, 2021, the U.S. Department of Commerce (&#8220;DOC&#8221;) initiated antidumping duty investigations of oil country tubular goods (&#8220;OCTG&#8221;) from Argentina, Mexico, and Russia. After the DOC issued affirmative preliminary and final antidumping determinations with respect to imports from Argentina, Mexico and Russia on October 27, 2022, the International Trade Commission (&#8220;ITC&#8221;) determined that the imports under investigation caused injury to the U.S. OCTG industry. Tenaris and other parties have appealed the agency determinations from the investigation to the Court of International Trade. In addition, in response to a request from the Government of Argentina, the World Trade Organization (&#8220;WTO&#8221;) established a panel of experts to consider whether the DOC&#8217;s antidumping order applicable to Argentina is consistent with the international obligations of the United States. As a result of the investigation, and unless overturned on appeal, Tenaris is required to pay antidumping duty deposits (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) until such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period under review. Tenaris has been paying such deposits since May 11, 2022, reflecting the amount of such deposits in its costs. The deposit rates may be reset periodically based on the results of the review process. It is possible that, through the periodic review process, the deposits may be either returned to Tenaris in whole or in part, or may be increased.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -5.22pt; orphans: 0; padding-left: 11.67pt; text-align: justify; text-indent: 0pt; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Potential dispute with agent in the Middle East <sup>2</sup></span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Consistent with local practice in certain Middle East countries, Tenaris Global Services S.A. (&#8220;TGSU&#8221;), a Uruguayan subsidiary of the Company, sells materials to a local agent, and the agent then resells the materials to customers in the region. Tenaris is not a party to the contracts between the agent and each customer. In <span>one</span> such contract entered into in mid-<span>2021</span>, with pending obligations of approximately $520</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million and deliveries until <span>2025</span>, the agent agreed to supply Tenaris-produced casing and tubing of different sizes to the customer. Subsequent events led to onerous increases in prices and delays to supply the materials and led to lengthy discussions between the parties. The customer&#160;eventually paid a significant portion of such increased costs&#160;and, as a result, the dispute was settled.</span></p>
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<td colspan="2" style="height: 10px; font-family: 'Frutiger 45 Light';"><sup>2</sup> This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#8217;s Board of Directors on February 21, 2024.</td> </tr> </tbody> </table>

<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160;</p>
<p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">(ii)</span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Commitments and guarantees</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Set forth is a description of the Tenaris&#8217;s main outstanding commitments:&#160;</span></p>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Certain subsidiaries of the Company entered into a contract with&#160;Praxair&#160;S.A. for the service of oxygen and nitrogen supply. As of&#160;December 31, 2023, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled approximately $32.7&#160;million. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with&#160;Techgen&#160;for the supply of <span>197</span> MW (which represents 22% of&#160;Techgen&#8217;s&#160;capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as&#160;Techgen&#8217;s&#160;existing or replacing bank facility has been repaid in full), the Company&#8217;s subsidiary has the right to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by the&#160;Comisi&#243;n&#160;Federal de&#160;Electricidad&#160;(&#8220;CFE&#8221;) or its successors. The Company&#8217;s subsidiary may instruct&#160;Techgen&#160;to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&#8217;s subsidiary will benefit from the proceeds of such sale. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A U.S. subsidiary of the Company is a party to a contract with&#160;Nucor&#160;Steel Memphis&#160;Inc. under which it is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The contract became effective upon delivery of the first purchase order, which occurred in April 2021, with an original duration of 3 years. In September 2023, the parties agreed to extend its term until December 31, 2024. As of&#160;December 31, 2023, the estimated aggregate contract amount calculated at current prices,&#160;was&#160;approximately $73.7&#160;million. The contract gives the subsidiary of the Company the right to temporarily reduce the quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of material adverse changes in prevailing economic or market conditions. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a 6-year master distribution agreement (the &#8220;MDA&#8221;) with PAO TMK (&#8220;TMK&#8221;) whereby, since January 2, 2020,&#160;Tenaris&#160;became the exclusive distributor of&#160;TMK&#8217;s&#160;OCTG and line pipe products in United States and Canada. At the end of the&#160;MDA&#8217;s&#160;<span>6</span>-year term, TMK would have the option to extend the duration of its term for an additional 12-month period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product category in the United States in the relevant year. In February 2022, however, the Company and TMK agreed that there&#160;would&#160;be no minimum yearly purchase requirement for the OCTG product category for the year ended December 31, 2022, and there&#160;would&#160;be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for the contract year ended December 31, 2022, nor for any subsequent contract year until expiration of the&#160;MDA&#8217;s&#160;term. In addition, no purchases of TMK products were made during <span>2023</span>. The parties are currently discussing the termination of the MDA. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A Brazilian subsidiary of the Company entered into a contract with&#160;Usiminas&#160;and&#160;Gerdau&#160;from&#160;which it&#160;committed to purchase steel coils for a&#160;remaining&#160;amount of approximately $109.6&#160;million to use for manufacturing welded pipes for the&#160;Raia&#160;fields project in Brazil. </span></p> </td> </tr>
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<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase of tubular material, including <span>13</span> Chrome alloy products following the closure of&#160;NKKTubes.&#160;Such contract foresees a penalty for a maximum amount of $30.9&#160;million in case of early termination. </span></p> </td> </tr> </tbody> </table> </div>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> as described in note</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (c) and (ii) issued performance guarantees mainly related to long-term commercial contracts with several customers and parent companies for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> billion as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2023</span>.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;&#160;</span></p>

<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(iii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Restrictions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"> the distribution of profits and payment of dividends</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In accordance with Luxembourg Law, the Company is required to transfer a minimum of 5% of its net profit for each financial year to a legal reserve until such reserve equals 10% of the issued share capital.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings calculated in accordance with Luxembourg law and regulations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619129360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 28 - Cancellation of title deed in Saudi Steel Pipe Company<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock', window );">Note 28 - Cancellation of title deed in Saudi Steel Pipe Company</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">28&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cancellation of title deed in Saudi Steel Pipe Company</span></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">In early <span>2021</span>, the Company learned through the Saudi Ministry of Justice&#8217;s online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.</span></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">The affected land plots, with a total surface of 811,284 square meters, are located in Dammam, Saudi Arabia, and were purchased from a private entity on February 2010, pursuant to a written purchase agreement duly executed by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The purchase of the land occurred before Tenaris&#8217;s acquisition of a 47.79% interest in SSPC in <span>2019</span>. The affected plots are not part of the production facility of SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris&#8217;s financial statements of $56.2 million.</span></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made public by the authorities, and the legal basis for the court order is unknown. On May 4, 2021, SSPC filed a petition with an ad-hoc created special committee at the Saudi Ministry of Justice, seeking to have its title deeds reinstated. At this time, it is not possible to predict the outcome of this matter.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure describing the cancellation of title deed in Affiliated entities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596408432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 29 -  Foreign exchange control measures in Argentina<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ForeignExchangeRatesAbstract', window );"><strong>Note 29 - Foreign exchange control measures in Argentina</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock', window );">Note 29 - Foreign exchange control measures in Argentina</a></td>
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<p style="line-height: 1.2; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"><span style="border-left: none; border-right: none;">29&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Foreign e</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">xchan</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">ge c</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">ontrol </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">measures</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"> in Argentina</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Between September 2019 and December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2023</span>, the Argentine government imposed significant restrictions on foreign exchange transactions. Although after a new administration took office in Argentina in December 2023 certain restrictions were eased and other changes to such regulations are expected, at the date of these Consolidated Financial </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Statements the application of existing foreign exchange regulations remains uncertain and the scope and timing of upcoming changes remain unknown. The main currently applicable measures are described below:</span></p>
<div>
 <br/></div>
<div id="t_ft_AHEDF5DMTC00000000000000000000b">
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<td style="text-align: center; height: 64px; vertical-align: top;" valign="top"><span><span>&#8226;</span></span></td>
<td colspan="3" style="height: 64px; vertical-align: top; text-align: justify;" valign="top">
<p style="line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange market (&#8220;MULC&#8221;) and converted into Argentine pesos within <span>60</span> days (if made to related parties) or <span>180</span> days (if made to unrelated parties) from shipment date, or, if collected earlier, within <span>five</span> days of collection. Foreign currency proceeds from exports of services must be sold into the MULC and converted into Argentine pesos within <span>five</span> business days of collection. As from December 13, 2023, up to 20% of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate, as described further below. This percentage has changed and is expected to change over time. </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><br/></td>
<td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><br/></td> </tr>
<tr style="height: 48px;">
<td style="text-align: center; height: 48px; vertical-align: top;" valign="top"><span><span>&#8226;</span></span></td>
<td colspan="3" style="height: 48px; vertical-align: top; text-align: justify;" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Access to the MULC to pay for imports of services rendered by related and non-related parties (including royalties) on or before</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December 12, 2023, is subject to Argentine Central Bank approval. Currently, these approvals are rarely, if ever, granted. Access to the MULC to pay for imports of services that were rendered or accrued as from December 13, 2023, does not require government approval, but payment is deferred <span>30</span> calendar days as from the date of supply or accrual of the service (if the service was rendered by a non-related party) or <span>180</span> calendar days (if rendered by a related party).</span></td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><br/></td>
<td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><br/></td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><span><span>&#8226;</span></span></td>
<td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top">
<p style="text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Access to the MULC to pay for imports of goods is subject to several restrictions. For example, advance payments or at sight cannot be made. In addition: </span></p> </td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><br/></td>
<td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><br/></td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; width: 3%; vertical-align: top;" valign="top"><br/></td>
<td style="height: 16px; width: 2%; vertical-align: top; text-align: justify;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>-</span></span></td>
<td colspan="2" style="height: 16px; width: 95%; vertical-align: top; text-align: justify;" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">A</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ccess to the MULC to pay for imports of goods that obtained customs clearance on or before December 12, 2023 requires the prior Argentine Central Bank approval. </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> Argentine Central Bank is</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> currently </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">issuing newly created Bonds (&#8220;BOPREAL</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">&#8221;) with a maturity of 4 years (</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">i.e., maturing in </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>2027</span>) that can only be purchased in Argentine Pesos in primary offerings by debtors </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">of</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> any such import debts</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">; </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">such bonds can</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> then</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> be sold for a price payable in foreign currency that can be </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">subsequently </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">used to pay suppliers without </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">subjecting </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">the importer </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">to </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">any restriction to enter into any other foreign exchange transaction in the MULC. </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">A</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> secondary market </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">for </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">the BOPREAL</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> is still in formation. In addition, from April 1, 2024 any such importer who purchased </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">BOPREALs</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> in primary offerings may enter into the securities transactions described below to obtain foreign currency (for an amount that does not exceed the difference </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">in USD </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">between the nominal value of the bonds and </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">their </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">market prices) </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">and use such foreign currency </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">to pay the above-mentioned import debts, without </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">subjecting</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> the importer </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">to </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">any restriction to enter into any other foreign exchange transaction in the MULC.</span></td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><br/></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><br/></td>
<td colspan="2" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><br/></td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><br/></td>
<td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><span>-</span></span></td>
<td colspan="2" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Access to the MULC to pay for imports that have obtained customs clearance as from December 13, 2023, does not require government approval but, it requires that the price is paid in <span>four</span> equal instalments payable on the <span>30</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span>60</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span>90</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and <span>120</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;">th</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> day counted from the customs clearance of the good imported.</span></td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><br/></td>
<td style="height: 16px; text-align: left; vertical-align: top;" valign="top"><br/></td>
<td colspan="2" style="height: 16px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 16px;">
<td style="text-align: center; height: 16px; vertical-align: top;" valign="top"><span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</span></td>
<td style="height: 16px; text-align: left; vertical-align: top;" valign="top"><br/></td>
<td style="height: 16px; vertical-align: top;" valign="top">
<p><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Access to the MULC to make dividend payments requires prior Argentine Central Bank approval. When required, Argentine Central Bank approvals are rarely, if ever, granted. </span></p> </td>
<td style="height: 16px;"></td> </tr> </tbody> </table> </div>
<p style="margin:0pt"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The above-described measures substantially limit the ability of Argentine companies to obtain foreign currency and make certain payments and distributions out of Argentina through the M</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">LC at the official exchange rate. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Access to foreign currency and transfers out of Argentina can be achieved, however, through securities transactions involving bonds or shares with multiple listings, resulting in a different implicit exchange rate, generally higher than the official exchange rate. Such transactions are subject to certain restrictions and limits, which change from time to time, and often result in a financial loss being generated at the time of making any such transaction. For example, in the past, the Argentine Securities Commission imposed several additional restrictions on such securities transactions, including a requirement to give prior notice to the Argentine government of any proposed transfer of securities outside of Argentina and a limitation on the amount of any such transfers. The new Argentine Securities Commission&#8217;s authorities has loosened certain of such limitations, although it is not clear if it will further eliminate or loosen remaining restrictions.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During May 2023, <span>two</span> Argentine subsidiaries of the Company, approved the distribution of dividends in kind to their foreign shareholders, which were paid with U.S. dollar-denominated Argentine bonds </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">that, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the Argentine market had a valuation of approximately $356 million. Considering that, as a result of the foreign exchange restrictions in force, the value of such bonds in the international market as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the distribution date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, was approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">174.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, the Company recorded a negative equity reserve (FVOCI)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ubsequently, the valuation of such bonds in the international market increased. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">With the disposal of a portion of these instruments, the Company partially reclassified such reserve </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to financial results.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The FVOCI as of December 31, 2023, amounted to approximately $13.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The&#160;exchange rate of the Argentine peso against the U.S. dollar devaluated by more than <span>100</span>% upon the change of government. Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> financial position in Argentine pesos as of December 31, 2023, amounted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a net </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">short</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> exposure of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">135</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. In</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the event of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">an additional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> devaluation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">our Argentine subsidiaries, which hold </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">U.S. dollar-denominated Argentine bonds for an aggregated value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">208.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, may be adversely affected</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> will also suffer a loss on deferred tax charge as a result of a deterioration on the tax value of their fixed assets. At this time, the Company is unable to estimate all impacts of a new devaluation of the Argentine peso against the U.S. dollar.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the total equity of Argentine subsidiaries represented approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Tenaris&#8217;s total equity and the sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">made</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> by Argentine subsidiaries during </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted approximately to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">22%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of Tenaris&#8217;s total sales. Assets and liabilities denominated in Argentine peso as of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> valued at the prevailing official exchange rate.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">This context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements. Management continues to monitor closely the evolution of the main variables affecting its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate course of action in each case. These Consolidated Financial Statements should be read taking into account these circumstances.</span></p> <span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 30 - Cash flow disclosures<br></strong></div></th>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; width: 34.466%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (i) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Changes in working capital <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 186,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,329,865 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,085,024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables and prepayments and current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (155,449 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (79,912 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 153,920 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,208,278 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (356,069 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,275 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 57,389 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,892 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Customer advances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (101,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 151,066 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 44,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (149,024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 353,892 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 399,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 182,428 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (2,131,245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,071,464 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (ii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income tax accruals less payments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 674,956 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 617,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 189,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (818,347 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (359,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (153,846 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (143,391</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 257,651 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 35,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (iii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest accruals less payments, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest accrued, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (106,612 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (34,080 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (14,371 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest received</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 147,473 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 68,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (94,341 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (32,775 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,559 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (53,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (11,363 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"><span style="font-size: 8pt;">(*)</span> </span><span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.</span></span></p>  </div> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Section Presentation of a statement of cash flows<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;doctype=Standard&amp;dita_xref=IAS07_g10-17_TI<br> -URIDate 2023-03-23<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Related party transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span>31</span></span><span style="font: 10pt 'Times New Roman';">&#160; &#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Related party transactions</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<div id="t_ft_H7GDHDW85S00000000000000000000b">
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<td style="width: 3%; vertical-align: top; text-align: center; height: 10px;" valign="top"><span><span>&#8226;</span></span></td>
<td style="width: 97%; vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify;" valign="top">
<p><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> San&#160;Faustin&#160;owned&#160;713,605,187&#160;shares in the Company, representing 60.45% of the Company&#8217;s capital and&#160;61.10%&#160;of the&#160;voting rights. </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"><span><span>&#8226;</span></span></td>
<td style="vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify; width: 97%;" valign="top">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint, a Luxembourg soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e, who is the holder of record of the above-mentioned Tenaris shares.</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"><span><span>&#8226;</span></span></td>
<td style="vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify; width: 97%;" valign="top">
<p><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Rocca &amp; Partners&#160;Stichting&#160;Administratiekantoor&#160;Aandelen&#160;San&#160;Faustin, a private foundation located in the Netherlands (Stichting) (&#8220;RP STAK&#8221;) held voting shares in San&#160;Faustin&#160;sufficient in number to control San&#160;Faustin. </span></p> </td> </tr>
<tr style="height: 10px;">
<td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"><span><span>&#8226;</span></span></td>
<td style="vertical-align: top; height: 10px; text-align: justify; width: 97%;" valign="top"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -27.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">No person or group of persons controls RP STAK.</span></td> </tr> </tbody> </table> </div>
<p style="margin:0pt"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Based on the information most recently available to the Company, Tenaris&#8217;s directors and senior management as a group </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">owned </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">0.07%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of the Company&#8217;s issued shares.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Transactions and balances disclosed as with &#8220;non-consolidated parties&#8221; are those with companies over which Tenaris exerts significant influence in accordance with IFRS, but does not have control.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transactions and balances disclosed as with &#8220;joint ventures&#8221; are those with companies over which Tenaris exerts joint control in accordance with IFRS, but does not have control. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as &#8220;Other&#8221;. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following transactions were carried out with related parties:</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 384px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (i) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 60%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Transactions </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Sales of goods and services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of goods to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 56,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 100,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,879 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of goods to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 121,679 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 151,884 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,467 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,472 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 135 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 131 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 130 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 109,553 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 109,123 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 49,268 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 289,083 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 362,629 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 198,908 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (b) Purchases of goods and services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 324,556 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 555,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 225,319 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 72,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 101,620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 69,610 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 61,366 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 51,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 32,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of services to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,759 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of services to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,751 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 36,767 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,806 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 548,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 758,443 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 350,951 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (c) Financial Results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income from joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,867 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,867 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (d) Dividends </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends received from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 69,216 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64,189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,926 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Dividends distributed to Techint Holdings S.&#224;r.l. </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 385,347 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 321,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 192,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table> </div>
<div>
 <span style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">&#160;</span><br/></div>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 231px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (ii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 72%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Period-end balances </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Arising from sales / purchases of goods / services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,589 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,012 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,374 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 60,123 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 62,986 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,370 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,012 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (113,738 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (28,361 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (28,490 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,488 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,283 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 73,088 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (8,006 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (b) Financial debt </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance lease liabilities from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,650 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance lease liabilities from other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (375 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (483 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (2,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>

<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In addition to the tables above, the Company issued various guarantees in favor of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">; for further details, please see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>14</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (c and d)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>27</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(ii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to these Consolidated Financial Statemen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. No other material guarantees were issued in favor of other related parties.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"> and senior management compensation</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">During the years ended December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none; line-height: inherit;">202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and <span style="border-left: none; border-right: none; line-height: inherit;">20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, the cash compensation of Directors and Senior managers amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">47.5</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">35.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">37.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 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 </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">388</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">437</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">382</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> thousand units for a total amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million, $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million respectively in connection with the Employee retention and long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">term incentive program mentioned in note II.P.<span>3</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Employee benefits &#8211; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">term benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> to these Consolidated Financial Statements.</span></p> <span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547669719680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 32 - Principal accountant fees<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionalInformationAbstract', window );"><strong>Note 32 - Principal accountant fees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfAdditionalInformationExplanatory', window );">Note 32 - Principal accountant fees</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">32&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Princ</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ipal a</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ccountant</span> <span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">f</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ees</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 112px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9351%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="7" style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 33.8474%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 64.9351%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit fees </span></p> </td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,386 </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,966 </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,804 </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit-related fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 273 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 255 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 220 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 148 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> All other fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,821 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,232 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,029 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr> </tbody> </table>
<p style="line-height: 10pt; margin: 0px; text-align: justify; text-indent: 0px;"> <br/></p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In addition, PwC Network firms </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rendered $<span style="border-left: none; border-right: none;">242</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">thousand for tax services </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to the recently acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> <span></span>
</td>
</tr>
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<div style="display: none;">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596327632">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 33 - Principal subsidiaries<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInterestsInSubsidiariesExplanatory', window );">Note 33 - Principal subsidiaries</a></td>
<td class="text">
<p style="line-height: 1.2; margin: 0pt 0pt 8pt 21.3pt; text-indent: -21.3pt;"><span style="text-indent: -21.3pt; font-size: 10pt; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">33&#160; &#160; &#160;&#160;</span></span></span><span style="text-indent: -21.3pt; font-size: 10pt; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Principal subsidiaries</span><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The following is a list of Tenaris&#8217;s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>

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<tbody>
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<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 37.5731%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Company </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 12.7193%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Country of Incorporation </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 27.0468%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Main activity </span></p> </td>
<td colspan="3" style="padding: 0px; height: 10px; width: 22.3684%; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Percentage of ownership at December 31, <span style="line-height: inherit;"><sup>(*)</sup></span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> ALGOMA TUBES INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> BREDERO SHAW INTERNATIONAL B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company and supplier of pipe coating services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> CONFAB INDUSTRIAL S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Brazil </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> DALMINE S.p.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Italy </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> EXIROS B.V. and subsidiaries (a) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Procurement and trading services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 50% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 50<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 50<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> HYDRIL COMPANY and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacture and marketing of premium connections </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> MAVERICK TUBE CORPORATION and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> P.T. SEAMLESS PIPE INDONESIA JAYA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Indonesia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 89% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 89<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 89<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> S.C. SILCOTUB S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Romania </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SAUDI STEEL PIPE CO. and subsidiaries (b) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SIAT SOCIEDAD ANONIMA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TALTA - TRADING AND MARKETING SOCIEDADE UNIPESSOAL LDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Portugal </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS BAY CITY, INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS CONNECTIONS BV </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Development, management and licensing of intellectual property </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS FINANCIAL SERVICES S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Uruguay </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Financial company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (CANADA) INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (UK) LTD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> United Kingdom </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company and marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Uruguay </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company, marketing and distribution of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES and INVESTMENTS S.&#224;r.l. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Luxembourg</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS QINGDAO STEEL PIPES LTD. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> China </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Processing of premium joints, couplings and automotive components </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS TUBOCARIBE LTDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Colombia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TUBOS DE ACERO DE MEXICO, SA and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Mexico </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-top: 0.5pt solid #000000; margin: 0pt; line-height: 1.2;">
<p style="line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> All percentages rounded.</span></span></span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of Amaja Tubular Services Limited, 60% of Tenaris </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Baogang</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Baotou Steel Pipes Ltd. Until <span>2022</span> held 98.4%</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;of Tenaris Supply Chain S.A. and, until <span>2021</span> held 49% of Tubular Services Angola </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Lda</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.&#160;after which years it started holding 100% of each of both companies.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(a) <span>Tenaris holds 50% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span></span></p> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">) </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> is a public company listed in the Saudi Arabian </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Stock Exchange</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tad</span><span style="font-family: Calibri; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">wul</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over SSPC</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Since May, 2023, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co. holds 57.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">% of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over GPC.</span></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(c) <span>Until its liquidation in April 2023</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> held 51% of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p> </div> </div>  <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of interests in subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 2<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_2_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 34 - Business combinations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"><span>34</span></span><span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'Times New Roman';">&#160; &#160; &#160; </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Business combinations</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The application of the purchase method requires certain estimates and assumptions, mainly concerning the determination of the fair values of the acquired intangible assets, property, plant and equipment as well as the liabilities assumed at the date of the acquisition, including the timing and amounts of cash flow projections, the revenue growth rates, the customer attrition rates and the discount rate. The fair values determined at the acquisition date are based on discounted cash flows and other valuation techniques.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The preliminary purchase price allocations were carried out with the assistance of third-party experts. Following IFRS <span style="border-left: none; border-right: none;">3</span>, the Company will continue reviewing the allocations and make any necessary adjustments during the <span style="border-left: none; border-right: none;">twelve</span> months following each of the acquisition dates.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Whenever applicable, Tenaris recognizes the non-controlling interest at the proportionate share of the acquiree&#8217;s net identifiable assets.</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Global Pipe Company acquisition</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On May 17, 2023, SSPC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22.3% of the shares of GPC from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Erndtebruecker</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Eisenwerk</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;EEW&#8221;), a German company that owned </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">35% interest in GPC, for a purchase price of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">6.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> paid in cash. SSPC already owned 35% interest in GPC, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">and, as a result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> of this transaction, SSPC </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">currently </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">holds </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">57.3% interest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GPC.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GPC&#8217;s balances and results of operations as from May 17, 2023. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquired business, which,&#160; contributed revenues of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">144.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a minor contribution to Tenaris&#8217;s results for the period starting May 17, 2023 and ending</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> assigned to Tubes segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">pro forma net sales and net income would not have changed materially.</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>

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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (May, 17, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">173 </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">34 </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash and Cash Equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Borrowings </span></p> </td>
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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(123 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">)</td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(6 </span></p> </td>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">80 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris accounted for this transaction as a step-acquisition whereby Tenaris&#8217;s ownership interest in GPC held before the acquisition, which amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">23.5</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million, was remeasured to fair value at that date. As a result, Tenaris recorded a gain of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">4.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million resulting from the difference between the carrying value of its initial investments in GPC and the fair value, which was included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Equity in earnings of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in the Consolidated Income Statement.&#160;The non-controlling interests in GPC amounted to $34.1 million.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">80</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. As a result of the acquisition, Tenaris recognized an additional gain for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">11.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million also included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Equity in&#160; earnings of non-consolidated companies</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the Consolidated Income Statement.</span></p>
<div>
 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">&#160;</span><br/></div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for the year ended <span style="border-left: none; border-right: none;">2022</span> were not material and for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> amounted to $0.3 million and were included in general and administrative expenses. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">SSPC and the other owners of GPC have issued corporate guarantees to secure the repayment of loan agreements entered into by GPC with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank and Banque Saudi Fransi to finance GPC&#8217;s capital expenditures and working capital.&#160; </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">As a result of this acquisition, SSPC assumed a portion of EEW&#8217;s corporate guarantees. As of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> SSPC&#8217;s aggregate exposure to GPC&#8217;s financial debt amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">72</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. </span><br/></p>
<p style="line-height: 1.2; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of Anticorrosion Coating Assets in Italy</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On July 1, 2023, an Italian subsidiary of the Company completed its previously announced acquisition of all of the assets and related rights, duties, liabilities and contracts of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mediterranean </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">S.r.l.&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">anticorrosion coating division</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> for EUR</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9.0</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million (approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">9.8</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million) paid in cash</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> was established in <span style="border-left: none; border-right: none;">2009</span> in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Villamarzana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Italy. It operates in an area of about 65,000 square meters (covered and uncovered) with pipe pre-insulation (district heating) and anticorrosive coating (oil &amp; gas) production lines.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> anticorrosion coating division balances and results of operations as from July 1, 2023. The acquired business revenues, assigned to Tubes segment, were not material, with a minor contribution to the Company&#8217;s results for the period starting July 1, 2023 and ending </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited pro forma net sales and net income would not have changed materially.</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>

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<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (July, 1, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 87%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 12%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">11</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">13 </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">13</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. As a result of the acquisition, Tenaris recognized an additional gain for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">3.2</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million also included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Other Income and Expenses</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">in the Consolidated Income Statement.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">year ended December 31, 2023,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> were not material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and were included in general and administrative expenses.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of Republic Tube pipe processing facility</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On September 6, 2023, a U.S. subsidiary of the Company acquired all of the assets and related rights, duties, liabilities and contracts of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Republic Tube LLC&#8217;s OCTG pipe processing facility</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> in Houston, Texas.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">he </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">final acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> price amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">90.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million in cash.</span></p>
<div>
 <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;">&#160;</span><br/></div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The plant, located on the northeast side of Houston, adds heat treatment and finishing lines, further complementing Tenaris&#8217;s existing operations, and increasing its capacity to serve the domestic market.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidated the balances and results of operations of the acquired business as from September 6, 2023.&#160;</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">The acquired business revenues, assigned to Tubes segment, were not material, with a minor contribution to the Company&#8217;s results for the period starting </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">September</span> <span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">6</span></span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>, and ending </span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">1</span></span><span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>.</span> <span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited pro forma net sales and net income would not have changed materially.</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="height: 55px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (September, 6, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 89%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">85 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; (1 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">)</td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160;&#160;2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">85</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">85.5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. As a result of the acquisition, Tenaris recognized goodwill for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">5.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. The goodwill is deductible for tax purposes.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The goodwill generated by the acquisition is mainly attributable to the synergy created following the integration between the businesses, which is expected to enhance Tenaris&#8217;s position as well as its local manufacturing presence in the U.S. market, and also expand its services capabilities.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">0.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and were included in general and administrative expenses.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Pipe Coating Business Unit of Mattr</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Acquisition and price determination</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">On November 30, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris completed the acquisition of Mattr&#8217;s pipe coating business unit for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">182.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> paid in cash</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Under the purchase contract, the acquisition price was paid based on an estimated closing statement; the final price is subject to a true-up adjustment based on actual amounts of cash, indebtedness, working capital and certain other items as of the closing date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, which are currently being assessed by management and will be subsequently reviewed by the seller.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The business acquired includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE and the U.S., and several mobile concrete plants. The business also includes world-class R&amp;D facilities in Toronto and Norway and a wide IP/product portfolio.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company consolidated the balances and results of operations of the acquired business as from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">November</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;">30</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, <span style="border-left: none; border-right: none;">2023</span>.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The acquired business contributed revenues of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">77.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">mainly related to spot projects, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">with a minor contribution to Tenaris&#8217;s results for the period starting November 30, 2023 and ending December 31, 2023</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">, were</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> assigned to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Others</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Had the transaction been consummated on January 1, 2023, then Tenaris&#8217;s unaudited pro forma net sales and net income would not have changed materially.</span></p>
<div>
 </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<ul style="margin: 0px;">
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;">Fair value of net assets acquired</span></li> </ul>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:</span></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 80px; text-indent: 0px;" width="100%">
<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 88.6792%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10.0082%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 88.6792%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0082%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160;126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160;29 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash and Cash Equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;21 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;">)</td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">169 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 11pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The fair value of the net assets and liabilities acquired shown above amounted to approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">169.0</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">million. As a result of the acquisition, Tenaris recognized goodwill for approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">13.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million. The goodwill is not deductible for tax purposes.&#160;The allocations of the purchase price will be finalized once all the information is obtained, but not to exceed one year from the acquisition date.</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Acquisition-related costs for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the year ended December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">amounted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">1.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> million and were included in general and administrative expenses.</span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596451072">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 35 - Nationalization of Venezuelan subsidiaries<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfNationalizationOfSubsidiariesAbstract', window );"><strong>Note 35 - Nationalization of Venezuelan subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfNationalizationOfSubsidiariesTextBlock', window );">Note 35 - Nationalization of Venezuelan subsidiaries</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;">35&#160; &#160; &#160;&#160;</span></span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Nationalization of Venezuelan subsidiaries</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Following the nationalization by the Venezuelan government of the Company&#8217;s interests in its majority-owned subsidiaries TAVSA - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tubos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> de Acero de Venezuela S.A. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tavsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;) and Matesi </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Materiales</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Sider&#250;rgicos</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> S.A (&#8220;Matesi&#8221;) and in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Complejo</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Sider&#250;rgico</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> de </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Guayana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, C.A (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comsigua</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), the Company and its wholly-owned subsidiary </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - Trading e Marketing Sociedad </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Unipessoal</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Lda</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;) initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations and obtained favorable awards, which are final and not subject to further appeals.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Matesi</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of Matesi. The award upheld Tenaris&#8217;s and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> claim and granted compensation in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">87.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million for the breaches and ordered Venezuela to pay an additional amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">85.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in pre-award interest, aggregating to a total award of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">173.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million (including $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">0.2</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million of legal fees), payable in full and net of any applicable Venezuelan tax, duty or charge.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On June 8, 2018, Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> filed an action in federal court in the District of Columbia to recognize and enforce the award in the United States. On July 17, 2020, the court entered judgment recognizing the Matesi award. The judgment orders Venezuela to pay to Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> an amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">256.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, including principal and post-award interest through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal statutory rate.</span></p>
<div>
 </div>
<div>&#160; &#160;&#160;</div>
<div><span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">Tavsa</span><span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"> and </span><span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">Comsigua</span><br/></div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On December 12, 2016, the tribunal issued its award upholding Tenaris&#8217;s and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> claim and granted compensation in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">137.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and ordered Venezuela to pay an additional amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">76.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in pre-award interest and to reimburse Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">3.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay interest from April 30, 2008, until the day of effective payment at a rate equivalent to LIBOR + 4% per annum. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On June 8, 2018, Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> filed an action in federal court in the District of Columbia to recognize and enforce the award in the United States. On March 29, 2021, the court granted Tenaris&#8217;s and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> request to recognize the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tavsa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> award and on August 24, 2021, the court entered judgment in favor of Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and against Venezuela in the amount of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">276.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, with post-judgment interest accruing from the date of judgment at the federal statutory post-judgment interest rate. On November 5, 2021, the court, in response to a motion by Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, amended the judgment amount to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">280.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, with post-judgment interest continuing to accrue from August 24, 2021, at the federal statutory post-judgment interest rate. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Transfer of the Awards and Judgements</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On January 25, 2023, Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> entered into an awards purchase agreement with an unaffiliated purchaser pursuant to which Tenaris and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Talta</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> agreed to sell all of their rights, title and interests in the above-referenced claims, awards and judgements, including all post-award or post-judgement interest accruing on the awards and judgements, for a purchase price of $81 million, plus a non-refundable signing payment of $1 million as reimbursement of expenses. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">After the U.S. Office of Foreign Assets Control approved the transfer of the awards and judgements to the purchaser, the transfer was consummated on September 7, 2023. As a result, the Company collected $82 million in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ended </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>2023</span>. The Company does not maintain any residual interest in these awards and judgements.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net result</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> derived from this operation amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">33.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million.&#160;</span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596330224">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 36-Termination of NKKTubes joint venture<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TerminationOfJointVentureAbstract', window );"><strong>Note 36 - Termination of NKKTubes joint venture</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfTerminationOfJointVentureTextBlock', window );">Note 36 - Termination of NKKTubes joint venture</a></td>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px; font-family: &quot;Frutiger 45 Light&quot;; color: rgb(0, 51, 102); font-size: 10pt; font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt; color: #003366;"><b style="color: #003363;">36</b></span></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Termination of NKKTubes joint venture</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, a company owned 51% by Tenaris and 49% by JFE Holdings Inc. (&#8220;JFE&#8221;), used to operate a seamless pipe manufacturing facility in Japan, located in the Keihin steel complex owned by JFE. On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE&#8217;s fiscal year ending March 2024 the operations of its steel manufacturing facilities located at the Keihin complex</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n November 2, 2021, Tenaris and JFE agreed to terminate amicably their joint venture and liquidate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n November 2, 2022, Tenaris and JFE entered into a definitive wrap-up agreement. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> was liquidated on April 28, 2023.</span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596400448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 37 - Share Buyback Program<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfShareBuybackProgramAbstract', window );"><strong>Note 37 - Share Buyback Program</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfShareBuybackTextBlock', window );">Note 37 - Share Buyback Program</a></td>
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<p style="line-height: 12pt;margin: 0px;text-align: justify;text-indent: 0px;font-family: 'Frutiger 45 Light';color: #003366;font-size: 10pt;font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt;"><b style="color: #003366;">37</b></span></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Share Buyback Program</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On November 1, 2023, the Company&#8217;s board of directors approved a share buyback program of up to $1.2 billion (which, at the closing price of November 1, 2023 on the Milan Stock Exchange, would represent approximately 75.4 million shares, or 6.4% of the outstanding shares), to be executed within a year, with the intention to cancel the ordinary shares acquired through the program.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The buyback program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> be</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, which may be renewed or extended, up to a maximum of 10% of the Company&#8217;s shares.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The buybacks may be ceased, paused and continued at any time, subject to compliance with applicable laws and regulations.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The program is divided into tranches. For purposes of carrying out the first tranche of the buyback program, Tenaris entered into a non-discretionary buyback agreement with a primary financial institution that makes trading decisions concerning the timing of the purchases of Tenaris&#8217;s ordinary shares independently of and uninfluenced by Tenaris and must act in compliance with applicable rules and regulations, including the Market Abuse Regulation <span>596</span>/<span>2014</span> and the Commission Delegated Regulation (EU) <span>2016</span>/<span>1052</span>. Under the buyback agreement, purchases of shares may continue during any blackout periods. </span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During <span>2023</span>, the Company purchased </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">12,648,091</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shares, for a value of $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">213.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 2023, the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">held</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a liability in connection to the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hares to be settled under&#160;<span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">the first tranche of the</span>&#160;buyback program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that amounted to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">86.2</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On January 12, 2024, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the first tranche of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;share buyback program</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> was completed.</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;</span></p>
<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Further information on the buyback transactions is available on Tenaris&#8217;s corporate website under the Share Buyback Program Section.&#160;</span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596417600">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 38 - Climate change<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfClimateChangeAbstract', window );"><strong>Note 38 - Climate change</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfClimateChangeTextBlock', window );">Note 38 - Climate change</a></td>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"><span><span style="border-left: none; border-right: none;"><span><span style="font-size: 10pt;"><b style="color: #003366;">38</b></span></span><span>&#160; &#160; &#160;&#160;</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;">Climate change</span></p>
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<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris carefully assesses the potential impact of climate change and energy transition on its business and on the risks to its markets and its tangible and intangible assets, and adapts its business strategy accordingly. </span></p>
<p style="font-family: 'times new roman', times;font-size: 10pt;line-height: 1.2;margin: 7pt 0pt 0pt;text-align: justify;text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In February 2021 Tenaris set a medium-term target to reduce its carbon emissions intensity rate by 30% by 2030, compared to a 2018 baseline, considering Scopes <span>1</span> and <span>2</span> emissions plus Scope <span>3</span> emissions related to raw materials and steel purchased from third parties. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Tenaris encourages the use of sustainable practices among its suppliers and, in March 2023, it adopted a Sustainable Sourcing Policy to enhance its efforts in this area. The new Sustainability Sourcing Policy will help Tenaris to understand better the real emission levels of its suppliers and identify further opportunities for improvement. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The Company aims to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix and by making investments to increase energy efficiency and the use of renewable energy in its energy requirements.&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In particular, a large proportion of these investments are being directed to installing renewable energy capacity for use in the Company&#8217;s operations. In October 2023, following an investment of approximately $200 million, Tenaris put into operation a wind farm in Argentina, which supplies <span style="border-left: none; border-right: none; line-height: inherit;">103.2</span> MW of power, or close to 50% of its total electric power requirements, through the interconnected grid, to its industrial facilities in Campana. The wind farm will reduce Tenaris&#8217;s CO<span style="font-size: 8pt; line-height: inherit;"><sub><span>2</span></sub></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;emissions at the facility by 152,000 tons per year compared to <span>2018</span>. In November 2023 the Company&#8217;s Board of Directors approved an investment plan to build a second wind farm in Argentina at a cost of approximately $214 million, which would supply a further 30% of the current energy requirements of its facilities in Campana, and reduce Tenaris&#8217;s CO<span style="font-size: 8pt; line-height: inherit;"><sub>2</sub></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;emissions by a further 102,500 tons per year. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> medium-term target forms part of a broader objective of decarbonizing our operations and reaching carbon neutrality. At the same time, the Company is increasing its sales for low-carbon energy applications, such as hydrogen, geothermal and carbon capture and storage. These sales currently account for a relatively small proportion of overall sales but are expected to grow in the coming years.</span><br/></p>
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<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">In its assessment, Tenaris also considers that the countries in which it operates and its customers are also establishing their own decarbonization strategies and objectives, and that some customers are requesting specific information from their suppliers, including Tenaris, concerning the carbon emissions and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Environmental, Social and Governance (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">ESG</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> practices in their supply chain, and that they may adjust their supply practices in light of that information. </span></p>
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<p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">The recoverable value assessments performed by the Company for purposes of the preparation of these financial statements reflects management&#8217;s views on energy transition and climate change and their potential medium- and long-term impact on Tenaris&#8217;s operations and its sales. In addition, the Company carefully monitors the medium- and long-term outlook scenarios published by leading industry experts on how the energy transition could affect global demand for energy and oil and gas and how this could affect the global demand for tubular products and its sales. Furthermore, estimates and assumptions used in the Company&#8217;s impairment tests over long-lived assets and goodwill, useful lives of assets, capital and research and development expenditures, inventory valuation, recovery of deferred tax assets and provisions, and contingent liabilities are based on available information and current government regulations on energy transition and climate-related matters, as well as on Tenaris&#8217;s current short-term investment plans. As of the date of these financial statements, the Company does not believe that climate-related matters should trigger any material adjustments to the conclusions of its impairment tests or the valuation of the above mentioned areas.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of climate change.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596413376">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 39 - Events after the reporting period<br></strong></div></th>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">39&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Events after the reporting period</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Annual Dividend Proposal and Second Tranche of Share Buyback Program </span><sup><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">3</span></sup></span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Upon approval of the Company&#180;s annual accounts in March 2024, the Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on April 30, 2024, the payment of an annual dividend of $0.60 per share ($1.20 per ADS), or approximately $700 million, which includes the interim dividend of $0.20 per outstanding share ($0.40 per ADS) or approximately $235 million, paid on November 22, 2023. If the annual dividend is approved by the shareholders, a dividend of $0.40 per share ($0.80 per ADS), or approximately $465 million will be paid on May 22, 2024, with an ex-dividend date of May 20, 2024. These Consolidated Financial Statements do not reflect this dividend payable.</span></span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The second $300 million tranche of the Company&#8217;s previously announced $1.2 billion share buyback began on Monday, February 26, 2024, and is expected to end no later than May 24, 2024.</span></span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547633899872">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">A</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Basis of presentation</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">"</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IFRS Accounting Standards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in accordance with IFRS</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as adopted by the European Union,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">under the historical cost convention, as modified by the revaluation of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial assets</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (&#8220;$&#8221;).</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Whenever necessary, c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ertain comparative amounts</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">have been reclassified to conform to changes in presentation in the current year.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> main</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> areas involving </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> estimates or judgements are: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mpairment of goodwill</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-lived assets (not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">),</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">impairment in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> investments in associates (note II.B)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">; i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">axes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">including recoverability of deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">obsolescence of inventory (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">II.J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); contingencies (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Q</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">); </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allowance for trade receivables (note II.K)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">post-employment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and other long-term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (note II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">P</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">);</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(notes II.B); u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">seful lives of property, plant and equipment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> other long-lived assets (notes II.E, II.F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, II.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">property title ownership </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">restriction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>28</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> there were no </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">significant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> changes in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">material</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> accounting estimates</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and judgements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Accounting pronouncements applicable as from J</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">anuary <span>1</span>, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>3</span></span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Amendments to IAS <span>12</span> - International Tax Reform</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Pillar <span>Two</span> Model Rules</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In December 2021, the Organization for Economic Co-operation and Development (&#8220;OECD&#8221;) released the Pillar <span>Two</span> model rules (the Global Anti-Base Erosion rules, or &#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;) to reform international corporate taxation. Following Pillar <span>Two</span> OECD&#8217;s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from <span>2024</span>.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In May 2023, the IASB made narrow-scope amendments to IAS <span>12</span> setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar <span>Two</span> model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules. </span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On December 20, 2023, the Luxembourg Parliament approved the Pillar <span>Two</span> law transposing the EU Pillar <span>Two</span> Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company is within the scope of the rules, and therefore will be required to calculate its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">GloBE</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> effective tax rate per jurisdiction and the 15% minimum rate, as from <span>2024</span>.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information see note <span>9</span>.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other accounting pronouncements that became effective during <span>2023</span> have <span>no</span> material effect on the Company&#8217;s financial condition or results of operations.</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">New ac</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">counting pronouncements </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">applicable as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">of December 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>1</span>, <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"><span>3</span></span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Certain</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">new</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ly published</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> accounting standards, amendments to accounting standards and interpretations are not mandatory for December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory', window );">Description of accounting policy for investment in associates and joint ventures [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">B&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Group accounting</span></p>
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<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Subsidiaries and transactions with non-controlling interest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">s</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In some cases, the Company considers that it has the ability to affect returns through its power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able to prevail at all of the subsidiary&#8217;s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary&#8217;s board of directors.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> method is used to account for the acquisition of subsidiaries by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The cost of an acquisition is measured as the fair value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, equity instruments issued and liabilities incurred or assumed at the date of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exchange</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Acquisition-related costs are expensed as incurred.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Identifiable assets acquired</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> liabilities and contingent liabilities assumed in a business combination are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">measured initially at their fair values at the acquisition date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquiree&#8217;s net </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">identifiable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">assets. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The excess of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> aggregate of the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">consideration transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the amount of any non-controlling interest in the acquiree</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">over the fair value of the identifiable net assets acquired is recorded as goodwill. If </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">this</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Contingent consideration is classified either as equity or a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#8217;s previously held equity interest in the acquire</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ransactions with non-controlling interests </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">that do not result in a loss of control</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are accounted</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.</span> <br/></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Material intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">balances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and unrealized gains (losses) on transactions </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">between Tenaris subsidiaries have been eliminated in consolidation. However, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">since</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the functional currency of some subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s respective local currency, some financial gains (losses) arising from intercompany transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are generated. These</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are included in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">inancial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Non-consolidated companies</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies (associate</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and joint ventures) are accounted for by the equity method and are initially recognized at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (as defined by IAS <span>28</span>, &#8220;Investments in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ssociates and Joint Ventures&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> The Company&#8217;s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#8217;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#8217;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&#8217;s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> adjusted where necessary to ensure consistency with IFRS.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">The Company&#8217;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Equity in earnings</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">of non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">. The Company&#8217;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">a)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Ternium</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">At December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">, Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">h</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">ld </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">11.46</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">%</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> share capital </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Ternium S.A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">. The following factors and circumstances evidence that Tenaris has significant influence </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">over Ternium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oth the Company and Ternium are under</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mon control of San Faustin S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;San Faustin&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">our out of eight</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#160;members of Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors (including Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hairman) are also members of t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he Company&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nder the shareholders</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> agreement by and between </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Holdings </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S.&#224;r.l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ("</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">")</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, a wholly owned subsidiary of San Faustin </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and Ternium&#8217;s main shareholder, dated January 9, 2006</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techint</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is required to take actions within its power to cause</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (a) <span>one</span> of the members of Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors to be nominated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and (b) any director nominated by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to be removed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">from Ternium&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">b</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oard of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">irectors </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">only </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">pursuant to previous written instructions of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">b)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Usiminas</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At December 31, 202</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"><span>3</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris he</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ld, through its Brazilian subsidiary Confab Industrial S.A. (&#8220;Confab&#8221;), 47.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million ordinary shares and 1.3 million preferred shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usinas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Sider&#250;rgicas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> de Minas Gerais S.A. - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;), representing 6.76</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% of its shares with voting rights and 3.96</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% of its total share capital.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">participation in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> share</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> capital is the result of a series of acquisitions, the first of which was </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ordinary shares and joined </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; existing control group. Subsequently, in <span>2016</span>, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.</span> <br/></p>
<div>
<div id="t_ft_JL08KSBPO000000000000000000000b">
 </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">More recently, o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n March 30, 2023, Confab, together with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ternium (through its subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Ternium Investments and Ternium Argentina</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">agreed to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquire an additional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">68.7 million ordinary shares of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at a price of BRL10 per ordinary share. The transaction closed on July 3, 2023 and was financed with cash on hand. Tenaris paid approximately BRL110 million (approximately $22.7 million) in cash for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">11 million ordinary shares, increasing its participation in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group to 9.8%.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">MetalOne</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">; and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; employee pension fund, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. At December 31, 2023, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; voting capital and the T/T Group held an aggregate participation of 61.3% in the control group (with 51.5% of the control group&#8217;s participation corresponding to Ternium&#8217;s subsidiaries, and remaining 9.8</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">% corresponding to Confab); the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> held 31.7% and 7%, respectively, in the control group.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Upon </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">closing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of the July 3, 2023 acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">then </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">existing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">governing the relationship between the T/T Group, the NSC Group and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Previd&#234;ncia</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">was replaced by a new shareholders agreement setting forth a new governance structure for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The T/T Group is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">now </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entitled to nominate a majority of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of directors, the chief executive officer and four other members of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of directors and one member of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> board of officers. Ordinary decisions may be approved with a 55% majority of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; control group shares. </span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the NSC Group&#8217;s remaining interest in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> control group (153.1 million ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at BRL10 per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its current participation in the T/T Group.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab and the Ternium entities party to the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Under s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">uch separate agreement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Confab enjoys certain rights with respect to the governance of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">among others, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the ability to nominate certain </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217; officers and directors</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Those circumstances evidence that Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">continues having </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sign</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ificant influence over </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Usiminas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and, as a result, continues accounting for its investment under the equity method.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">c)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Techgen</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> S.A. de C.V. (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, which operates an electric power plant in Mexico,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is a joint venture company owned 48% by Ternium, 30% by </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> International S.A.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;)</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and 22%</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> by Tenaris. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, Ternium and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tecpetrol</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are parties to a shareholders&#8217; agreement relating to the governa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nce of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Techgen</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are under the indirect com</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mon control of San Faustin</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Based on the facts stated above, the Company has determined</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that it has significant influence over this entity.</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">d)</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Global Pipe Company</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Global Pipe Company (&#8220;GPC&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is a joint venture, established in <span>2010</span> and located in Jubail</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Arabia</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, which manufactures LSAW pipes. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Until May 16, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris, through its subsidiary</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Saudi Steel Pipe Company ("</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">SSPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">")</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">owned 35% of the share capital of GPC</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and, accordingly was a non-consolidated company.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">On May 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching a participation of 57.3%. The Company consolidates GPC&#8217;s balances and results of operations as from May 17, 2023.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information on GPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">'s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> acquisition and its accounting treatment see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Business Combinations - </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Global Pipe Company acquisition</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris carries its investment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s in non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">consolidated companies</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the equity method, with no additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset&#8217;s carrying amount may not be recoverable. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For more information </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>14</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> <span></span>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">C</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Segment information</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company is organized in one major business segment, Tubes, which is also the reportable operating segment.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">All other business activities and operating segments that are not required to be separately reported are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">disclosed in the Other segment.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (&#8220;OCTG&#8221;) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> worldwide</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> oil and gas industry, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Other segment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> includ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">all business activities related to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the production and selling of sucker rods, coiled tubing, tubes used for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plumbing and construction</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">applications, oilfield / hydraulic fracturing services,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the recently acquired </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">coating business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and others as</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> energy and raw materials that exceed internal requirements.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s Chief Operating Decision Maker (&#8220;CODM&#8221;) reviews operating and financial performance information with senior management on a monthly basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. This </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">information differ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> from IFRS principally as follows:</span></p>
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<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciation;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, mainly on a FIFO basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ny currency translation adjustment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">classification</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar; and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther timing differences, if any.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> presents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> its geographical information in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>four</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> areas:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> North America,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> South America, Europe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Asia Pacific</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Middle East and Afri</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ca</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. For purposes of reporting geographical information, net sales are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">allocated</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to geographical areas based on the customer&#8217;s location; allocation of assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> capital expenditures and associated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are based on the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">geographical</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> location of the assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> <span></span>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">D</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Foreign </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">c</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">urrency </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">t</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">ranslation</span></p>
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<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 35.45pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -35.45pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Functional</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> and presentation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">IAS </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>21</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revised</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;The effects of changes in foreign exchange rates&#8221; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">defines the functional currency as the currency of the primary economic environment in which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entity operates.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The functional </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and presentation </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">curren</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">y of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is the U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is the currency that best reflects the economic substance of the underlying events and circumstances relevant to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> global operations. </span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.</span></p>
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<p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This decision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">wa</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s a result of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">significant increase of its Brazilian Subsidiaries&#8217;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">participation in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCTG and l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ine</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ipe international markets, a trend which started in recent years and has been strengthened in <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, an </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">increased l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">evel of integration of the local operations within Tenaris&#8217;s int</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ernational </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">commercial and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">supply chain system</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as well </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the fact that the main purchase agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contracts and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the long term </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">agreement </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">contracts with major international </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and local </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oil companies are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">either</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entered or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">indexed to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Local steel prices are also being affected by the U</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ollar / Brazilian Real fluctuations.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">xcept f</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the Italian subsid</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">iaries whose functional currency</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Euro</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and two recently acquired subsidiaries wh</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ose</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> functional currencies are the Canadian Dollar and the Norwegian Krone</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris determined that the functional currency of its</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> other subsidiaries </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is the U.S. dollar, based on the following principal considerations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ales are mainly negotiated, denominated and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> settled in U.S. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. If priced in a currency other than the U.S. dollar, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">sales </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">price </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">may consider</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> exposure to fluctuation in the exchange rate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">against</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the U.S. dollar;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rices of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">critical raw materials and inputs are priced and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/ </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> settled in U.S. dollars; </span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ransaction</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and operational</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> environment and the cash flow </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">operations ha</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the U.S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. dollar</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as reference currency;</span></li>
<li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">there is a s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ignificant level of integration of the l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ocal operations within Tenaris's&#160;international&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">global distribution network</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">et financial assets and liabilities are mainly received and maintained in U.S. dollars; and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he exchange rate of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">certain legal currencies </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">has long-been affected by recurring and seve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re economic crise</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s.</span></li> </ul>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Transactions in currencies other than the functional currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuati</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">on where items are re-measured.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> the fair value was determined.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal;">Other financial results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">alifying net investment hedges.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Translation of financial information in currencies other than the functional currency</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the Consolidated Income Statement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> as a gain or loss from the sale</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or disposal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> following IAS <span>21</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exchange </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rate.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Description of accounting policy for property, plant and equipment [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Property, plant and equipment</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property, plant and equipment are recognized at historical acquisition or construction cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> less accumulated depreciation</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and impairment losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. H</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">istorical cost includes expenditure that is directly attributable to the acquisition of the items</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lant</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quipment acquired through</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquisitions accounted for as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">business </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">combination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">have been valued </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">initially </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">market </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value of the assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">acquired.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Major overhaul and rebuilding expenditures</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> are capitalized as property, plant and equipment only when </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">it is probable that future economic benefits associated with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> the item will flow to the Company</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">the investment enhances the condition of assets beyond its original condition.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> The carrying amount of the replaced part is derecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">M</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost may also include transfers fro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">m equity of any gains or losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> IAS <span>23</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revised</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Borrowing Cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">A</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">epreciation method is reviewed at each year end. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Depreciation</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is calculated using the straight-line method to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">depreciate </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the cost of each asset to its residual value over its estimated useful life</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as follows:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>

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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </span></p> </td>
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<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </span></p> </td> </tr>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 30-50 years </span></p> </td> </tr>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 10-40 years </span></p> </td> </tr>
<tr style="height: 1.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 1.4pt; text-indent: -1.4pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 4-10 years </span></p> </td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8217;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">residual values and useful lives of significant plant and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">production </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">equipment are reviewed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and adjusted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> if appropriate, at each year-end</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">date. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">An asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than its estimated recoverable amount.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">estimation of asset</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> useful </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, performed </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with IAS <span>16</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Property</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, Plant and E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quipment&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">resulted in additional depreciation expenses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">approximately</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">39</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for <span>2022</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">did not materially affect depreciation expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2021</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> depreciates each significant part of an item of property, plant and equipment </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">for its different production facilities </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other operating expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p> <span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory', window );">Description of accounting policy for intangible assets and goodwill [text block]</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">F&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Intangible assets</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Goodwill </span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Goodwill represents the excess of the acquisition cost </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">over the fair value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">at least </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;">in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"> the Consolidated Statement of Financial Position under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Intangible assets, net.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">&#160; &#160; &#160; &#160;</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For the purpose of impairment testing, g</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">oodwill<span>&#160;</span>is allocated to a<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cash generating unit (&#8220;</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">CGU</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;)</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>&#160;</span>or group of<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">CGUs</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>&#160;</span>that<span>&#160;</span></span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">are expected to benefit from the business combination which generated the goodwill being tested.</span></span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Information systems projects</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding <span>one</span> year and comply with the recognition criteria of IAS <span>38</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;Intangible Assets&#8221;.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">not exceeding a period of 3 years. Amortization charges are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span> <br/></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">did not materially affect </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span>, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>202</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)&#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Licenses, patents, trademarks and proprietary technology </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Licenses, patents, trademarks, and proprietary technology are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">using the straight-line method to allocate the cost over their estimated useful lives, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which are in the range between 3 and 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> years.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization charges are mainly classified as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The balance of acquired t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rademarks</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that have indefinite useful lives according to external appraisal</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">86.7</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at December 31, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Main factors considered in the determination of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> indefinite useful lives</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> include the years that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">they have</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> been in service and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognition among customers in the industry.</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> did no</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t materially affect amortization</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> expenses for <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Research and development</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Research expenditures as well as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">development costs that do not fulfill the criteria for capitalization are recorded as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement as incurred. Research and development expenditures included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Cost of sales</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> for the years </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> totaled </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">60.0</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">50.7</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">45.3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Capitalized costs were not material for the years <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">(<span>5</span>)&#160; &#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">Customer relationship</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;">s</span></p>
<p style="line-height: 12pt; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In accordance with IFRS <span>3</span>, "Business Combinations" and IAS <span>38</span>, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Tube Corporation (&#8220;Maverick&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Company (&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> groups, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SPC</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Ipsco</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Tubulars Inc. (&#8220;IPSCO&#8221;)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">the more recent acquisition of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Mattr&#8217;s pipe coating business unit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful li</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">v</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">which were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">approximately 14 years for Maverick, 10 y</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ears for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 9 years for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for IPSCO</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">4 months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for Mattr&#8217;s pipe coating business unit.</span></p>
<p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In <span>2022</span>,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the Company reviewed the useful life of SSPC&#8217;s customer relationships and decided to reduce </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> from 5 years to 3 years, consequently a higher amortization charge of approximately $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">4.1</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> million was recorded in the Consolidated Income Statement under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Selling, general and administrative expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> for the year ended December 31, 2022.</span></p>
<p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management&#8217;s re-estimation of assets useful lives, performed in accordance with IAS <span>38</span>, did not affect amortization expenses for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2023</span> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2021</span>.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">As o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">f December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the net book</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">SSP</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">&#8217;s customer relationship amoun</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ted</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">26.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> million, with a residual useful life of </span><span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3376"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">1</span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> year</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> and <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;">9</span></span></span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> months</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Mattr&#8217;s amounted to $21.5</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, with a residual useful life of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">3</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">w</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">hile </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">IPSCO&#8217;s, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Maverick&#8217;s </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Hydril&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> customer relationships </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">re</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> fully amortized.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Description of accounting policy for leases [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">G&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Right-of-use assets and lease liabilities</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> term on a straight-line basis.</span> <br/></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment wit</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">h similar terms and conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Right-of-use assets are measured at cost comprising the amount of the initial measurement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or early termination</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, or not </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Payments associated with short-term leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, variable leases</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and leases of low</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">value assets are recognized on a straight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Description of accounting policy for impairment of non-financial assets [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">H</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Impairment of non-financial assets</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">). Most of the Company&#8217;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation that generates largely independent cash inflows.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test, or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are tested</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> more frequently if events or circumstances indicate that the carrying amount value may be impaired. In some </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">situations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> where there have not been significant changes to CGU assets and liabilities as well as external and internal </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">events and circumstances </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which could materially alter the recoverable amount of the CGU, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the most recent detailed calculation of recoverable amount made in a preceding period may be used in the impairment test for that </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">CGU</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the current period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris&#8217;s cash flow projections and the business condition in terms of competitive</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> economic </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and regulatory </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">An impairment loss is recognized for the amount by which the asset&#8217;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#8217;s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and</span></p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or <span>zero</span>.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Value </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">use is calculated by discounting the estimated cash flows over a <span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="border-left: none; border-right: none;"><span style="-sec-ix-hidden:Tag3394">five-year</span></span></span></span>&#160;period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the <span><span style="border-left: none; border-right: none;">five</span>-year</span> period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly the historical inflation rate.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.</span> <br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.</span></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. For more information on impairment charges </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">see note </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>5</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory', window );">Description of accounting policy for investments other than investments accounted for using equity method [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">I</span>&#160; &#160; &#160; &#160;<span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">i</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">nvestments</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther investments consist primarily of investments in financial instruments</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and time deposits with a maturity of more than </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>three</span> months</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> at the date of purchase</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Certain non-derivative financ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ial assets that the Company held not for trading</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> have been categorized as </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value through other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (&#8220;FV</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as the business model objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. They are carried at </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">omprehensive </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Income and transferred to the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement when the financial asset is </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">disposed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement. F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">V</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">OCI</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> instruments with maturities greater than 12 months after the balance sheet date a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re included in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> non-current assets</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ther investments in financial instruments and time deposits are c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ategorized as financial assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">at fair value through profit or loss </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(&#8220;FVPL&#8221;) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">because such investments are held for trading and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">their</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> performance is evaluated on a fair value basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. The results of these investments are recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Financial Results</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Purchases and sales of financial investments are recognized as of the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ir</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">settlement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> date</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">The fair values of quoted investments are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">generally </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ee s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ectio</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">n III Financial Risk Management</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Description of accounting policy for measuring inventories [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">J&#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Inventories</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and other direct costs and related production overhead costs, and it excludes borrowing costs. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The a</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">llocation of fixed production costs</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including depreciation and amortization charges,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> is based on</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> normal</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> level of production capacity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Inventories</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> cost is mainly based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">FIFO method. Tenaris estimates </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">G</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">oods in transit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">as of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> year-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">end are valued based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">supplier&#8217;s invoice cost.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management&#8217;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory', window );">Description of accounting policy for trade and other receivables [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">K</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">and other </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">receivables</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Trade and other receivables are recognized initially at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> fair value that corresponds to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> the amount of consideration that is unconditional unless they contain significant financing c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">omponents. The Company holds</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> trade receivables with the objective to collect the contractual cash flows and therefore measu</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">res them subsequently at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ed cost using the effective interest method. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> short-term nature, their carrying amount is considered to be the same as their fair value</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Tenaris applies the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> IFRS <span>9</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> &#8220;Financial Instruments&#8221;</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">simplified approach to measure</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> expected credit losses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">three years</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">and the corresponding historical credit losses exp</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">erienced within this period. The expected loss allowance also</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> reflect</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> current and forward-looking information on macroeconomic factors affecting the ability</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> of</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">each </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">custo</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">mer to settle the receivables.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents', window );">Description of accounting policy for determining components of cash and cash equivalents [text block]</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">L</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cash and cash equivalents</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Cash and cash equi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">valents are comprised of cash at</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> banks, liquidity funds and short-term investments with a maturity of less than <span>three</span> months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">approximates fair market value.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In the Consolidated Statement of Financial Position, bank overdrafts are included in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">Borrowings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> in current liabilities.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">For the purposes of the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">Consolidated Statement of C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">ash </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">F</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">low</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;">ash and cash equivalents</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">overdrafts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory', window );">Description of accounting policy for issued capital [text block]</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">M</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">E</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">quity</span></p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> components</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">hanges in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quity include</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he value of share capital, legal reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">share premium</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and other distributable reserve</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">calculated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with Luxembourg l</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">aw;</span></li>
<li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he currency translation adjustment</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">treasury shares, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other reserves,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> retained earnings</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">non-controlling</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> interest </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">calculated in accordance with</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> IFRS.</span> </li> </ul>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Share cap</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">it</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">al</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company has an authorized share capital of a single </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">class of 2.5 billion shares having a nominal value of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">$</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1.00 per share. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total ordinary shares issued as of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>1</span></span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1,180,536,830</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">with a par value of $1.00 per share with one vote each.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Total ordinary shares outstanding as of December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1,167,888,739</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and as of December 31, 2022 and <span>2021</span> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">1,180,536,830</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury shares. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">All issued shares are fully paid.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>3</span>)&#160; &#160; &#160;&#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Treasury Shares</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Any potential</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> gains </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">or</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> losses on disposal of treasury shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> recognized under </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other r</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">eserves</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Changes in Equity</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Treasury shares outstanding as of December 31, 2023, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">we</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">re </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">12,648,091</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Dividends distribution by the Company to shareholders </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividends distributions are recorded in the Company&#8217;s financial statements when Company&#8217;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (iii)</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to these</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Description of accounting policy for borrowings [text block]</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">N</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;&#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Borrowings</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.</span><br/></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Description of accounting policy for income tax [text block]</a></td>
<td class="text">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">O</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Current and d</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">eferred income tax</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The income tax expense or credit for the period is the tax payable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> or recoverable</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> on the current period&#8217;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Current and deferred t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ax is recognized in the Consolidated Income Statement, except </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to the extent that it relates to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">items recognized in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other comprehensive income or directly in equity.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company&#8217;s subsidiaries operate and generate taxable income.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">from </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">net operating loss carry-forwards</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">post-employment benefits and other long-term employee benefits</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">fair value adjustments of assets acquired in business combinations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets are recognized to the extent</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> that</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> it is probable that future taxable profits will be available</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> against which the te</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mporary differences </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and losses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">can be utiliz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At the end of each reporting period, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> reassesses </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax assets. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">enaris</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a previously </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">unrecognized</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> deferred tax asset to the extent that it has become probable that future taxable </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> will allow the deferred tax asset to be recovered.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ax basi</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Deferred tax assets </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and liabilities are re-measured</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> if tax rates change. These amounts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are charged or credited to the Consolidated Income Statement or to the item </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">O</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">ther co</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">mprehensive income </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">onsolidated </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comprehensive I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome, depending on the account to which the original </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amount was charged or credited.</span></p> <span></span>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">P</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Employee benefits</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; text-align: justify; text-indent: -22.5pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>1</span>)&#160; &#160; &#160; &#160;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Short-term obligations</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Liabilities for wages and salaries are recognized in respect of employees&#8217; services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.</span></p>
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<p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.5pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>2</span>)</span><span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"> &#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Post</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">employment benefits</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on <span>one</span> or more factors such as age, years of service and compensation.&#160; &#160;&#160;</span><br/></p>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Other comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.</span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For defined benefit </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">funded </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">plans, net interest income</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">/</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. </span></p>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:</span></p>
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<p>&#8226;</p> </td>
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<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">benefits based on years of service and final average salary</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">As of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for this plan amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">48.1</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span></p> </td> </tr>
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<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Employees&#8217; service rescission indemnity</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. T</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">he </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability ac</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">crued for employees at </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Tenaris&#8217;s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Tenaris&#8217;s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> Italian subsidiary pays every year the required contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">limited to the contributions of <span>2007</span> onwards.</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">As of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for this plan amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">10.6</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span><br/></p> </td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
<td style="height: 10px; text-align: justify; padding: 0px 1px 10px; vertical-align: top;" valign="top">
<p><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Funded retirement benefit plan held in the U</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">S</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for the benefit of some employees hir</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ed prior a certain date,</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">funds. Additionally, an unfunded post</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>-</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">retirement health and life plan</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> is</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> in place</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> that offers limited medical and life insurance benefits to the retirees, </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">frozen to new participants</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> A</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s of December 31, 20</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the outstanding</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">liabil</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">ity for these</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> plan</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> amounts to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">5.6</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million.</span></p> </td> </tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top">&#8226;</td>
<td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 1px;" valign="top"><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">primarily of </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">annuities purchased from an insurance company for the benefit of current and future retiree</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s,</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">investments in </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">debt and </span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">equit</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">y instruments</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for the purposes of credited service as well as determination of final average pay. As of December 31, 202</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">the plan was overfunded and the net assets related to this plan amounted to $</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">10.8</span> <span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">million</span><span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></td> </tr> </tbody> </table> </div> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<br/><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">(<span>3</span>)</span><span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"> &#160; &#160; &#160; </span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">O</span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">ther long-</span><span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;">term benefits</span>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">During <span>2007</span>, Tenaris launched an</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">employee retention and long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;">term incentive program</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">&#8220;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Program&#8221;) applicable to certain senior officers and employees of the Company, who will be granted a number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits throughout the duration of the Program. The value of each of these </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits is based on </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shareholders&#8217; equity (excluding non-cont</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rolling interest). </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Until </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the end of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2017</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> u</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">nits </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ratably over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> a period of <span style="border-left: none; border-right: none;">four years</span> and were </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mandatorily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> redeemed by the Company <span style="border-left: none; border-right: none;">ten years</span> after grant date, with the option of an early redemption at <span style="border-left: none; border-right: none;">seven years</span> after</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> grant date.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Since</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2018</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">units </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">vest</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ratably over the same period and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mandatorily redeemed by the</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Company <span style="border-left: none; border-right: none;">seven years</span> after grant date.</span></p>
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<div id="t_ft_KQ7U20T3K000000000000000000000b">
 </div> </div>
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<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he beneficiaries of the Program are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">entitled to receive cash amounts based on: (i) the amount of dividend payments made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The payment of the benefit is tied to the book value of the shares, and not to their market value.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris valued this long-term incentive program as a long</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">term benefit plan as classified in IAS <span>19</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#8220;Employee Benefits&#8221;</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, the outstanding liability corresponding to the Program </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">amounts to $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">119.6</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">94.4</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively. The total value of the units granted </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">(vested and unvested) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">to date under the program, considering the number of units and the book value p</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">er share as of December 31, 20</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>2</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, is $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">144.0</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">million and $</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">123.9</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> million, respectively.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>4</span>)</span><span style="font: 10pt 'Times New Roman';"> &#160; &#160; &#160; </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Termination benefits</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recognizes</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS <span>37</span> involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">(<span>5</span>)</span><span style="font: 7.0pt 'Times New Roman';">&#160; &#160; &#160;&#160;<span style="font-size: 10pt;">&#160;</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Other compensation obligations</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Employ</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ee entitlements to annual leave, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">long-service leave</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, sick leave and other bonuses and compensations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> obligations</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are accrued as earned.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.</span></p> <span></span>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Q</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Provisions </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, as a result of past events, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">a potential loss from a claim or proceeding is considered probable and the amount can be </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">reliably</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> estimated, a </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">provision </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris&#8217;s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">As the scope of liabilities become better defined, there may be changes in the estimates of future costs </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">which could have a material adverse effect on its results of operations, financial condition and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">cash flows.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This note should be read in conjunction with </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ote </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span>27</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> these Consolidated Financial Statements</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> <span></span>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">R&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Trade and other payables </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">subsequently measured at amortiz</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ed cost. They are presented as current liabilities unl</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ess payment is not due within <span>twelve</span></span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> months after the reporting period.</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Due to the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ir</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> short-term nature </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">t</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">heir carrying amount</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considered to be the same as their fair value. </span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Description of accounting policy for recognition of revenue [text block]</a></td>
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<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">S</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Revenue recognition </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue comprises the fair value of the consideration received or receivable for the sale of goods and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> rendering of</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> services in the ordinary course of Tenaris&#8217;s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue is recognized at a point in time or </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">over</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The control </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> transfer</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">red</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">upon</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> delivery.</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These conditions are determined and ana</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">lyzed on a contract by contract</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> basis to ensure that all performance obligations are fulfilled</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">For bill and hold transactions</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">does not</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"> have the ability to use the product or to direct it to another customer; (d</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">) the usual payment terms apply.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company&#8217;s contracts</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> with customers</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> do not provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and right</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of return</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are based o</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">n expected value considering past experience</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> and contract conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;">Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost plus margin.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations. </span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris provides services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> primarily</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> related to goods sold, which represent a non-material portion of sales revenue and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">mainly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">include:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Pipe Management Services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Field Services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Comprises</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">field technical support and running assistance.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">These services</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">rendered in connection to the sales of goods and</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> are</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he Company </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">also </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">provide</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> hydraulic fracturing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> coiled tubing </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and coating </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">services. The revenue related to these services is included in the Other segment.</span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Revenue from providing services is recognized over time in the accounting period in which the services are rendered</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">. </span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">he following in</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">puts and outputs methods are applied</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to recognize revenue</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering the nature</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> of service</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">:</span></p>
<p style="line-height: 12pt; margin: 0pt;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Storage services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the C</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ompany provides storage services in owned or third-party warehouses, subject to a variable fee</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to be invoiced. T</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">his fe</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e is determined based on the time that the customer maintains the material in the warehouse and th</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">e amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).</span></p>
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<div id="t_ft_1FJOC6NSMO00000000000000000000b">
 </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Freights</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the revenue </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">is recognized </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">on a pro rata basis</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">units delivered and time</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> elapsed.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Field services</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">:</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the revenue i</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s recognized considering output</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> method</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, in particular surveys of service comple</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tion provided by the customer.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds <span>one</span> year. As a consequence,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> considering that the contracts do not include any significant financing component,</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> the Company does not adjust any of the transaction pric</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Other revenues earned by Tenaris are recognized on the following basis:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Interest income: on the effective yield basis. </span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Dividend income from investments in other companies: when Tenaris&#8217;s right to receive payment is established.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Net income from other sales: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">when contro</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">l is</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> transferred</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> to the customer.</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Construction / coating c</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ontracts </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">revenues</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in accordance with the stage of the project completion.</span></li> </ul> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory', window );">Description of accounting policy for expenses [text block]</a></td>
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<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">T</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Cost of sales and </span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">other selling expenses</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Cost of sales and </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">other selling</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">expenses are recognized in the</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Consolidated I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement on the accrual basis of accounting.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Commissions, freight</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">and other selling expenses</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">, including shipping and handling costs, </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">are </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">recorded</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">elling, general and administrative expense</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">s</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">in the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Consolidated I</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ncome </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory', window );">Description of accounting policy for earnings per share [text block]</a></td>
<td class="text">
<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">U</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Earnings per share</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Earnings per share are calculated by dividing the income attributable to </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">the shareholders&#8217; equity</span> <span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">by the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">monthly </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">weighted average number of </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">common</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> shares </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">outstanding</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> during the </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">period</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">There are no dilutive potential ordinary shares.</span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Description of accounting policy for financial instruments [text block]</a></td>
<td class="text">
<h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">V</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">&#160; &#160; &#160; &#160;</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">F</span><span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">inancial instruments</span></h4>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Non</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">s and trade and other payables.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The Company classifies its financial instruments according to the following measurement categories:</span></p>
<ul>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">those to be measured subsequently at fair value (either through OCI or through profit or loss), and</span></li>
<li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"><span style="font: 7.0pt 'Times New Roman';"> </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">those to be measured at amortised cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">.</span></li> </ul>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">The classification depends on the Company&#8217;s business model for managing the financial assets and contractual terms of the cash flows.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.</span></p>
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<p style="line-height: 1.2; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Subsequent measurement of debt instruments depends on the Company&#8217;s business model for managing the asset and the cash flow characteristics of the asset. There are <span>three</span> measurement categories into which the Company classifies its debt instruments:</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Amortized Cost</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">tatement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Fair value through oth</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">er comprehensive income</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#8217; cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">Fai</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;">r value through profit and loss</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">E</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">quity instruments are subsequently measured at fair value.</span></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;">&#160; &#160; &#160;&#160;</p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Accounting for derivative financial instruments and hedging act</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ivities is included within the s</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">ection III, Financial Risk Management.</span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for investment in associates and joint ventures. [Refer: Associates [member]; Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for trade and other payables. [Refer: Trade and other payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's material accounting policy information for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 117<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 46<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651334512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. ACCOUNTING POLICIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfSummaryOfSignificantAccountingPoliciesAbstract', window );"><strong>II. ACCOUNTING POLICIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock', window );">Disclosure of detailed information about the estimated useful lives of property, plant and equipment [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">
<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Land </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> No Depreciation </span></p> </td> </tr>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Buildings and improvements </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 30-50 years </span></p> </td> </tr>
<tr style="height: 5.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 10-40 years </span></p> </td> </tr>
<tr style="height: 1.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> Vehicles, furniture and fixtures, and other equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;">
<p style="line-height: 12pt; margin: 0pt 0pt 0pt 1.4pt; text-indent: -1.4pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"> 4-10 years </span></p> </td> </tr> </tbody> </table> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about the estimated useful lives of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618875568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>III. FINANCIAL RISK MANAGEMENT</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory', window );">Disclosure of effect of changes in foreign exchange rates [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 78px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"> All amounts Long / (Short) in thousands of U.S. dollars </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> As of December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Currency Exposure / Functional currency </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Argentine Peso / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (134,716 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (126,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Euro / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (203,608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (42,458 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabian Riyal / U.S. dollar </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (181,931 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"> (74,183 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory', window );">Disclosure of financial instruments by type of interest rate [text block]</a></td>
<td class="text">
<div style="line-height: 1.2;">
<div id="t_ft_HIB39DURDS00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> As of December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> In thousands of U.S. dollars </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> In thousands of U.S. dollars </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fixed rate <sup>(*) </sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 294,946 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 51% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 497,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 68% </span></p> </td>
<td style="padding: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Variable rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 288,491 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 230,873 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 32% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><span style="font-size: 9pt;"><sup>(*)</sup> <span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Out of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">294.9</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion fixed rate </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">borrowings,</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">271.1</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion are short-term</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></p> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory', window );">Disclosure of fair value of financial instruments [text block]</a></td>
<td class="text">
<div>
<table cellpadding="0" cellspacing="0" style="height: 540px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 18%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,637,821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,414,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,969,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,073,465 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> U.S. Sovereign Bills </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 282,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Certificates of deposits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 334,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Commercial papers </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 196,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 82,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 126,399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Non-U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 10,943 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Corporates securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 696,939 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Mutual Fund </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other Investments Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 405,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Receivables C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 414,778 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 93,144 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 321,634 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 4,884,596 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 1,232,501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 479,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 1,695,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Borrowings C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0pt; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other liabilities C and NC (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;">693,913</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;">86,240</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;"><span style="font-weight: bold;">86,240</span></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">86,240</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">86,240</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">86,240</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other liabilities (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">607,673</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"><span style="font-style: italic;">-</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,107,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Lease Liabilities C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 1,825,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 97,390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;">86,240</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><sup>(*)</sup> <span>Includes liability related to share buyback program. See note <span>37</span> to these Consolidated Financial Statements.</span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div>
 </div>
<div id="t_ft_I8R79O5E4G00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 487px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 13.9912%;">
<p style="margin: 0pt;"><br/></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Carrying amount </span></p> </td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 34.3152%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Measurement Categories </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 30.9278%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> At Fair Value </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Amortized Cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVOCI </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> FVPL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>1</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>2</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Level <span>3</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 13.9912%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Cash and cash equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.9838%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,091,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.5729%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 668,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.24742%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.65832%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 422,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 422,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 438,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 182,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 59,308 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 242,296 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 0pt 0pt 8.7pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Certificates of deposits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 36,167 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 36,167 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Commercial papers </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 19,785 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 19,785 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 18px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other notes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 140,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 140,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 211,953 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 182,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 28,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 211,953 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Non-U.S. government securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 108,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 79,345 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 28,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 108,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Corporates securities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 103,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 103,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 103,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> Mutual Fund </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Other Investments Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 119,902 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Receivables C and NC (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 395,531 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 105,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 154,056 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 105,397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48,659 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt; text-indent: 12pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Other receivables (non-financial) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> 241,475 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 3,464,157 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 345,221 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 519,300 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 778,729 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 54,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Borrowings C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,179,457 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 1,179,457 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Lease Liabilities C and NC </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> Derivative financial instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 2,020,396 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> 7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'times new roman', times; font-size: 9pt;"><sup><span style="line-height: inherit;">(*) </span></sup></span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes balances related to interest in Venezuelan companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ee n</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ote</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>35</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements.</span></span></span></p> </div> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementExplanatory', window );">Disclosure of fair value measurement [text block]</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<div id="t_ft_Q7IX9T1HS000000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 102px;" width="100%">
<tbody>
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<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 54,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 56,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; padding: 0px 0px 0px 7px; height: 17px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Decrease <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (47,467 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (181 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 54,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="font-size: 8pt;"><sup>(*)</sup><span style="font-family: 'times new roman', times; font-size: 9pt;"> <span><span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">For <span>2023</span>, r</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; text-decoration: none; font-weight: normal; color: black;">elated to the sale of Venezuela awards. For more information see notes <span>6</span> and <span>35</span></span>.</span></span></span></span></span></span></span></p> <span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]]</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651295360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory', window );">Disclosure of operating segments [text block]</a></td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (134 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (9 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,316 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 221 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 95 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,633 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 14,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 14,869 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 518 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 31 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 549 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; text-align: justify;"><br/></p>
<div id="t_ft_7OPW9RNHNK00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; text-indent: 0px; height: 238px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,772 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 44 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in selling, general and administrative expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 74 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,963 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (6 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,957 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 209 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 11,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 630 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 11,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table> </div>

<p style="margin: 0pt; text-align: justify;"><br/></p>
<div id="t_ft_EVIUJKWQLS00000000000000000000b">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 221px; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2021 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Tubes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Management view - operating income</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 178 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 65 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 243 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Difference in cost of sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 473 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Differences in other operating income (expenses), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> IFRS - operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Financial income (expense), net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before equity in earnings of non-consolidated companies and income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 730 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 513 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,243 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Net Sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 5,994 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 528 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 6,521 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 575 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> 20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"> 595 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"></td> </tr> </tbody> </table> </div> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasExplanatory', window );">Disclosure of geographical areas [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 423px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> North America </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> South America </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Europe </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-size: 10pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Asia Pacific, Middle East and Africa <span style="font-size: 8pt; line-height: inherit;"><sup>(*)</sup></span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold;">Unallocated <span style="font-size: 8pt;"><sup>(**)</sup></span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,765,130 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,382,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,175,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,545,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,868,860 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,210,620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,751,121 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,839,378 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,671,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,081,895 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,222,635 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 447,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 278,077 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 532,798 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,676,352 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,143,752 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 794,242 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 463,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,078,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 214,932 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 246,061 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 119,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,632 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 619,445 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 307,139 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 115,156 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 74,862 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 51,353 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 548,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,902,787 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,550,402 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,000,833 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,308,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,762,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,018,386 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,896,403 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,071,624 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,023,187 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,550,246 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,371,717 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 583,223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 202,753 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 336,247 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,548,844 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,031,423 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 706,539 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 269,457 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,556,263 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 118,644 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 176,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 62,143 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 378,446 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 348,550 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 125,324 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 57,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 607,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2021 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,360,345 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,311,279 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 742,463 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,107,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,521,207 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,992,946 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,399,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,727,573 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 945,690 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,383,774 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,449,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 652,483 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 234,800 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 180,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 231,274 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,299,072 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Property, plant and equipment, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,805,912 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 984,413 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 742,461 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 292,015 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,824,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Capital expenditures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 106,118 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,344 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,333 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 239,518 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation and amortization </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 307,116 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 125,781 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 89,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 72,157 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 594,721 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(*) </span></sup><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light';"> and</span><span style="font-family: 'Frutiger 45 Light';"> Middle East and Africa segments were merged in a single geographical segment.</span></span></span></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;">(**)</span></sup><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';"><span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="font-family: 'Frutiger 45 Light';"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">See n</span><span style="font-family: 'Frutiger 45 Light';">ote </span><span style="font-family: 'Frutiger 45 Light';"><span>14</span></span><span style="font-family: 'Frutiger 45 Light';"> t</span><span style="font-family: 'Frutiger 45 Light';">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light';"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SegmentRevenuesByMarketExplanatory', window );">Segment revenues by market [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 68px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Revenues Tubes </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Oil &amp; gas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,488 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,895 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Oil &amp; gas processing plants </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 738 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Industrial, power and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 879 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 852 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 640 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 14,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 11,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,994 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of geographical information.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SegmentRevenuesByMarketExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Text block disclosure of segment revenues by market.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SegmentRevenuesByMarketExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ts_TubesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547675020560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Cost of sales (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCostOfSalesAbstract', window );"><strong>Note 2 - Cost of sales</strong></a></td>
<td class="text">&#160;<span></span>
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<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 302px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Inventories at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,986,929 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,672,593 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,636,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase in inventory due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 107,588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Decrease in inventory due to sale of subsidiaries </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,662</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Plus: Charges of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Raw materials, energy, consumables and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,277,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,772,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,841,551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Services and fees </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 437,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 293,490 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 208,472 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Labor cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,403,546 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,160,085 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 824,071 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of property, plant and equipment</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 424,373 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 465,849 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 448,843 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization of intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,582 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,754 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of right-of-use assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,352 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 33,244 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,910 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Maintenance expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 408,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 267,294 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 129,350 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for obsolescence</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,296 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 272,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 194,736 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40,887 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 216,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 178,691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 98,159 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,603,083 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,402,075 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,647,522 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Less: Inventories at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,921,097 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,986,929 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (2,672,593 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,668,915 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 7,087,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,611,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><sup><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*) </span></sup><span><span style="font-family: 'Frutiger 45 Light';">Related </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <span></span>
</td>
</tr>
</table>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596387664">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Selling, general and administrative expenses (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0pt; text-align: center;"><br/></p> </td>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Services and fees </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 163,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 148,331 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 115,303 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Labor cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 652,820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 518,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 426,414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of property, plant and equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,517 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,883 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 22,924 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Amortization of intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40,761 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 59,018 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation of right-of-use assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,925 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,975 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,525 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Freights and other selling expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 696,705 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 641,812 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 415,895 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Provisions for contingencies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,606 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowances for doubtful accounts&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (223</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,297</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 170,484 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 121,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,800 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 110,883 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 87,263 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 47,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,919,307 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,634,575 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,206,569 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651286304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Wages, salaries and social security costs </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,943,825 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,594,200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,170,562 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Severance indemnities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,470 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,070 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,625 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits - defined contribution plans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,055 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,608 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Post-employment benefits - defined benefit plans </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,452 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 16,320 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,353 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee retention and long-term incentive program </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 51,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 25,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 25,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,056,366 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,678,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,250,485 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutEmployeesExplanatory', window );">Disclosure of information about employees [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 221px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt;padding-right: 5.4pt;vertical-align: middle;height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 65%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Mexico </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,919 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Argentina </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,267 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,444 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,169 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USA </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,882 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,509 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Italy </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,187 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,136 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,011 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Romania </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,884 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,847 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,725 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Indonesia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,573 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Brazil </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,492 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,460 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,817 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Canada </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,195 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 944 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 758 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Colombia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,183 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 849 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 427 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 408 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,193 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,215 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 29,134 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 25,292 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 22,776 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about labor costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses (Tables)<br></strong></div></th>
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<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Other operating income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net income from other sales </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,960 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,161 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,694 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net rents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,702 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,084 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,314 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassification of currency translation adjustment reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 878 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,252 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax recovery in Brazilian subsidiaries </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 35,568 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bargain purchase gain </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,162 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Result on sale of Venezuela awards </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 33,341 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Recovery on allowance for doubtful receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 379 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">-</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 16,290 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 53,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 104,497 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 68,245 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"> Other operating expenses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Contributions to welfare projects and non-profit organizations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,538 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,697 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for doubtful receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 107 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Securities Exchange Commission investigation settlement </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,100 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other expense </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,628 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,595 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 17,273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 104,709 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 6,697 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other income, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 35,770 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (212 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 61,548 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> </div> <span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial results (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<table cellpadding="0" cellspacing="0" style="height: 183px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Interest income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 201,852 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; text-align: left;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 86,112 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,048 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,622 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (6,092 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Finance income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 213,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 80,020 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 38,048 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Finance cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (106,862 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (45,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (23,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net foreign exchange transactions results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 218,383 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,287 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Net foreign exchange derivatives contracts results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8,974 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (25,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7,966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160;&#160;&#160;&#160; Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (95,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (30,108 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,026 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Other financial results, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 114,365 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (40,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,295 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Net financial results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 220,977 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (6,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 22,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547614927488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Equity in earnings of non-consolidated companies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; margin-left: 0.1px; vertical-align: bottom; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> From non-consolidated companies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 104,897 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 242,743 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 512,591 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Remeasurement of previously held interest </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,506 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bargain purchase gain </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,487 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment loss on non-consolidated companies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (34,041 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Net loss related to participation increase in Usiminas</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (25,486 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 95,404 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 208,702 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; padding: 0px;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 512,591 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about Equity in earnings of nonconsolidated companies.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesAbstract</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547594864944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income tax (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Note 9 - Income tax</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock', window );">Disclosure of detailed information about income tax expense (income) [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current tax </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (868,695 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (589,706 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (215,467 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 193,739 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (27,530 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 26,019 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax charge </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (674,956 </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (617,236 </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (189,448 </span></p> </td>
<td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; line-height: inherit;">)</span></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock', window );">Disclosure of difference between income before tax and the theoretical amount that would arise using tax rate in each country [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 204px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 34.7006%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income before income tax </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,632,789 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,165,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,242,766 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.984413%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Less impairment charges (non-deductible) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 57,075 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Income before income tax without impairment charges </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,632,789 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,165,937 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,299,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tax calculated at the tax rate in each country </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,127,428 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (705,727 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (209,765 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Effect of currency translation on tax base </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (346,573 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (187,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (76,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Changes in the tax rates </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,535 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,422 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (29,881 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Utilization of previously unrecognized tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 787 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 29,560 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tax revaluation, withholding tax and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 796,723 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 249,539 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 125,275 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax charges </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (674,956 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (617,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (189,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><span style="font-weight: bold; line-height: inherit;">)</span></td> </tr> </tbody> </table> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596405648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Property, plant and equipment, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;">Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Work in progress </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 29%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 815,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,857,494 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 402,485 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 252,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 55,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,383,647 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 53,282 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,675 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,462 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 58,481 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64,413 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 256,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 831 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,838 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 393,981 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 330 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 820 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 546,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,671 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 570,997 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 435,550 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 22,530 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (471,381 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,270 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,443 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (68,613 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,428 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,710 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,562 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (92,756 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 889,957 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 13,538,273 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 416,913 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 396,103 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 71,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 15,313,080 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 152,272 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,313,971 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 340,526 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,827,384 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 390 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,074 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,584 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 105 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40,153 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 411,861 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 445,890 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (16 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (391 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (380 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (8 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (67,471 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (78,146 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 164,894 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,696,044 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 351,309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 22,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 9,234,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 725,063 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,842,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 65,604 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 396,103 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 49,180 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 6,078,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 10pt; margin: 0pt 0pt 0pt 34.85pt; text-align: justify; text-indent: -34.85pt;"><br/></p>
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-weight: normal; vertical-align: super;"><span style="font-size: 9pt;">(*)</span> </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Related </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">.</span></span></span></p>
<p style="margin: 0pt; text-align: justify;"><br/></p>

<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 270px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and civil buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial buildings, plant and production equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Work in progress </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Spare parts and equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; width: 29%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 830,104 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,064,541 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 420,930 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 147,429 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 59,522 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,522,526 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,601 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (71,347 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,838 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 376 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (174 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (74,584 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 187 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 187 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,271 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 734 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 334,912 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,150 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 346,067 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,829 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 184,915 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 16,221 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (227,153 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (16,188 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (22,569 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (322,886 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (33,562 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,372 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,972 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (394,361 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 815,763 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 12,857,494 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 402,485 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 252,379 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 55,526 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 14,383,647 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation and impairment </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 139,941 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,199,724 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 353,639 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,421 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,697,725 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (289 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (51,283 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,756 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 130 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (53,198 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,577 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 432,648 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,022 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,485 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 487,732 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,506 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (215 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,723 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Impairment charge (See note <span>5</span>) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 75,722 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 321 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,043 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br/></td> </tr>
<tr style="height: 13px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals / Consumptions </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (955 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (321,334 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (32,485 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,421 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (359,195 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 152,272 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,313,971 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 340,526 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"><span style="border-left: none; border-right: none;"> - </span></span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 20,615 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 8,827,384 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 663,491 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,543,523 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 61,959 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 252,379 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 34,911 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,556,263 </span></p> </td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*)</span><span><span style="font-family: 'Frutiger 45 Light';">Related</span> <span style="font-family: 'Frutiger 45 Light';">to</span><span style="font-family: 'Frutiger 45 Light';"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light';">acquisition</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <span></span>
</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596459488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Intangible assets, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Licenses, patents and trademarks <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 41%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 614,474 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 550,991 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,469,726 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,762,042 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,397,233 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,233 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 39 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,274 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 18px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(**)</span></sup></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 105 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 116 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18,616 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 28,638 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 47,475 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additions </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 39,375 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,073 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 48,448 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 437 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 367 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 804 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,737 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,737 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Values at the end of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 648,887 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 560,549 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,488,381 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,790,680 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,488,497 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amortization and impairment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 561,119 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 398,417 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,384,674 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,720,515 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,064,725 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,140 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,141 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charge </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 21,285 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,799 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,259 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 52,343 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (86 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (86 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Disposals </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,736 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,736 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Accumulated at the end of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 576,722 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 407,217 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,384,674 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,742,774 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,111,387 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 72,165 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 153,332 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,103,707 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 47,906 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,377,110 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><sup>(*)</sup> <span><span style="border-right: none; border-left: none;">Includes Proprietary Technology.</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><sup>(**) </sup></span><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></span></span></span></span></span></span></p>
<div style="border-left: none; border-right: none;">

<p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"><br/></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.8777%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Information system projects </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Licenses, patents and trademarks </span><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 8pt;"><sup>(*)</sup></span></p> </td>
<td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Goodwill </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Customer relationships </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 650,155 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 547,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,468,638 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,211,151 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,877,471 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,626 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,088 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,538 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations<span style="font-size: 8pt;"><sup> (**)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 31,427 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 952 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 32,379 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,535 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,535 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disposals </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(***)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (58,947 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (449,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (509,563 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 614,474 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 550,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,469,726 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,762,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,397,233 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Amortization and impairment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 599,307 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 391,223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,383,994 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,130,771 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,505,295 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,496 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,496 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Amortization charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,218 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,701 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 38,853 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 70,772 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment charge (See note <span>5</span>) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 680 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 682 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Disposals </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(***)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (58,912 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,507 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (449,109 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (509,528 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 561,119 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 398,417 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,384,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,720,515 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,064,725 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 53,355 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 152,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,085,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 41,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,332,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes Proprietary Technology.</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(**)</span><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<p style="font-size: 10pt; margin: 0pt; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt; line-height: inherit;">(***)</span></span><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">fully depreciated assets following the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">deconsolidation of a Canadian subsidiary of the Company.</span></span></span></p> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory', window );">Disclosure of information for cash-generating units [text block]</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">
<tbody>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> (all amounts in millions of U.S. dollars) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 51.9231%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 22.4852%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tubes Segment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other Segment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 51.9231%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> CGU </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hydril Acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 51.9231%; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Tamsa </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 19 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.47929%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 365 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Siderca </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 265 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 93 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 358 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Hydril </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 309 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 58 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"><br/></td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 920 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 170 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 14 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,104 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> </div> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information for cash-generating units. [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Paragraph 134<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_134&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651246400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Right-of-use assets, net and lease liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Note 13 - Right-of-use assets, net and lease liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory', window );">Disclosure of quantitative information about right-of-use assets [text block]</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 348px;" width="100%">
<tbody>
<tr style="height: 65px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 29.6296%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.2222%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 11.7037%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0741%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.18519%; height: 10px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.88889%; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 125,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,291 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200,720 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 99 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 243 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 263 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 605 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,803 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 37 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,886 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 30,066 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,732 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,486 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 61,324 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (12,806 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 66,464 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 148,380 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 43,217 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,668 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 261,729 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 52,794 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 88,979 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 34 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 134 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 368 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,663 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,685 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,316 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 613 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 50,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (691 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (7,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,638 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,033 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 27,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 75,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 25,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 823 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 129,591 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.2222%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 38,492 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 11.7037%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 72,813 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0741%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 17,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.18519%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,845 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.88889%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 132,138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Times New Roman';">(*) </span></sup></span><span><span style="font-size: 9pt;"> <span style="font-family: 'Frutiger 45 Light';">Related to the GPC and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></span></span></p> </div>
<p style="font-size: 10pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 327px;" width="100%">
<tbody>
<tr style="height: 55px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Land and Civil Buildings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Industrial Buildings, Plant and Production Equipment </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Vehicles, furniture and fixtures </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 55px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Cost </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,082 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 131,816 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,256 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 198,154 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 52 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (417 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (779 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 15,872 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 31,778 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,674 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 56,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (5,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 6,483 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,270 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (36,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,705 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (53,161 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 43,570 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 125,677 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 30,291 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,182 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 200,720 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Depreciation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Accumulated at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,005 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 54,727 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 89,416 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Currency translation adjustment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (9 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (139 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (251 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (399 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Depreciation charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,965 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 32,767 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 49,219 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Transfers / Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,974 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Disposals </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (10,054 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (35,992 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,211 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (49,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Accumulated at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 52,794 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 17,042 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 210 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 88,979 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 24,637 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 72,883 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 13,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 111,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><br/></td> </tr> </tbody> </table> </div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilityEvolutionTextBlock', window );">Lease liability evolution [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 163px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Opening net book amount </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 117,285 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(*)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 12,148 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,237 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,922 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 61,310 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 56,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Cancellations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (5,207 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 14px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Repayments </span><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**)</span></sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (54,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (55,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,473 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,436 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 134,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 112,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 13.3333px;"><span style="font-size: 8pt;"><sup>(*)</sup></span> </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 8pt;"><sup><span style="font-family: 'Frutiger 45 Light';">(**) </span></sup></span><span><span style="border-left: none; border-right: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';"> i</span><span style="font-family: 'Frutiger 45 Light';">nclude</span><span style="font-family: 'Frutiger 45 Light';">s</span> <span style="font-family: 'Frutiger 45 Light';">repayments of </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">51.5</span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">in capital </span><span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">3.4</span><span style="font-family: 'Frutiger 45 Light';"> million</span><span style="font-family: 'Frutiger 45 Light';"> of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></span></p>
<p style="font-size: 9pt; line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">F</span><span style="font-family: 'Frutiger 45 Light';">or <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> includes repayments of $</span><span style="font-family: 'Frutiger 45 Light';">52.4</span><span style="font-family: 'Frutiger 45 Light';"> million in capital and $</span><span style="font-family: 'Frutiger 45 Light';">3.5</span><span style="font-family: 'Frutiger 45 Light';"> million of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 53<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619561504">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Investments in non-consolidated companies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 24.1983%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,383,774 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.02041%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 110,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Equity in earnings of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 79,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 242,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Impairment loss in non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (34,041 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Dividends and distributions declared </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (69,216 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (64,189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Acquisition of non-consolidated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Decrease due to step-acquisition </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (23,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (Decrease) / increase in equity reserves and others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (52,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr> </tbody> </table> </div> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock', window );">Disclosure of detailed information about principal non-consolidated companies [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 125px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> % ownership at December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Book value at December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Country of incorporation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">a) Ternium </span><span style="font-size: 8pt; line-height: inherit;"><sup><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(*)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 30%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Luxembourg </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11.46% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11.46% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,430,616 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,363,607 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">b) </span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Usiminas</span> <span style="font-size: 8pt; line-height: inherit;"><sup><span>(**)</span></sup></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Brazil </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="display: inline;">3.96</span>% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3.07% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 123,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 109,534 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> c) Techgen </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Mexico </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22.00% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 22.00% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 53,556 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 41,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">d) Global Pipe Company </span><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(***)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 57.30% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35.00% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 978 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,977 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,608,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,540,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(*)</sup><span><span style="font-size: 9pt;">Including treasury shares.</span></span><br/></span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(**)</sup><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;">At December 31, 2023 the voting rights were 6.76% and at December 31, 2022 were 5.19%.</span></span></span></span></span></span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"><sup>(***)</sup><span><span style="font-size: 9pt;">Consolidated as from May 17, 2023.</span></span></span></p> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock', window );">Disclosure of detailed information about selected financial information [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 234px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Ternium </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,148,560 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,647,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12,030,544 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,844,038 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 24,179,104 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 17,491,548 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,566,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,506,325 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,800,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,216,832 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,367,245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 3,723,157 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 16,811,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,768,391 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,393,264 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,922,434 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 17,610,092 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 16,414,466 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Gross profit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,559,355 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,927,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net income for the year attributable to shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 676,043 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,767,516 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock', window );">Disclosure of detailed information about selected financial information [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 220px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Usiminas </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,591,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,764,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,589,129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3,901,844 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,180,892 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,666,297 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Non-current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,672,676 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,671,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,139,031 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,033,524 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,811,706 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,704,773 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 5,369,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 4,961,524 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Non-controlling interests </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 556,418 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 523,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Revenues </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,531,985 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,296,964 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Gross profit </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 357,845 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,110,439 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Net income for the year attributable to shareholders' equity </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 278,402 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 319,979 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of unconsolidated structured entities. [Refer: Unconsolidated structured entities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B4<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B4_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 15 - Receivables non-current (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
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<p style="margin: 0px; text-align: center; font-family: 'Frutiger 45 Light'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
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<td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,395 </span></p> </td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,908 </span></p> </td>
<td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Tax credits <sup>(*)</sup></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 53,483 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,333 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from related parties </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 69,820 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 67,921 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Legal deposits </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,355 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,394 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Advances to suppliers and other advances </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,043 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,779 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivable Venezuelan subsidiaries </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,659 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,863 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,726 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 185,959 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 211,720 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: &quot;Frutiger 45 Light&quot;; font-size: 8pt; line-height: inherit;"><sup>(*)</sup> <span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;">As of December 31</span></span></span><span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, <span style="border-left: none; border-right: none; line-height: inherit;">2023</span>, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">i</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">ncluded approximately</span> <span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">$</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">40.6</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> million related to </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">ICMS</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> (</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">Tax on Sales and Services</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">) </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">from</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> Brazilian subsidiaries.</span></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="border-right: none; border-left: none; line-height: inherit;"><span style="font-size: 9pt; line-height: inherit;"><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">As of December 31</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"><span style="border-left: none; border-right: none; line-height: inherit;">2022</span></span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">, </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">i</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">nclude</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">d</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> approximately</span> <span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">$</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">8</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> million related to PIS and COFINS (Federal Social Contributions on Gross Revenues) tax recovery </span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;">from</span><span style="font-family: &quot;Frutiger 45 Light&quot;; line-height: inherit;"> Brazilian subsidiaries.</span></span></span></p> <span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure for detailed information about non-current receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 16 - Inventories, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finished goods </span></p> </td>
<td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,401,754 </span></p> </td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,592,706 </span></p> </td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in process </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,068,956 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 936,555 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Raw materials </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 569,837 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 606,977 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Supplies </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 648,443 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 542,636 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Goods in transit </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 441,217 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 530,721 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,130,207 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,209,595 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 11px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for obsolescence, see note <span>25</span> (i) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (209,110 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (222,666 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,921,097 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,986,929 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"></td> </tr> </tbody> </table> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 17 - Receivables and prepayments, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 77%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Prepaid expenses and other receivables</span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 104,015 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 47,419 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government entities </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,330 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,121 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Employee advances and loans </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,316 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,701 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Advances to suppliers and other advances </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,455 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41,549 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Government tax refunds on exports </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,210 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8,898 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from related parties </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,759 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 19,184 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Others </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 50,173 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41,418 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 232,258 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 187,290 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Allowance for other doubtful accounts, see note <span>25</span> (i) </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,439 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,479 </span></p> </td>
<td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 228,819 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 183,811 </span></p> </td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"></td> </tr> </tbody> </table> <span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 18 - Current tax assets and liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 77%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 122,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 24,812 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> V.A.T. credits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 132,972 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 218,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other prepaid taxes&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,172 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 315 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 256,401 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 243,136 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock', window );">Disclosure of detailed information about tax liabilities [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 82px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">
<tbody style="margin: 0px; text-indent: 0px;">
<tr style="height: 11px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: left; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Current tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 344,565 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 280,469 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> V.A.T. liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 60,047 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 17,228 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other taxes </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 83,665 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 78,543 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 488,277 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 376,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current tax assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about current tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651239088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 19 - Trade receivables, net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock', window );">Disclosure of detailed information about current trade receivables [text block]</a></td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px;text-align: center;padding-left: 0px;padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Year ended December 31,</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,471,565 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,479,035 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Receivables from related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 58,370 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 60,400 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,529,935 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,539,435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts, see note <span>25</span> (i) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (49,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock', window );">Disclosure if detailed information about the aging of trade receivables [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 129px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 14px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>1</span> - <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &gt; <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 261,113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 236,714 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 408 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,268,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,613,626 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 590,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 64,960 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,529,935 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,850,340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 614,227 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 65,368 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Expected loss rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.06</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.02</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.18</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.46</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,636 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (312 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,249 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (75 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nominative allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (47,410 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> -</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (748 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (46,662 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,480,889 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,850,028 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 612,230 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 18,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>

<table cellpadding="0" cellspacing="0" style="height: 134px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Trade Receivables </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Not Due </span></p> </td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Past due </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>1</span> - <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &gt; <span>180</span> days </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 53%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 265,898 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 237,784 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 27,431 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 683 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,273,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,756,707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 465,423 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 51,407 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Guaranteed and not guaranteed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,539,435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,994,491 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 492,854 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 52,090 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Expected loss rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.06</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.03</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.18</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0.77</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (920 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (83 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nominative allowance for doubtful accounts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (43,838 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"><span style="border-left: none; border-right: none;"> -</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,541 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (42,297 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 2,493,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,993,837 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 490,393 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,710 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547594854448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 20 - Cash and cash equivalents and other investments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 22.426%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.8688%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash at banks </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 370,487 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 149,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Liquidity funds </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 223,424 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 422,859 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Short-term investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,043,910 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 519,244 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,637,821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,091,527 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other investments - current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fixed income (time-deposit, <span>zero</span> coupon bonds, commercial papers) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 896,166 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 196,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 834,281 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 211,953 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fund investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 239,184 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 30,343 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,969,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 438,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other investments - non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Bonds and other fixed income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 398,220 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 113,574 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,328 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.8688%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 405,631 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 119,902 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> </div> <span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Borrowings (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<p style="margin: 0pt;"><br/></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
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<p style="margin: 0pt; text-align: center;"><br/></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 77%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 513,909 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 682,255 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bank overdrafts </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,224 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 94 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Costs of issue of debt </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (20 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock', window );">Disclosure of detailed information about the maturity of borrowings [text block]</a></td>
<td class="text">
<div>
<table cellpadding="0" cellspacing="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> year or less </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> - <span>2</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2</span> &#8211; <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Over <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 46,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 583,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest to be accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,533 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 283 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14,326 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 545,643 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 50,337 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,783 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 597,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> year or less </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>1</span> - <span>2</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2</span> &#8211; <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Over <span>3</span> years </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 41,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 728,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Interest to be accrued <sup>(*)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,153 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 821 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 8 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 708,482 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 42,754 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,064 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 755,808 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="background-color: #ffffff; line-height: 9pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*)</span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> Includes the effect of hedge accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">.</span></span></span></p> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock', window );">Disclosure of detailed information about significant borrowings [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 100%;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> In millions of U.S. dollars </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Disbursement date </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Borrower </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Type </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Final maturity </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Outstanding </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 52%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 18%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tubos de Acero de Mexico S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200 </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tenaris Tubocaribe Ltda. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 60 </span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Confab Industrial S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 40 </span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2017</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Global Pipe Company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Bilateral </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> <span>2024</span> / <span>2025</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 39 </span></p> </td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock', window );">Disclosure of detailed information about weighted average interest rates of borrowings [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 27px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Total borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 10.56% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9.45% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock', window );">Disclosure of detailed information about borrowings by currency and rate [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Currency </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,803 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,933 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total non-current borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<table cellpadding="0" cellspacing="0" style="height: 176px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Currency </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest rates </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 57%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 221,008 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 200,350 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 111,654 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 206,336 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 39,947 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 25,104 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 26,829 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 141,802 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> ARS </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 23,462 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 74,025 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Variable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,035 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> SAR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Fixed </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 110,923 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,964 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total current borrowings </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfBorrowingsEvolutionTextBlock', window );">Disclosure of borrowings evolution [text block]</a></td>
<td class="text">
<div>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31,&#160;2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Non-current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Current </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 46,433 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 682,329 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 45 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (74,851 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Proceeds and repayments, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 20,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (231,797 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interests accrued less payments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,702 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (18,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 18,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <sup>(*)</sup></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 122,839 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Overdrafts variation </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 21,130 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 48,304 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 535,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt; text-indent: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Related to the&#160;</span><span style="font-family: 'Frutiger 45 Light';">GPC</span><span style="font-family: 'Frutiger 45 Light';"> acquisition, for more information see </span><span style="font-family: 'Frutiger 45 Light';">note 34</span> <span style="font-family: 'Frutiger 45 Light';">to these Consolidated Financial Statements.</span></span></span></p> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for borrowings changes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about borrowings by currency and rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about the maturity of borrowings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about weighted average interest rates of borrowings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619665744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Deferred tax assets and liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="text">&#160;<span></span>
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<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;">Deferred tax liabilities</span></p>
<p style="margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Fixed assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Intangible assets and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 575,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 43,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 114,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 733,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 41 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 113 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 397 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,175 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,563 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,498 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 17,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 138 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income statement charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 38,991 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 39,627 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 141,745 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 618,874 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 114,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 160,202 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 893,411 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; line-height: 1.2;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fixed assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Intangible assets and other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 669,830 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 27,508 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 104,346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 801,684 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (64 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 15 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 600 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 551 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,719 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,719 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement (credit) / charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (94,099 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 16,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,877 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (70,213 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 575,667 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 43,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 114,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 733,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr> </tbody> </table> </div>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Deferred tax assets</span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax losses </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,817 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (180,152 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (310,589 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (156,984 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (673,542 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (24 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (611 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (640 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(*)</span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,374 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (223 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,875 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (35,941 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (39,413 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,342 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,342 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement (credit) / charge </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,314 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (18,620 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (322,431 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,881 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (335,484 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2023 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (31,511</span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (199,019</span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (634,894 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (185,997</span></span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,051,421 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 92px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Provisions and allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Tax losses </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (25,083 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (85,037 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (485,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (176,627 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (772,510 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (345 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 114 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 747 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 271 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 954 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 954 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Income statement charge / (credit) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (389 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (95,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 174,427 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18,934 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 97,743 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (25,817 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (180,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (310,589</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (156,984 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (673,542 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"><span style="font-size: 8pt;">(*)</span> </span><span><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; border-right: none; border-left: none;">Related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">4</span>.</span></span></span></span></span></p> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory', window );">Disclosure of temporary difference, unused tax losses and unused tax credits [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 57px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax assets to be recovered after <span>12</span> months </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (655,415 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (171,717 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Deferred tax liabilities to be settled after <span>12</span> months </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 689,976 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 688,124 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DeferredTaxTextBlock', window );">Deferred tax [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span style="border-left: none; border-right: none;">2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Deferred tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (789,615 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (208,870 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Deferred tax liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 631,605 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 269,069 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table>
<table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 29,174 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (89 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (22,177 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: top;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Charged to other comprehensive income </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (2,204 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income statement (credit) / charge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (193,739 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top">)</td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 27,530 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (158,010 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 60,199 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"><span style="font-size: 8pt;">(*)</span> </span><span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light';">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <span></span>
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</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of types of temporary differences, unused tax losses and unused tax credits. [Refer: Unused tax credits [member]; Unused tax losses [member]; Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred tax assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618782192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Other liabilities (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Note 23 - Other liabilities</strong></a></td>
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<tr class="ro">
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<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Post-employment benefits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 117,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 108,936 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other long-term benefits </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 91,435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 71,446 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 62,327 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49,760 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 271,268 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 230,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory', window );">Disclosure of net defined benefit liability (asset) [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 78px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Unfunded </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 112,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 103,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Funded </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,974 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,114 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 117,506 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 108,936 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 214px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 22.0264%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9457%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9457%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 103,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 103,841 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.46843%; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current service cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,537 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,810 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,707 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,610 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Curtailments and settlements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (675 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (64 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Remeasurements <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,228 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (12,687 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,657 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations </span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;">(**)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,531 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid from the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (8,762 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (5,111 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Reclassified to current liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (461 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (840 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,082 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 112,532 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 103,822 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</span> <span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">8.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financ</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ial assumptions.</span></span></span></span></p>
<p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">4.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span></span></p>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(**) </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span></span></span></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 74px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Present value of funded obligations </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 123,234 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 116,617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Fair value of plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (126,842 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Asset (*) </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (10,818 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (10,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: normal; vertical-align: super; line-height: inherit;">(*)</span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> In <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">15.8</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">15.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">corresponding to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">plans</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">with surplus balance</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s that</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> w</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ere</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">reclassified</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> within other </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">non-</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">current assets</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, consequently the net post-employment benefits funded exposed as liabilities </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">5.0</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">5.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million respectively.</span></span></span></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 22.1566%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 76.9572%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 116,617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 159,528 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.4771%; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6,635 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Current service cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 154 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Interest cost </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,715 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,293 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Remeasurements <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (30,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(**)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4,708 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (8,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (10,374 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;">)</td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 571 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 123,234 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 116,617 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*) </span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.9</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">1.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">4.8</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">25.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions. </span></span></span></p>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(**)</span> <span style="font-size: 9pt;"><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></p> <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory', window );">Disclosure of sensitivity analysis for actuarial assumptions [text block]</a></td>
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<table cellpadding="0" cellspacing="0" style="height: 61px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3% - 7% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4% - 7% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 2% - 3% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Discount rate </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3% - 5% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Rate of compensation increase </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0% - 3% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 0% - 3% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory', window );">Disclosure of fair value of plan assets [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 187px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 22.1566%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9572%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> At the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (126,842 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (160,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.4771%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,897 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,639 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Return on plan assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (6,121 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,319 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Remeasurements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,225 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20,987 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">Increase due to business combinations <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Contributions paid to the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (435 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Benefits paid from the plan </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 10,374 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 477 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 416 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> At the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (134,052 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"> (126,842 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table>
<p style="line-height: 1.2; margin: 0pt;"><br/></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;">(*)</span> </span><span style="font-size: 9pt;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>Related to <span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none;">Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></span></span></span></span></span></span></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Equity instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 18% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 29% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Debt instruments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 33% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 67% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 3pt; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 4% </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory', window );">Disclosure of other current liabilities [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Payroll and social security payable </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 301,213 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 224,630 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Shares to be settled under buyback program </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 86,240 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Miscellaneous </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35,192 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 35,984 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 422,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 260,614 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 142<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_142&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other current liabilities. [Refer: Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other non-current liabilities. [Refer: Other non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 145<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_145&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596426144">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 24 - Non-current allowances and provisions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfNonCurrentAllowancesAndProvisionsAbstract', window );"><strong>Note 24 - Non-current allowances and provisions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock', window );">Disclosure of detailed information about non-current allowances and provisions from liabilities [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 144px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 77%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 98,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 83,556 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,260 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 357 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 7px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;">Increase due to business combinations (*)</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,500 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional allowance&#160;</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11,102 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used and other movements </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (4,170 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 882 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Values at the end of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 101,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 98,126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table>
<p style="line-height: 12pt; margin: 0pt;"> <br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;">(*) </span><span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651184624">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Current allowances and provisions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for doubtful accounts - Trade receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for other doubtful accounts - Other receivables </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for inventory obsolescence </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,479 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (222,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (128 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (88 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (452 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"> (*)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (899 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (9,179 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (Additional) allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,590 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (107 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,581 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,066 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 235 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 36,768 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (49,046 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,439 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (209,110 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> </div> </div>
<p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"><br/></p>
<div style="font-family: 'times new roman', times;">
 </div>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 113px;" width="100%">
<tbody>
<tr style="height: 28px;">
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 28px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for doubtful accounts - Trade receivables </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for other doubtful accounts - Other receivables </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Allowance for inventory obsolescence </span></p> </td>
<td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (47,120 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (3,206 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (245,774 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (12 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 68 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (405 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (Additional) / reversal allowances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (346 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (24,901 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 10pt;">)</span></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 48,414 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (45,495 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (3,479 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (222,666 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold; font-size: 10pt;">)</span></td> </tr> </tbody> </table> </div>
<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsFromLiabilitiesTextBlock', window );">Disclosure of detailed information about current allowances and provisions from liabilities [text block]</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9595%; text-indent: 0px; height: 138px;" width="100%">
<tbody>
<tr style="height: 23px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2023 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sales risks </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-size: 10pt; line-height: inherit; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="font-size: 10pt; line-height: 1; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"><span style="font-size: 10pt; line-height: inherit; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit;">Other claims and contingencies </span><span style="line-height: inherit; font-size: 8pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 3,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 7,999 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 11,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 285 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (208 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 77 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;">
<p style="margin: 0pt;"><span style="font-size: 10pt;"><span style="font-family: 'Frutiger 45 Light';">Increase due to business combinations</span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"> (**)</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 5,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 5,317 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 30,057 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 6,941 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 36,998 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (13,588 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (4,194 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (17,782 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><span style="font-size: 9pt;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2023 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 19,940 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 16,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 35,959 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 133px;" width="100%">
<tbody>
<tr style="height: 31px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, 2022 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Sales risks </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="font-size: 10pt; line-height: inherit; height: 31px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 1; text-align: center;"><span style="font-size: 10pt; line-height: inherit; font-weight: bold;"><span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';">Other claims and contingencies </span><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;">(*)</span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Values at the beginning of the year </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 1,468 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 7,854 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 9,322 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Translation differences </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (160 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (97 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Additional provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 5,315 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 4,189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> 9,504 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Reclassifications </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (2,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (2,229 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Used </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (3,437 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (1,718 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> (5,155 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, 2022 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 3,186 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 7,999 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> 11,185 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 12pt; margin: 0pt;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(*) </span><span><span style="font-family: 'Frutiger 45 Light';">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></span></span></p>
<p style="line-height: 12pt; margin: 0pt;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super;">(**) </span><span><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitio</span><span style="font-family: 'Frutiger 45 Light';">n</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618819760">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 26 - Derivative financial instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsAbstract', window );"><strong>III. FINANCIAL RISK MANAGEMENT</strong></a></td>
<td class="text">&#160;<span></span>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Derivatives hedging borrowings and investments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other derivatives </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 24,325 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Contracts with positive fair values </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 9,801 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 30,805 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other derivatives </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Contracts with negative fair values </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (11,150 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (7,127 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 23,678 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsExplanatory', window );">Disclosure of detailed information about hedged items [text block]</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 241px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Purchase currency </span></p> </td>
<td rowspan="2" style="padding: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Sell currency </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Term </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hedge Accounting Reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 33%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 6,571 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (67 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> MXN </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,125 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 5,557 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,866 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 624 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,786 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> EUR </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> / <span>2025</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,966 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 20,783 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 7,142 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 23,935 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,009 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,490 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> KWD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (50 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (129 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (388 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> CAD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (836 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 404 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> GBP </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (51 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (11 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> CNY </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (242 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 501 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> RON </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 261 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 50 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> BRL </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> USD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 223 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Others </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (49 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 3 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (1,554 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 27,038 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 7,928 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 21,085 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<div>
 </div>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 156px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Commodity Derivatives </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Term </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair Value </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Hedge Accounting Reserve </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 43%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Houston Ship Channel Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (231 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (814 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (231 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (814 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> LME Scrap </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,376 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 29 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,376 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (3,148 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Iron Ore </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 12 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (1,274 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Electric Energy </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (519 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (340 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (519 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> TTF Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,068 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,207 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> PSV Gas </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,566 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (2,566 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Nickel </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; text-align: center;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span>2024</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">1,966</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> <span style="border-left: none; border-right: none;">1,966</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> - </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Total </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 205 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (3,360 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 205 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (7,963 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div> </div> </div>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock', window );">Disclosure of detailed information of the hedge reserve evolution [text block]</a></td>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2021</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Movements <span>2022</span> </span></p> </td>
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2022</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Movements <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Reserve </span><br/><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">Dec-2023</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Foreign Exchange &amp; Commodities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 1,259 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 11,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 13,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> (4,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> 8,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Total Cash flow Hedge </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 1,259 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 11,863 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 13,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> (4,989 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> 8,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about hedged items. [Refer: Hedged items [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 24B<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24B&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about derivative financial instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information of the hedge reserve evolution.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651184624">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 30 - Cash flow disclosures (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCashFlowAbstract', window );"><strong>Note 30 - Cash flow disclosures</strong></a></td>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock', window );">Disclosure of detailed information about cash flow disclosures [text block]</a></td>
<td class="text">
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 326px;" width="100%">
<tbody>
<tr style="height: 20px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; width: 34.466%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (i) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Changes in working capital <span style="font-size: 8pt;"><sup>(*)</sup></span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: center;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Inventories </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 186,903 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,329,865 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,085,024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables and prepayments and current tax assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64,000 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (155,449 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (79,912 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade receivables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 153,920 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,208,278 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (356,069 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Other liabilities </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 28,275 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 57,389 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,892 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Customer advances </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (101,646 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 151,066 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 44,661 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Trade payables </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (149,024 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 353,892 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 399,988 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 182,428 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (2,131,245 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,071,464 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (ii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Income tax accruals less payments </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax accrued </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 674,956 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 617,236 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 189,448 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Taxes paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (818,347 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (359,585 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (153,846 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-weight: bold;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (143,391</span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 257,651 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 35,602 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (iii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Interest accruals less payments, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest accrued, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (106,612 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (34,080 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (14,371 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest received</span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 147,473 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 68,335 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 24,567 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Interest paid </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (94,341 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (32,775 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,559 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;">
<p style="margin: 0pt; text-align: right;"><br/></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;">
<p style="margin: 0pt;"><br/></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (53,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 1,480 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (11,363 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><br/></p>
<p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"><span style="font-size: 8pt;">(*)</span> </span><span><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.</span></span></p> <span></span>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547594861040">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Related party transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (i) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 60%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Transactions </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Sales of goods and services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of goods to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 56,152 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 100,019 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 71,879 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of goods to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 121,679 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 151,884 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,467 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,564 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,472 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 1,164 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 135 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 131 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 130 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Sales of services to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 109,553 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 109,123 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 49,268 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 289,083 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 362,629 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 198,908 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (b) Purchases of goods and services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 324,556 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 555,257 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 225,319 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 72,741 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 101,620 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 69,610 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of goods to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 61,366 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 51,040 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 32,453 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of services to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,349 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,759 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Purchases of services to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 76,751 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 36,767 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 13,806 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 548,763 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 758,443 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 350,951 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (c) Financial Results </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Income from joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 2,867 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 5,645 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 3,804 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 2,867 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (d) Dividends </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Dividends received from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 69,216 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 64,189 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,926 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"> Dividends distributed to Techint Holdings S.&#224;r.l. </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 385,347 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 321,122 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 192,673 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br/></td> </tr> </tbody> </table> </div>
<div>
 <span style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">&#160;</span><br/></div>
<div style="border-left: none; border-right: none;">
<table cellpadding="0" cellspacing="0" style="height: 231px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> At December 31, </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (ii) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 72%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Period-end balances </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (a) Arising from sales / purchases of goods / services </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 7,589 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 9,012 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 63,374 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 60,123 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Receivables from other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 62,986 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 78,370 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (21,012 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (113,738 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to joint ventures </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (28,361 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (28,490 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Payables to other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (11,488 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (13,283 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 73,088 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (8,006 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (b) Financial debt </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance lease liabilities from associated companies </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,459 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (1,650 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">)</td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Finance lease liabilities from other related parties </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (375 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br/></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> (483 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> &#160; </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> &#160; </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (1,834 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;">)</span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;"><br/></span></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> (2,133 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;"><span style="font-weight: bold;">)</span></td> </tr> </tbody> </table> </div>
<span></span>
</td>
</tr>
</table>
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of transactions between the entity and its related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547596394880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 32 - Principal accountant fees (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationAbstract', window );"><strong>Auditor's remuneration [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory', window );">Disclosure of auditors' remuneration [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 112px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9351%;" valign="bottom">
<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 12pt;"> </span><br/></p> </td>
<td colspan="7" style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 33.8474%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Year ended December 31, </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> </span><br/></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"> <span>2023</span> </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2022</span> </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> <span>2021</span> </span></p> </td>
<td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 64.9351%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit fees </span></p> </td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 4,386 </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,966 </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 3,804 </span></p> </td>
<td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Audit-related fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 273 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 255 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 220 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> Tax fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 148 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> - </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> All other fees </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 14 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 11 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"> 5 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr>
<tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> Total </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,821 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,232 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"> 4,029 </span></p> </td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of compensation to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfAuditorsRemunerationExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547692325936">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 33 - Principal subsidiaries (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesAbstract', window );"><strong>Note 33 - Principal subsidiaries</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory', window );">Disclosure of subsidiaries [text block]</a></td>
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<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 37.5731%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Company </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 12.7193%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Country of Incorporation </span></p> </td>
<td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 27.0468%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> Main activity </span></p> </td>
<td colspan="3" style="padding: 0px; height: 10px; width: 22.3684%; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-size: 8pt; line-height: inherit;"><span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;">Percentage of ownership at December 31, <span style="line-height: inherit;"><sup>(*)</sup></span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2023</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2022</span> </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"> <span>2021</span> </span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> ALGOMA TUBES INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> BREDERO SHAW INTERNATIONAL B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company and supplier of pipe coating services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;">NA</span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> CONFAB INDUSTRIAL S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Brazil </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> DALMINE S.p.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Italy </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> EXIROS B.V. and subsidiaries (a) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Procurement and trading services </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 50% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 50<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 50<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> HYDRIL COMPANY and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacture and marketing of premium connections </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> MAVERICK TUBE CORPORATION and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> P.T. SEAMLESS PIPE INDONESIA JAYA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Indonesia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 89% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 89<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 89<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> S.C. SILCOTUB S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Romania </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SAUDI STEEL PIPE CO. and subsidiaries (b) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Saudi Arabia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48% </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 48<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SIAT SOCIEDAD ANONIMA </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c) </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Argentina </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TALTA - TRADING AND MARKETING SOCIEDADE UNIPESSOAL LDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Portugal </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS BAY CITY, INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS CONNECTIONS BV </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Development, management and licensing of intellectual property </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS FINANCIAL SERVICES S.A. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Uruguay </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Financial company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (CANADA) INC. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Canada </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> USA</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES (UK) LTD </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> United Kingdom </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company and marketing of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES S.A. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Uruguay </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company, marketing and distribution of steel products </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS INVESTMENTS (NL) B.V. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Netherlands </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS GLOBAL SERVICES and INVESTMENTS S.&#224;r.l. and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Luxembourg</span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Holding company </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS QINGDAO STEEL PIPES LTD. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> China </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Processing of premium joints, couplings and automotive components </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TENARIS TUBOCARIBE LTDA. </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Colombia </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of welded and seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> TUBOS DE ACERO DE MEXICO, SA and subsidiaries </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Mexico </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> Manufacturing of seamless steel pipes </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td>
<td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle">
<p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"> 100<span style="vertical-align: inherit;"><span style="vertical-align: inherit;">% </span></span></span></p> </td> </tr> </tbody> </table> </div> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><br/></p>
<div style="border-top: 0.5pt solid #000000; margin: 0pt; line-height: 1.2;">
<p style="line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;">(*)</span><span><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> All percentages rounded.</span></span></span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of Amaja Tubular Services Limited, 60% of Tenaris </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Baogang</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Baotou Steel Pipes Ltd. Until <span>2022</span> held 98.4%</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">&#160;of Tenaris Supply Chain S.A. and, until <span>2021</span> held 49% of Tubular Services Angola </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Lda</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.&#160;after which years it started holding 100% of each of both companies.</span></span></p>
<p style="line-height: 10pt; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;">(a) <span>Tenaris holds 50% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</span></span></p> </div>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">b</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">) </span><span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> is a public company listed in the Saudi Arabian </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Stock Exchange</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tad</span><span style="font-family: Calibri; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">wul</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over SSPC</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Since May, 2023, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co. holds 57.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">% of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over GPC.</span></span></span></p>
<p style="line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">(c) <span>Until its liquidation in April 2023</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> held 51% of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></p> </div> </div> <span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of subsidiaries. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B4<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B4_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547631746096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 34 - Business combinations (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company</a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Disclosure of detailed information about business combination [text block]</a></td>
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<tbody>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (May, 17, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 89%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">173 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">34 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"><br/></td> </tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash and Cash Equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Borrowings </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">(123 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(6 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">80 </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember', window );">Anticorrosion Coating Assets [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Disclosure of detailed information about business combination [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 54px;" width="100%">
<tbody>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (July, 1, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 87%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 12%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">11</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br/></td> </tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">2</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"><span style="font-size: 10pt; line-height: inherit;">13 </span></span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember', window );">Republic Tube Pipe Processing Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Disclosure of detailed information about business combination [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="height: 55px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (September, 6, <span style="border-left: none; border-right: none;">2023</span>): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"><br/></td> </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 89%; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">85 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; (1 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160;&#160;2 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"><span style="border-left: none; border-right: none;">85</span> </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember', window );">Mattrs Pipe Coating Business Unit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory', window );">Disclosure of detailed information about business combination [text block]</a></td>
<td class="text">
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 80px; text-indent: 0px;" width="100%">
<tbody>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 88.6792%;">
<p style="margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023): </span></p> </td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10.0082%;">
<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> $ million </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 88.6792%; height: 10px;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Property, Plant and Equipment </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0082%; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160;126 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; height: 10px; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Intangible assets </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160; &#160; &#160; &#160;29 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Working capital </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160;(13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Cash and Cash Equivalents </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;21 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Provisions </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; (7 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;">)</td> </tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"> Other assets and liabilities, net </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;">&#160; &#160;&#160;13 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"><br/></td> </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;">
<p style="margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"> Net assets acquired </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;">169 </span></p> </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"><br/></td> </tr> </tbody> </table> <span></span>
</td>
</tr>
</table>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of detailed information about business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Section Disclosures application of paragraphs 59 and 61<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;doctype=Appendix&amp;subtype=B&amp;dita_xref=IFRS03_gB64-B67_TI<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember</td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547649758528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. ACCOUNTING POLICIES (Details Textual)<br> R$ / shares in Units, $ / shares in Units, $ in Thousands, R$ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="8"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>Subsidiaries </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>Subsidiaries </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>shares</div>
</th>
<th class="th"><div>Jul. 03, 2023</div></th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>d</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>Directors</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>Officers</div>
</th>
<th class="th">
<div>Mar. 30, 2023 </div>
<div>R$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MinimumApplicableTaxRate', window );">Minimum applicable tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSubsidiariesAcquired', window );">Number of subsidiaries acquired | Subsidiaries</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForecastPeriodOfRevenueProjections', window );">Forecast period of revenue projections</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities', window );">Goodwill or intangible assets recognized in relation to investments in non consolidated companies under the equity method</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfMajorBusinessSegments', window );">Number of major business segments</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">$ 1,377,110<span></span>
</td>
<td class="nump">$ 1,377,110<span></span>
</td>
<td class="nump">$ 1,332,508<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ResearchAndDevelopmentExpense', window );">Research and development expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 60,000<span></span>
</td>
<td class="nump">$ 50,700<span></span>
</td>
<td class="nump">$ 45,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Number of shares authorised (in shares) | shares</a></td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="nump">2,500,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ParValuePerShare', window );">Par value per share (in dollars per share) | $ / shares</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued (in shares) | shares</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfVotesPerShare', window );">Number of votes, per share</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EmployeeBenefitsUnitVestingPeriod', window );">Employee benefits, unit vesting period (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EmployeeBenefitsCompanyRedemptionPeriod', window );">Employee benefits, company redemption period (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EmployeeBenefitsEarlyRedemptionPeriod', window );">Employee benefits, early redemption period (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">7 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CarryingValueOfUnitsGranted', window );">Carrying value of units granted</a></td>
<td class="nump">$ 144,000<span></span>
</td>
<td class="nump">$ 144,000<span></span>
</td>
<td class="nump">$ 123,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares', window );">Dilutive effect of share options on number of ordinary shares (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MaximumPeriodOfLeaseTermOfShortTermLeases', window );">Maximum period of lease term of short term leases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForecastPeriodOfCashFlowProjections', window );">Forecast period of cash flow projections</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue', window );">Nominal growth rate</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature', window );">Maximum maturity period of fair value through other comprehensive income instruments for short-term nature</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherCurrentNoncurrentBenefits', window );">Other current Non-current benefits</a></td>
<td class="nump">$ 119,600<span></span>
</td>
<td class="nump">$ 119,600<span></span>
</td>
<td class="nump">94,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember', window );">Information system projects [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">72,165<span></span>
</td>
<td class="nump">72,165<span></span>
</td>
<td class="nump">53,355<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember', window );">Licenses, patents, trademarks, and proprietary technology [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">86,700<span></span>
</td>
<td class="nump">86,700<span></span>
</td>
<td class="nump">86,700<span></span>
</td>
<td class="nump">$ 86,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Total intangible assets and goodwill</a></td>
<td class="nump">$ 47,906<span></span>
</td>
<td class="nump">$ 47,906<span></span>
</td>
<td class="nump">41,527<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Maverick Tube Corporation [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">14 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Hydrill Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets', window );">Selling, general and administrative expenses, additional amortization of intangible assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">9 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualUsefulLife', window );">Finite-lived intangible asset, residual useful life (Year)</a></td>
<td class="text">1 year 9 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Ipsco Tubulars Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualValue', window );">Finite-lived intangible asset, residual value</a></td>
<td class="nump">$ 26,400<span></span>
</td>
<td class="nump">$ 26,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member] | Mattrs Pipe Coating Business Unit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualValue', window );">Finite-lived intangible asset, residual value</a></td>
<td class="nump">$ 21,500<span></span>
</td>
<td class="nump">$ 21,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetResidualUsefulLife', window );">Finite-lived intangible asset, residual useful life (Year)</a></td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="nump">21.40%<span></span>
</td>
<td class="nump">21.40%<span></span>
</td>
<td class="nump">20.20%<span></span>
</td>
<td class="nump">18.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfVotingRightsHeldInUnconsolidatedEntities', window );">Percentage of voting rights held in unconsolidated entities</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Information system projects [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Licenses, patents, trademarks, and proprietary technology [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">20 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="nump">12.50%<span></span>
</td>
<td class="nump">12.50%<span></span>
</td>
<td class="nump">13.40%<span></span>
</td>
<td class="nump">10.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfVotingRightsHeldInUnconsolidatedEntities', window );">Percentage of voting rights held in unconsolidated entities</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Licenses, patents, trademarks, and proprietary technology [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinitelivedIntangibleAssetUsefulLife', window );">Finite-lived intangible asset, useful life (Year)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_UsiminasMember', window );">Usiminas [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SharesBoundToSHA', window );">Shares bound to SHA (in shares) | shares</a></td>
<td class="nump">483,600,000<span></span>
</td>
<td class="nump">483,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">68.60%<span></span>
</td>
<td class="nump">68.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TTGroupMember', window );">T/T Group [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">61.30%<span></span>
</td>
<td class="nump">61.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TerniumEntititesMember', window );">Ternium entitites [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">51.50%<span></span>
</td>
<td class="nump">51.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_ConfabMember', window );">Confab [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">9.80%<span></span>
</td>
<td class="nump">9.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_NSSMCMember', window );">NSSMC [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">31.70%<span></span>
</td>
<td class="nump">31.70%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_PrevidenciaUsiminasMember', window );">Previdencia Usiminas [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">7.00%<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.76%<span></span>
</td>
<td class="nump">5.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Preference shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesSubscribedTo', window );">Number of shares subscribed to (in shares) | shares</a></td>
<td class="nump">1,300,000<span></span>
</td>
<td class="nump">1,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Ordinary shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesSubscribedTo', window );">Number of shares subscribed to (in shares) | shares</a></td>
<td class="nump">47,500,000<span></span>
</td>
<td class="nump">47,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MajorityPercentageOfControlGroupShares', window );">Majority percentage of control group shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | T/T Group [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfVotingCapitalIncreasedInControlGroup', window );">Percentage of voting capital increased in control group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | T/T Group [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement', window );">Number of Board members can be appointed through the shareholders agreement | Officers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | Tenaris [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement', window );">Number of Board members can be appointed through the shareholders agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | Ordinary shares [member] | T/T Group [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesToBePurchasedUnderAgreement', window );">Number of shares outstanding in control group | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">68,700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesSubscribedTo', window );">Number of shares subscribed to (in shares) | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SharesSubscribedToPricePerShare', window );">Shares subscribed to, price per share (in BRL per share) | R$ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption', window );">Thresold number of trading days immediately prior to date of exercising option | d</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SharesSubscribedToValue', window );">Shares subscribed to, value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 110<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | Ordinary shares [member] | T/T Group [member] | The new SHA [member] | From two years anniversary right to buy [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SharesSubscribedToPricePerShare', window );">Shares subscribed to, price per share (in BRL per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | Ordinary shares [member] | NSSMC [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice', window );">Number of trading days to calculate moving average share price | d</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | Ordinary shares [member] | NSSMC [member] | The new SHA [member] | From two years anniversary right to buy [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesRightPurchaseUnderAgreement', window );">Number of shares right purchase under agreement | shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">153,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Usiminas [member] | Ordinary shares [member] | NSSMC [member] | The new SHA [member] | From two years anniversary right to sell [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SharesSubscribedToPricePerShare', window );">Shares subscribed to, price per share (in BRL per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets recognised in the entity's financial statements relating to its interests in structured entities. [Refer: Assets; Unconsolidated structured entities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 29<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_29_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsRecognisedInEntitysFinancialStatementsInRelationToStructuredEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The discount rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Paragraph 130<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_130_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The potential dilutive effect on the weighted average number of ordinary shares that relate to the assumed exercise of the entity's share options.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2023-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ParValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The nominal value per share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79_a_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ParValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of the voting rights in an associate held by the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfVotingPowerHeldInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ResearchAndDevelopmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenditure directly attributable to research or development activities, recognised in profit or loss.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 126<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_126&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ResearchAndDevelopmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CarryingValueOfUnitsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the carrying value of units granted to date under the employee retention and long term incentive program.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CarryingValueOfUnitsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This element is represent Description of Growth Rate Used to Extrapolate Terminal Value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DescriptionOfGrowthRateUsedToExtrapolateTerminalValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeBenefitsCompanyRedemptionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the period at which the company will redeem units granted under the employee retention and long term inventive program.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeBenefitsCompanyRedemptionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeBenefitsEarlyRedemptionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the period that the company may exercise an option to for early redemption of units granted under the employee retention and long term incentive program.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeBenefitsEarlyRedemptionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeBenefitsUnitVestingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the period that units under an employee retention and long term incentive program vest ratably.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeBenefitsUnitVestingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinitelivedIntangibleAssetResidualUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the residual useful life of a finite-lived intangible asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinitelivedIntangibleAssetResidualUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinitelivedIntangibleAssetResidualValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the aggregate expected value at the end of their useful life of a finite-lived intangible asset.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinitelivedIntangibleAssetResidualValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinitelivedIntangibleAssetUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the useful life of finite-lived intangible assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinitelivedIntangibleAssetUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForecastPeriodOfCashFlowProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The forecast period of cash flow projections used in cash-generating units.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForecastPeriodOfCashFlowProjections</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForecastPeriodOfRevenueProjections">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The forecast period of revenue projections used to calculate expected loss rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForecastPeriodOfRevenueProjections</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MajorityPercentageOfControlGroupShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The majority percentage of control group shares for ordinary decisions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MajorityPercentageOfControlGroupShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum maturity period of financial assets at fair value through other comprehensive income (&#8220;FVOCI&#8221;) instruments for short-term nature.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MaximumPeriodOfLeaseTermOfShortTermLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The period of lease term of short-term leases upon lease contract.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MaximumPeriodOfLeaseTermOfShortTermLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MinimumApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MinimumApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of Board members can be appointed through the shareholders agreement by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfMajorBusinessSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the number of major business segments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfMajorBusinessSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSharesRightPurchaseUnderAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares right purchase under agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSharesRightPurchaseUnderAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSharesSubscribedTo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of shares subscribed to.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSharesSubscribedTo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSharesToBePurchasedUnderAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares to be purchased under agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSharesToBePurchasedUnderAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSubsidiariesAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of subsidiaries acquired.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSubsidiariesAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of trading days to calculate moving average share price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfVotesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the number of votes given to each share of stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfVotesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherCurrentNoncurrentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other current non-current benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherCurrentNoncurrentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentOfCompanyVotingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of a company's voting capital represented.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentOfCompanyVotingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfVotingCapitalIncreasedInControlGroup">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of company voting capital increased in control group upon the closing of the transaction under share purchase agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfVotingCapitalIncreasedInControlGroup</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfVotingRightsHeldInUnconsolidatedEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting rights held in unconsolidated entities in which reporting entity has significant influence but not control.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfVotingRightsHeldInUnconsolidatedEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of additional amortization of intangible assets attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesAdditionalAmortizationOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SharesBoundToSHA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of shares bound to SHA.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SharesBoundToSHA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SharesSubscribedToPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the price per share of shares subscribed to.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SharesSubscribedToPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SharesSubscribedToValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the value of shares subscribed to.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SharesSubscribedToValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The thresold number of trading days immediately prior to date of exercising option to calculate moving average share price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsTrademarksAndProprietaryTechnologyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_MaverickTubeCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_MaverickTubeCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_HydrilCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_HydrilCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_IpscoTubularsIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=ts_TheNewSHAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=ts_TheNewSHAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TTGroupMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TTGroupMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TerniumEntititesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TerniumEntititesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_ConfabMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_ConfabMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_NSSMCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_NSSMCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_PrevidenciaUsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_PrevidenciaUsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TenarisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TenarisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ts_FromTwoYearsAnniversaryRightToBuyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ts_FromTwoYearsAnniversaryRightToBuyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ts_FromTwoYearsAnniversaryRightToSellMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ts_FromTwoYearsAnniversaryRightToSellMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634241856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. ACCOUNTING POLICIES (Details Textual 2) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">5 Months Ended</th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>May 16, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>May 17, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding at end of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,167,888,739<span></span>
</td>
<td class="nump">1,167,888,739<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of shares outstanding at end of period (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,648,091<span></span>
</td>
<td class="nump">12,648,091<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_IT', window );">Italy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Net defined benefit liability (asset) at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.6<span></span>
</td>
<td class="nump">$ 10.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">Canada</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod', window );">Net defined contribution plan liability (asset) at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.8<span></span>
</td>
<td class="nump">10.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod', window );">Net defined contribution plan liability (asset) at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.6<span></span>
</td>
<td class="nump">5.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember', window );">Unfunded defined benefit employee retirement plan for certain senior officers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Net defined benefit liability (asset) at end of period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 48.1<span></span>
</td>
<td class="nump">$ 48.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Tecpetrol International S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Tenaris [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member] | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems', window );"><strong>Disclosure of associates [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined contribution plan, adjusted for any effect of limiting a net defined contribution asset to the asset ceiling.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NetDefinedContributionPlanLiabilityAssetAtEndOfPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_IT">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_IT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ts_UnfundedDefinedBenefitEmployeeRetirementPlanForCertainSeniorOfficersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TecpetrolInternationalSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TecpetrolInternationalSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TenarisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TenarisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547620163328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>II. ACCOUNTING POLICIES - Estimated Useful Lives of Property, Plant and Equipment (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AdditionalDepreciationExpenses', window );">Additional depreciation expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 39<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember', window );">Buildings and improvements [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">30 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember', window );">Buildings and improvements [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">50 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember', window );">Plant and production equipment [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember', window );">Plant and production equipment [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">40 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember', window );">Vehicles, furniture and fixtures, and other equipment [member] | Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember', window );">Vehicles, furniture and fixtures, and other equipment [member] | Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment', window );">Property, plant and equipment (Year)</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The useful life, measured as period of time, used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdditionalDepreciationExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additional depreciation expenses arising from re-estimation of assets useful lives, performed in accordance with IAS 16.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdditionalDepreciationExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_BuildingsAndImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_PlantAndProductionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesAndOtherEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634961792">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT (Details Textual)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th" colspan="2">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DebtToEquityRatio', window );">Debt to equity ratio (as a ratio)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.03<span></span>
</td>
<td class="nump">0.05<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax', window );">Reserve of exchange differences on translation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 878<span></span>
</td>
<td class="nump">$ 71,252<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">583,437<span></span>
</td>
<td class="nump">728,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LossOnInterestRateRiskIfMarketInterestRatesWereHigher', window );">Loss on interest rate risk if market interest rates were higher</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,400<span></span>
</td>
<td class="nump">$ 5,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ExposureInvestmentGradeRatedInstruments', window );">Exposure investment-grade rated instruments (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91.00%<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,480,889<span></span>
</td>
<td class="nump">$ 2,493,940<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,299,072<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LiquidFinancialAssetsPercentage', window );">Liquid financial assets (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19.00%<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue', window );">Financial liabilities, fair value as a percentage of carrying value (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.80%<span></span>
</td>
<td class="nump">99.20%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Reserve of cash flow hedges, continuing hedges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8,100<span></span>
</td>
<td class="nump">$ 13,100<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MinimumMaturityPeriodOfCertificatesOfDeposits', window );">Minimum maturity period of certificates of deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CTAForeignExchangeRiskCurrencyExposure', window );">CTA foreign exchange risk currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,100<span></span>
</td>
<td class="nump">$ 900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InformationAboutMajorCustomers', window );">Information about major customers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">No<span></span>
</td>
<td class="text">No<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember', window );">Allowance for doubtful accounts - trade receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 49,000<span></span>
</td>
<td class="nump">$ 45,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PastDueStatusAxis=ts_PastDueMember', window );">Past due [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">679,600<span></span>
</td>
<td class="nump">544,900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_GuaranteesUnderCreditInsuranceMember', window );">Guarantees under credit insurance [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">212,700<span></span>
</td>
<td class="nump">231,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_LetterOfCreditAndOtherBankGuaranteesMember', window );">Letter of credit and other bank guarantees [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48,400<span></span>
</td>
<td class="nump">34,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_FinancialGuaranteeContractsMember', window );">Financial guarantee contracts [member] | Past due [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,400<span></span>
</td>
<td class="nump">28,100<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed interest rate [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">294,946<span></span>
</td>
<td class="nump">$ 497,889<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Current borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 271,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">51.00%<span></span>
</td>
<td class="nump">68.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_OtherCurrenciesHedgedToUSDollarMember', window );">Other currencies hedged to U.S. dollar [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency', window );">Liquid financial assets, percentage denominated by a specific currency (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">94.00%<span></span>
</td>
<td class="nump">87.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember', window );">One percent change, Argentine Peso / U.S. dollar foreign exchange risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,300<span></span>
</td>
<td class="nump">1,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember', window );">One percent change, Euro / U.S. dollar foreign exchange risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_CounterpartyRiskMember', window );">Counterparty risk [member] | Petr&#243;leos Mexicanos Member</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember', window );">Liquidity risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MaximumMaturityPeriodOfCashAndCashEquivalents', window );">Maximum maturity period of cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">3 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CommodityPriceRiskMember', window );">Commodity price risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature', window );">Maximum period of fixed price of commodities for short-term nature</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember', window );">One percent change, All foreign exchange exposure vs USD dollar foreign exchange risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 6,700<span></span>
</td>
<td class="nump">4,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember', window );">One percent change, All foreign exchange exposure vs USD dollar foreign exchange risk [member] | Foreign exchange derivatives contracts [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Foreign exchange risk, currency exposure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember', window );">Currency risk [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfVariance', window );">Percentage of variance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">During <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> a</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> result of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8217; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">was</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> reclassified </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">with impact in</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> the</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> income statement</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>36</span></span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8220;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Termination of </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> joint</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> venture</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#8221;</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to NKKTubes&#8217; cease of operations. For more information see note 36 &#8220;Termination of NKKTubes joint venture&#8221;.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Out of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">294.9</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion fixed rate </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">borrowings,</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">271.1</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion are short-term</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InformationAboutMajorCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Information about the entity's major customers and the extent of the entity's reliance on them.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InformationAboutMajorCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfEntitysRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfEntitysRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to exchange differences when the financial statements of foreign operations are translated, before tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2023-01-01<br> -Paragraph 48<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_48&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of cash flow hedges in relation to continuing hedges. [Refer: Reserve of cash flow hedges]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedgesContinuingHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CTAForeignExchangeRiskCurrencyExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of exchange differences arise from CTA foreign exchange risk currency exposure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CTAForeignExchangeRiskCurrencyExposure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ConcentrationRiskPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ConcentrationRiskPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DebtToEquityRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The year-end ratio of debt to total equity (where &#8220;debt&#8221; comprises financial borrowings and &#8220;total equity&#8221; is the sum of financial borrowings and equity).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DebtToEquityRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ExposureInvestmentGradeRatedInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage for exposure investment-grade rated Instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ExposureInvestmentGradeRatedInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of a financial liabilities carrying amount that represents its fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForeignExchangeRiskCurrencyExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of currency exposure which impact profit and loss expressed as long/(short).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForeignExchangeRiskCurrencyExposure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LiquidFinancialAssetsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of assets held that are liquid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LiquidFinancialAssetsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of liquid financial assets that are denominated by a specific currency.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossOnInterestRateRiskIfMarketInterestRatesWereHigher">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of potential loss on interest rate risk if the market interest rates were higher.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossOnInterestRateRiskIfMarketInterestRatesWereHigher</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MaximumMaturityPeriodOfCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum maturity period of cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MaximumMaturityPeriodOfCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum period of fixed price of commodities for short-term nature.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MinimumMaturityPeriodOfCertificatesOfDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum maturity period of certificates of deposits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MinimumMaturityPeriodOfCertificatesOfDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfVariance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>na</td>
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<tr>
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<td>duration</td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember</td>
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<tr>
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<tr>
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<tr>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ts_PastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ts_PastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_GuaranteesUnderCreditInsuranceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_GuaranteesUnderCreditInsuranceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_LetterOfCreditAndOtherBankGuaranteesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_LetterOfCreditAndOtherBankGuaranteesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_FinancialGuaranteeContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_FinancialGuaranteeContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=ts_OtherCurrenciesHedgedToUSDollarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_OtherCurrenciesHedgedToUSDollarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeEuroUsDollarForeignExchangeRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_CounterpartyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_CounterpartyRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_PetroleosMexicanosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_PetroleosMexicanosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_LiquidityRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CommodityPriceRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CommodityPriceRiskMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeDerivativesContractsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeDerivativesContractsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547639003424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT - Financial Assets and Liabilities Which Impact Profit and Loss (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="rh">
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="num">$ (134,716)<span></span>
</td>
<td class="num">$ (126,739)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_EuroUsDollarForeignExchangeRiskMember', window );">Euro / U.S. dollar foreign exchange risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="num">(203,608)<span></span>
</td>
<td class="num">(42,458)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_SaudiArabianRiyalUsDollarExchangeRiskMember', window );">Saudi Arabian Riyal / US Dollar exchange risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="num">$ (181,931)<span></span>
</td>
<td class="num">$ (74,183)<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of currency exposure which impact profit and loss expressed as long/(short).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ts_ForeignExchangeRiskCurrencyExposure</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_EuroUsDollarForeignExchangeRiskMember</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619054352">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT - Proportions of Variable-rate and Fixed-rate Debt (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 583,437<span></span>
</td>
<td class="nump">$ 728,762<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember', window );">Fixed interest rate [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 294,946<span></span>
</td>
<td class="nump">$ 497,889<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">51.00%<span></span>
</td>
<td class="nump">68.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 288,491<span></span>
</td>
<td class="nump">$ 230,873<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ConcentrationRiskPercentage', window );">Concentration risk (as a percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">49.00%<span></span>
</td>
<td class="nump">32.00%<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Out of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">the $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">294.9</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion fixed rate </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">borrowings,</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">271.1</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">m</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">illion are short-term</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547624607888">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT - Financial Instruments and Classification Within the Fair Value Hierarchy (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,637,821<span></span>
</td>
<td class="nump">$ 1,091,527<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 318,127<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,969,631<span></span>
</td>
<td class="nump">438,448<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,801<span></span>
</td>
<td class="nump">30,805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">405,631<span></span>
</td>
<td class="nump">119,902<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,480,889<span></span>
</td>
<td class="nump">2,493,940<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,299,072<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">414,778<span></span>
</td>
<td class="nump">395,531<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">583,437<span></span>
</td>
<td class="nump">728,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">693,913<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,107,567<span></span>
</td>
<td class="nump">1,179,457<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">134,433<span></span>
</td>
<td class="nump">112,177<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">117,285<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,150<span></span>
</td>
<td class="nump">7,127<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DerivativeLiabilitiesMember', window );">Derivative liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,150<span></span>
</td>
<td class="nump">7,127<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_OtherLiabilitiesFinancialMember', window );">Other liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_OtherLiabilitiesNonfinancialMember', window );">Other liabilities (non-financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">607,673<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember', window );">Derivatives [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,801<span></span>
</td>
<td class="nump">30,805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesMember', window );">Other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">93,144<span></span>
</td>
<td class="nump">154,056<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesNonfinancialMember', window );">Other receivables (non-Financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">321,634<span></span>
</td>
<td class="nump">241,475<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember', window );">Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">896,166<span></span>
</td>
<td class="nump">196,152<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsSovereignBillsMember', window );">U.S. Sovereign Bills [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">282,225<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CertificatesOfDepositsMember', window );">Certificates of Deposits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">334,637<span></span>
</td>
<td class="nump">36,167<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CommercialPapersMember', window );">Commercial Papers [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">196,708<span></span>
</td>
<td class="nump">19,785<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherNotesMember', window );">Other notes [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">82,596<span></span>
</td>
<td class="nump">140,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_BondsAndOtherFixedIncomeMember', window );">Bonds and other fixed income [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">834,281<span></span>
</td>
<td class="nump">211,953<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">398,220<span></span>
</td>
<td class="nump">113,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsGovernmentSecuritiesMember', window );">U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">126,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsGovernmentSecuritiesMember', window );">Non - U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,943<span></span>
</td>
<td class="nump">108,310<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CorporatesSecuritiesMember', window );">Corporates securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">696,939<span></span>
</td>
<td class="nump">103,643<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_MutualFundFinancialInstrumentMember', window );">Mutual Fund [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">239,184<span></span>
</td>
<td class="nump">30,343<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherInvestments1Member', window );">Other investments [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,411<span></span>
</td>
<td class="nump">6,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">223,424<span></span>
</td>
<td class="nump">422,859<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,073,465<span></span>
</td>
<td class="nump">242,296<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">398,220<span></span>
</td>
<td class="nump">113,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,695,109<span></span>
</td>
<td class="nump">778,729<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Derivative liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other liabilities (non-financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Derivatives [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other receivables (non-Financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Certificates of Deposits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Commercial Papers [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other notes [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Bonds and other fixed income [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">834,281<span></span>
</td>
<td class="nump">211,953<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">398,220<span></span>
</td>
<td class="nump">113,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">126,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Non - U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,943<span></span>
</td>
<td class="nump">108,310<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Corporates securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">696,939<span></span>
</td>
<td class="nump">103,643<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Mutual Fund [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">239,184<span></span>
</td>
<td class="nump">30,343<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 of fair value hierarchy [member] | Other investments [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,801<span></span>
</td>
<td class="nump">30,805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,150<span></span>
</td>
<td class="nump">7,127<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Derivative liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,150<span></span>
</td>
<td class="nump">7,127<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other liabilities (non-financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Derivatives [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,801<span></span>
</td>
<td class="nump">30,805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other receivables (non-Financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Certificates of Deposits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Commercial Papers [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other notes [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Bonds and other fixed income [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Non - U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Corporates securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Mutual Fund [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 of fair value hierarchy [member] | Other investments [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,411<span></span>
</td>
<td class="nump">6,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,411<span></span>
</td>
<td class="nump">54,987<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 56,294<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Derivative liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other liabilities (non-financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Derivatives [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other receivables (non-Financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Certificates of Deposits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Commercial Papers [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other notes [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Bonds and other fixed income [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Non - U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Corporates securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Mutual Fund [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 of fair value hierarchy [member] | Other investments [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,411<span></span>
</td>
<td class="nump">6,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,414,397<span></span>
</td>
<td class="nump">668,668<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">896,166<span></span>
</td>
<td class="nump">196,152<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,480,889<span></span>
</td>
<td class="nump">2,493,940<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">93,144<span></span>
</td>
<td class="nump">105,397<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,884,596<span></span>
</td>
<td class="nump">3,464,157<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">583,437<span></span>
</td>
<td class="nump">728,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,107,567<span></span>
</td>
<td class="nump">1,179,457<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">134,433<span></span>
</td>
<td class="nump">112,177<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,825,437<span></span>
</td>
<td class="nump">2,020,396<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Derivative liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other liabilities (non-financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Derivatives [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">93,144<span></span>
</td>
<td class="nump">105,397<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other receivables (non-Financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">896,166<span></span>
</td>
<td class="nump">196,152<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">282,225<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Certificates of Deposits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">334,637<span></span>
</td>
<td class="nump">36,167<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Commercial Papers [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">196,708<span></span>
</td>
<td class="nump">19,785<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other notes [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">82,596<span></span>
</td>
<td class="nump">140,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Bonds and other fixed income [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Non - U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Corporates securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Mutual Fund [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember', window );">Financial assets at amortised cost, category [member] | Other investments [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">834,281<span></span>
</td>
<td class="nump">182,988<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">398,220<span></span>
</td>
<td class="nump">113,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,232,501<span></span>
</td>
<td class="nump">345,221<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Derivative liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other liabilities (non-financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Derivatives [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">48,659<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other receivables (non-Financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Certificates of Deposits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Commercial Papers [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other notes [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Bonds and other fixed income [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">834,281<span></span>
</td>
<td class="nump">182,988<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">398,220<span></span>
</td>
<td class="nump">113,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">126,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Non - U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,943<span></span>
</td>
<td class="nump">79,345<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Corporates securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">696,939<span></span>
</td>
<td class="nump">103,643<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Mutual Fund [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember', window );">Financial assets at fair value through other comprehensive income, category [member] | Other investments [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">223,424<span></span>
</td>
<td class="nump">422,859<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">239,184<span></span>
</td>
<td class="nump">59,308<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,411<span></span>
</td>
<td class="nump">6,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">479,820<span></span>
</td>
<td class="nump">519,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Borrowings C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Lease Liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">97,390<span></span>
</td>
<td class="nump">7,127<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Derivative liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,150<span></span>
</td>
<td class="nump">7,127<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">86,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other liabilities (non-financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesAbstract', window );"><strong>Liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherLiabilities', window );">Other liabilities C and NC</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Derivatives [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,801<span></span>
</td>
<td class="nump">30,805<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other receivables (non-Financial) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Fixed Income (time-deposit, zero coupon bonds, commercial papers) [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | U.S. Sovereign Bills [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Certificates of Deposits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Commercial Papers [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other notes [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Bonds and other fixed income [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">28,965<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Non - U.S. government securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">28,965<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Corporates securities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Mutual Fund [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments - current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">239,184<span></span>
</td>
<td class="nump">30,343<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember', window );">Financial assets at fair value through profit or loss, category [member] | Other investments [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments - non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,411<span></span>
</td>
<td class="nump">$ 6,328<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes balances related to interest in Venezuelan companies</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. S</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ee n</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ote</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>35</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Includes liability related to share buyback program. See note <span>37</span> to these Consolidated Financial Statements.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialAssets</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35H<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35M<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35I<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DerivativeLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DerivativeLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_OtherLiabilitiesFinancialMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_OtherLiabilitiesFinancialMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_OtherLiabilitiesNonfinancialMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_OtherLiabilitiesNonfinancialMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_DerivativesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesNonfinancialMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_OtherReceivablesNonfinancialMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_FixedIncomeTimedepositZeroCouponBondsCommercialPapersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsSovereignBillsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsSovereignBillsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CertificatesOfDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_CertificatesOfDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CommercialPapersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_CommercialPapersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_BondsAndOtherFixedIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_BondsAndOtherFixedIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsGovernmentSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsGovernmentSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsGovernmentSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_NonUsGovernmentSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_CorporatesSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_CorporatesSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_MutualFundFinancialInstrumentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_MutualFundFinancialInstrumentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherInvestments1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_OtherInvestments1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R90.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651053808">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>III. FINANCIAL RISK MANAGEMENT - Changes in Level 3 Assets and Liabilities (Details) - Level 3 of fair value hierarchy [member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 54,987<span></span>
</td>
<td class="nump">$ 56,294<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets', window );">Decrease</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(47,467)<span></span>
</td>
<td class="num">(1,126)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets', window );">Currency translation adjustment and others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(109)<span></span>
</td>
<td class="num">(181)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,411<span></span>
</td>
<td class="nump">$ 54,987<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">For <span>2023</span>, r</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: 1.2; margin: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; text-decoration: none; font-weight: normal; color: black;">elated to the sale of Venezuela awards. For more information see notes <span>6</span> and <span>35</span></span>.</span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35H<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35M<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35N<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35I<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the fair value measurement of assets. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInFairValueMeasurementAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the fair value measurement of assets resulting from currency translation adjustments and others.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547700437200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment information (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit (loss) before tax</a></td>
<td class="nump">$ 4,632,789<span></span>
</td>
<td class="nump">$ 3,165,937<span></span>
</td>
<td class="nump">$ 1,242,766<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ContractLiabilities', window );">Contract liabilities</a></td>
<td class="nump">$ 263,700<span></span>
</td>
<td class="nump">$ 242,900<span></span>
</td>
<td class="nump">$ 92,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TenarisMember', window );">Tenaris [member] | Government customers [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">26.00%<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">39.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember', window );">Elimination of intersegment amounts [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit (loss) before tax</a></td>
<td class="nump">$ 98,500<span></span>
</td>
<td class="nump">$ 77,900<span></span>
</td>
<td class="nump">$ 45,600<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of an entity&#8217;s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2023-01-01<br> -Paragraph 105<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_105&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2023-01-01<br> -Paragraph 116<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_116_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfEntitysRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfEntitysRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TenarisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TenarisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfCustomersAxis=ifrs-full_GovernmentCustomersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfCustomersAxis=ifrs-full_GovernmentCustomersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentConsolidationItemsAxis=ifrs-full_EliminationOfIntersegmentAmountsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>118
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618838464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment Information - Reportable Operating Segments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">$ 14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
<td class="nump">$ 6,521,207<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">4,316,408<span></span>
</td>
<td class="nump">2,963,275<span></span>
</td>
<td class="nump">707,509<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial income (expense), net</a></td>
<td class="nump">220,977<span></span>
</td>
<td class="num">(6,040)<span></span>
</td>
<td class="nump">22,666<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax', window );">Income before equity in earnings of non-consolidated companies and income tax</a></td>
<td class="nump">4,537,385<span></span>
</td>
<td class="nump">2,957,235<span></span>
</td>
<td class="nump">730,175<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="nump">95,404<span></span>
</td>
<td class="nump">208,702<span></span>
</td>
<td class="nump">512,591<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax</a></td>
<td class="nump">4,632,789<span></span>
</td>
<td class="nump">3,165,937<span></span>
</td>
<td class="nump">1,242,766<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">548,510<span></span>
</td>
<td class="nump">607,723<span></span>
</td>
<td class="nump">594,721<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">14,185,000<span></span>
</td>
<td class="nump">11,133,000<span></span>
</td>
<td class="nump">5,994,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ManagementViewOperatingIncome', window );">Management view - operating income (loss)</a></td>
<td class="nump">4,337,000<span></span>
</td>
<td class="nump">2,772,000<span></span>
</td>
<td class="nump">178,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">518,000<span></span>
</td>
<td class="nump">588,000<span></span>
</td>
<td class="nump">575,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">684,000<span></span>
</td>
<td class="nump">630,000<span></span>
</td>
<td class="nump">528,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ManagementViewOperatingIncome', window );">Management view - operating income (loss)</a></td>
<td class="nump">129,000<span></span>
</td>
<td class="nump">75,000<span></span>
</td>
<td class="nump">65,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">31,000<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_ReportableSegmentsMember', window );">Reportable segments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">14,869,000<span></span>
</td>
<td class="nump">11,763,000<span></span>
</td>
<td class="nump">6,521,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ManagementViewOperatingIncome', window );">Management view - operating income (loss)</a></td>
<td class="nump">4,466,000<span></span>
</td>
<td class="nump">2,847,000<span></span>
</td>
<td class="nump">243,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ManagementViewDifferencesInCostOfSales', window );">Difference in cost of sales</a></td>
<td class="num">(134,000)<span></span>
</td>
<td class="nump">44,000<span></span>
</td>
<td class="nump">473,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ManagementViewDifferencesInDepreciationAndAmortization', window );">Differences in depreciation and amortization</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
<td class="num">(1,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses', window );">Differences in selling, general and administrative expenses</a></td>
<td class="num">(7,000)<span></span>
</td>
<td class="num">(4,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet', window );">Differences in other operating income (expenses), net</a></td>
<td class="num">(9,000)<span></span>
</td>
<td class="nump">74,000<span></span>
</td>
<td class="num">(8,000)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating income</a></td>
<td class="nump">4,316,000<span></span>
</td>
<td class="nump">2,963,000<span></span>
</td>
<td class="nump">707,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial income (expense), net</a></td>
<td class="nump">221,000<span></span>
</td>
<td class="num">(6,000)<span></span>
</td>
<td class="nump">23,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax', window );">Income before equity in earnings of non-consolidated companies and income tax</a></td>
<td class="nump">4,537,000<span></span>
</td>
<td class="nump">2,957,000<span></span>
</td>
<td class="nump">730,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="nump">95,000<span></span>
</td>
<td class="nump">209,000<span></span>
</td>
<td class="nump">513,000<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax</a></td>
<td class="nump">4,633,000<span></span>
</td>
<td class="nump">3,166,000<span></span>
</td>
<td class="nump">1,243,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="nump">$ 549,000<span></span>
</td>
<td class="nump">$ 608,000<span></span>
</td>
<td class="nump">$ 595,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2023-01-01<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The (loss) income before equity in earnings of non-consolidated companies and income tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInCostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Differences in cost of sales under management view.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInCostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInDepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Differences in depreciation and amortization under management view.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInDepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Differences in net other operating income (expenses) under management view.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInOtherOperatingIncomeExpensesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Differences in selling, general and administrative expenses under management view.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewDifferencesInSellingGeneralAndAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ManagementViewOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Operating income under management view.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ManagementViewOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ts_TubesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ifrs-full_ReportableSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ifrs-full_ReportableSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547632399584">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment information - Geographical Information (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
<td class="nump">$ 6,521,207<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,081,895<span></span>
</td>
<td class="nump">17,550,246<span></span>
</td>
<td class="nump">14,449,431<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,480,889<span></span>
</td>
<td class="nump">2,493,940<span></span>
</td>
<td class="nump">1,299,072<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,078,179<span></span>
</td>
<td class="nump">5,556,263<span></span>
</td>
<td class="nump">5,824,801<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">619,445<span></span>
</td>
<td class="nump">378,446<span></span>
</td>
<td class="nump">239,518<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">548,510<span></span>
</td>
<td class="nump">607,723<span></span>
</td>
<td class="nump">594,721<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember', window );">North America [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,765,130<span></span>
</td>
<td class="nump">6,902,787<span></span>
</td>
<td class="nump">3,360,345<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,210,620<span></span>
</td>
<td class="nump">9,018,386<span></span>
</td>
<td class="nump">7,992,946<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,222,635<span></span>
</td>
<td class="nump">1,371,717<span></span>
</td>
<td class="nump">652,483<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,676,352<span></span>
</td>
<td class="nump">3,548,844<span></span>
</td>
<td class="nump">3,805,912<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">214,932<span></span>
</td>
<td class="nump">118,644<span></span>
</td>
<td class="nump">106,118<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">307,139<span></span>
</td>
<td class="nump">348,550<span></span>
</td>
<td class="nump">307,116<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember', window );">South America [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,382,495<span></span>
</td>
<td class="nump">2,550,402<span></span>
</td>
<td class="nump">1,311,279<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,751,121<span></span>
</td>
<td class="nump">3,896,403<span></span>
</td>
<td class="nump">2,399,448<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">447,379<span></span>
</td>
<td class="nump">583,223<span></span>
</td>
<td class="nump">234,800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,143,752<span></span>
</td>
<td class="nump">1,031,423<span></span>
</td>
<td class="nump">984,413<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">246,061<span></span>
</td>
<td class="nump">176,448<span></span>
</td>
<td class="nump">63,723<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">115,156<span></span>
</td>
<td class="nump">125,324<span></span>
</td>
<td class="nump">125,781<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_EuropeMember', window );">Europe [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,175,581<span></span>
</td>
<td class="nump">1,000,833<span></span>
</td>
<td class="nump">742,463<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,839,378<span></span>
</td>
<td class="nump">2,071,624<span></span>
</td>
<td class="nump">1,727,573<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">278,077<span></span>
</td>
<td class="nump">202,753<span></span>
</td>
<td class="nump">180,515<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">794,242<span></span>
</td>
<td class="nump">706,539<span></span>
</td>
<td class="nump">742,461<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">119,820<span></span>
</td>
<td class="nump">62,143<span></span>
</td>
<td class="nump">43,344<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">74,862<span></span>
</td>
<td class="nump">76,631<span></span>
</td>
<td class="nump">89,667<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_AsiaPacificMiddleEastAndAfricaMember', window );">Asia Pacific, Middle East &amp; Africa [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,545,654<span></span>
</td>
<td class="nump">1,308,504<span></span>
</td>
<td class="nump">1,107,120<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,671,972<span></span>
</td>
<td class="nump">1,023,187<span></span>
</td>
<td class="nump">945,690<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">532,798<span></span>
</td>
<td class="nump">336,247<span></span>
</td>
<td class="nump">231,274<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">463,833<span></span>
</td>
<td class="nump">269,457<span></span>
</td>
<td class="nump">292,015<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">38,632<span></span>
</td>
<td class="nump">21,211<span></span>
</td>
<td class="nump">26,333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">51,353<span></span>
</td>
<td class="nump">57,218<span></span>
</td>
<td class="nump">72,157<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_UnallocatedRegionMember', window );">Unallocated [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">1,608,804<span></span>
</td>
<td class="nump">1,540,646<span></span>
</td>
<td class="nump">1,383,774<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Capital expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Starting on January 1, 2023, Asia Pacific</span><span style="font-family: 'Frutiger 45 Light';"> and</span><span style="font-family: 'Frutiger 45 Light';"> Middle East and Africa segments were merged in a single geographical segment.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">For </span><span style="font-family: 'Frutiger 45 Light';"><span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';"><span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> and <span>20</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="font-family: 'Frutiger 45 Light';"> includes </span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">Investment</span><span style="font-family: 'Frutiger 45 Light'; font-style: italic;">s in non-consolidated companies</span><span style="font-family: 'Frutiger 45 Light';">. </span><span style="font-family: 'Frutiger 45 Light';">See n</span><span style="font-family: 'Frutiger 45 Light';">ote </span><span style="font-family: 'Frutiger 45 Light';"><span>14</span></span><span style="font-family: 'Frutiger 45 Light';"> t</span><span style="font-family: 'Frutiger 45 Light';">o these Consolidated</span><span style="font-family: 'Frutiger 45 Light';"> Financial Statements</span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Note that right-of-use assets are not included. [Contrast: Property, plant and equipment including right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_EuropeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_EuropeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_AsiaPacificMiddleEastAndAfricaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_AsiaPacificMiddleEastAndAfricaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_UnallocatedRegionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_UnallocatedRegionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618818800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 1 - Segment information - Tubes Segment Revenues By Market (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">$ 14,868,860<span></span>
</td>
<td class="nump">$ 11,762,526<span></span>
</td>
<td class="nump">$ 6,521,207<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="nump">14,185,000<span></span>
</td>
<td class="nump">11,133,000<span></span>
</td>
<td class="nump">5,994,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Oil and gas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">12,488,000<span></span>
</td>
<td class="nump">9,543,000<span></span>
</td>
<td class="nump">4,895,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Oil and gas processing plants [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">818,000<span></span>
</td>
<td class="nump">738,000<span></span>
</td>
<td class="nump">459,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Industrial, power and others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Sales</a></td>
<td class="nump">$ 879,000<span></span>
</td>
<td class="nump">$ 852,000<span></span>
</td>
<td class="nump">$ 640,000<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_OilAndGasMember</td>
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<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_OilAndGasProcessingPlantsMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<td style="white-space:nowrap;">ifrs-full_ProductsAndServicesAxis=ts_IndustrialAndOtherMember</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547635321696">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 2 - Cost of sales - Components of Cost of Sales (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCostOfSalesAbstract', window );"><strong>Note 2 - Cost of sales</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InventoriesIncludingDiscontinuedOperations', window );">Inventories at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,986,929<span></span>
</td>
<td class="nump">$ 2,672,593<span></span>
</td>
<td class="nump">$ 1,636,673<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseInInventoryDueToBusinessCombinations', window );">Increase in inventory due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">107,588<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DecreaseInInventoryDueToSaleOfSubsidiaries', window );">Decrease in inventory due to sale of subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(10,662)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ExpenseByNatureAbstract', window );"><strong>Plus: Charges of the year</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther', window );">Raw materials, energy, consumables and other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,277,507<span></span>
</td>
<td class="nump">5,772,031<span></span>
</td>
<td class="nump">3,841,551<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesServicesAndFees', window );">Services and fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">437,804<span></span>
</td>
<td class="nump">293,490<span></span>
</td>
<td class="nump">208,472<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesLaborCost', window );">Labor cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,403,546<span></span>
</td>
<td class="nump">1,160,085<span></span>
</td>
<td class="nump">824,071<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment', window );">Depreciation of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">424,373<span></span>
</td>
<td class="nump">465,849<span></span>
</td>
<td class="nump">448,843<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesAmortizationOfIntangibleAssets', window );">Amortization of intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,582<span></span>
</td>
<td class="nump">11,754<span></span>
</td>
<td class="nump">7,645<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesDepreciationOfRightOfUseAssets', window );">Depreciation of right-of-use assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,352<span></span>
</td>
<td class="nump">33,244<span></span>
</td>
<td class="nump">35,910<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesMaintenanceExpenses', window );">Maintenance expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">408,410<span></span>
</td>
<td class="nump">267,294<span></span>
</td>
<td class="nump">129,350<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesAllowanceForObsolescence', window );">Allowance for obsolescence</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,581<span></span>
</td>
<td class="nump">24,901<span></span>
</td>
<td class="nump">23,296<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesTaxes', window );">Taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">272,120<span></span>
</td>
<td class="nump">194,736<span></span>
</td>
<td class="nump">40,887<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesOther', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">216,220<span></span>
</td>
<td class="nump">178,691<span></span>
</td>
<td class="nump">98,159<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CostOfSalesIncludingDiscontinuedOperations', window );">Cost of sales including discontinued operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,603,083<span></span>
</td>
<td class="nump">8,402,075<span></span>
</td>
<td class="nump">5,647,522<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InventoriesIncludingDiscontinuedOperations', window );">Less: Inventories at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,921,097)<span></span>
</td>
<td class="num">(3,986,929)<span></span>
</td>
<td class="num">(2,672,593)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8,668,915<span></span>
</td>
<td class="nump">$ 7,087,739<span></span>
</td>
<td class="nump">$ 4,611,602<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Related </span><span style="font-family: 'Frutiger 45 Light';">to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of all expenses directly or indirectly attributed to the goods or services sold. Attributed expenses include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, such as depreciation and maintenance of factory buildings and equipment used in the production process, unallocated production overheads, and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNatureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNatureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesAllowanceForObsolescence">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of allowance for obsolescence attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesAllowanceForObsolescence</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesAmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization of intangible assets attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesAmortizationOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of depreciation of property, plant and equipment attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesDepreciationOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesDepreciationOfRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the cost of sales impact of depreciation of right-of-use assets during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesDepreciationOfRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesIncludingDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cost of sales including discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesIncludingDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesLaborCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of labor cost attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesLaborCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesMaintenanceExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of maintenance expenses attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesMaintenanceExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of raw materials, energy, consumables and other expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesRawMaterialsEnergyConsumablesAndOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesServicesAndFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of services and fees expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesServicesAndFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CostOfSalesTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense attributable to cost of sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CostOfSalesTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DecreaseInInventoryDueToSaleOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of decrease in inventory during the period due to sale of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DecreaseInInventoryDueToSaleOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCostOfSalesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCostOfSalesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseInInventoryDueToBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of increase in inventory during the period due to business combinations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseInInventoryDueToBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InventoriesIncludingDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories including discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InventoriesIncludingDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547631334368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 3 - Selling, general and administrative expenses - Components of Selling, General and Administrative Expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract', window );"><strong>Note 3 - Selling, general and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesServicesAndFees', window );">Services and fees</a></td>
<td class="nump">$ 163,723<span></span>
</td>
<td class="nump">$ 148,331<span></span>
</td>
<td class="nump">$ 115,303<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesLaborCost', window );">Labor cost</a></td>
<td class="nump">652,820<span></span>
</td>
<td class="nump">518,500<span></span>
</td>
<td class="nump">426,414<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment', window );">Depreciation of property, plant and equipment</a></td>
<td class="nump">21,517<span></span>
</td>
<td class="nump">21,883<span></span>
</td>
<td class="nump">22,924<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets', window );">Amortization of intangible assets</a></td>
<td class="nump">40,761<span></span>
</td>
<td class="nump">59,018<span></span>
</td>
<td class="nump">63,874<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets', window );">Depreciation of right-of-use assets</a></td>
<td class="nump">19,925<span></span>
</td>
<td class="nump">15,975<span></span>
</td>
<td class="nump">15,525<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses', window );">Freights and other selling expenses</a></td>
<td class="nump">696,705<span></span>
</td>
<td class="nump">641,812<span></span>
</td>
<td class="nump">415,895<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies', window );">Provisions for contingencies</a></td>
<td class="nump">38,899<span></span>
</td>
<td class="nump">20,606<span></span>
</td>
<td class="nump">24,998<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts', window );">Allowances for doubtful accounts</a></td>
<td class="nump">3,590<span></span>
</td>
<td class="num">(223)<span></span>
</td>
<td class="num">(4,297)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesTaxes', window );">Taxes</a></td>
<td class="nump">170,484<span></span>
</td>
<td class="nump">121,410<span></span>
</td>
<td class="nump">78,800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SellingGeneralAndAdministrativeExpensesOther', window );">Other</a></td>
<td class="nump">110,883<span></span>
</td>
<td class="nump">87,263<span></span>
</td>
<td class="nump">47,133<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SellingGeneralAndAdministrativeExpense', window );">Total selling, general and administrative expense</a></td>
<td class="nump">$ 1,919,307<span></span>
</td>
<td class="nump">$ 1,634,575<span></span>
</td>
<td class="nump">$ 1,206,569<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling, general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingGeneralAndAdministrativeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of allowances for doubtful accounts attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization of intangible assets attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of commissions, freight and other selling expenses attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesCommissionsFreightAndOtherSellingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of depreciation of property, plant and equipment attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesDepreciationOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization of depreciation of right-of-use assets attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesDepreciationOfRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesLaborCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of labor cost attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesLaborCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other expenses attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of provisions for contingencies attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesProvisionsForContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesServicesAndFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of services and fees attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesServicesAndFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SellingGeneralAndAdministrativeExpensesTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of taxes attributable to selling, general and administrative expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SellingGeneralAndAdministrativeExpensesTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<head>
<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618148880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfLaborCostsAbstract', window );"><strong>Note 4. Labor costs (included in Cost of sales and in Selling, general and administrative expenses)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShorttermEmployeeBenefitsExpense', window );">Wages, salaries and social security costs</a></td>
<td class="nump">$ 1,943,825<span></span>
</td>
<td class="nump">$ 1,594,200<span></span>
</td>
<td class="nump">$ 1,170,562<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TerminationBenefitsExpense', window );">Severance indemnities</a></td>
<td class="nump">26,470<span></span>
</td>
<td class="nump">29,070<span></span>
</td>
<td class="nump">28,625<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans', window );">Post-employment benefits - defined contribution plans</a></td>
<td class="nump">15,055<span></span>
</td>
<td class="nump">13,256<span></span>
</td>
<td class="nump">12,608<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans', window );">Post-employment benefits - defined benefit plans</a></td>
<td class="nump">19,452<span></span>
</td>
<td class="nump">16,320<span></span>
</td>
<td class="nump">13,353<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EmployeeRetentionAndLongTermIncentiveProgramExpenses', window );">Employee retention and long-term incentive program</a></td>
<td class="nump">51,564<span></span>
</td>
<td class="nump">25,739<span></span>
</td>
<td class="nump">25,337<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Total employee benefits expense</a></td>
<td class="nump">$ 2,056,366<span></span>
</td>
<td class="nump">$ 1,678,585<span></span>
</td>
<td class="nump">$ 1,250,485<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of post-employment benefit expense included in profit or loss relating to defined benefit plans. [Refer: Profit (loss); Defined benefit plans [member]] [Contrast: Increase (decrease) in net defined benefit liability (asset) resulting from expense (income) in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 5<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of post-employment benefit expense relating to defined contribution plans. Defined contribution plans are post-employment benefit plans under which an entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 53<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PostemploymentBenefitExpenseDefinedContributionPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermEmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense from employee benefits (other than termination benefits) that are expected to be settled wholly within twelve months after the end of the annual reporting period in which the employees render the related services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermEmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TerminationBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense in relation to termination benefits. Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; or (b) an employee's decision to accept an offer of benefits in exchange for the termination of employment. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 171<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_171&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TerminationBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfLaborCostsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfLaborCostsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EmployeeRetentionAndLongTermIncentiveProgramExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense in relation to employee retention and long-term incentive program expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EmployeeRetentionAndLongTermIncentiveProgramExpenses</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619937888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 4 - Labor costs (included in Cost of sales and in Selling, general and administrative expenses) - Number of Employees (Details) - Employees<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">29,134<span></span>
</td>
<td class="nump">25,292<span></span>
</td>
<td class="nump">22,776<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">6,267<span></span>
</td>
<td class="nump">6,444<span></span>
</td>
<td class="nump">5,169<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_MX', window );">Mexico</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">7,500<span></span>
</td>
<td class="nump">5,919<span></span>
</td>
<td class="nump">5,474<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">3,882<span></span>
</td>
<td class="nump">3,509<span></span>
</td>
<td class="nump">2,684<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_IT', window );">Italy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">2,187<span></span>
</td>
<td class="nump">2,136<span></span>
</td>
<td class="nump">2,011<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_BR', window );">Brazil</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,492<span></span>
</td>
<td class="nump">1,460<span></span>
</td>
<td class="nump">1,817<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_RO', window );">Romania</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,884<span></span>
</td>
<td class="nump">1,847<span></span>
</td>
<td class="nump">1,725<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,112<span></span>
</td>
<td class="nump">1,183<span></span>
</td>
<td class="nump">1,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">Canada</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,195<span></span>
</td>
<td class="nump">944<span></span>
</td>
<td class="nump">758<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_ID', window );">Indonesia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,573<span></span>
</td>
<td class="nump">495<span></span>
</td>
<td class="nump">506<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_SA', window );">Saudi Arabia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">849<span></span>
</td>
<td class="nump">427<span></span>
</td>
<td class="nump">408<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_OtherGeographicalAreasMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfEmployees', window );">Number of employees</a></td>
<td class="nump">1,193<span></span>
</td>
<td class="nump">928<span></span>
</td>
<td class="nump">1,215<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of personnel employed by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_IT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_RO</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CO">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_CA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_ID</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_OtherGeographicalAreasMember</td>
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<td></td>
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<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547631731344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 5 - Impairment charge (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_GrowthRatesUsedInCurrentEstimateOfValueInUse', window );">Growth rate used in current estimate of value in use</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 76,725<span></span>
</td>
<td class="nump">$ 57,075<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">63,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="nump">12.50%<span></span>
</td>
<td class="nump">13.40%<span></span>
</td>
<td class="nump">10.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in current estimate of value in use</a></td>
<td class="nump">21.40%<span></span>
</td>
<td class="nump">20.20%<span></span>
</td>
<td class="nump">18.80%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_NkktubesMember', window );">NKKTUBES [member] | Tubes [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems', window );"><strong>Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment charge</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 57,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The discount rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Paragraph 130<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_130_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfImpairmentLossRecognisedOrReversedLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_GrowthRatesUsedInCurrentEstimateOfValueInUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The growth rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_GrowthRatesUsedInCurrentEstimateOfValueInUse</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_NkktubesMember</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634099312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Nov. 01, 2021</div></th>
<th class="th"><div>May 13, 2021</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems', window );"><strong>Disclosure of detailed information about other operating income and expenses [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome', window );">Tax credit from PIS and COFINS recognized in other operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 35,568<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InterestIncomeOnTaxAssets', window );">Tax credit from PIS and COFINS recognized in financial results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BusinessDivestituresAxis=ts_GenevaStructuralTubesLlcMember', window );">Geneva Structural Tubes LLC (&#8220;Geneva&#8221;) | MKK USA Inc</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems', window );"><strong>Disclosure of detailed information about other operating income and expenses [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfVotingEquityInterestsDivested', window );">Percentage of voting equity interests divested</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ConsiderationPaidReceived', window );">Aggregate selling price of subsidiary</a></td>
<td class="num">$ (24,300)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesRecognisedWhenControlInSubsidiaryIsLost', window );">Gain on sale of subsidiaries</a></td>
<td class="nump">$ 6,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_BR', window );">Brazil | Subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems', window );"><strong>Disclosure of detailed information about other operating income and expenses [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity', window );">Tax expense (credit) from PIS and COFINS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (53,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome', window );">Tax credit from PIS and COFINS recognized in other operating income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">36,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InterestIncomeOnTaxAssets', window );">Tax credit from PIS and COFINS recognized in financial results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity', window );">Tax charge related to gain from tax claims of PIS and COFINS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsiderationPaidReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of consideration paid or received in respect of both obtaining and losing control of subsidiaries or other businesses. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 40<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_40_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsiderationPaidReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesRecognisedWhenControlInSubsidiaryIsLost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in association with the loss of control over a subsidiary, which are attributable to the former controlling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesRecognisedWhenControlInSubsidiaryIsLost</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InterestIncomeOnTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on tax assets during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InterestIncomeOnTaxAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
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<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfVotingEquityInterestsDivested">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the voting equity interests divested in a business divestiture.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfVotingEquityInterestsDivested</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax credit from Program of Social Integration (&#8220;PIS&#8221;) and Contribution for Financing of Social Security (&#8220;COFINS&#8221;) recognized in other operating income during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (credit) from Program of Social Integration (&#8220;PIS&#8221;) and Contribution for Financing of Social Security (&#8220;COFINS&#8221;) during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense on gain from tax claims of Program of Social Integration (&#8220;PIS&#8221;) and Contribution for Financing of Social Security (&#8220;COFINS&#8221;) during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_BusinessDivestituresAxis=ts_GenevaStructuralTubesLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_BusinessDivestituresAxis=ts_GenevaStructuralTubesLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_BusinessDivestituresAcquirerAxis=ts_MkkUsaIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_BusinessDivestituresAcquirerAxis=ts_MkkUsaIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ifrs-full_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ifrs-full_SubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547631430880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 6 - Other operating income and expenses (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingIncomeAbstract', window );"><strong>Other operating income:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingIncomeNetIncomeFromOtherSales', window );">Net income from other sales</a></td>
<td class="nump">$ 10,960<span></span>
</td>
<td class="nump">$ 28,161<span></span>
</td>
<td class="nump">$ 10,694<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RentalIncome', window );">Net rents</a></td>
<td class="nump">4,702<span></span>
</td>
<td class="nump">5,084<span></span>
</td>
<td class="nump">5,314<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve', window );">Reclassification of currency translation adjustment reserve</a></td>
<td class="nump">878<span></span>
</td>
<td class="nump">71,252<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome', window );">Tax recovery in Brazilian subsidiaries</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">35,568<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="nump">3,162<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult', window );">Result on sale of Venezuela awards</a></td>
<td class="nump">33,341<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts', window );">Recovery on allowance for doubtful receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">379<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other income</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">16,290<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other operating income</a></td>
<td class="nump">53,043<span></span>
</td>
<td class="nump">104,497<span></span>
</td>
<td class="nump">68,245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingExpensesAbstract', window );"><strong>Other operating expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations', window );">Contributions to welfare projects and non-profit organizations</a></td>
<td class="nump">15,538<span></span>
</td>
<td class="nump">13,668<span></span>
</td>
<td class="nump">6,697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables', window );">Allowance for doubtful receivables</a></td>
<td class="nump">107<span></span>
</td>
<td class="nump">346<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement', window );">Securities Exchange Commission investigation settlement</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">78,100<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other expense</a></td>
<td class="nump">1,628<span></span>
</td>
<td class="nump">12,595<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherExpenseByFunction', window );">Other operating expenses</a></td>
<td class="nump">17,273<span></span>
</td>
<td class="nump">104,709<span></span>
</td>
<td class="nump">6,697<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other income, net</a></td>
<td class="nump">$ 35,770<span></span>
</td>
<td class="num">$ (212)<span></span>
</td>
<td class="nump">$ 61,548<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of any gain recognised in a business combination in which the net of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, non-controlling interest in the acquiree and fair value of the acquirer's previously held equity interest in the acquiree. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph n<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainRecognisedInBargainPurchaseTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating expenses. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByFunction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'function of expense' form for its analysis of expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35_b_vii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByFunction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RentalIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income recognised from rental activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RentalIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating expense attributable to contributions to welfare projects and non-profits organizations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating expense attributable to securities Exchange Commission investigation settlement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating expenses attributable to allowance for doubtful receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingExpensesAllowanceForDoubtfulReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingIncomeNetIncomeFromOtherSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating income attributable to net income from other sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingIncomeNetIncomeFromOtherSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating income attributable to reclassification of currency translation adjustment reserve.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other operating income attributable to recovery on allowance for doubtful accounts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of net gain resulting from the sale of Venezuela awards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax credit from Program of Social Integration (&#8220;PIS&#8221;) and Contribution for Financing of Social Security (&#8220;COFINS&#8221;) recognized in other operating income during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>128
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634527936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial results (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfFinancialResultsLineItems', window );"><strong>Disclosure of Financial Results [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss', window );">Interest related to instruments carried at FVPL</a></td>
<td class="nump">$ 61.2<span></span>
</td>
<td class="nump">$ 33.0<span></span>
</td>
<td class="nump">$ 3.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss', window );">Realized loss from change in fair value of financial instrument</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InterestIncomeOnTaxAssets', window );">Non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_ArgentineSovereignBondsMember', window );">Argentine sovereign bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfFinancialResultsLineItems', window );"><strong>Disclosure of Financial Results [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LossArisingFromDividendPaidInKind', window );">Loss arising from dividend paid in kind</a></td>
<td class="nump">$ 94.7<span></span>
</td>
<td class="nump">$ 29.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on financial assets at fair value through profit or loss. [Refer: Financial assets at fair value through profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on financial assets designated at fair value through profit or loss. [Refer: Interest income; Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeOnFinancialAssetsDesignatedAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfFinancialResultsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Schedule disclosing information related to financial result.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfFinancialResultsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InterestIncomeOnTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on tax assets during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InterestIncomeOnTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossArisingFromDividendPaidInKind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of loss arising from dividend paid in kind.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossArisingFromDividendPaidInKind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_ArgentineSovereignBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ts_ArgentineSovereignBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547638449008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 7 - Financial results - Financial Income (Cost) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 30, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfFinancialResultsAbstract', window );"><strong>Note 7 - Financial results</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromInterest', window );">Interest income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 201,852<span></span>
</td>
<td class="nump">$ 86,112<span></span>
</td>
<td class="nump">$ 38,048<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL', window );">Net result on changes in FV of financial assets at FVPL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,622<span></span>
</td>
<td class="num">(6,092)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">213,474<span></span>
</td>
<td class="nump">80,020<span></span>
</td>
<td class="nump">38,048<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(106,862)<span></span>
</td>
<td class="num">(45,940)<span></span>
</td>
<td class="num">(23,677)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss', window );">Net foreign exchange transactions results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">218,383<span></span>
</td>
<td class="nump">15,654<span></span>
</td>
<td class="nump">17,287<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeDerivativesContractsResults', window );">Net Foreign exchange derivatives contracts results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,974)<span></span>
</td>
<td class="num">(25,666)<span></span>
</td>
<td class="num">(7,966)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceCost', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(95,044)<span></span>
</td>
<td class="num">(30,108)<span></span>
</td>
<td class="num">(1,026)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherFinanceIncomeCost', window );">Other financial results, net</a></td>
<td class="num">$ (40,120)<span></span>
</td>
<td class="nump">114,365<span></span>
</td>
<td class="num">(40,120)<span></span>
</td>
<td class="nump">8,295<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Net financial results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 220,977<span></span>
</td>
<td class="num">$ (6,040)<span></span>
</td>
<td class="nump">$ 22,666<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of exchange differences recognised in profit or loss that arise from foreign currency transactions, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: At fair value [member]; Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2023-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance costs that the entity does not separately disclose in the same statement or note. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of finance income or cost that the entity does not separately disclose in the same statement or note. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income arising from interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_e&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfFinancialResultsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfFinancialResultsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForeignExchangeDerivativesContractsResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with foreign exchange derivatives contracts.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForeignExchangeDerivativesContractsResults</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the net financial income on changes in fair value of financial assets at fair value through profit os loss.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NetFinancialIncomeOnChangesInFVOfFinancialAssetsAtFVTPL</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547633551072">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Equity in earnings of non-consolidated companies (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 17, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,162<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss on non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">34,041<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_PAOPSeverstalMember', window );">PAO Severstal</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss on non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,900<span></span>
</td>
<td class="nump">14,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss on non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,100<span></span>
</td>
<td class="nump">19,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination', window );">Remeasurement of previously held interest</a></td>
<td class="nump">$ 4,500<span></span>
</td>
<td class="nump">4,506<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="nump">$ 11,500<span></span>
</td>
<td class="nump">$ 11,487<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gain (loss) recognised as result of remeasuring to fair value the equity interest in the acquiree held by the acquirer before the business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph p<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_p_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of any gain recognised in a business combination in which the net of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, non-controlling interest in the acquiree and fair value of the acquirer's previously held equity interest in the acquiree. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph n<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainRecognisedInBargainPurchaseTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_PAOPSeverstalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_PAOPSeverstalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619089376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 8 - Equity in earnings of non-consolidated companies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 17, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 79,411<span></span>
</td>
<td class="nump">$ 242,743<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,162<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss on non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(34,041)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">95,404<span></span>
</td>
<td class="nump">208,702<span></span>
</td>
<td class="nump">512,591<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ts_NetOfEffectParticipationIncreaseMember', window );">Net of Effect Participation Increase [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">104,897<span></span>
</td>
<td class="nump">242,743<span></span>
</td>
<td class="nump">512,591<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss on non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,100)<span></span>
</td>
<td class="num">(19,100)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies', window );">Net loss related to participation increase in Usiminas</a></td>
<td class="num">$ (25,500)<span></span>
</td>
<td class="num">(25,500)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas | Effect Participation Increase [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,486<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems', window );"><strong>Disclosure of Equity in Earnings of Nonconsolidated Companies [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination', window );">Remeasurement of previously held interest</a></td>
<td class="nump">4,500<span></span>
</td>
<td class="nump">4,506<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="nump">$ 11,500<span></span>
</td>
<td class="nump">$ 11,487<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gain (loss) recognised as result of remeasuring to fair value the equity interest in the acquiree held by the acquirer before the business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph p<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_p_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of any gain recognised in a business combination in which the net of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, non-controlling interest in the acquiree and fair value of the acquirer's previously held equity interest in the acquiree. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph n<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainRecognisedInBargainPurchaseTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income (loss) from equity method investments in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ts_NetOfEffectParticipationIncreaseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ts_NetOfEffectParticipationIncreaseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ts_EffectParticipationIncreaseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ts_EffectParticipationIncreaseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547632024496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income tax (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations', window );">Charge related to withholding taxes for intra group international operations</a></td>
<td class="nump">$ 164.3<span></span>
</td>
<td class="nump">$ 21.0<span></span>
</td>
<td class="nump">$ 22.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules', window );">Current tax impact arising due to application of pillar two rules</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DeferredTaxIncomeRecognisedInProfitOrLoss', window );">Deferred Tax Income Recognised In Profit Or Loss</a></td>
<td class="nump">550.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Corporate income tax rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_ArgentinaAndMexicoMember', window );">Argentina and Mexico</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxInflationAdjustments', window );">Tax inflation adjustments</a></td>
<td class="nump">$ 349.0<span></span>
</td>
<td class="nump">$ 250.4<span></span>
</td>
<td class="nump">$ 113.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfGeographicalAreasLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of charge related to withholding taxes for intra group international operations during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ChargeRelatedToWithholdingTaxesForIntraGroupInternationalOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax impact arising due to the application of Pillar Two rules.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DeferredTaxIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income related to the recognition deferred tax assets due to previous years&#8217; tax losses carried forward.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DeferredTaxIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxInflationAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount represents the difference between the after tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to expenses not deductible in determining profit (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxInflationAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_ArgentinaAndMexicoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_ArgentinaAndMexicoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547594895088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income tax - Summary of Income Tax Expense (Benefit) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfIncomeTaxLineItems', window );"><strong>Disclosure of income tax [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current tax</a></td>
<td class="num">$ (868,695)<span></span>
</td>
<td class="num">$ (589,706)<span></span>
</td>
<td class="num">$ (215,467)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Deferred tax</a></td>
<td class="nump">193,739<span></span>
</td>
<td class="num">(27,530)<span></span>
</td>
<td class="nump">26,019<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Tax charges</a></td>
<td class="num">$ (674,956)<span></span>
</td>
<td class="num">$ (617,236)<span></span>
</td>
<td class="num">$ (189,448)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfIncomeTaxLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfIncomeTaxLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618816256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 9 - Income tax - Summary of Differences Between Income Tax and Theoretical Amount Using Tax Rate in Each Country (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfIncomeTaxLineItems', window );"><strong>Disclosure of income tax [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax</a></td>
<td class="nump">$ 4,632,789<span></span>
</td>
<td class="nump">$ 3,165,937<span></span>
</td>
<td class="nump">$ 1,242,766<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Less impairment charges (non-deductible)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">76,725<span></span>
</td>
<td class="nump">57,075<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax', window );">Income before income tax without impairment charges</a></td>
<td class="nump">4,632,789<span></span>
</td>
<td class="nump">3,165,937<span></span>
</td>
<td class="nump">1,299,841<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Tax calculated at the tax rate in each country</a></td>
<td class="num">(1,127,428)<span></span>
</td>
<td class="num">(705,727)<span></span>
</td>
<td class="num">(209,765)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome', window );">Effect of currency translation on tax base</a></td>
<td class="num">(346,573)<span></span>
</td>
<td class="num">(187,186)<span></span>
</td>
<td class="num">(76,043)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TaxEffectFromChangeInTaxRate', window );">Changes in the tax rates</a></td>
<td class="nump">1,535<span></span>
</td>
<td class="num">(3,422)<span></span>
</td>
<td class="num">(29,881)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TaxEffectOfTaxLosses', window );">Utilization of previously unrecognized tax losses</a></td>
<td class="nump">787<span></span>
</td>
<td class="nump">29,560<span></span>
</td>
<td class="nump">966<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects', window );">Tax revaluation, withholding tax and others</a></td>
<td class="nump">796,723<span></span>
</td>
<td class="nump">249,539<span></span>
</td>
<td class="nump">125,275<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Tax charges</a></td>
<td class="num">(674,956)<span></span>
</td>
<td class="num">(617,236)<span></span>
</td>
<td class="num">(189,448)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ts_NonDeductibleMember', window );">Non-deductible [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfIncomeTaxLineItems', window );"><strong>Disclosure of income tax [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Less impairment charges (non-deductible)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 57,075<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to exchange differences on the translation of financial statements of foreign operations. [Refer: Other comprehensive income; Reserve of exchange differences on translation]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectFromChangeInTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to changes in the tax rate. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectFromChangeInTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxEffectOfTaxLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to tax losses. [Refer: Accounting profit]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxEffectOfTaxLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfIncomeTaxLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfIncomeTaxLineItems</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before impairment loss or reversal of impairment loss recognised and income tax expense or income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProfitLossBeforeImpairmentLossReversalOfImpairmentLossRecognisedAndIncomeTax</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that relates to revenues that are exempt from taxation and to expenses not deductible in determining taxable profit (tax loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxEffectOfTaxRevaluationWitholdingTaxAndOtherEffects</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis=ts_NonDeductibleMember</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619100880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 10 - Dividends distribution (Details Textual) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 22, 2023</div></th>
<th class="th"><div>May 24, 2023</div></th>
<th class="th"><div>May 25, 2022</div></th>
<th class="th"><div>May 24, 2023</div></th>
<th class="th"><div>May 25, 2022</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>May 03, 2023</div></th>
<th class="th"><div>Nov. 23, 2022</div></th>
<th class="th"><div>May 03, 2022</div></th>
<th class="th"><div>Nov. 24, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfDividendsDistributionAbstract', window );"><strong>Note 10 - Dividends distribution</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PaymentsForDividendsApproved', window );">Payments for dividends approved</a></td>
<td class="nump">$ 235,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends recognised as distributions to owners</a></td>
<td class="nump">$ 235,000<span></span>
</td>
<td class="nump">$ 401,000<span></span>
</td>
<td class="nump">$ 331,000<span></span>
</td>
<td class="nump">$ 602,000<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="nump">$ 655,478<span></span>
</td>
<td class="nump">$ 541,674<span></span>
</td>
<td class="nump">$ 322,099<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPaidAmountPerShareIncludingInterimDividend', window );">Dividends paid, amount per share including interim dividend (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.17<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPayableAmountPerShareIncludingInterimDividend', window );">Dividends payable, amount per share including interim dividend (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.51<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.41<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend', window );">Dividends paid, amount per ADS including interim dividend (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.26<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend', window );">Dividends payable, amount per ADS including interim dividend (in dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividends paid, ordinary shares per share (in dollars per share)</a></td>
<td class="nump">$ 0.2<span></span>
</td>
<td class="nump">$ 0.34<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPaidPerAmericanDepositarySecurity', window );">Dividends paid, per ADS (in dollars per share)</a></td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="nump">$ 0.68<span></span>
</td>
<td class="nump">$ 0.56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 107<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
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<tr>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2023-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfDividendsDistributionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfDividendsDistributionAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid, amount per ADS including interim dividend.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPaidAmountPerAmericanDepositarySecurityIncludingInterimDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPaidAmountPerShareIncludingInterimDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per share including interim dividend.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPaidAmountPerShareIncludingInterimDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPaidPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per American Depositary Security ("ADS"). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPaidPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a dividend payable including an interim dividend paid previously per American Depositary Security (ADS). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerAmericanDepositarySecurityIncludingInterimDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerShareIncludingInterimDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend payable including an interim dividend previously paid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerShareIncludingInterimDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PaymentsForDividendsApproved">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends approved by Board of Directors.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PaymentsForDividendsApproved</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547704959712">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Property, plant and equipment, net (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PropertyPlantAndEquipmentCapitalizedInterest', window );">Property, plant and equipment, capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 28.8<span></span>
</td>
<td class="nump">$ 30.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity', window );">Property, plant and equipment, pledged as security</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 89.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember', window );">SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47.79%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember', window );">SAUDI STEEL PIPE CO. and subsidiaries [Member] | Global Pipe Company [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion Of Ownership Interest In Joint Venture</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">57.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_SA', window );">Saudi Arabia | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">47.79%<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land [member] | Saudi Arabia | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRestrictionsOnTitle', window );">Restricted assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 56.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> All percentages rounded.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> is a public company listed in the Saudi Arabian </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Stock Exchange</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tad</span><span style="font-family: Calibri; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">wul</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over SSPC</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Since May, 2023, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co. holds 57.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">% of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over GPC.</span></td>
</tr>
</table></td></tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment pledged as security for liabilities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 74<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_74_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRestrictionsOnTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment subject to restrictions on title. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 74<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_74_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRestrictionsOnTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PropertyPlantAndEquipmentCapitalizedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property plant and equipment capitalized interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PropertyPlantAndEquipmentCapitalizedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_SA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547635309712">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 11 - Property, plant and equipment, net - Components of Property, Plant and Equipment, Net (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2023</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,556,263<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 5,824,801<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,078,179<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,556,263<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">663,491<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">725,063<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">663,491<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,543,523<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,842,229<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,543,523<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61,959<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">65,604<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">61,959<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Work in progress [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">252,379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">396,103<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">252,379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_SparePartsAndEquipmentMember', window );">Spare parts and equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34,911<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">49,180<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">34,911<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14,383,647<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14,522,526<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">58,481<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(74,584)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">393,981<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">187<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">570,997<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">346,067<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,270)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(16,188)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(92,756)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(394,361)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,313,080<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">14,383,647<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Land and civil buildings [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">815,763<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">830,104<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,863<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,601)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">64,413<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">330<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,031<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,829<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,443)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(22,569)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">889,957<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">815,763<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Industrial buildings, plant and production equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,857,494<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,064,541<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">53,282<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(71,347)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">256,899<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,661<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,271<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">435,550<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">184,915<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(68,613)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(322,886)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,538,273<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">12,857,494<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Vehicles, furniture and fixtures [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">402,485<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">420,930<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,675<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,838)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">831<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">820<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">734<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,530<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">16,221<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(11,428)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(33,562)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">416,913<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">402,485<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Work in progress [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">252,379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">147,429<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,462<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">376<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,838<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">187<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">546,515<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">334,912<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(471,381)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(227,153)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,710)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(3,372)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">396,103<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">252,379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Spare parts and equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">55,526<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">59,522<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">199<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(174)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19,671<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,150<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,562)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(11,972)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71,834<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">55,526<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,827,384)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(8,697,725)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">40,153<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(53,198)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">76,043<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(380)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(21,723)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">78,146<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">359,195<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">445,890<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">487,732<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(9,234,901)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(8,827,384)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Land and civil buildings [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(152,272)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(139,941)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">390<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(289)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(16)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">955<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,256<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">13,577<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(164,894)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(152,272)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Industrial buildings, plant and production equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,313,971)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(8,199,724)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,074<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(51,283)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">75,722<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(391)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(21,506)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">67,471<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">321,334<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">411,861<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">432,648<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,696,044)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(8,313,971)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Vehicles, furniture and fixtures [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(340,526)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(353,639)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,584<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,756)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment charge (See note 5)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">321<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">27<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(215)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,667<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">32,485<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19,839<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">21,022<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(351,309)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(340,526)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Spare parts and equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(20,615)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,421)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">130<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment', window );">Disposals / Consumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">4,421<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,934<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">20,485<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">End of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (22,654)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (20,615)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Related </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"><span>34</span></span><span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Related</span> <span style="font-family: 'Frutiger 45 Light';">to</span><span style="font-family: 'Frutiger 45 Light';"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light';">acquisition</span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals and retirements. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsAndRetirementsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Note that right-of-use assets are not included. [Contrast: Property, plant and equipment including right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_LandAndCivilBuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_LandAndCivilBuildingsMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_VehiclesFurnitureAndFixturesMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ts_SparePartsAndEquipmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
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<td><strong> Data Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651042512">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 12 - Intangible assets, net (Details Textual)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">$ 1,104.0<span></span>
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</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember', window );">North America [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">944.2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember', window );">South America [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">111.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=ts_AsiaPacificMiddleEastAndAfricaMember', window );">Asia Pacific, Middle East &amp; Africa [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">33.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=srt_EuropeMember', window );">Europe [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">$ 15.5<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInGoodwillLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_NorthAmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_SouthAmericaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=ts_AsiaPacificMiddleEastAndAfricaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=ts_AsiaPacificMiddleEastAndAfricaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=srt_EuropeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=srt_EuropeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<SEQUENCE>139
<FILENAME>R113.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634918160">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 12 - Intangible assets, net - Intangible Assets and Goodwill (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2023</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,332,508<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,377,110<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 1,332,508<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember', window );">Information system projects [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">53,355<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,165<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">53,355<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_LicensesPatentsAndTrademarksMember', window );">Licenses, patents and trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">152,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">153,332<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">152,574<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,085,052<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,103,707<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,085,052<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer-related intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">41,527<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47,906<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">41,527<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,397,233<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,877,471<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,274<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,538)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47,475<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">4,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48,448<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">32,379<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">804<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,535)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,737)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(509,563)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,488,497<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">5,397,233<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Information system projects [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">614,474<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">650,155<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,233<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,626)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">105<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,375<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">31,427<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">437<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(5,535)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,737)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(58,947)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">648,887<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">614,474<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Licenses, patents and trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">550,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">547,527<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">116<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">4,019<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">9,073<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">952<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">367<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,507)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">560,549<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">550,991<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,469,726<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,468,638<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,088<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,616<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,488,381<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,469,726<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member] | Customer-related intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,762,042<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2,211,151<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,638<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(449,109)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,790,680<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,762,042<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,064,725)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,505,295)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,141<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,496)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">52,343<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">70,772<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">682<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(86)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,736<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">509,528<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,111,387)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(4,064,725)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Information system projects [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(561,119)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(599,307)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,140<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,496)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,285<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">23,218<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">2<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(86)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,736<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">58,912<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(576,722)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(561,119)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Licenses, patents and trademarks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(398,417)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(391,223)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">8,799<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">8,701<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">1,507<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(407,217)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(398,417)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Goodwill [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,384,674)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,383,994)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">680<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,384,674)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,384,674)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member] | Customer-related intangible assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract', window );"><strong>Reconciliation of changes in intangible assets and goodwill [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,720,515)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,130,771)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,259<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">38,853<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill', window );">Impairment charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">449,109<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (1,742,774)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">$ (1,720,515)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;">Includes Proprietary Technology.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division, Republic Tube LLC&#8217;s OCTG pipe processing facility and Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></span></span></span></span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">to</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Parques E&#243;licos de la Buena Ventura S.A. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">fully depreciated assets following the </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">deconsolidation of a Canadian subsidiary of the Company.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets and goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets and goodwill resulting from disposals. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118_e_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for intangible assets and goodwill. [Refer: Impairment loss recognised in profit or loss; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118_e_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2023-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ts_InformationSystemProjectsMember</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547632455504">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 12 - Intangible assets, net - Goodwill Allocated by CGU (Details)<br> $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 1,104<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Tamsa [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">365<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Siderca [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">358<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydril [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">309<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Other CGU [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">71<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill Company [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">920<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill Company [member] | Tamsa [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">346<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill Company [member] | Siderca [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">265<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill Company [member] | Hydril [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">309<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Hydrill Company [member] | Other CGU [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Other acquisition [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">170<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Other acquisition [member] | Tamsa [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">19<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Other acquisition [member] | Siderca [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">93<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Other acquisition [member] | Hydril [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ts_TubesMember', window );">Tubes [member] | Other acquisition [member] | Other CGU [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">58<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member] | Other acquisition [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">14<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member] | Other acquisition [member] | Tamsa [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member] | Other acquisition [member] | Siderca [member]</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member] | Other acquisition [member] | Hydril [member]</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember', window );">All other segments [member] | Other acquisition [member] | Other CGU [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems', window );"><strong>Disclosure of information for cash-generating units [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 14<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2023-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
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<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ts_TubesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_TamsaMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_SidercaMember</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis=ts_OtherCguMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_HydrilCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_HydrilCompanyMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_OtherBusinessCombinationsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=ifrs-full_AllOtherSegmentsMember</td>
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<td></td>
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<td>na</td>
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<td></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547638687376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Right-of-use assets, net and lease liabilities (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesCancellations', window );">Cancellations of lease liabilities</a></td>
<td class="nump">$ 2,972<span></span>
</td>
<td class="nump">$ 5,207<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesCapitalRepayments', window );">Repayments of lease liabilities</a></td>
<td class="nump">51,500<span></span>
</td>
<td class="nump">52,400<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnLeaseLiabilities', window );">Interest expense on lease liabilities</a></td>
<td class="nump">$ 3,400<span></span>
</td>
<td class="nump">$ 3,500<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_RemainingLeasePaymentsToBeMadePercentage', window );">Remaining lease payments to be made, percentage</a></td>
<td class="nump">28.00%<span></span>
</td>
<td class="nump">25.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember', window );">Later than one year and not later than five years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_RemainingLeasePaymentsToBeMadePercentage', window );">Remaining lease payments to be made, percentage</a></td>
<td class="nump">45.00%<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember', window );">Later than five years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems', window );"><strong>Disclosure of maturity analysis of operating lease payments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_RemainingLeasePaymentsToBeMadePercentage', window );">Remaining lease payments to be made, percentage</a></td>
<td class="nump">27.00%<span></span>
</td>
<td class="nump">27.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 53<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesCancellations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the change in lease liabilities during the period attributable to cancellations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesCancellations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesCapitalRepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of capital repayments of lease liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesCapitalRepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_RemainingLeasePaymentsToBeMadePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of total remaining payments to be made.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_RemainingLeasePaymentsToBeMadePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634916928">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Right-of-use assets, net and lease liabilities - Evolution of Right-of-use Assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 111,741<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">132,138<span></span>
</td>
<td class="nump">$ 111,741<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">200,720<span></span>
</td>
<td class="nump">198,154<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">605<span></span>
</td>
<td class="num">(779)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">11,886<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61,324<span></span>
</td>
<td class="nump">56,506<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,806)<span></span>
</td>
<td class="num">(53,161)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">261,729<span></span>
</td>
<td class="nump">200,720<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember', window );">Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(88,979)<span></span>
</td>
<td class="num">(89,416)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">368<span></span>
</td>
<td class="num">(399)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50,277<span></span>
</td>
<td class="nump">49,219<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,033)<span></span>
</td>
<td class="num">(49,257)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(129,591)<span></span>
</td>
<td class="num">(88,979)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,637<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,492<span></span>
</td>
<td class="nump">24,637<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member] | Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,570<span></span>
</td>
<td class="nump">46,082<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99<span></span>
</td>
<td class="nump">52<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">11,803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,040<span></span>
</td>
<td class="nump">15,872<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">691<span></span>
</td>
<td class="num">(5,166)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,739)<span></span>
</td>
<td class="num">(13,270)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">66,464<span></span>
</td>
<td class="nump">43,570<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember', window );">Land and civil buildings [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(18,933)<span></span>
</td>
<td class="num">(24,005)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34<span></span>
</td>
<td class="num">(9)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,663<span></span>
</td>
<td class="nump">8,965<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">691<span></span>
</td>
<td class="num">(3,974)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,349)<span></span>
</td>
<td class="num">(10,054)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,972)<span></span>
</td>
<td class="num">(18,933)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,883<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,813<span></span>
</td>
<td class="nump">72,883<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member] | Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">125,677<span></span>
</td>
<td class="nump">131,816<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">243<span></span>
</td>
<td class="num">(414)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,066<span></span>
</td>
<td class="nump">31,778<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,317)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,643)<span></span>
</td>
<td class="num">(36,186)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">148,380<span></span>
</td>
<td class="nump">125,677<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember', window );">Industrial buildings, plant and production equipment [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(52,794)<span></span>
</td>
<td class="num">(54,727)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">134<span></span>
</td>
<td class="num">(139)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,685<span></span>
</td>
<td class="nump">32,767<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,431<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,046)<span></span>
</td>
<td class="num">(35,992)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(75,567)<span></span>
</td>
<td class="num">(52,794)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,988<span></span>
</td>
<td class="nump">13,249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member] | Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,291<span></span>
</td>
<td class="nump">20,256<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">263<span></span>
</td>
<td class="num">(417)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,732<span></span>
</td>
<td class="nump">7,674<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(691)<span></span>
</td>
<td class="nump">6,483<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,424)<span></span>
</td>
<td class="num">(3,705)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,217<span></span>
</td>
<td class="nump">30,291<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember', window );">Vehicles, furniture and fixtures [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(17,042)<span></span>
</td>
<td class="num">(10,684)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">200<span></span>
</td>
<td class="num">(251)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,316<span></span>
</td>
<td class="nump">7,277<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(691)<span></span>
</td>
<td class="nump">2,543<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,638)<span></span>
</td>
<td class="num">(3,211)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25,229)<span></span>
</td>
<td class="num">(17,042)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherAssetsMember', window );">Other assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">972<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,845<span></span>
</td>
<td class="nump">972<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherAssetsMember', window );">Other assets [member] | Gross carrying amount [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,182<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionsToRightofuseAssets', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,486<span></span>
</td>
<td class="nump">1,182<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,668<span></span>
</td>
<td class="nump">1,182<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherAssetsMember', window );">Other assets [member] | Accumulated depreciation, amortisation and impairment [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract', window );"><strong>Reconciliation of changes in right of use assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(210)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets', window );">Currency translation adjustment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationRightofuseAssets', window );">Depreciation charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">613<span></span>
</td>
<td class="nump">210<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets', window );">Transfers / Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisposalsConsumptionsRightOfUseAssets', window );">Disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Cost and Depreciation end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (823)<span></span>
</td>
<td class="num">$ (210)<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"> <span style="font-family: 'Frutiger 45 Light';">Related to the GPC and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsToRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 53<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsToRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationRightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of right-of-use assets. [Refer: Depreciation and amortisation expense; Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 53<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationRightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term that do not meet the definition of investment property. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in right-of-use assets resulting from acquisitions through business combinations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AcquisitionsThroughBusinessCombinationsRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisposalsConsumptionsRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in right-of-use assets resulting from disposals and consumptions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisposalsConsumptionsRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in right-of-use assets resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in right-of-use assets resulting from transfers, reclassifications and other changes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseDecreaseThroughTransfersReclassificationsAndOtherChangesRightOfUseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ReconciliationOfChangesInRightOfUseAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ReconciliationOfChangesInRightOfUseAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_LandAndCivilBuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_IndustrialBuildingsPlantAndProductionEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_VehiclesFurnitureAndFixturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547638677136">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 13 - Right-of-use assets, net and lease liabilities - Evolution of Lease Liability (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PresentationOfLeasesForLesseeAbstract', window );"><strong>Note 13 - Right-of-use assets, net and lease liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Opening net book amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 112,177<span></span>
</td>
<td class="nump">$ 117,285<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">12,148<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesTranslationDifferences', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,237<span></span>
</td>
<td class="num">(3,922)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesAdditions', window );">Additions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61,310<span></span>
</td>
<td class="nump">56,459<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesCancellations', window );">Cancellations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,972)<span></span>
</td>
<td class="num">(5,207)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesRepayments', window );">Repayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(54,940)<span></span>
</td>
<td class="num">(55,874)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LeaseLiabilitiesInterestAccrued', window );">Interest accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,473<span></span>
</td>
<td class="nump">3,436<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LeaseLiabilities', window );">Ending net book amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 134,433<span></span>
</td>
<td class="nump">$ 112,177<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see note </span><span style="font-family: 'Frutiger 45 Light';"><span>34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="border-left: none; border-right: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="font-family: 'Frutiger 45 Light';"> i</span><span style="font-family: 'Frutiger 45 Light';">nclude</span><span style="font-family: 'Frutiger 45 Light';">s</span> <span style="font-family: 'Frutiger 45 Light';">repayments of </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">51.5</span><span style="font-family: 'Frutiger 45 Light';"> million </span><span style="font-family: 'Frutiger 45 Light';">in capital </span><span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">$</span><span style="font-family: 'Frutiger 45 Light';">3.4</span><span style="font-family: 'Frutiger 45 Light';"> million</span><span style="font-family: 'Frutiger 45 Light';"> of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></span><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">F</span><span style="font-family: 'Frutiger 45 Light';">or <span>202</span></span><span style="font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="font-family: 'Frutiger 45 Light';"> includes repayments of $</span><span style="font-family: 'Frutiger 45 Light';">52.4</span><span style="font-family: 'Frutiger 45 Light';"> million in capital and $</span><span style="font-family: 'Frutiger 45 Light';">3.5</span><span style="font-family: 'Frutiger 45 Light';"> million of interest</span><span style="font-family: 'Frutiger 45 Light';">.</span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to the entity's leases. Lease is a contract, or part of a contract, that conveys the right to use an underlying asset for a period of time in exchange for consideration.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PresentationOfLeasesForLesseeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PresentationOfLeasesForLesseeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of additions to lease liabilities during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesCancellations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the change in lease liabilities during the period attributable to cancellations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesCancellations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the increase in lease liabilities during the period due to business combinations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesIncreaseDueToBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesInterestAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the change in lease liabilities during the period attributable to interest accrued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesInterestAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesRepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the change in lease liabilities during the period from repayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesRepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LeaseLiabilitiesTranslationDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the impact of translation differences on lease liabilities during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LeaseLiabilitiesTranslationDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547631543216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Investments in non-consolidated companies (Details Textual)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>May 17, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>R$ / shares</div>
</th>
<th class="th">
<div>Feb. 13, 2019 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<span></span>
</td>
<td class="nump">$ 1,383,774<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,162<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss in non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">34,041<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsDeclaredByNonconsolidatedCompanies', window );">Dividends and distributions declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 69,216<span></span>
</td>
<td class="nump">64,189<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_PAOPSeverstalMember', window );">PAO Severstal [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss in non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,900<span></span>
</td>
<td class="nump">14,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TechgenSAMember', window );">Techgen S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ClosingPricePerAmericanDepositarySecurity', window );">Closing price, per ads (in dollars per share) | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 42.47<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumAndUsiminasMember', window );">Ternium and Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsDeclaredByNonconsolidatedCompanies', window );">Dividends and distributions declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 68,800<span></span>
</td>
<td class="nump">$ 66,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate', window );">Proportion of voting rights held in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.76%<span></span>
</td>
<td class="nump">5.19%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished', window );">Fair value of investments in associates for which there are quoted market prices</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 92,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 123,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.96%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies', window );">Loss Recognised Due to Particiaption Increase in Nonconsolidated Companies</a></td>
<td class="nump">$ 25,500<span></span>
</td>
<td class="nump">$ 25,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss in non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 19,100<span></span>
</td>
<td class="nump">$ 19,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Ordinary shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ClosingPricePerShare', window );">Closing price, per share (in BRL per share) | (per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 9.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Preference shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ClosingPricePerShare', window );">Closing price, per share (in BRL per share) | (per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.92<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 9.29<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished', window );">Fair value of investments in associates for which there are quoted market prices</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 975,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Total investments in subsidiaries, joint ventures and associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,430,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ExposureToTransportationCapacityAgreements', window );">Exposure to transportation capacity agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 39,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ExposureToThePurchaseOfCleanEnergyCertificates', window );">Exposure to the purchase of clean energy certificates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Tenaris [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 61,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ProportionOfCorporateGuaranteeCoveringObligations', window );">Proportion of corporate guarantee covering obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Several banks, to refinance obligations [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DebtSecurities', window );">Debt instruments issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 640,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Tecpetrol International S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Tenaris SA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DebtServiceCoverageRatioCoveredPercent', window );">Debt service coverage ratio, covered, percent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_LettersOfCreditCovered', window );">Letters of credit, covered</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Ternium S.A. [member] | Tecpetrol International S.A. [member] | Tenaris [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 281,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination', window );">Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination</a></td>
<td class="nump">4,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Bargain purchase gain</a></td>
<td class="nump">$ 11,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member] | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="nump">22.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">57.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DebtSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of instruments issued by the entity that represent indebtedness.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DebtSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of investments in associates if there are quoted market prices for the investment. [Refer: Associates [member]; Investments in associates reported in separate financial statements]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gain (loss) recognised as result of remeasuring to fair value the equity interest in the acquiree held by the acquirer before the business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph p<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_p_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of any gain recognised in a business combination in which the net of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, non-controlling interest in the acquiree and fair value of the acquirer's previously held equity interest in the acquiree. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph n<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainRecognisedInBargainPurchaseTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries reported in separate financial statements]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expired 2023-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=b<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfVotingPowerHeldInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of the voting rights in an associate held by the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfVotingPowerHeldInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ClosingPricePerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a closing price per American Depositary Security (ADS) as quoted on the New York Stock Exchange. Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ClosingPricePerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ClosingPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the quoted closing price per share of stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ClosingPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DebtServiceCoverageRatioCoveredPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent amount of covered debt service coverage ratio.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DebtServiceCoverageRatioCoveredPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsDeclaredByNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of divdends declared by nonconsolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsDeclaredByNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ExposureToThePurchaseOfCleanEnergyCertificates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of exposure to the purchase of clean energy certificates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ExposureToThePurchaseOfCleanEnergyCertificates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ExposureToTransportationCapacityAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of exposure risk from transportation capacity agreements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ExposureToTransportationCapacityAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LettersOfCreditCovered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of covered letters of credit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LettersOfCreditCovered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProportionOfCorporateGuaranteeCoveringObligations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the proportion of a corporate guarantee that covers obligations made under a syndicated loan agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProportionOfCorporateGuaranteeCoveringObligations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_PAOPSeverstalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_PAOPSeverstalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumAndUsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumAndUsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_PreferenceSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TenarisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TenarisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_SeveralBanksToRefinanceObligationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_SeveralBanksToRefinanceObligationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ts_TecpetrolInternationalSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ts_TecpetrolInternationalSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ts_TenarisSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ts_TenarisSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547635208464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Investments in non-consolidated companies - Summary of Investments in Non-consolidated Companies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract', window );"><strong>Reconciliation of changes in investments in subsidiaries joint ventures and associates [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">At the beginning of the year</a></td>
<td class="nump">$ 1,540,646<span></span>
</td>
<td class="nump">$ 1,383,774<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies', window );">Translation differences</a></td>
<td class="nump">110,801<span></span>
</td>
<td class="nump">7,336<span></span>
</td>
<td class="num">$ (11,085)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="nump">79,411<span></span>
</td>
<td class="nump">242,743<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies', window );">Impairment loss in non-consolidated companies</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(34,041)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsDeclaredByNonconsolidatedCompanies', window );">Dividends and distributions declared</a></td>
<td class="num">(69,216)<span></span>
</td>
<td class="num">(64,189)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations', window );">Acquisition of non-consolidated companies</a></td>
<td class="nump">22,661<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition', window );">Decrease due to step-acquisition</a></td>
<td class="num">(23,453)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax', window );">(Decrease) / increase in equity reserves and others</a></td>
<td class="num">(52,046)<span></span>
</td>
<td class="nump">5,023<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">At the end of the year</a></td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<span></span>
</td>
<td class="nump">$ 1,383,774<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries reported in separate financial statements]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsDeclaredByNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of divdends declared by nonconsolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsDeclaredByNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ImpairmentLossRecognisedInProfitOrLossInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income (loss) from equity method investments in non-consolidated companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of decrease in investments in subsidiaries, joint ventures and associates during the period due to step-acquisition.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesDecreaseDueToStepAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the increase in investments in subsidiaries, joint ventures and associates during the period due to business combinations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InvestmentsInSubsidiariesJointVenturesAndAssociatesIncreaseDueToBusinessCombinations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income (loss), net of tax, attributable to non-consolidated companies related to exchange differences when financial statements of foreign operations are translated.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherComprehensiveIncomeLossNetOfTaxExchangeDifferencesOnTranslationAttributableToNonconsolidatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ReconciliationOfChangesInInvestmentsInSubsidiariesJointVenturesAndAssociatesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the other comprehensive income of associates and joint ventures accounted for using the equity method, including dividends declared, net of tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodIncludingDividendsDeclaredNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547635155888">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Investments in non-consolidated companies - Principal Non-consolidated Companies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,540,646<span></span>
</td>
<td class="nump">$ 1,608,804<span></span>
</td>
<td class="nump">$ 1,383,774<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,430,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,430,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member] | LUXEMBOURG</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">11.46%<span></span>
</td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,430,616<span></span>
</td>
<td class="nump">$ 1,363,607<span></span>
</td>
<td class="nump">$ 1,430,616<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.96%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 123,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 123,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member] | Brazil</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">3.96%<span></span>
</td>
<td class="nump">3.07%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 123,654<span></span>
</td>
<td class="nump">$ 109,534<span></span>
</td>
<td class="nump">$ 123,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member] | Mexico</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 53,556<span></span>
</td>
<td class="nump">$ 41,506<span></span>
</td>
<td class="nump">$ 53,556<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member] | Saudi Arabia</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">57.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 23,022<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_OtherMember', window );">Other [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 978<span></span>
</td>
<td class="nump">$ 2,977<span></span>
</td>
<td class="nump">$ 978<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;">Including treasury shares.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;">At December 31, 2023 the voting rights were 6.76% and at December 31, 2022 were 5.19%.</span></span></span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;">Consolidated as from May 17, 2023.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries reported in separate financial statements]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_LU">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_LU</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_MX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_MX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_SA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547632311728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 14 - Investments in non-consolidated companies - Summary of Selected Financial Information (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">$ 10,577,436<span></span>
</td>
<td class="nump">$ 9,081,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">10,504,459<span></span>
</td>
<td class="nump">8,468,596<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">21,081,895<span></span>
</td>
<td class="nump">17,550,246<span></span>
</td>
<td class="nump">$ 14,449,431<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">1,149,483<span></span>
</td>
<td class="nump">727,386<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">2,901,975<span></span>
</td>
<td class="nump">2,788,423<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">4,051,458<span></span>
</td>
<td class="nump">3,515,809<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">17,030,437<span></span>
</td>
<td class="nump">14,034,437<span></span>
</td>
<td class="nump">12,105,702<span></span>
</td>
<td class="nump">$ 11,446,473<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">187,465<span></span>
</td>
<td class="nump">128,728<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">14,868,860<span></span>
</td>
<td class="nump">11,762,526<span></span>
</td>
<td class="nump">6,521,207<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">6,199,945<span></span>
</td>
<td class="nump">4,674,787<span></span>
</td>
<td class="nump">1,909,605<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income for the year attributable to shareholders' equity</a></td>
<td class="nump">3,918,065<span></span>
</td>
<td class="nump">2,553,280<span></span>
</td>
<td class="nump">1,100,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Total comprehensive income for the year, net of tax, attributable to owners of the parent</a></td>
<td class="nump">3,873,213<span></span>
</td>
<td class="nump">2,476,373<span></span>
</td>
<td class="nump">$ 1,016,434<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">12,148,560<span></span>
</td>
<td class="nump">8,647,510<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">12,030,544<span></span>
</td>
<td class="nump">8,844,038<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">24,179,104<span></span>
</td>
<td class="nump">17,491,548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">3,566,643<span></span>
</td>
<td class="nump">1,506,325<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">3,800,602<span></span>
</td>
<td class="nump">2,216,832<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">7,367,245<span></span>
</td>
<td class="nump">3,723,157<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">16,811,859<span></span>
</td>
<td class="nump">13,768,391<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">4,393,264<span></span>
</td>
<td class="nump">1,922,434<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">17,610,092<span></span>
</td>
<td class="nump">16,414,466<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">3,559,355<span></span>
</td>
<td class="nump">3,927,184<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income for the year attributable to shareholders' equity</a></td>
<td class="nump">676,043<span></span>
</td>
<td class="nump">1,767,516<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems', window );"><strong>Disclosure of unconsolidated structured entities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">4,591,763<span></span>
</td>
<td class="nump">3,764,453<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">3,589,129<span></span>
</td>
<td class="nump">3,901,844<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">8,180,892<span></span>
</td>
<td class="nump">7,666,297<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non-current liabilities</a></td>
<td class="nump">1,672,676<span></span>
</td>
<td class="nump">1,671,249<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">1,139,031<span></span>
</td>
<td class="nump">1,033,524<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="nump">2,811,706<span></span>
</td>
<td class="nump">2,704,773<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">5,369,186<span></span>
</td>
<td class="nump">4,961,524<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">556,418<span></span>
</td>
<td class="nump">523,741<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">5,531,985<span></span>
</td>
<td class="nump">6,296,964<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">357,845<span></span>
</td>
<td class="nump">1,110,439<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Net income for the year attributable to shareholders' equity</a></td>
<td class="nump">$ 278,402<span></span>
</td>
<td class="nump">$ 319,979<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfUnconsolidatedStructuredEntitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2023-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2023-01-01<br> -Paragraph 22<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634758256">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Note 15 - Receivables non-current - Components of Receivables Non Current (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesAbstract', window );"><strong>Note 15 - Receivables non-current</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentReceivablesEmployeeAdvancesAndLoans', window );">Employee advances and loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,395<span></span>
</td>
<td class="nump">$ 11,908<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">53,483<span></span>
</td>
<td class="nump">27,333<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">69,820<span></span>
</td>
<td class="nump">67,921<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NonCurrentLegalDeposits', window );">Legal deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,355<span></span>
</td>
<td class="nump">9,394<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances', window );">Advances to suppliers and other advances</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">27,043<span></span>
</td>
<td class="nump">28,779<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies', window );">Receivable Venezuelan subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">48,659<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentReceivables', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,863<span></span>
</td>
<td class="nump">17,726<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivables', window );">Trade and other non-current receivables before the allowance for doubtful accounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 185,959<span></span>
</td>
<td class="nump">$ 211,720<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2023, included approximately $40.6 million related to ICMS (Tax on Sales and Services) from Brazilian subsidiaries. As of December 31, 2022, included approximately $8 million related to PIS and COFINS (Federal Social Contributions on Gross Revenues) tax recovery from Brazilian subsidiaries.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current trade receivables and non-current other receivables. [Refer: Non-current trade receivables; Other non-current receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NonCurrentLegalDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current legal deposits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NonCurrentLegalDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from advances to suppliers and other advances.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentReceivablesEmployeeAdvancesAndLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from employee advances and loans.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentReceivablesEmployeeAdvancesAndLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from interest in Venezuelan companies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentReceivablesFromInterestInVenezuelanCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618088448">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Note 15 - Receivables non-current - Components of Receivables Non Current (Parenthetical) (Detail) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentReceivablesLineItems', window );"><strong>Non-current Receivables [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax recovery of ICMS, PIS and COFINS credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 53,483<span></span>
</td>
<td class="nump">$ 27,333<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxesAxis=ts_TaxOnSalesAndServicesICMSMember', window );">Tax On Sales And Services ICMS [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentReceivablesLineItems', window );"><strong>Non-current Receivables [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax recovery of ICMS, PIS and COFINS credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 40,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TaxesAxis=ts_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember', window );">PIS and COFINS [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentReceivablesLineItems', window );"><strong>Non-current Receivables [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax recovery of ICMS, PIS and COFINS credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,000<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As of December 31, 2023, included approximately $40.6 million related to ICMS (Tax on Sales and Services) from Brazilian subsidiaries. As of December 31, 2022, included approximately $8 million related to PIS and COFINS (Federal Social Contributions on Gross Revenues) tax recovery from Brazilian subsidiaries.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentReceivablesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentReceivablesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxesAxis=ts_TaxOnSalesAndServicesICMSMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxesAxis=ts_TaxOnSalesAndServicesICMSMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TaxesAxis=ts_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TaxesAxis=ts_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634091936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 16 - Inventories, net - Components of Inventories (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfInventoriesAbstract', window );"><strong>Note 16 - Inventories, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinishedGoods', window );">Finished goods</a></td>
<td class="nump">$ 1,401,754<span></span>
</td>
<td class="nump">$ 1,592,706<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_WorkInProgress', window );">Goods in process</a></td>
<td class="nump">1,068,956<span></span>
</td>
<td class="nump">936,555<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RawMaterials', window );">Raw materials</a></td>
<td class="nump">569,837<span></span>
</td>
<td class="nump">606,977<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProductionSupplies', window );">Supplies</a></td>
<td class="nump">648,443<span></span>
</td>
<td class="nump">542,636<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInventoriesInTransit', window );">Goods in transit</a></td>
<td class="nump">441,217<span></span>
</td>
<td class="nump">530,721<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InventoriesGross', window );">Inventories, Gross</a></td>
<td class="nump">4,130,207<span></span>
</td>
<td class="nump">4,209,595<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InventoriesAllowanceForObsolescence', window );">Allowance for obsolescence, see note 25 (i)</a></td>
<td class="num">(209,110)<span></span>
</td>
<td class="num">(222,666)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Total current inventories</a></td>
<td class="nump">$ 3,921,097<span></span>
</td>
<td class="nump">$ 3,986,929<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfInventoriesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfInventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInventoriesInTransit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of inventories in transit. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInventoriesInTransit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinishedGoods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of goods that have completed the production process and are held for sale in the ordinary course of business. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinishedGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProductionSupplies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of supplies to be used for the production process. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProductionSupplies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets to be consumed in the production process or in the rendering of services. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterials</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WorkInProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets currently in production, which require further processes to be converted into finished goods or services. [Refer: Current finished goods; Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2023-01-01<br> -Paragraph 37<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WorkInProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InventoriesAllowanceForObsolescence">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the allowance for obsolescence for inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InventoriesAllowanceForObsolescence</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InventoriesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of inventories before allowance for obsolescence.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InventoriesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619104896">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 17 - Receivables and prepayments, net - Summary of Receivables and Prepayments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract', window );"><strong>Note 17 - Receivables and prepayments, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables', window );">Prepaid expenses and other receivables</a></td>
<td class="nump">$ 104,015<span></span>
</td>
<td class="nump">$ 47,419<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsGovernmentEntities', window );">Government entities</a></td>
<td class="nump">1,330<span></span>
</td>
<td class="nump">18,121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans', window );">Employee advances and loans</a></td>
<td class="nump">14,316<span></span>
</td>
<td class="nump">10,701<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances', window );">Advances to suppliers and other advances</a></td>
<td class="nump">48,455<span></span>
</td>
<td class="nump">41,549<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Government tax refunds on exports</a></td>
<td class="nump">8,210<span></span>
</td>
<td class="nump">8,898<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="nump">5,759<span></span>
</td>
<td class="nump">19,184<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Others</a></td>
<td class="nump">50,173<span></span>
</td>
<td class="nump">41,418<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentReceivablesAndPrepaymentsGross', window );">Receivables and prepayments, gross</a></td>
<td class="nump">232,258<span></span>
</td>
<td class="nump">187,290<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentAllowanceForOtherDoubtfulAccounts', window );">Allowance for other doubtful accounts, see note 25 (i)</a></td>
<td class="num">(3,439)<span></span>
</td>
<td class="num">(3,479)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets', window );">Current prepayments and other current assets</a></td>
<td class="nump">$ 228,819<span></span>
</td>
<td class="nump">$ 183,811<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments and other current assets. [Refer: Other current assets; Current prepayments]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentAllowanceForOtherDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents a valuation allowance for other doubtful accounts due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentAllowanceForOtherDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentPrepaymentsAndCurrentAccruedIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of advances to suppliers and other advances that are attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of employee advances and loans that are attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsGovernmentEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of government entities attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsGovernmentEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gross amount of current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of prepaid expenses and other receivables attributable to current receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from related parties that are attributable to receivables and prepayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>152
<FILENAME>R126.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651150384">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 18 - Current tax assets and liabilities - Summary of Current Tax Assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract', window );"><strong>Note 18 - Current tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentIncomeTaxAssets', window );">Income tax assets</a></td>
<td class="nump">$ 122,257<span></span>
</td>
<td class="nump">$ 24,812<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentValueAddedTaxReceivables', window );">V.A.T. credits</a></td>
<td class="nump">132,972<span></span>
</td>
<td class="nump">218,009<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentPrepaidTaxes', window );">Other prepaid taxes</a></td>
<td class="nump">1,172<span></span>
</td>
<td class="nump">315<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsCurrent', window );">Current tax assets, current</a></td>
<td class="nump">$ 256,401<span></span>
</td>
<td class="nump">$ 243,136<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax assets. [Refer: Current tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentValueAddedTaxReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current value added tax receivables. [Refer: Value added tax receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentValueAddedTaxReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentIncomeTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current income tax assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentIncomeTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentPrepaidTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current prepaid taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentPrepaidTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R127.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619645040">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 18 - Current tax assets and liabilities - Summary of Current Tax Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract', window );"><strong>Note 18 - Current tax assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentIncomeTaxLiabilities', window );">Income tax liabilities</a></td>
<td class="nump">$ 344,565<span></span>
</td>
<td class="nump">$ 280,469<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentValueAddedTaxPayables', window );">V.A.T. liabilities</a></td>
<td class="nump">60,047<span></span>
</td>
<td class="nump">17,228<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentOtherTaxLiabilities', window );">Other taxes</a></td>
<td class="nump">83,665<span></span>
</td>
<td class="nump">78,543<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current tax liabilities, current</a></td>
<td class="nump">$ 488,277<span></span>
</td>
<td class="nump">$ 376,240<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentValueAddedTaxPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current value added tax payables. [Refer: Value added tax payables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentValueAddedTaxPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentIncomeTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current income tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentIncomeTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentOtherTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current other tax liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentOtherTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCurrentTaxReceivablesAndPayablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>154
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619920656">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 19 - Trade receivables, net - Summary of Current Trade Receivables (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Note 19 - Trade receivables, net</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesCurrentAccounts', window );">Current accounts</a></td>
<td class="nump">$ 2,471,565<span></span>
</td>
<td class="nump">$ 2,479,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties', window );">Receivables from related parties</a></td>
<td class="nump">58,370<span></span>
</td>
<td class="nump">60,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Current trade receivables, gross</a></td>
<td class="nump">2,529,935<span></span>
</td>
<td class="nump">2,539,435<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts', window );">Allowance for doubtful accounts, see note 25 (i)</a></td>
<td class="num">(49,046)<span></span>
</td>
<td class="num">(45,495)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Current trade receivables</a></td>
<td class="nump">$ 2,480,889<span></span>
</td>
<td class="nump">$ 2,493,940<span></span>
</td>
<td class="nump">$ 1,299,072<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents a valuation allowance for trade receivables due to an Entity within one year (or one operating cycle if longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesAllowanceForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesCurrentAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current accounts attributable to current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesCurrentAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gross amount of current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>155
<FILENAME>R129.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618778992">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 19 - Trade receivables, net - Summary of the Aging of Trade Receivables (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">$ 261,113<span></span>
</td>
<td class="nump">$ 265,898<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">2,268,822<span></span>
</td>
<td class="nump">2,273,537<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 2,529,935<span></span>
</td>
<td class="nump">$ 2,539,435<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.06%<span></span>
</td>
<td class="nump">0.06%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (1,636)<span></span>
</td>
<td class="num">$ (1,657)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="num">(47,410)<span></span>
</td>
<td class="num">(43,838)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">2,480,889<span></span>
</td>
<td class="nump">2,493,940<span></span>
</td>
<td class="nump">$ 1,299,072<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesNotDueMember', window );">Current trade receivables, not due [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">236,714<span></span>
</td>
<td class="nump">237,784<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">1,613,626<span></span>
</td>
<td class="nump">1,756,707<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 1,850,340<span></span>
</td>
<td class="nump">$ 1,994,491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.02%<span></span>
</td>
<td class="nump">0.03%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (312)<span></span>
</td>
<td class="num">$ (654)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">1,850,028<span></span>
</td>
<td class="nump">1,993,837<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueLessThan180DaysMember', window );">Current trade receivables, past due, less than 180 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">23,991<span></span>
</td>
<td class="nump">27,431<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">590,236<span></span>
</td>
<td class="nump">465,423<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 614,227<span></span>
</td>
<td class="nump">$ 492,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.18%<span></span>
</td>
<td class="nump">0.18%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (1,249)<span></span>
</td>
<td class="num">$ (920)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="num">(748)<span></span>
</td>
<td class="num">(1,541)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">612,230<span></span>
</td>
<td class="nump">490,393<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember', window );">Current trade receivables, past due, greater than 180 days [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGuaranteed', window );">Guaranteed</a></td>
<td class="nump">408<span></span>
</td>
<td class="nump">683<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNotGuaranteed', window );">Not guaranteed</a></td>
<td class="nump">64,960<span></span>
</td>
<td class="nump">51,407<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesGross', window );">Guaranteed and not guaranteed</a></td>
<td class="nump">$ 65,368<span></span>
</td>
<td class="nump">$ 52,090<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesExpectedLossRate', window );">Expected loss rate</a></td>
<td class="nump">0.46%<span></span>
</td>
<td class="nump">0.77%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances', window );">Allowances for doubtful accounts</a></td>
<td class="num">$ (75)<span></span>
</td>
<td class="num">$ (83)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts', window );">Nominative allowances for doubtful accounts</a></td>
<td class="num">(46,662)<span></span>
</td>
<td class="num">(42,297)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Net Value</a></td>
<td class="nump">$ 18,631<span></span>
</td>
<td class="nump">$ 9,710<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of allowance for doubtful accounts, net of nominative allowances.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AllowanceForDoubtfulAccountsNetOfNominativeAllowances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesExpectedLossRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected loss rate of current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesExpectedLossRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gross amount of current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesGuaranteed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount current trade receivables that are guaranteed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesGuaranteed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of nominative allowances for doubtful accounts from current trade receivables.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesNominativeAllowancesForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentTradeReceivablesNotGuaranteed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current trade receivables that are not guaranteed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentTradeReceivablesNotGuaranteed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesNotDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesNotDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueLessThan180DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueLessThan180DaysMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_CurrentTradeReceivablesPastDueGreaterThan180DaysMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R130.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547631416576">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 20 - Cash and cash equivalents and other investments - Components of Cash and Cash Equivalents and Other Investments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsAbstract', window );"><strong>Cash and cash equivalents</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Cash at banks</a></td>
<td class="nump">$ 370,487<span></span>
</td>
<td class="nump">$ 149,424<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents', window );">Liquidity funds</a></td>
<td class="nump">223,424<span></span>
</td>
<td class="nump">422,859<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments</a></td>
<td class="nump">1,043,910<span></span>
</td>
<td class="nump">519,244<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Total cash and cash equivalents</a></td>
<td class="nump">1,637,821<span></span>
</td>
<td class="nump">1,091,527<span></span>
</td>
<td class="nump">$ 318,127<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherInvestmentsCurrentAbstract', window );"><strong>Other investments - current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherInvestmentsCurrentFixedIncome', window );">Fixed income (time-deposit, zero coupon bonds, commercial papers)</a></td>
<td class="nump">896,166<span></span>
</td>
<td class="nump">196,152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome', window );">Bonds and other fixed income</a></td>
<td class="nump">834,281<span></span>
</td>
<td class="nump">211,953<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherInvestmentsCurrentFundInvestments', window );">Fund investments</a></td>
<td class="nump">239,184<span></span>
</td>
<td class="nump">30,343<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Other investments</a></td>
<td class="nump">1,969,631<span></span>
</td>
<td class="nump">438,448<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherInvestmentsNoncurrentAbstract', window );"><strong>Other investments - non-current</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome', window );">Bonds and other fixed income</a></td>
<td class="nump">398,220<span></span>
</td>
<td class="nump">113,574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherInvestmentsNoncurrentOthers', window );">Others</a></td>
<td class="nump">7,411<span></span>
</td>
<td class="nump">6,328<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments</a></td>
<td class="nump">$ 405,631<span></span>
</td>
<td class="nump">$ 119,902<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term deposits. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term investments. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of bonds and other fixed income current investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsCurrentBondsAndOtherFixedIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsCurrentFixedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fixed income current investments which may include but not limited to time-deposit, zero coupon bonds, commercial papers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsCurrentFixedIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsCurrentFundInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current investment related to fund investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsCurrentFundInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of bonds and other fixed income non-current investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsNoncurrentBondsAndOtherFixedIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherInvestmentsNoncurrentOthers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Others' with proposed documentation "The amount of other non-current investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherInvestmentsNoncurrentOthers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547622520176">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 21 - Borrowings - Non-current and Current Borrowings (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Total non-current portion of non-current borrowings</a></td>
<td class="nump">$ 48,304<span></span>
</td>
<td class="nump">$ 46,433<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentCostsOfIssueOfDebt', window );">Current costs of issue of debt</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(20)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Total current borrowings and current portion of non-current borrowings</a></td>
<td class="nump">535,133<span></span>
</td>
<td class="nump">682,329<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total Borrowings</a></td>
<td class="nump">583,437<span></span>
</td>
<td class="nump">728,762<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_BankBorrowingsMember', window );">Bank borrowings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Non-current borrowings before costs of issue of debt</a></td>
<td class="nump">48,304<span></span>
</td>
<td class="nump">46,433<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Current borrowings before costs of issue of debt</a></td>
<td class="nump">513,909<span></span>
</td>
<td class="nump">682,255<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_BankOverdrafts1Member', window );">Bank overdrafts [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt', window );">Current borrowings before costs of issue of debt</a></td>
<td class="nump">$ 21,224<span></span>
</td>
<td class="nump">$ 94<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings before the costs of issue of debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentBorrowingsBeforeCostsOfIssueOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentCostsOfIssueOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs of issue of debt classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentCostsOfIssueOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current borrowings before the costs of issue of debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentBorrowingsBeforeCostsOfIssueOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_BankBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_BankBorrowingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_BankOverdrafts1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_BankOverdrafts1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R132.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618868112">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 21 - Borrowings - Maturity of Borrowings (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th" colspan="2"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">$ 583,437<span></span>
</td>
<td class="nump">$ 728,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="nump">14,326<span></span>
</td>
<td class="nump">27,046<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="nump">597,763<span></span>
</td>
<td class="nump">755,808<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">Not later than one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">535,133<span></span>
</td>
<td class="nump">682,329<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="nump">10,510<span></span>
</td>
<td class="nump">26,153<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="nump">545,643<span></span>
</td>
<td class="nump">708,482<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">Later than one year and not later than two years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">46,804<span></span>
</td>
<td class="nump">41,933<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="nump">3,533<span></span>
</td>
<td class="nump">821<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="nump">50,337<span></span>
</td>
<td class="nump">42,754<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">Later than two years and not later than three years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">1,500<span></span>
</td>
<td class="nump">3,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="nump">283<span></span>
</td>
<td class="nump">64<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="nump">1,783<span></span>
</td>
<td class="nump">3,064<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsMember', window );">Later than three years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPayable', window );">Interest to be accrued (*)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BorrowingsIncludingInterestToBeAccrued', window );">Total</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,508<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">583,437<span></span>
</td>
<td class="nump">728,762<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Not later than one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">535,133<span></span>
</td>
<td class="nump">682,329<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than one year and not later than two years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">46,804<span></span>
</td>
<td class="nump">41,933<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than two years and not later than three years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="nump">1,500<span></span>
</td>
<td class="nump">3,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_OtherBorrowingsMember', window );">Other borrowings [member] | Later than three years [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Total borrowings</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"> Includes the effect of hedge accounting</span><span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;">.</span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest recognised as a liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPayable</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of borrowings including interest to be accrued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547638589344">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 21 - Borrowings - Significant Borrowings as of Closing Date (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 583,437<span></span>
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<td class="nump">$ 728,762<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsAsOfClosingDateMember', window );">Significant borrowings as of closing date [member] | TUBOS DE ACERO DE MEXICO, SA and subsidiaries [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">200,000<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsOneAsOfClosingDateMember', window );">Significant borrowings one, as of closing date [member] | TENARIS TUBOCARIBE LTDA. [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">60,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsTwoAsOfClosingDateMember', window );">Significant borrowings two, as of closing date [member] | CONFAB INDUSTRIAL S.A. and subsidiaries [member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="nump">40,000<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Significant borrowings as of closing date</a></td>
<td class="nump">$ 39,000<span></span>
</td>
<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisTubocaribeLtdaMember</td>
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<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsTwoAsOfClosingDateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsTwoAsOfClosingDateMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsThreeAsOfClosingDateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=ts_SignificantBorrowingsThreeAsOfClosingDateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619852128">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 21 - Borrowings - Weighted Average Interest Rates of Borrowings (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember', window );">Weighted average [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Total borrowings</a></td>
<td class="nump">10.56%<span></span>
</td>
<td class="nump">9.45%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
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<td>dtr-types:percentItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td>na</td>
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<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_WeightedAverageMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>161
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634923408">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 21 - Borrowings - Borrowings by Currency and Rate (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">$ 48,304<span></span>
</td>
<td class="nump">$ 46,433<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">535,133<span></span>
</td>
<td class="nump">682,329<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_USD', window );">United States of America, Dollars | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">111,654<span></span>
</td>
<td class="nump">206,336<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_USD', window );">United States of America, Dollars | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">20,000<span></span>
</td>
<td class="nump">20,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">221,008<span></span>
</td>
<td class="nump">200,350<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_BRL', window );">Brazil, Brazil Real | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">39,947<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_SAR', window );">Saudi Arabia, Riyals | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">23,803<span></span>
</td>
<td class="nump">18,933<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">110,923<span></span>
</td>
<td class="nump">29,964<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_SAR', window );">Saudi Arabia, Riyals | Floating interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings</a></td>
<td class="nump">4,501<span></span>
</td>
<td class="nump">7,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">3,035<span></span>
</td>
<td class="nump">3,023<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_EUR', window );">Euro Member Countries, Euro | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">25,104<span></span>
</td>
<td class="nump">26,829<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_MXN', window );">Mexico, Pesos | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">141,802<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_ARS', window );">Argentina, Pesos | Fixed interest rate [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Borrowings</a></td>
<td class="nump">$ 23,462<span></span>
</td>
<td class="nump">$ 74,025<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_USD">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_USD</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FixedInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_BRL">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_BRL</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_SAR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_SAR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_EUR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_EUR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_MXN">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_MXN</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_ARS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_ARS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R136.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634311584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 21 - Borrowings - Borrowings Evolution (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsAbstract', window );"><strong>Note 21 - Borrowings</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">At the beginning of the year, noncurrent</a></td>
<td class="nump">$ 46,433<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">At the beginning of the year, current</a></td>
<td class="nump">682,329<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfTranslationDifferencesOnLongtermBorrowings', window );">Translation differences, noncurrent</a></td>
<td class="nump">45<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Translation differences, current</a></td>
<td class="num">(74,851)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings', window );">Proceeds and repayments, net, noncurrent</a></td>
<td class="nump">20,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Proceeds and repayments, net, current</a></td>
<td class="num">(231,797)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings', window );">Interests accrued less payments, noncurrent</a></td>
<td class="nump">11<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Interests accrued less payments, current</a></td>
<td class="num">(2,702)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfReclassificationsOnLongtermBorrowings', window );">Reclassifications, noncurrent</a></td>
<td class="num">(18,185)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Reclassifications, current</a></td>
<td class="nump">18,185<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfBusinessCombinationsOnLongtermBorrowings', window );">Increase due to business combinations, noncurrent</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Increase due to business combinations, current</a></td>
<td class="nump">122,839<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfOverdraftsVariationOnLongtermBorrowings', window );">Overdrafts variation, noncurrent</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">Overdrafts variation, current</a></td>
<td class="nump">21,130<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">At the end of the year, noncurrent</a></td>
<td class="nump">48,304<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings', window );">At the end of the year, current</a></td>
<td class="nump">$ 535,133<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Related to the&#160;</span><span style="font-family: 'Frutiger 45 Light';">GPC</span><span style="font-family: 'Frutiger 45 Light';"> acquisition, for more information see </span><span style="font-family: 'Frutiger 45 Light';">note 34</span> <span style="font-family: 'Frutiger 45 Light';">to these Consolidated Financial Statements.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings and current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the effect of business combinations on current borrowing borrowings and the current portion of non-current borrowings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfBusinessCombinationsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the effect of business combinations on long-term borrowings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfBusinessCombinationsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from interests accrued net of payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from interests accrued net of payments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the total current borrowings and current portion of non-current borrowings resulting from net proceeds and repayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from net proceeds and repayments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the current borrowings and current portion of non-current borrowings resulting from overdrafts variation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfOverdraftsVariationOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from overdrafts variation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfOverdraftsVariationOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the total current borrowings and current portion of non-current borrowings resulting from reclassifications.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfReclassificationsOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from reclassifications.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfReclassificationsOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the current borrowings and current portion of non-current borrowings resulting from translation differences.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EffectOfTranslationDifferencesOnLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the non-current portion of non-current borrowings resulting from translation differences.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EffectOfTranslationDifferencesOnLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619679200">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Deferred tax assets and liabilities (Details Textual)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised', window );">Unused tax losses for which no deferred tax asset recognised</a></td>
<td class="nump">$ 3,130.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DeferredTaxIncomeRecognisedInProfitOrLoss', window );">Deferred tax income recognised in profit or loss</a></td>
<td class="nump">550.3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_LU', window );">LUXEMBOURG</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DeferredTaxIncomeRecognisedInProfitOrLoss', window );">Deferred tax income recognised in profit or loss</a></td>
<td class="nump">$ 550.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MaximumCarryForwardPeriodForLossesIncurred', window );">Maximum carry forward period for losses incurred</a></td>
<td class="text">17 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries', window );">Deferred tax assets related to taxable losses of subsidiaries</a></td>
<td class="nump">$ 77.9<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of unused tax losses for which no deferred tax asset is recognised in the statement of financial position. [Refer: Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of deferred tax assets related to taxable losses of the entity's subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DeferredTaxAssetsRelatedToTaxableLossesOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DeferredTaxIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income related to the recognition deferred tax assets due to previous years&#8217; tax losses carried forward.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DeferredTaxIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MaximumCarryForwardPeriodForLossesIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the maximum period over which the entity can carry forward incurred losses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MaximumCarryForwardPeriodForLossesIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_LU">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_LU</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547638596864">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Deferred tax assets and liabilities - Deferred Tax Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 60,199<span></span>
</td>
<td class="nump">$ 29,174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(89)<span></span>
</td>
<td class="nump">822<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(22,177)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,204)<span></span>
</td>
<td class="nump">2,673<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(193,739)<span></span>
</td>
<td class="nump">27,530<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(158,010)<span></span>
</td>
<td class="nump">60,199<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsProvisionsAndAllowancesMember', window );">Deferred tax assets, provisions and allowances [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25,817)<span></span>
</td>
<td class="num">(25,083)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6)<span></span>
</td>
<td class="num">(345)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,374)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,314)<span></span>
</td>
<td class="num">(389)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(31,511)<span></span>
</td>
<td class="num">(25,817)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsInventoryMember', window );">Deferred tax assets, inventory [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(180,152)<span></span>
</td>
<td class="num">(85,037)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(24)<span></span>
</td>
<td class="nump">114<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(223)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(18,620)<span></span>
</td>
<td class="num">(95,229)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(199,019)<span></span>
</td>
<td class="num">(180,152)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsTaxLossMember', window );">Deferred tax assets, tax loss [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(310,589)<span></span>
</td>
<td class="num">(485,763)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1<span></span>
</td>
<td class="nump">747<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(1,875)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(322,431)<span></span>
</td>
<td class="nump">174,427<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(634,894)<span></span>
</td>
<td class="num">(310,589)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsOtherMember', window );">Deferred tax assets, other [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(156,984)<span></span>
</td>
<td class="num">(176,627)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(611)<span></span>
</td>
<td class="num">(245)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(35,941)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,342)<span></span>
</td>
<td class="nump">954<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,881<span></span>
</td>
<td class="nump">18,934<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(185,997)<span></span>
</td>
<td class="num">(156,984)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsMember', window );">Deferred tax assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(673,542)<span></span>
</td>
<td class="num">(772,510)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(640)<span></span>
</td>
<td class="nump">271<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(39,413)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,342)<span></span>
</td>
<td class="nump">954<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(335,484)<span></span>
</td>
<td class="nump">97,743<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,051,421)<span></span>
</td>
<td class="num">(673,542)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesFixedAssetsMember', window );">Deferred tax liabilities, fixed assets [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">575,667<span></span>
</td>
<td class="nump">669,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">41<span></span>
</td>
<td class="num">(64)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">4,175<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">38,991<span></span>
</td>
<td class="num">(94,099)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">618,874<span></span>
</td>
<td class="nump">575,667<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesInventoryMember', window );">Deferred tax liabilities, inventory [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,532<span></span>
</td>
<td class="nump">27,508<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">113<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">7,563<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,127<span></span>
</td>
<td class="nump">16,009<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">114,335<span></span>
</td>
<td class="nump">43,532<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember', window );">Deferred tax liabilities, intangible assets and other [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">114,542<span></span>
</td>
<td class="nump">104,346<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">397<span></span>
</td>
<td class="nump">600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5,498<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">138<span></span>
</td>
<td class="nump">1,719<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,627<span></span>
</td>
<td class="nump">7,877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">160,202<span></span>
</td>
<td class="nump">114,542<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesMember', window );">Deferred Tax liabilities [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">733,741<span></span>
</td>
<td class="nump">801,684<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">551<span></span>
</td>
<td class="nump">551<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">17,236<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">138<span></span>
</td>
<td class="nump">1,719<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">141,745<span></span>
</td>
<td class="num">(70,213)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 893,411<span></span>
</td>
<td class="nump">$ 733,741<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; border-right: none; border-left: none;">Related to the GPC, Isoplus anticorrosion coating division and Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 3</span><span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><span style="font-size: 8pt;">4</span>.</span></span></span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from business combinations. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsProvisionsAndAllowancesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsProvisionsAndAllowancesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsInventoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsInventoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsTaxLossMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsTaxLossMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsOtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsOtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ts_DeferredTaxAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesFixedAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesFixedAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesInventoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesInventoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesIntangibleAndOtherAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=ts_DeferredTaxLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>165
<FILENAME>R139.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547676708640">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 22 - Deferred tax assets and liabilities - Recovery Analysis of Deferred Tax Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets to be recovered after 12 months</a></td>
<td class="num">$ (789,615)<span></span>
</td>
<td class="num">$ (208,870)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities to be settled after 12 months</a></td>
<td class="nump">631,605<span></span>
</td>
<td class="nump">269,069<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearMember', window );">Later than one year [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems', window );"><strong>Disclosure of temporary difference, unused tax losses and unused tax credits [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets to be recovered after 12 months</a></td>
<td class="num">(655,415)<span></span>
</td>
<td class="num">(171,717)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities to be settled after 12 months</a></td>
<td class="nump">$ 689,976<span></span>
</td>
<td class="nump">$ 688,124<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>166
<FILENAME>R140.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651064128">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 22 - Deferred tax assets and liabilities - Net Deferred Tax Liabilities (Assets) (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract', window );"><strong>Note 22 - Deferred tax assets and liabilities</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (789,615)<span></span>
</td>
<td class="num">$ (208,870)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">631,605<span></span>
</td>
<td class="nump">269,069<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Net deferred tax liability (asset)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(158,010)<span></span>
</td>
<td class="nump">60,199<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract', window );"><strong>Reconciliation of changes in deferred tax liability (asset) [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">60,199<span></span>
</td>
<td class="nump">29,174<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(89)<span></span>
</td>
<td class="nump">822<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(22,177)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome', window );">Charged to other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,204)<span></span>
</td>
<td class="nump">2,673<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Income statement (credit) / charge</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(193,739)<span></span>
</td>
<td class="nump">27,530<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (158,010)<span></span>
</td>
<td class="nump">$ 60,199<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from business combinations. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 81<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInDeferredTaxLiabilityAssetAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619846832">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Other liabilities (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OverfundedPlan', window );">Overfunded Plan</a></td>
<td class="nump">$ 15.8<span></span>
</td>
<td class="nump">$ 15.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NetPostEmploymentBenefitsFundedExposedAsLiabilities', window );">Net post employment benefits funded exposed as liabilities</a></td>
<td class="nump">$ 5.0<span></span>
</td>
<td class="nump">5.1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits', window );">Weighted average duration of liabilities related to post-employment benefits</a></td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Unfunded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)</a></td>
<td class="num">$ (0.6)<span></span>
</td>
<td class="nump">0.1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset)</a></td>
<td class="num">$ (8.3)<span></span>
</td>
<td class="nump">4.1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Unfunded | Actuarial assumption of discount rates [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="num">$ (5.6)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="nump">$ 5.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Unfunded | Actuarial assumption of expected rates of salary increases [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">$ 2.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="num">(2.9)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Funded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in demographic assumptions, net defined benefit liability (asset)</a></td>
<td class="num">(0.9)<span></span>
</td>
<td class="nump">4.8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Actuarial losses (gains) arising from changes in financial assumptions, net defined benefit liability (asset)</a></td>
<td class="num">$ (1.3)<span></span>
</td>
<td class="nump">$ 25.6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Funded | Actuarial assumption of discount rates [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="num">$ (11.7)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="nump">$ 9.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Funded | Actuarial assumption of expected rates of salary increases [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption', window );">Percentage of reasonably possible increase in actuarial assumption</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</a></td>
<td class="nump">$ 0.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption', window );">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</a></td>
<td class="num">$ (0.8)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions that result in remeasurements of the net defined benefit liability (asset). Demographic assumptions deal with matters such as: (a) mortality; (b) rates of employee turnover, disability and early retirement; (c) the proportion of plan members with dependants who will be eligible for benefits; (d) the proportion of plan members who will select each form of payment option available under the plan terms; and (e) claim rates under medical plans. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_c_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a defined benefit obligation that would have been caused by a decrease in a significant actuarial assumption that was reasonably possible at the end of the reporting period. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a defined benefit obligation that would have been caused by an increase in a significant actuarial assumption that was reasonably possible at the end of the reporting period. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The reasonably possible percentage of the increase in the actuarial assumption used to determine the present value of defined benefit obligation. [Refer: Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 145<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_145_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NetPostEmploymentBenefitsFundedExposedAsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net post-employment benefits funded exposed as liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NetPostEmploymentBenefitsFundedExposedAsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OverfundedPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Defined benefit plan in which retirement benefits are payable directly from plan assets segregated and restricted to provide such benefits and for which plan assets exceed benefit obligation of plan designed to provide retirement benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OverfundedPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The weighted average duration of liabilities related to post-employment benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyUnfundedDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyUnfundedDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>168
<FILENAME>R142.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547597143632">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 23 - Other liabilities - Other Noncurrent Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Note 23 - Other liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefitsLiability', window );">Post-employment benefits</a></td>
<td class="nump">$ 117,506<span></span>
</td>
<td class="nump">$ 108,936<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherNoncurrentBenefitsLiability', window );">Other long-term benefits</a></td>
<td class="nump">91,435<span></span>
</td>
<td class="nump">71,446<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherNoncurrentMiscellaneousLiabilities', window );">Miscellaneous</a></td>
<td class="nump">62,327<span></span>
</td>
<td class="nump">49,760<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">$ 271,268<span></span>
</td>
<td class="nump">$ 230,142<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentPostemploymentBenefitsLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current post-employment benefits liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentPostemploymentBenefitsLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherNoncurrentBenefitsLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other non-current benefits liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherNoncurrentBenefitsLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherNoncurrentMiscellaneousLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other non-current miscellaneous liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherNoncurrentMiscellaneousLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>169
<FILENAME>R143.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618793232">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Other liabilities - Post-employment Benefits (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefitsLiability', window );">Noncurrent post employment benefits Liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 117,506<span></span>
</td>
<td class="nump">$ 108,936<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Unfunded</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefitsLiability', window );">Noncurrent post employment benefits Liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">112,532<span></span>
</td>
<td class="nump">103,822<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">103,822<span></span>
</td>
<td class="nump">103,841<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,537<span></span>
</td>
<td class="nump">6,810<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,707<span></span>
</td>
<td class="nump">7,610<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset', window );">Curtailments and settlements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(675)<span></span>
</td>
<td class="num">(64)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Remeasurements</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">8,899<span></span>
</td>
<td class="num">(4,228)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,687)<span></span>
</td>
<td class="num">(5,657)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">4,531<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,762)<span></span>
</td>
<td class="num">(5,111)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DecreaseIncreaseInNetDefinedBenefitLiabilityAssetResultingFromReclassifiedToCurrentLiabilities', window );">Reclassified to current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(461)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(840)<span></span>
</td>
<td class="nump">1,082<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">112,532<span></span>
</td>
<td class="nump">103,822<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Post-employment benefits | Funded</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NoncurrentPostemploymentBenefitsLiability', window );">Noncurrent post employment benefits Liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,974<span></span>
</td>
<td class="nump">5,114<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">116,617<span></span>
</td>
<td class="nump">159,528<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Current service cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">154<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,715<span></span>
</td>
<td class="nump">4,293<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Remeasurements</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">2,142<span></span>
</td>
<td class="num">(30,349)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,940<span></span>
</td>
<td class="num">(6,635)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">4,708<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,459)<span></span>
</td>
<td class="num">(10,374)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">571<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">123,234<span></span>
</td>
<td class="nump">116,617<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of funded obligations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">123,234<span></span>
</td>
<td class="nump">116,617<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of plan assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(134,052)<span></span>
</td>
<td class="num">(126,842)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="num">$ (10,818)<span></span>
</td>
<td class="num">$ (10,225)<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumption</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">8.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financ</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ial assumptions.</span></span><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span style="border-left: none; border-right: none;">2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">4.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>202</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span>3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">0.9</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">loss</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">1.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions.</span></span><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">For <span>2022</span> a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">4.8</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million is attributable to demographic assumptions and a gain of $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">25.6</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million to financial assumptions. </span></span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> In <span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">3</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> and </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">20</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">2</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">$</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">15.8</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">15.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">corresponding to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">plans</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">with surplus balance</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">s that</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> w</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ere</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">reclassified</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> within other </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">non-</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">current assets</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, respectively</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, consequently the net post-employment benefits funded exposed as liabilities </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">amounted to $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">5.0</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million and $</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">5.1</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> million respectively.</span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from the remeasurement of that net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from business combinations and disposals. [Refer: Business combinations [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes in foreign exchange rates. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SurplusDeficitInPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value of any plan assets, less the present value of the defined benefit obligation. [Refer: Plan assets [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SurplusDeficitInPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DecreaseIncreaseInNetDefinedBenefitLiabilityAssetResultingFromReclassifiedToCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from reclassified to current liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DecreaseIncreaseInNetDefinedBenefitLiabilityAssetResultingFromReclassifiedToCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from curtailments and settlements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_GainsLossesArisingFromCurtailmentsAndSettlementsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NoncurrentPostemploymentBenefitsLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current post-employment benefits liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NoncurrentPostemploymentBenefitsLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyUnfundedDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyUnfundedDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>170
<FILENAME>R144.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619467936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 23 - Other liabilities - Actuarial Assumptions (Details) - Post-employment benefits<br></strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Unfunded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range [member] | Funded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Unfunded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">7.00%<span></span>
</td>
<td class="nump">7.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range [member] | Funded</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Discount rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Rate of compensation increase</a></td>
<td class="nump">3.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 144<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expected rate of salary increases used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 144<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyUnfundedDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyUnfundedDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>171
<FILENAME>R145.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547625127424">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 23 - Other liabilities - Plan Assets (Details) - Post-employment benefits - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Funded</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 116,617<span></span>
</td>
<td class="nump">$ 159,528<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,940)<span></span>
</td>
<td class="nump">6,635<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">4,708<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,459<span></span>
</td>
<td class="nump">10,374<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">571<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 123,234<span></span>
</td>
<td class="nump">$ 116,617<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets', window );">Equity instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18.00%<span></span>
</td>
<td class="nump">29.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets', window );">Debt instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33.00%<span></span>
</td>
<td class="nump">67.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherAssetsPercentContributedToFairValueOfPlanAssets', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">49.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember', window );">Fair value of funded post-employment benefits [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (126,842)<span></span>
</td>
<td class="num">$ (160,504)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,897)<span></span>
</td>
<td class="nump">6,639<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,121)<span></span>
</td>
<td class="num">(4,319)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset', window );">Remeasurements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,225)<span></span>
</td>
<td class="nump">20,987<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(3,903)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset', window );">Contributions paid to the plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(435)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefits paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,459<span></span>
</td>
<td class="nump">10,374<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">477<span></span>
</td>
<td class="nump">416<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">At the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (134,052)<span></span>
</td>
<td class="num">$ (126,842)<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> note </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Related to <span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none;">Mattr&#8217;s pipe coating business unit acquisitions. For more information see note 34.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from experience adjustments that result in remeasurements of the net defined benefit liability (asset). Experience adjustments deal with the effects of differences between the previous actuarial assumptions and what has actually occurred. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from contributions to a defined benefit plan. [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContributionsToPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from business combinations and disposals. [Refer: Business combinations [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes in foreign exchange rates. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets, excluding amounts included in interest income or expense. The return on plan assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]; Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2023-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent that instruments representing debt (rather than equity) constitute of the fair value of defined benefit plan assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DebtInstrumentsPercentContributedToFairValueOfPlanAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent that instruments representing equity (rather than debt) constitute of the fair value of defined benefit plan assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EquityInstrumentsPercentContributedToFairValueOfPlanAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherAssetsPercentContributedToFairValueOfPlanAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent that other types of assets not separately disclosed constitute of the fair value of defined benefit plan assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherAssetsPercentContributedToFairValueOfPlanAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=ifrs-full_PensionDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ifrs-full_WhollyOrPartlyFundedDefinedBenefitPlansMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ts_FairValueOfFundedPostemploymentBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FundingArrangementsOfDefinedBenefitPlansAxis=ts_FairValueOfFundedPostemploymentBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651276464">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 23 - Other liabilities - Other Current Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Note 23 - Other liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_CurrentEmployeeRelatedLiabilities', window );">Payroll and social security payable</a></td>
<td class="nump">$ 301,213<span></span>
</td>
<td class="nump">$ 224,630<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AmountPayableUnderShareBuyback', window );">Shares to be settled under buyback program</a></td>
<td class="nump">86,240<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_OtherCurrentMiscellaneousLiabilities', window );">Miscellaneous</a></td>
<td class="nump">35,192<span></span>
</td>
<td class="nump">35,984<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">$ 422,645<span></span>
</td>
<td class="nump">$ 260,614<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AmountPayableUnderShareBuyback">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable under share buyback.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AmountPayableUnderShareBuyback</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_CurrentEmployeeRelatedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current employee related liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_CurrentEmployeeRelatedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfOtherLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_OtherCurrentMiscellaneousLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other current miscellaneous liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_OtherCurrentMiscellaneousLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>173
<FILENAME>R147.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547670380144">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 24 - Non-current allowances and provisions - Liabilities (Details) - Provision for non-current liabilities [member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Reconciliation of changes in other provisions [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 98,126<span></span>
</td>
<td class="nump">$ 83,556<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,260<span></span>
</td>
<td class="nump">357<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,500<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionalProvisionsOtherProvisions', window );">Additional allowance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,901<span></span>
</td>
<td class="nump">11,102<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(164)<span></span>
</td>
<td class="nump">2,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ProvisionUsedOtherProvisionsMovements', window );">Used and other movements</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,170)<span></span>
</td>
<td class="nump">882<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 101,453<span></span>
</td>
<td class="nump">$ 98,126<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisition</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalProvisionsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additional other provisions made. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalProvisionsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from foreign currency exchange rate changes on provisions measured in a currency different from the entity's presentation currency. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProvisionUsedOtherProvisionsMovements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount used (ie incurred and charged against the provision) and other provisions movements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProvisionUsedOtherProvisionsMovements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionForNoncurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionForNoncurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>174
<FILENAME>R148.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618631632">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Current allowances and provisions - Deducted From Assets (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember', window );">Allowance for doubtful accounts - trade receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract', window );"><strong>Reconciliation of changes in allowance account for credit losses of financial assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (45,495)<span></span>
</td>
<td class="num">$ (47,120)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(128)<span></span>
</td>
<td class="num">(12)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(899)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances', window );">(Additional) / reversal allowances</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,590)<span></span>
</td>
<td class="nump">223<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,066<span></span>
</td>
<td class="nump">1,414<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(49,046)<span></span>
</td>
<td class="num">(45,495)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember', window );">Allowance for other doubtful accounts - other receivables [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract', window );"><strong>Reconciliation of changes in allowance account for credit losses of financial assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,479)<span></span>
</td>
<td class="num">(3,206)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(88)<span></span>
</td>
<td class="nump">68<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances', window );">(Additional) / reversal allowances</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(107)<span></span>
</td>
<td class="num">(346)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">235<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,439)<span></span>
</td>
<td class="num">(3,479)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForInventoryObsolescenceMember', window );">Allowance for inventory obsolescence [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract', window );"><strong>Reconciliation of changes in allowance account for credit losses of financial assets [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(222,666)<span></span>
</td>
<td class="num">(245,774)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(452)<span></span>
</td>
<td class="num">(405)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(9,179)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances', window );">(Additional) / reversal allowances</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,581)<span></span>
</td>
<td class="num">(24,901)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">36,768<span></span>
</td>
<td class="nump">48,414<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (209,110)<span></span>
</td>
<td class="num">$ (222,666)<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Related to the GPC</span><span style="font-family: 'Frutiger 45 Light';">, </span><span style="font-family: 'Frutiger 45 Light';">Isoplus</span><span style="font-family: 'Frutiger 45 Light';"> anticorrosion coating division</span> <span style="font-family: 'Frutiger 45 Light';">and </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitions</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of an allowance account used to record impairments to financial assets due to credit losses. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expired 2023-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from foreign currency exchange rate changes on provisions measured in a currency different from the entity's presentation currency. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInAllowanceAccountForCreditLossesOfFinancialAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in an allowance account for credit losses of financial assets resulting from the utilisation of the allowance. [Refer: Allowance account for credit losses of financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expired 2023-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2017-en-b&amp;anchor=para_16&amp;doctype=Standard&amp;book=b<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UtilisationAllowanceAccountForCreditLossesOfFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) through reversals and (additional) allowances.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncreaseDecreaseThroughReversalsAndAdditionalAllowances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForDoubtfulAccountsTradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForOtherDoubtfulAccountsOtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForInventoryObsolescenceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_AllowanceForInventoryObsolescenceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547633922224">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 25 - Current allowances and provisions - Liabilities (Details) - Provision for current liabilities [member] - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Reconciliation of changes in other provisions [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11,185<span></span>
</td>
<td class="nump">$ 9,322<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">77<span></span>
</td>
<td class="num">(257)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AdditionalProvisionsOtherProvisionsReversals', window );">Additional provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">36,998<span></span>
</td>
<td class="nump">9,504<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">164<span></span>
</td>
<td class="num">(2,229)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(17,782)<span></span>
</td>
<td class="num">(5,155)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">35,959<span></span>
</td>
<td class="nump">11,185<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionsForCurrentLiabilitiesMember', window );">Sales risks [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Reconciliation of changes in other provisions [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,186<span></span>
</td>
<td class="nump">1,468<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">285<span></span>
</td>
<td class="num">(160)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AdditionalProvisionsOtherProvisionsReversals', window );">Additional provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,057<span></span>
</td>
<td class="nump">5,315<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,588)<span></span>
</td>
<td class="num">(3,437)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19,940<span></span>
</td>
<td class="nump">3,186<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionsForCurrentLiabilitiesMember', window );">Miscellaneous other provisions [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract', window );"><strong>Reconciliation of changes in other provisions [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the beginning of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">7,999<span></span>
</td>
<td class="nump">7,854<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions', window );">Translation differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(208)<span></span>
</td>
<td class="num">(97)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions', window );">Increase due to business combinations</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">5,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AdditionalProvisionsOtherProvisionsReversals', window );">Additional provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">6,941<span></span>
</td>
<td class="nump">4,189<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions', window );">Reclassifications</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">164<span></span>
</td>
<td class="num">(2,229)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProvisionUsedOtherProvisions', window );">Used</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="num">(4,194)<span></span>
</td>
<td class="num">(1,718)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Values at the end of the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 16,019<span></span>
</td>
<td class="nump">$ 7,999<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Related to </span><span style="font-family: 'Frutiger 45 Light';">Mattr&#8217;s pipe coating business unit acquisitio</span><span style="font-family: 'Frutiger 45 Light';">n</span><span style="font-family: 'Frutiger 45 Light';">. For more information see</span><span style="font-family: 'Frutiger 45 Light';"> note </span><span style="font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">34</span></span><span style="font-family: 'Frutiger 45 Light';">.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light';">Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase in other provisions resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from foreign currency exchange rate changes on provisions measured in a currency different from the entity's presentation currency. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProvisionUsedOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount used (ie incurred and charged against the provision) for other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 84<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_84_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProvisionUsedOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInOtherProvisionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdditionalProvisionsOtherProvisionsReversals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of additional other provisions (reversals) made.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdditionalProvisionsOtherProvisionsReversals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionsForCurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=ts_ProvisionsForCurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_SalesRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_SalesRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ifrs-full_MiscellaneousOtherProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ifrs-full_MiscellaneousOtherProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>176
<FILENAME>R150.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618152400">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 26 - Derivative financial instruments - Net Fair Values (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems', window );"><strong>Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivatives with positive fair values</a></td>
<td class="nump">$ 9,801<span></span>
</td>
<td class="nump">$ 30,805<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivatives with negative fair values</a></td>
<td class="num">(11,150)<span></span>
</td>
<td class="num">(7,127)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Total</a></td>
<td class="num">(1,349)<span></span>
</td>
<td class="nump">23,678<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_DerivativesHedgingBorrowingsAndInvestmentsMember', window );">Derivatives hedging borrowings and investments [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems', window );"><strong>Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivatives with positive fair values</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">6,480<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_OtherDerivativesMember', window );">Other derivatives [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems', window );"><strong>Disclosure of information about credit exposures designated as measured at fair value through profit or loss [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Derivatives with positive fair values</a></td>
<td class="nump">9,801<span></span>
</td>
<td class="nump">24,325<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Derivatives with negative fair values</a></td>
<td class="num">$ (11,150)<span></span>
</td>
<td class="num">$ (7,127)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutCreditExposuresDesignatedAsMeasuredAtFairValueThroughProfitOrLossLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DerivativeFinancialAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets (liabilities) classified as derivative instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DerivativeFinancialAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_DerivativesHedgingBorrowingsAndInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_DerivativesHedgingBorrowingsAndInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_OtherDerivativesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialInstrumentsMeasuredAtFairValueThroughProfitOrLossBecauseCreditDerivativeIsUsedToManageCreditRiskAxis=ts_OtherDerivativesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>177
<FILENAME>R151.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547638673920">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 26 - Derivative financial instruments - Foreign Exchange Derivative Contracts and Hedge Accounting (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">$ (1,349)<span></span>
</td>
<td class="nump">$ 23,678<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">8,100<span></span>
</td>
<td class="nump">13,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember', window );">Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">8,133<span></span>
</td>
<td class="nump">13,122<span></span>
</td>
<td class="nump">$ 1,259<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(1,554)<span></span>
</td>
<td class="nump">27,038<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">7,928<span></span>
</td>
<td class="nump">21,085<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency MXN, sell currency USD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">6,571<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(67)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency USD, sell currency MXN [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(2,125)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency EUR, sell currency USD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">5,557<span></span>
</td>
<td class="nump">1,866<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">624<span></span>
</td>
<td class="num">(2,786)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency USD, sell currency EUR [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(2,966)<span></span>
</td>
<td class="nump">20,783<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">7,142<span></span>
</td>
<td class="nump">23,935<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency USD, sell currency BRL [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(1,009)<span></span>
</td>
<td class="num">(2,490)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency USD, sell currency KWD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(50)<span></span>
</td>
<td class="num">(129)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(388)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency USD, sell currency CAD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(836)<span></span>
</td>
<td class="nump">404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency USD, sell currency GPB [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(51)<span></span>
</td>
<td class="num">(11)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency USD, sell currency CNY [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(335)<span></span>
</td>
<td class="num">(242)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">501<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency RON, sell currency USD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">261<span></span>
</td>
<td class="nump">50<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, purchase currency BRL, sell currency USD [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">49<span></span>
</td>
<td class="nump">223<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">49<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_PurchaseForeignExchangeContractMember', window );">Purchase foreign exchange contract [Member] | Foreign exchange contract, Other [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(49)<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of cash flow hedges in relation to continuing hedges. [Refer: Reserve of cash flow hedges]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets (liabilities) classified as derivative instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634597776">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 26 - Derivative financial instruments - Commodities Derivative Contracts (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">$ (1,349)<span></span>
</td>
<td class="nump">$ 23,678<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">8,100<span></span>
</td>
<td class="nump">13,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember', window );">Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">8,133<span></span>
</td>
<td class="nump">13,122<span></span>
</td>
<td class="nump">$ 1,259<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">205<span></span>
</td>
<td class="num">(3,360)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">205<span></span>
</td>
<td class="num">(7,963)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Commodities derivative contracts, Houston Ship Channel Gas [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(231)<span></span>
</td>
<td class="num">(814)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(231)<span></span>
</td>
<td class="num">(814)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Commodities derivative contracts, LME Scrap [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">1,376<span></span>
</td>
<td class="nump">29<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">1,376<span></span>
</td>
<td class="num">(3,148)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Commodities derivative contracts, Iron Ore [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(1,274)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Commodities derivative contracts, Electric Energy [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(340)<span></span>
</td>
<td class="num">(519)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(340)<span></span>
</td>
<td class="num">(519)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Commodities derivative contracts, TTF Gas [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,068)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,207)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Commodities derivative contracts, PSV Gas [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="num">(2,566)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="num">(2,566)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember', window );">Commodity Derivatives [member] | Commodities derivative contracts, Nickel [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DerivativeFinancialAssetsLiabilities', window );">Fair value of derivatives</a></td>
<td class="nump">1,966<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">$ 1,966<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of cash flow hedges in relation to continuing hedges. [Refer: Reserve of cash flow hedges]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedgesContinuingHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DerivativeFinancialAssetsLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets (liabilities) classified as derivative instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DerivativeFinancialAssetsLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember</td>
</tr>
<tr>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=ts_CommodityDerivativesContractMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsHoustonShipChannelGasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsHoustonShipChannelGasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsLondonMetalExchangeScrapMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsIronOreMember</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsElectricEnergyMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsTitleTransferFacilityGasMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsPSVGasMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgingInstrumentsAxis=ts_CommoditiesDerivativeContractsNickelMember</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634760416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 26 - Derivative financial instruments - Hedge Reserve Evolution (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">$ 13,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">8,100<span></span>
</td>
<td class="nump">$ 13,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember', window );">Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">13,122<span></span>
</td>
<td class="nump">1,259<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness', window );">Movements</a></td>
<td class="num">(4,989)<span></span>
</td>
<td class="nump">11,863<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">8,133<span></span>
</td>
<td class="nump">13,122<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_HedgingInstrumentsAxis=ts_ForeignExchangeAndCommoditiesDerivativesContractsMember', window );">Foreign Exchange &amp; Commodities [member] | Cash flow hedges [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems', window );"><strong>Disclosure of detailed information about hedging instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">13,122<span></span>
</td>
<td class="nump">1,259<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness', window );">Movements</a></td>
<td class="num">(4,989)<span></span>
</td>
<td class="nump">11,863<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedgesContinuingHedges', window );">Hedge accounting reserve</a></td>
<td class="nump">$ 8,133<span></span>
</td>
<td class="nump">$ 13,122<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gain (loss) on the change in fair value of the hedged item used as a basis for recognising hedge ineffectiveness. Hedge ineffectiveness is the extent to which the changes in the fair value or the cash flows of the hedging instrument are greater or less than those on the hedged item.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 24B<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24B_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24B_b_i&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the reserve of cash flow hedges in relation to continuing hedges. [Refer: Reserve of cash flow hedges]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 24B<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24B_b_ii&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedgesContinuingHedges</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>credit</td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547622546928">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 27 - Contingencies, commitments and restrictions on the distribution of profits (Details Textual)<br> R$ / shares in Units, R$ in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>BRL (R$)</div>
</th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Oct. 27, 2022</div></th>
<th class="th">
<div>Oct. 09, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 24, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 10, 2018 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Oct. 10, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 31, 2012 </div>
<div>Subsidiaries </div>
<div>R$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PerformanceGuaranteesIssued', window );">Performance Guarantees Issued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,600.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CounterpartyNameAxis=ts_PraxairSAMember', window );">Praxair S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">14 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember', window );">Techgen S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ProportionOfPowerGenerationCapacity', window );">Proportion of power generation capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember', window );">Usiminas [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.96%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member] | Transportadora de Gas del Norte S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_BR', window );">Brazil | Usiminas [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3.96%<span></span>
</td>
<td class="nump">3.07%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 109.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DumpingRateImposed', window );">Dumping rate imposed</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">78.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_MX', window );">Mexico</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DumpingRateImposed', window );">Dumping rate imposed</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44.93%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_MX', window );">Mexico | Techgen S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22.00%<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_LU', window );">Luxembourg</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfMinimumTransferOfNetProfitToLegalReserve', window );">Percent of minimum transfer of net profit to legal reserve</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital', window );">Percent of minimum transfer of net profit until legal reserve equals issued share capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_LU', window );">Luxembourg | Ternium S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">11.46%<span></span>
</td>
<td class="nump">11.46%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_ConfabMember', window );">Confab [member] | Chubb [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PaymentsForSettlement', window );">Payments for settlement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_ConfabMember', window );">Confab [member] | Veracel Celulose S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SettlementAmountOrderedToPayInsuranceDeductible', window );">Settlement, amount ordered to pay, insurance deductible</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 100.6<span></span>
</td>
<td class="nump">$ 20.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SettlementAmountOrderedToPayDamages', window );">Settlement, amount ordered to pay, damages</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 86.4<span></span>
</td>
<td class="nump">$ 17.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember', window );">Legal proceedings contingent liability [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PaymentsForSettlement', window );">Payments for settlement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_TaxContingentLiabilityMember', window );">Tax contingent liability [member] | Petroleo Brasileiro S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 322.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">66.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ts_ContingentLiabilityForDisgorgementAndPrejudgmentInterestMember', window );">Contingent liability for disgorgement and prejudgment interest [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SettlementAmountOrderedToPay', window );">Settlement, amount ordered to pay</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ts_ContingentLiabilityForCivilPenaltyMember', window );">Contingent liability for civil penalty [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SettlementAmountOrderedToPay', window );">Settlement, amount ordered to pay</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisFinancialServicesSaMember', window );">TENARIS FINANCIAL SERVICES S.A. [member] | Onerous contracts contingent liability [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">520.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember', window );">CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Companhia Sider&#250;rgica Nacional [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfInterestPayablePerMonth', window );">Percentage of interest payable per month</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfCompensationPayable', window );">Percentage of compensation payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">900.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">186.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterestsPercentage', window );">Tag-along tender offer to non-controlling interests, percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterests', window );">Tag-along tender offer to non-controlling interests (in BRL per share) | R$ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 28.8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterestsShares', window );">Tag-along tender offer to non-controlling interests, shares (in shares) | shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">182,609,851<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability', window );">Tag-along tender offer to non-controlling interests, contingent liability</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember', window );">CONFAB INDUSTRIAL S.A. and subsidiaries [member] | Tax contingent liability [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 60.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FineImposedPercentageOfAllegedlyUndueCredits', window );">Fine imposed, percentage of allegedly undue credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSubsidiaries', window );">Number of subsidiaries | Subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TerniumSAMember', window );">Ternium S.A. [member] | Techgen S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_IpscoTubularsIncMember', window );">IPSCO Tubulars, Inc. | Commitments and guarantees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TermOfSupplyContractAvailableExtension', window );">Term of supply contract, available extension</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBayCityIncMember', window );">TENARIS BAY CITY, INC. [member] | Nucor Steel Memphis Inc. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TermOfSupplyContract', window );">Term of supply contract (Year)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 73.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PurchaseCommitmentsPercentageToBeMade', window );">Purchase commitments percentage to be made</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_JFESteelCorporationMember', window );">JFE Steel Corporation [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems', window );"><strong>Contingencies, commitments and restrictions on the distribution of profits</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PurchaseCommitments', window );">Purchase commitments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="11"></td></tr>
<tr><td colspan="11"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="border-right: none; border-left: none;"><span style="font-size: 9pt;">At December 31, 2023 the voting rights were 6.76% and at December 31, 2022 were 5.19%.</span></span></span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;">Including treasury shares.</span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfContingentLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfContingentLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the estimated financial effect of contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2023-01-01<br> -Paragraph 86<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=37&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_86_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EstimatedFinancialEffectOfContingentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DumpingRateImposed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the dumping duty rate imposed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DumpingRateImposed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FineImposedPercentageOfAllegedlyUndueCredits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of fine imposed, expressed as a percentage of the allegedly undue credits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FineImposedPercentageOfAllegedlyUndueCredits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of subsidiaries of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PaymentsForSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of payments made for settlements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PaymentsForSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentOfMinimumTransferOfNetProfitToLegalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of minimum transfer of net profit to legal reserve.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentOfMinimumTransferOfNetProfitToLegalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of minimum transfer of net profit until legal reserve equals issued share capital.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentOfMinimumTransferOfNetProfitUntilLegalReserveEqualsIssuedShareCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfCompensationPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of compensation payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfCompensationPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfInterestPayablePerMonth">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of interest payable per month.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfInterestPayablePerMonth</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PerformanceGuaranteesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of performance guarantees issued as of the specified date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PerformanceGuaranteesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ProportionOfPowerGenerationCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the proportion of power generation capacity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ProportionOfPowerGenerationCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PurchaseCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount liable for purchase commitments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PurchaseCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PurchaseCommitmentsPercentageToBeMade">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of purchase commitments to be made under purchase contract.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PurchaseCommitmentsPercentageToBeMade</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SettlementAmountOrderedToPay">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liability associated with amount ordered to pay in a settlement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SettlementAmountOrderedToPay</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SettlementAmountOrderedToPayDamages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of settlement ordered to be pay, related to damages.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SettlementAmountOrderedToPayDamages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SettlementAmountOrderedToPayInsuranceDeductible">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount ordered to pay in a settlement, related to the insurance deductible.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SettlementAmountOrderedToPayInsuranceDeductible</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The required tag-along tender offer to non-controlling interests in an acquisition.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the tag-along tender offer to non-controlling interests accounted for as a contingent liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterestsContingentLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterestsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The required Tag-along tender offer to non-controlling interests in an acquisition expressed as a percentage of the price per share paid in such acquisition.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterestsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TagalongTenderOfferToNoncontrollingInterestsShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The required tag-along tender offer to non-controlling interests in an acquisition expressed in shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TagalongTenderOfferToNoncontrollingInterestsShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TermOfSupplyContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The term of a supply contract.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TermOfSupplyContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TermOfSupplyContractAvailableExtension">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the term of supply contract, available extension.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TermOfSupplyContractAvailableExtension</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=ts_PraxairSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=ts_PraxairSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TechgenSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_TerniumSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=ts_TransportadoraDeGasDelNorteSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=ts_TransportadoraDeGasDelNorteSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_BR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_MX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_MX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_LU">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_LU</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_ConfabMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_ConfabMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=ts_ChubbMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=ts_ChubbMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CounterpartyNameAxis=ts_VeracelCeluloseSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=ts_VeracelCeluloseSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_LegalProceedingsContingentLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_TaxContingentLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfContingentLiabilitiesAxis=ifrs-full_TaxContingentLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<TYPE>XML
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<FILENAME>R155.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547620480416">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 28 - Cancellation of title deed in Saudi Steel Pipe Company (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>m&#178;</div>
</th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember', window );">SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47.79%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_SA', window );">Saudi Arabia | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeographicalAreasLineItems', window );"><strong>Disclosure of geographical areas [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AreaOfLand1', window );">Area of land (in square meters) | m&#178;</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">811,284<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">47.79%<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Land', window );">Land plots, carrying value | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 56.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> All percentages rounded.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> is a public company listed in the Saudi Arabian </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Stock Exchange</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tad</span><span style="font-family: Calibri; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">wul</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over SSPC</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Since May, 2023, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co. holds 57.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">% of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over GPC.</span></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfGeographicalAreasLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Land">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment representing land held by the entity for use in operations. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2023-01-01<br> -Paragraph 37<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_37_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Land</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AreaOfLand1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The area of land held by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AreaOfLand1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_SA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618735392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 29 - Foreign exchange control measures in Argentina (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CurrencyAxis=currency_ARS', window );">Argentina, Pesos</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MaximumPercentageOfExportProceedsWhichCanBeSold', window );">Maximum percentage of export proceeds can be sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_ArgentineSovereignBondsMember', window );">Argentine sovereign bonds [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BondMaturityTerm', window );">Bond maturity term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">4 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | Subsidiaries [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfEntitysNetEquity', window );">Percentage of entity's net equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfEntitysRevenue', window );">Percentage of entity's revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember', window );">Argentine Peso / U.S. dollar foreign exchange risk [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 134,716<span></span>
</td>
<td class="nump">$ 126,739<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember', window );">Argentine Peso / U.S. dollar foreign exchange risk [member] | Argentine sovereign bonds [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DistributionOfDividendInKind', window );">Distribution of dividend in kind</a></td>
<td class="nump">$ 356,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember', window );">Argentine Peso / U.S. dollar foreign exchange risk [member] | Argentina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ForeignExchangeRiskCurrencyExposure', window );">Currency exposure / functional currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(135,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_InternationalMarketMember', window );">International market [member] | Argentine sovereign bonds [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DistributionOfDividendInKind', window );">Distribution of dividend in kind</a></td>
<td class="nump">$ 174,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome', window );">Negative equity reserve at fair value through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_TypesOfRisksAxis=ts_InternationalMarketMember', window );">International market [member] | Argentine Subsidiaries [Member] | Us Dollar Denominated Argentine Bonds [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems', window );"><strong>Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome', window );">Financial assets at fair value through other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 208,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets at fair value through other comprehensive income. [Refer: At fair value [member]; Financial assets; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 8<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_8_h&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfEntitysRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfEntitysRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_BondMaturityTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The period of Maturity of Bond issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_BondMaturityTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DistributionOfDividendInKind">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of distribution of dividend in kind.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DistributionOfDividendInKind</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ForeignExchangeRiskCurrencyExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of currency exposure which impact profit and loss expressed as long/(short).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ForeignExchangeRiskCurrencyExposure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MaximumPercentageOfExportProceedsWhichCanBeSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum percentage of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MaximumPercentageOfExportProceedsWhichCanBeSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of negative equity reserve at fair value through other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfEntitysNetEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the entity's net equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfEntitysNetEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_CurrencyAxis=currency_ARS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CurrencyAxis=currency_ARS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_ArgentineSovereignBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_ArgentineSovereignBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ifrs-full_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ifrs-full_SubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_ArgentinePesoUsDollarForeignExchangeRiskMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=ts_InternationalMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=ts_InternationalMarketMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ArgentineSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ArgentineSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsDollarDenominatedArgentineBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialAssetsAxis=ts_UsDollarDenominatedArgentineBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>183
<FILENAME>R157.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634986864">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 30 - Cash flow disclosures - Cash Flow Disclosures (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfCashFlowAbstract', window );"><strong>Note 30 - Cash flow disclosures</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 186,903<span></span>
</td>
<td class="num">$ (1,329,865)<span></span>
</td>
<td class="num">$ (1,085,024)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets', window );">Receivables and prepayments and current tax assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">64,000<span></span>
</td>
<td class="num">(155,449)<span></span>
</td>
<td class="num">(79,912)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">153,920<span></span>
</td>
<td class="num">(1,208,278)<span></span>
</td>
<td class="num">(356,069)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">28,275<span></span>
</td>
<td class="nump">57,389<span></span>
</td>
<td class="nump">4,892<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers', window );">Customer advances</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(101,646)<span></span>
</td>
<td class="nump">151,066<span></span>
</td>
<td class="nump">44,661<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(149,024)<span></span>
</td>
<td class="nump">353,892<span></span>
</td>
<td class="nump">399,988<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Increase (decrease) in working capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">182,428<span></span>
</td>
<td class="num">(2,131,245)<span></span>
</td>
<td class="num">(1,071,464)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeTaxAccrualsLessPaymentsAbstract', window );"><strong>Income tax accruals less payments</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeTaxesAccrued', window );">Tax accrued</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">674,956<span></span>
</td>
<td class="nump">617,236<span></span>
</td>
<td class="nump">189,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Taxes paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(818,347)<span></span>
</td>
<td class="num">(359,585)<span></span>
</td>
<td class="num">(153,846)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Adjustments for income tax expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(143,391)<span></span>
</td>
<td class="nump">257,651<span></span>
</td>
<td class="nump">35,602<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InterestAccrualsLessPaymentsNetAbstract', window );"><strong>Interest accruals less payments, net</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InterestAccrued', window );">Interest accrued, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(106,612)<span></span>
</td>
<td class="num">(34,080)<span></span>
</td>
<td class="num">(14,371)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForInterestIncome', window );">Interest received</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">147,473<span></span>
</td>
<td class="nump">68,335<span></span>
</td>
<td class="nump">24,567<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Interest paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(94,341)<span></span>
</td>
<td class="num">(32,775)<span></span>
</td>
<td class="num">(21,559)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Interest income (expense)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (53,480)<span></span>
</td>
<td class="nump">$ 1,480<span></span>
</td>
<td class="num">$ (11,363)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;">Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Changes in</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> working capital </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">do not include</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> non-</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for an amount of $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span style="border-left: none; border-right: none;">(16.7)</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>3</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">4.2</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>2</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> and $</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">25.6</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <span>202</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><span>1</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</span></span></td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in loans and advances to customers to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Loans and advances to customers; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInLoansAndAdvancesToCustomers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other liabilities; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForInterestIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for interest income expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Interest income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForInterestIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 14<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2023-01-01<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in receivables and prepayments and current tax assets to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AdjustmentsForIncreaseDecreaseInReceivablesAndPrepaymentsAndCurrentTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfCashFlowAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfCashFlowAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeTaxAccrualsLessPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeTaxAccrualsLessPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeTaxesAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes accrued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeTaxesAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InterestAccrualsLessPaymentsNetAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of interest accrued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InterestAccrued</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618722064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Related party transactions (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued (in shares)</a></td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
<td class="nump">1,180,536,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Key management personnel compensation, short-term employee benefits</a></td>
<td class="nump">$ 47.5<span></span>
</td>
<td class="nump">$ 35.2<span></span>
</td>
<td class="nump">$ 37.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment', window );">Key management personnel compensation, share-based payment</a></td>
<td class="nump">$ 5.6<span></span>
</td>
<td class="nump">$ 5.1<span></span>
</td>
<td class="nump">$ 3.9<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ts_SanFaustinSaMember', window );">San Faustin S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="nump">61.10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Total number of shares issued (in shares)</a></td>
<td class="nump">713,605,187<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfOwnershipInterest', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">60.45%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember', window );">Key management personnel of entity or parent [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfOwnershipInterest', window );">Proportion of ownership interest in associate</a></td>
<td class="nump">0.07%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_UnitsIssuedRelatedPartyTransactions', window );">Units issued, related party transactions (in shares)</a></td>
<td class="nump">388,000<span></span>
</td>
<td class="nump">437,000<span></span>
</td>
<td class="nump">382,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentOfCompanyVotingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of a company's voting capital represented.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentOfCompanyVotingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfOwnershipInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of the voting interest owned by the reporting entity (directly or indirectly).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfOwnershipInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_UnitsIssuedRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of units issued in a related party transaction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_UnitsIssuedRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ts_SanFaustinSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ts_SanFaustinSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619665376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 31 - Related party transactions - Transactions Carried Out With Related Parties (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_RevenueRelatedPartyTransactions', window );">Revenue, related party transactions</a></td>
<td class="nump">$ 289,083<span></span>
</td>
<td class="nump">$ 362,629<span></span>
</td>
<td class="nump">$ 198,908<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions', window );">Purchases of goods and services, related party transactions</a></td>
<td class="nump">548,763<span></span>
</td>
<td class="nump">758,443<span></span>
</td>
<td class="nump">350,951<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults', window );">Income from joint ventures in related party transactions</a></td>
<td class="nump">5,645<span></span>
</td>
<td class="nump">3,804<span></span>
</td>
<td class="nump">2,867<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AmountsReceivablePayableRelatedPartyTransactions', window );">Amounts receivable (payable), related party transactions</a></td>
<td class="nump">73,088<span></span>
</td>
<td class="num">(8,006)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinanceLeaseLiabilitiesFromAssociatedCompanies', window );">Finance lease liabilities from associated companies</a></td>
<td class="num">(1,459)<span></span>
</td>
<td class="num">(1,650)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties', window );">Finance lease liabilities from other related parties</a></td>
<td class="num">(375)<span></span>
</td>
<td class="num">(483)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_FinancialDebtRelatedParties', window );">Financial debt related parties</a></td>
<td class="num">(1,834)<span></span>
</td>
<td class="num">(2,133)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TechintHoldingsSarlMember', window );">Techint Holdings S.&#224;r.l. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsDistributedRelatedPartyTransactions', window );">Dividend distributed related party transactions</a></td>
<td class="nump">385,347<span></span>
</td>
<td class="nump">321,122<span></span>
</td>
<td class="nump">192,673<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember', window );">Associates [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Sales of goods to related parties</a></td>
<td class="nump">56,152<span></span>
</td>
<td class="nump">100,019<span></span>
</td>
<td class="nump">71,879<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Sales of services to related parties</a></td>
<td class="nump">1,564<span></span>
</td>
<td class="nump">1,472<span></span>
</td>
<td class="nump">1,164<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Purchases of goods to related parties</a></td>
<td class="nump">324,556<span></span>
</td>
<td class="nump">555,257<span></span>
</td>
<td class="nump">225,319<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions', window );">Purchases of services to related parties</a></td>
<td class="nump">13,349<span></span>
</td>
<td class="nump">13,759<span></span>
</td>
<td class="nump">9,763<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsReceivedRelatedPartyTransactions', window );">Divicend received related party transactions</a></td>
<td class="nump">69,216<span></span>
</td>
<td class="nump">64,189<span></span>
</td>
<td class="nump">78,926<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Receivables from non-consolidated parties</a></td>
<td class="nump">7,589<span></span>
</td>
<td class="nump">9,012<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Payables to non-consolidated parties</a></td>
<td class="num">(21,012)<span></span>
</td>
<td class="num">(113,738)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other related parties [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Sales of goods to related parties</a></td>
<td class="nump">121,679<span></span>
</td>
<td class="nump">151,884<span></span>
</td>
<td class="nump">76,467<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Sales of services to related parties</a></td>
<td class="nump">109,553<span></span>
</td>
<td class="nump">109,123<span></span>
</td>
<td class="nump">49,268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Purchases of goods to related parties</a></td>
<td class="nump">61,366<span></span>
</td>
<td class="nump">51,040<span></span>
</td>
<td class="nump">32,453<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions', window );">Purchases of services to related parties</a></td>
<td class="nump">76,751<span></span>
</td>
<td class="nump">36,767<span></span>
</td>
<td class="nump">13,806<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Receivables from non-consolidated parties</a></td>
<td class="nump">62,986<span></span>
</td>
<td class="nump">78,370<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Payables to non-consolidated parties</a></td>
<td class="num">(11,488)<span></span>
</td>
<td class="num">(13,283)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_JointVenturesWhereEntityIsVenturerMember', window );">Joint ventures where entity is venturer [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions', window );">Sales of services to related parties</a></td>
<td class="nump">135<span></span>
</td>
<td class="nump">131<span></span>
</td>
<td class="nump">130<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Purchases of goods to related parties</a></td>
<td class="nump">72,741<span></span>
</td>
<td class="nump">101,620<span></span>
</td>
<td class="nump">69,610<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults', window );">Income from joint ventures in related party transactions</a></td>
<td class="nump">5,645<span></span>
</td>
<td class="nump">3,804<span></span>
</td>
<td class="nump">$ 2,867<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Receivables from non-consolidated parties</a></td>
<td class="nump">63,374<span></span>
</td>
<td class="nump">60,123<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Payables to non-consolidated parties</a></td>
<td class="num">$ (28,361)<span></span>
</td>
<td class="num">$ (28,490)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsPayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts payable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 20<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of goods purchased by the entity in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of property and other assets purchased by the entity in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_b&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesOfPropertyAndOtherAssetsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of services in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfServicesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of goods in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=24&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AmountsReceivablePayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable (payable) resulting from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AmountsReceivablePayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsDistributedRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The dividends distributed in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsDistributedRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsReceivedRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The dividend received in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsReceivedRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinanceLeaseLiabilitiesFromAssociatedCompanies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of finance lease liabilities from associated companies as of the specified date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinanceLeaseLiabilitiesFromAssociatedCompanies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of finance lease liabilities from other related parties as of the specified date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinanceLeaseLiabilitiesFromOtherRelatedNonconsolidatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_FinancialDebtRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of financial debt with related parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_FinancialDebtRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income from joint ventures in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IncomeFromJointVenturesRelatedPartyTransactionsFinancialResults</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of purchases of goods and services in related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PurchasesOfGoodsAndServicesRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_RevenueRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from related party transactions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_RevenueRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TechintHoldingsSarlMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TechintHoldingsSarlMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_JointVenturesWhereEntityIsVenturerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_JointVenturesWhereEntityIsVenturerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>186
<FILENAME>R160.htm
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651081264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 32 - Principal accountant fees - Fees Accrued for Professional Services (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionalInformationAbstract', window );"><strong>Note 32 - Principal accountant fees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForAuditServices', window );">Audit fees</a></td>
<td class="nump">$ 4,386<span></span>
</td>
<td class="nump">$ 3,966<span></span>
</td>
<td class="nump">$ 3,804<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AuditorsRemunerationForAuditrelatedFees', window );">Audit-related fees</a></td>
<td class="nump">273<span></span>
</td>
<td class="nump">255<span></span>
</td>
<td class="nump">220<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForTaxServices', window );">Tax fees</a></td>
<td class="nump">148<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForOtherServices', window );">All other fees</a></td>
<td class="nump">14<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AuditorsRemuneration', window );">Total</a></td>
<td class="nump">$ 4,821<span></span>
</td>
<td class="nump">$ 4,232<span></span>
</td>
<td class="nump">$ 4,029<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemuneration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemuneration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForAuditServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for auditing services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForAuditServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForOtherServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for services that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForOtherServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForTaxServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for tax services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForTaxServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AuditorsRemunerationForAuditrelatedFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for other audit-related fees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AuditorsRemunerationForAuditrelatedFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>187
<FILENAME>R161.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651177232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 32 - Principal accountant fees (Details Textual)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionalInformationAbstract', window );"><strong>Note 32 - Principal accountant fees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AuditorsRemunerationForAcquisitionServices', window );">Auditors remuneration for acquisition services</a></td>
<td class="nump">$ 242<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AuditorsRemunerationForAcquisitionServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for acquisition related services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AuditorsRemunerationForAcquisitionServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>188
<FILENAME>R162.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619588416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 33 - Principal subsidiaries (Details Textual)<br></strong></div></th>
<th class="th" colspan="1">4 Months Ended</th>
<th class="th" colspan="1">8 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularTechnicalServicesAndPipeCoatersMember', window );">Tubular Technical Services and Pipe Coaters [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularsFinishingNigeriaLimitedMember', window );">Tubulars Finishing Nigeria Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_AmajaTubularServicesLimitedMember', window );">Amaja Tubular Services Limited [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBaogangBaotouSteelPipesLtdMember', window );">Tenaris Baogang Baotou Steel Pipes Ltd [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisSupplyChainSAMember', window );">Tenaris Supply Chain S.A. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">98.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularServicesAngolaLdaMember', window );">Tubular Services Angola Lda. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company [Member] | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember', window );">SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries [member] | NKKTUBES [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">51.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ExirosBVAndSubsidiariesMember', window );">EXIROS B.V. and subsidiaries [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentOfCompanyVotingCapital', window );">Percent of company voting capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentOfCompanyVotingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of a company's voting capital represented.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentOfCompanyVotingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularTechnicalServicesAndPipeCoatersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularTechnicalServicesAndPipeCoatersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularsFinishingNigeriaLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularsFinishingNigeriaLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_AmajaTubularServicesLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBaogangBaotouSteelPipesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisSupplyChainSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisSupplyChainSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularServicesAngolaLdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubularServicesAngolaLdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_NkktubesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_NkktubesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ExirosBVAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ExirosBVAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>189
<FILENAME>R163.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547632152992">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 33 - Principal subsidiaries - Percentage of Ownership of Each Controlled Company (Details)<br></strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Dec. 31, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember', window );">SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">47.79%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">Canada | ALGOMA TUBES INC. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CA', window );">Canada | TENARIS GLOBAL SERVICES (CANADA) INC. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_NL', window );">Netherlands | BREDERO SHAW INTERNATIONAL B.V. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_NL', window );">Netherlands | EXIROS B.V. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_NL', window );">Netherlands | TENARIS CONNECTIONS BV [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_NL', window );">Netherlands | TENARIS INVESTMENTS (NL) B.V. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_BR', window );">Brazil | CONFAB INDUSTRIAL S.A. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_IT', window );">Italy | DALMINE S.p.A. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA | HYDRIL COMPANY and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA | MAVERICK TUBE CORPORATION and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA | TENARIS BAY CITY, INC. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_US', window );">USA | TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_ID', window );">Indonesia | P.T. SEAMLESS PIPE INDONESIA JAYA [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">89.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">89.00%<span></span>
</td>
<td class="nump">89.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_RO', window );">Romania | S.C. SILCOTUB S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_SA', window );">Saudi Arabia | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
<td class="nump">47.79%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">48.00%<span></span>
</td>
<td class="nump">48.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | SIAT SOCIEDAD ANONIMA [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_AR', window );">Argentina | SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[4]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_PT', window );">Portugal | TALTA - TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_UY', window );">Uruguay | TENARIS FINANCIAL SERVICES S.A. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_UY', window );">Uruguay | TENARIS GLOBAL SERVICES S.A. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_GB', window );">United Kingdom | TENARIS GLOBAL SERVICES (UK) LTD [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_LU', window );">Luxembourg | TENARIS GLOBAL SERVICES and INVESTMENTS S.&#224;r.l. and subsidiaries [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CN', window );">China | TENARIS QINGDAO STEEL PIPES LTD. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_CO', window );">Colombia | TENARIS TUBOCARIBE LTDA. [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=country_MX', window );">Mexico | TUBOS DE ACERO DE MEXICO, S.A. and subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="border-right: none; border-left: none;"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> All percentages rounded.</span></span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Tenaris holds 50% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top"><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co.</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> is a public company listed in the Saudi Arabian </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Stock Exchange</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> (</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Tad</span><span style="font-family: Calibri; line-height: inherit;">&#257;</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">wul</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over SSPC</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Since May, 2023, </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Saudi Steel Pipe Co. holds 57.3</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">% of Global Pipe Company</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">, therefore Tenaris has control over GPC.</span></td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Until its liquidation in April 2023<span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">,</span> <span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Siderca</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> held 51% of </span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">NKKTubes</span><span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></td>
</tr>
</table></td></tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CA</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_BrederoShawInternationaBVAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ExirosBVAndSubsidiariesMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ExirosBVAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisConnectionsBvMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisConnectionsBvMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisInvestmentsNLBVAndSubsidiariesMember">
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisInvestmentsNLBVAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_BR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember">
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ConfabIndustrialSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_IT">
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<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_IT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAAndSubsidiariesMember">
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_DalmineSPAAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_US">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_US</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_HydrilCompanyAndSubsidiariesMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_HydrilCompanyAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_MaverickTubeCorporationAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBayCityIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisBayCityIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesUsaCorporationMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesUsaCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_ID">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_ID</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_PtSeamlessPipeIndonesiaJayaMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_PtSeamlessPipeIndonesiaJayaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_RO">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_RO</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ScSilcotubSaMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_ScSilcotubSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_SA">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_SA</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_AR">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SiatSociedadAnonimaMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SiatSociedadAnonimaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SidercaSaicAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_PT">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_PT</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=country_UY">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_UY</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisFinancialServicesSaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesSaAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_GB</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesUkLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_LU</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CN</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisQingdaoSteelPipesLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_CO</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TenarisTubocaribeLtdaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_MX</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TubosDeAceroDeMexicoSaAndSubsidiariesMember</td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619669536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Note 34 - Business combinations (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Nov. 30, 2023</div></th>
<th class="th"><div>Sep. 06, 2023</div></th>
<th class="th"><div>Jul. 01, 2023</div></th>
<th class="th"><div>May 17, 2023</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 173.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_WorkingCapitalRecognisedAsOfAcquisitionDate', window );">Working capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and Cash Equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate', window );">Borrowings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(123.0)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IdentifiableAssetsAcquiredLiabilitiesAssumedOther', window );">Other assets and liabilities, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6.0)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 80.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember', window );">Anticorrosion Coating Assets [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_WorkingCapitalRecognisedAsOfAcquisitionDate', window );">Working capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember', window );">Republic Tube Pipe Processing Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 85.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_WorkingCapitalRecognisedAsOfAcquisitionDate', window );">Working capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IdentifiableAssetsAcquiredLiabilitiesAssumedOther', window );">Other assets and liabilities, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net assets acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 85.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember', window );">Mattrs Pipe Coating Business Unit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate', window );">Property, Plant and Equipment</a></td>
<td class="nump">$ 126.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate', window );">Intangible assets</a></td>
<td class="nump">29.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_WorkingCapitalRecognisedAsOfAcquisitionDate', window );">Working capital</a></td>
<td class="num">(13.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate', window );">Cash and Cash Equivalents</a></td>
<td class="nump">21.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Provisions</a></td>
<td class="num">(7.0)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_IdentifiableAssetsAcquiredLiabilitiesAssumedOther', window );">Other assets and liabilities, net</a></td>
<td class="nump">13.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Net assets acquired</a></td>
<td class="nump">$ 169.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for borrowings assumed in a business combination. [Refer: Borrowings; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for cash and cash equivalents acquired in a business combination. [Refer: Cash and cash equivalents; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current liabilities assumed in a business combination. [Refer: Current liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for identifiable intangible assets acquired in a business combination. [Refer: Intangible assets other than goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for plant, property and equipment acquired in a business combination. [Refer: Property, plant and equipment; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_IdentifiableAssetsAcquiredLiabilitiesAssumedOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for other net identifiable assets acquired or liabilities assumed in a business combination.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_IdentifiableAssetsAcquiredLiabilitiesAssumedOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_WorkingCapitalRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of working capital recognised as of acquisition date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_WorkingCapitalRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>191
<FILENAME>R165.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547630644624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 34 - Business combinations (Details Textual)<br> $ in Thousands, &#8364; in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">7 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2"></th>
</tr>
<tr>
<th class="th">
<div>Nov. 30, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 01, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 17, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 16, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 06, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 01, 2023 </div>
<div>EUR (&#8364;) </div>
<div>m&#178;</div>
</th>
<th class="th">
<div>Jul. 01, 2023 </div>
<div>USD ($) </div>
<div>m&#178;</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 187,465<span></span>
</td>
<td class="nump">$ 187,465<span></span>
</td>
<td class="nump">$ 187,465<span></span>
</td>
<td class="nump">$ 128,728<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,162<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AreaOfOperations', window );">Area Of Operations | m&#178;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">65,000<span></span>
</td>
<td class="nump">65,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MaximumPeriodToDecideAloocationsOfPurchasePrice', window );">Maximum Period To Decide Aloocations Of Purchase Price</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember', window );">SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47.79%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueOfAcquiree', window );">Revenue of acquiree since acquisition date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">144,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments accounted for using equity method</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination', window );">Gain (loss) recognised as result of remeasuring to fair value equity interest in acquiree held by acquirer before business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,506<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">34,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Fair value of net assets and liabilities acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,487<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionRelatedCosts', window );">Acquisition-related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company | Erndtebruecker Eisenwerk [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company | SAUDI STEEL PIPE CO. and subsidiaries [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Proportion of ownership interest in associate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Percentage of ownership interest in subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_GuaranteeFinancialDebt', window );">Estimated financial effect of contingent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">72,000<span></span>
</td>
<td class="nump">$ 72,000<span></span>
</td>
<td class="nump">72,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember', window );">Global Pipe Company | SAUDI STEEL PIPE CO. and subsidiaries [Member] | Erndtebruecker Eisenwerk [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percentage of voting equity interests acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">22.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Acquisition price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember', window );">Anticorrosion Coating Assets [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Fair value of net assets and liabilities acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction', window );">Equity in earnings of non-consolidated companies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember', window );">Anticorrosion Coating Assets [Member] | Isoplus Mediterranean SRLS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Acquisition price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 9.0<span></span>
</td>
<td class="nump">$ 9,800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember', window );">Republic Tube Pipe Processing Facility [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Fair value of net assets and liabilities acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 85,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes', window );">Goodwill expected to be deductible for tax purposes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionRelatedCosts', window );">Acquisition-related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember', window );">Republic Tube Pipe Processing Facility [Member] | Republic Tube LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Acquisition price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 90,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember', window );">Mattrs Pipe Coating Business Unit [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred', window );">Acquisition price</a></td>
<td class="nump">$ 182,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RevenueOfAcquiree', window );">Revenue of acquiree since acquisition date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 77,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed', window );">Fair value of net assets and liabilities acquired</a></td>
<td class="nump">169,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate', window );">Goodwill recognized</a></td>
<td class="nump">$ 13,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AcquisitionRelatedCosts', window );">Acquisition-related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfPlantsAcquired', window );">Number Of Plants Acquired</a></td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of the consideration transferred in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_f&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gain (loss) recognised as result of remeasuring to fair value the equity interest in the acquiree held by the acquirer before the business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph p<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_p_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainRecognisedInBargainPurchaseTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of any gain recognised in a business combination in which the net of the identifiable assets acquired and the liabilities assumed exceeds the aggregate of the consideration transferred, non-controlling interest in the acquiree and fair value of the acquirer's previously held equity interest in the acquiree. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph n<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_n_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainRecognisedInBargainPurchaseTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of goodwill in a business combination that is expected to be deductible for tax purposes. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph k<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_k&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillExpectedDeductibleForTaxPurposes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the business combination's acquisition date for goodwill. [Refer: Goodwill; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GoodwillRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for net identifiable assets acquired or liabilities assumed in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph IE72<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_IE72&amp;doctype=Illustrative%20Examples<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2023-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph B16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2023-01-01<br> -Paragraph 22<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueOfAcquiree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue of the acquiree since the acquisition date included in the consolidated statement of comprehensive income. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2023-01-01<br> -Paragraph B64<br> -Subparagraph q<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_B64_q_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueOfAcquiree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AcquisitionRelatedCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of acquisition-related costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AcquisitionRelatedCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AreaOfOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AreaOfOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_GuaranteeFinancialDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the value of guarantee financial debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_GuaranteeFinancialDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MaximumPeriodToDecideAloocationsOfPurchasePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MaximumPeriodToDecideAloocationsOfPurchasePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfPlantsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfPlantsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_SaudiSteelPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_GlobalPipeCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_ErndtebrueckerEisenwerkMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_ErndtebrueckerEisenwerkMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_AnticorrosionCoatingAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_IsoplusMediterraneanSRLSMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_IsoplusMediterraneanSRLSMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_RepublicTubePipeProcessingFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_RepublicTubeLLCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_RepublicTubeLLCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=ts_MattrsPipeCoatingBusinessUnitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>192
<FILENAME>R166.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547619165456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 35 - Nationalization of Venezuelan subsidiaries (Details Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 12, 2016</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Jan. 25, 2023</div></th>
<th class="th"><div>Nov. 05, 2021</div></th>
<th class="th"><div>Aug. 24, 2021</div></th>
<th class="th"><div>Jul. 17, 2020</div></th>
<th class="th"><div>Jan. 29, 2016</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardCollected', window );">Nationalization of subsidiaries compensation award collected</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 82.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesNetResults', window );">Nationalization of subsidiaries net results</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 33.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember', window );">TALTA&#8212;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member] | VENEZUELA | Awards purchase agreement [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesPurchaseAgreement', window );">Purchase agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 81.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses', window );">Non-refundable signing payment as reimbursement of expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_MatesiMaterialesSiderrgicosSaMember', window );">Matesi Materiales Sider&#250;rgicos S.A [member] | TALTA&#8212;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member] | VENEZUELA | ICSID in Washington D.C. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest', window );">Nationalization of subsidiaries, compensation award not including pre-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 87.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesPreawardInterest', window );">Nationalization of subsidiaries, pre-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">85.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterestAndLegalFees', window );">Nationalization of subsidiaries, compensation award including pre-award interest and legal fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">173.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesReimbursementOfLegalFees', window );">Nationalization of subsidiaries, reimbursement of legal fees and administrative costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_MatesiMaterialesSiderrgicosSaMember', window );">Matesi Materiales Sider&#250;rgicos S.A [member] | TALTA&#8212;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member] | VENEZUELA | Federal court in District of Columbia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest', window );">Nationalization of subsidiaries, compensation award including including principal and post-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 256.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TavsaAndComsiguaMember', window );">Tavsa and Comsigua [member] | TALTA&#8212;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member] | VENEZUELA | ICSID in Washington D.C. [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest', window );">Nationalization of subsidiaries, compensation award not including pre-award interest</a></td>
<td class="nump">$ 137.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesPreawardInterest', window );">Nationalization of subsidiaries, pre-award interest</a></td>
<td class="nump">76.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesReimbursementOfLegalFees', window );">Nationalization of subsidiaries, reimbursement of legal fees and administrative costs</a></td>
<td class="nump">$ 3.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesInterestRateBasisSpread', window );">Nationalization of subsidiaries, interest rate basis spread</a></td>
<td class="text">LIBOR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate', window );">Nationalization of subsidiaries, basis spread on variable rate</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=ts_TavsaAndComsiguaMember', window );">Tavsa and Comsigua [member] | TALTA&#8212;TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA. [member] | VENEZUELA | Federal court in District of Columbia [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest', window );">Nationalization of subsidiaries, compensation award including including principal and post-award interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 276.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest', window );">Nationalization of subsidiaries, compensation award including principal, post-award interest and post-judgment interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 280.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the interest receivable associated with the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesBasisSpreadOnVariableRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardCollected">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount collected as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardCollected</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterestAndLegalFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount awarded, including pre-award interest and legal fees, as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardIncludingPreawardInterestAndLegalFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount awarded, including principal and post-award interest, as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalAndPostAwardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount awarded, including pre-award interest and legal fees, as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardIncludingPrincipalPostAwardInterestAndPostJudgmentInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount awarded, not including pre-award interest, as compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesCompensationAwardNotIncludingPreawardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesInterestRateBasisSpread">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesInterestRateBasisSpread</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesNetResults">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net gain on transfer of compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesNetResults</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-refundable signing payment as reimbursement of expenses associated with the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesNonRefundableSigningPaymentAsReimbursementOfExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesPreawardInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of pre-award interest associated with compensation for the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesPreawardInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesPurchaseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of price of the purchase agreement associated with the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesPurchaseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NationalizationOfSubsidiariesReimbursementOfLegalFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of reimbursement of legal fees associated with the nationalization of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NationalizationOfSubsidiariesReimbursementOfLegalFees</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=ts_TaltatradingEMarketingSociedadeUnipessoalLdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=country_VE</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=ts_AwardsPurchaseAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=ts_AwardsPurchaseAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_MatesiMaterialesSiderrgicosSaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_MatesiMaterialesSiderrgicosSaMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=ts_InternationalCentreForSettlementOfInvestmentDisputesInWashingtonDCMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_LitigationCaseAxis=ts_FederalCourtInDistrictOfColumbiaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_LitigationCaseAxis=ts_FederalCourtInDistrictOfColumbiaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ts_TavsaAndComsiguaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ts_TavsaAndComsiguaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</DOCUMENT>
<DOCUMENT>
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<head>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547629120416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 36 - Termination of NKKTubes joint venture (Details Textual) - NKKTUBES [member]<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2023</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesLineItems', window );"><strong>Disclosure of joint ventures [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">51.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_CounterpartyNameAxis=ts_JfeMember', window );">JFE [member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesLineItems', window );"><strong>Disclosure of joint ventures [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Proportion of ownership interest in joint venture</a></td>
<td class="nump">49.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfJointVenturesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfJointVenturesLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2023-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2023-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_NkktubesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_CounterpartyNameAxis=ts_JfeMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<head>
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<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547651013392">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 37 - Share Buyback Program  (Details Textual) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Nov. 01, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Jun. 02, 2020</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfShareBuybackProgramLineItems', window );"><strong>Disclosure Of Share Buyback Program [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfTreasurySharesPurchased', window );">Number Of Treasury Shares Purchased</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,648,091<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Purchase of treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 213,739<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AmountPayableUnderShareBuyback', window );">Amount Payable Under Share Buyback</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 86,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfLimitSharesBuybackAuthorized', window );">Percentage of limit shares buyback authorized</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_StockRepurchasedProgramPaymentAuthorised', window );">Stock Repurchased Program Payment Authorised</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfStockRepurchasedProgramSharesAuthorised', window );">Percentage of stock repurchased program shares authorised</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_StockRepurchasedProgramSharesAuthorised', window );">Stock repurchased program shares authorised</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">As of December 31, 2023, the Company </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">held </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">12,648,091</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> as treasury shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ee note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">37</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AmountPayableUnderShareBuyback">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount payable under share buyback.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AmountPayableUnderShareBuyback</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfShareBuybackProgramLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfShareBuybackProgramLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfTreasurySharesPurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of treasury purchased under buyback.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfTreasurySharesPurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfLimitSharesBuybackAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of limit shares buyback authorized</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfLimitSharesBuybackAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfStockRepurchasedProgramSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of stock repurchased program shares authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfStockRepurchasedProgramSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_StockRepurchasedProgramPaymentAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of stock repurchased program payment authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_StockRepurchasedProgramPaymentAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_StockRepurchasedProgramSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of stock repurchased program shares authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_StockRepurchasedProgramSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547635179712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Note 38 - Climate change (Details Textual)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Nov. 30, 2023 </div>
<div>USD ($) </div>
<div>t</div>
</th>
<th class="th">
<div>Oct. 31, 2023 </div>
<div>USD ($) </div>
<div>t</div>
</th>
<th class="th"><div>Feb. 28, 2021</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_WindFarmInArgentinaMember', window );">Wind farm in Argentina [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfClimateChangeLineItems', window );"><strong>Disclosure of climate change [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_InvestmentsInWindfarm', window );">Investments In Windfarm | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfEnergyRequirementsSupplied', window );">Percentage Of Energy Requirements Supplied</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry', window );">Estimated reduction of carbon dioxide emissions in that country | t</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">152,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_SecondWindFarmInArgentinaMember', window );">Second Wind Farm In Argentina Member</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfClimateChangeLineItems', window );"><strong>Disclosure of climate change [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry', window );">Estimated reduction of carbon dioxide emissions in that country | t</a></td>
<td class="nump">102,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EstimatedInvestmentsPlanWindfarm', window );">Estimated investments in plan | $</a></td>
<td class="nump">$ 214<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfEnergyRequirementsInThatMillToBeSupplied', window );">Percentage of energy requirements in that city to be supplied</a></td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_TimeHorizonAxis=ts_MediumTermTargetMember', window );">Medium term target [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DisclosureOfClimateChangeLineItems', window );"><strong>Disclosure of climate change [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfTargetForReducingCarbonEmissionsIntensity', window );">Percentage of target for reducing carbon emissions intensity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PeriodOverClimateRelatedTargetApplies', window );">Period over climate-related target applies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2030<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured', window );">Baseline from which progress for climate-related target is measured</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2018<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the baseline from which progress for climate-related target is measured.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_BaseLineFromWhichProgressForClimateRelatedTargetIsMeasured</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DisclosureOfClimateChangeLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DisclosureOfClimateChangeLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EstimatedInvestmentsPlanWindfarm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of estimated investments to be made in a plan windfarm.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EstimatedInvestmentsPlanWindfarm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The volume of estimated reduction of Carbon dioxide ("CO2") emissions of reporting entity in that country.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_InvestmentsInWindfarm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments made in a windfarm.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_InvestmentsInWindfarm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfEnergyRequirementsInThatMillToBeSupplied">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of energy requirements in that mill to be supplied by a specific plan.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfEnergyRequirementsInThatMillToBeSupplied</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfEnergyRequirementsSupplied">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of energy requirements supplied.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfEnergyRequirementsSupplied</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfTargetForReducingCarbonEmissionsIntensity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of the target for reducing the intensity of carbon emissions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfTargetForReducingCarbonEmissionsIntensity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PeriodOverClimateRelatedTargetApplies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The description of the period over which the climate-related target applies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PeriodOverClimateRelatedTargetApplies</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_WindFarmInArgentinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_WindFarmInArgentinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_SecondWindFarmInArgentinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_SecondWindFarmInArgentinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_TimeHorizonAxis=ts_MediumTermTargetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_TimeHorizonAxis=ts_MediumTermTargetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</html>
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<head>
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547634826272">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Note 39 - Events after the reporting period (Details Textual)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Apr. 30, 2024 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Nov. 22, 2023 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Oct. 31, 2023 </div>
<div>t</div>
</th>
<th class="th">
<div>May 24, 2023 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>May 25, 2022 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>May 24, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 25, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2021 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Feb. 26, 2024 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Nov. 01, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>May 22, 2022 </div>
<div>USD ($) </div>
<div>$ / shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinarySharesPerShare', window );">Dividends paid, ordinary shares per share (in dollars per share) | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.34<span></span>
</td>
<td class="nump">$ 0.28<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPaidPerAmericanDepositarySecurity', window );">Dividends paid, per ADS (in dollars per share) | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.68<span></span>
</td>
<td class="nump">$ 0.56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends recognised as distributions to owners</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 235,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 401,000<span></span>
</td>
<td class="nump">$ 331,000<span></span>
</td>
<td class="nump">$ 602,000<span></span>
</td>
<td class="nump">$ 484,000<span></span>
</td>
<td class="nump">$ 655,478<span></span>
</td>
<td class="nump">$ 541,674<span></span>
</td>
<td class="nump">$ 322,099<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Purchase of treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 213,739<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_StockRepurchasedProgramPaymentAuthorised', window );">Stock Repurchased Program Payment Authorised</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ts_WindFarmInArgentinaMember', window );">Wind farm in Argentina [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry', window );">Estimated reduction of Carbon dioxide emissions of reporting entity in that country | t</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">152,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ts_AnnualDividendProposalMember', window );">Annual Dividend Proposal [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare', window );">Annual dividend proposed to be distributed (in dollars per share) | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity', window );">Annual dividend proposed to be distributed, amount per ads (in dollars per share) | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners', window );">Annual dividend proposed to be distributed</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 700,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPayableAmountPerShares', window );">Dividends payable, amount per share (in dollars per share) | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity', window );">Dividends payable, amount per ads (in dollars per share) | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_AnnualDividendPayable', window );">Annual dividend payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 465,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember', window );">Major ordinary share transactions [member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_StockRepurchasedProgramPaymentAuthorised', window );">Stock Repurchased Program Payment Authorised</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember', window );">Major ordinary share transactions [member] | Second tranche [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_StockRepurchasedProgramPaymentAuthorised', window );">Stock Repurchased Program Payment Authorised</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="14"></td></tr>
<tr><td colspan="14"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top"><span style="font-size: 9pt;"><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">As of December 31, 2023, the Company </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">held </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">12,648,091</span> <span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> as treasury shares</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information s</span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ee note </span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><span style="border-left: none; border-right: none;">37</span></span><span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</span></span></td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 107<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinarySharesPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per ordinary share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2023-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=34&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinarySharesPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends proposed or declared after the reporting period but before financial statements are authorised for issue. Such dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2023-01-01<br> -Paragraph 13<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=10&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2023-03-23<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount, per share, of dividends proposed or declared before financial statements were authorised for issue but not recognised as distribution to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 137<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_137_a&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2023-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2023-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2023-03-23<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_AnnualDividendPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of annual dividend payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_AnnualDividendPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPaidPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid per American Depositary Security ("ADS"). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPaidPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a dividend declared or approved, but not yet paid (Dividends payable) per American Depositary Security (ADS). Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsPayableAmountPerShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend payable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsPayableAmountPerShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount, per American Depositary Security (ADS), of dividends proposed or declared before financial statements were authorised for issue but not recognised as distribution to owners. Each ADS equals two shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnerPerAmericanDepositarySecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The volume of estimated reduction of Carbon dioxide ("CO2") emissions of reporting entity in that country.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_EstimatedReductionOfCarbonDioxideEmissionsInThatCountry</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of stock repurchased program payment authorised.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_StockRepurchasedProgramPaymentAuthorised</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ts_WindFarmInArgentinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ts_WindFarmInArgentinaMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ts_AnnualDividendProposalMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ts_SecondTrancheMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ts_SecondTrancheMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>197
<FILENAME>R171.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.24.1</span><table class="report" border="0" cellspacing="2" id="idm140547618022720">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Update as of March 30, 2022 (Details - Textuals) - Usiminas [member]<br> R$ / shares in Units, shares in Millions, R$ in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>shares</div>
</th>
<th class="th"><div>Jul. 03, 2023</div></th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>d</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>Directors</div>
</th>
<th class="th">
<div>Jul. 03, 2023 </div>
<div>Officers</div>
</th>
<th class="th">
<div>Mar. 30, 2023 </div>
<div>R$ / shares </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Ordinary shares [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesSubscribedTo', window );">Number of shares subscribed to (in shares)</a></td>
<td class="nump">47.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_MajorityPercentageOfControlGroupShares', window );">Majority percentage of control group shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | T/T Group [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_PercentageOfVotingCapitalIncreasedInControlGroup', window );">Percentage of voting capital increased in control group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | T/T Group [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement', window );">Number of Board members can be appointed through the shareholders agreement | Officers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Tenaris [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement', window );">Number of Board members can be appointed through the shareholders agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Ordinary shares [member] | T/T Group [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesToBePurchasedUnderAgreement', window );">Number of shares to be purchased under agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">68.7<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SharesSubscribedToPricePerShare', window );">Shares subscribed to, price per share (in BRL per share) | R$ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 10<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_SharesSubscribedToValue', window );">Shares subscribed to, value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 110<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesSubscribedTo', window );">Number of shares subscribed to (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfSharesToBePurchasedUnderAgreement', window );">Number of shares outstanding in control group</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">68.7<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption', window );">Thresold number of trading days immediately prior to date of exercising option | d</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorPurchasesOfAssetsMember', window );">Major purchases of assets [member] | Ordinary shares [member] | NSSMC [member] | The new SHA [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice', window );">Number of trading days to calculate moving average share price | d</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_MajorityPercentageOfControlGroupShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The majority percentage of control group shares for ordinary decisions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_MajorityPercentageOfControlGroupShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of Board members can be appointed through the shareholders agreement by the entity at a date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfBoardMembersCanBeAppointedThroughShareholdersAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSharesSubscribedTo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of shares subscribed to.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSharesSubscribedTo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfSharesToBePurchasedUnderAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares to be purchased under agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfSharesToBePurchasedUnderAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of trading days to calculate moving average share price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_NumberOfTradingDaysToCalculateMovingAverageSharePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_PercentageOfVotingCapitalIncreasedInControlGroup">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of company voting capital increased in control group upon the closing of the transaction under share purchase agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_PercentageOfVotingCapitalIncreasedInControlGroup</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SharesSubscribedToPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the price per share of shares subscribed to.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SharesSubscribedToPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_SharesSubscribedToValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the value of shares subscribed to.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_SharesSubscribedToValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The thresold number of trading days immediately prior to date of exercising option to calculate moving average share price.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ts_ThresoldNumberOfTradingDaysImmediatelyPriorToDateOfExercisingOption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ts_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ts_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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        </period>
    </context>
    <context id="I20211231_ForeignExchangeAndCommoditiesDerivativesContractsMember_CashFlowHedgesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:HedgingInstrumentsAxis">ts:ForeignExchangeAndCommoditiesDerivativesContractsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfHedgesAxis">ifrs-full:CashFlowHedgesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20221231_CommodityDerivativesContractMember_CashFlowHedgesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:HedgedItemsAxis">ts:CommodityDerivativesContractMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfHedgesAxis">ifrs-full:CashFlowHedgesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_CommodityDerivativesContractMember_CashFlowHedgesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:HedgedItemsAxis">ts:CommodityDerivativesContractMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfHedgesAxis">ifrs-full:CashFlowHedgesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20221231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:HedgedItemsAxis">ts:PurchaseForeignExchangeContractMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfHedgesAxis">ifrs-full:CashFlowHedgesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LaterThanThreeYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_PurchaseForeignExchangeContractMember_CashFlowHedgesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:HedgedItemsAxis">ts:PurchaseForeignExchangeContractMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:TypesOfHedgesAxis">ifrs-full:CashFlowHedgesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20211231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MX</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TubosDeAceroDeMexicoSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MX</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TubosDeAceroDeMexicoSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_CO_TenarisTubocaribeLtdaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CO</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisTubocaribeLtdaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_CO_TenarisTubocaribeLtdaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CO</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisTubocaribeLtdaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_CN_TenarisQingdaoSteelPipesLtdMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CN</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisQingdaoSteelPipesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_CN_TenarisQingdaoSteelPipesLtdMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CN</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisQingdaoSteelPipesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_LU_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:LU</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_LU_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:LU</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:NL</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisInvestmentsNLBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:NL</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisInvestmentsNLBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_NL_TenarisInvestmentsNLBVAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:NL</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisInvestmentsNLBVAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_UY_TenarisGlobalServicesSaAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:UY</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_UY_TenarisGlobalServicesSaAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:UY</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_GB_TenarisGlobalServicesUkLtdMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:GB</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesUkLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="D20221231_GB_TenarisGlobalServicesUkLtdMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:GB</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesUkLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_US_TenarisGlobalServicesUsaCorporationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:US</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesUsaCorporationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_US_TenarisGlobalServicesUsaCorporationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:US</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesUsaCorporationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_CA_TenarisGlobalServicesCanadaIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesCanadaIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_CA_TenarisGlobalServicesCanadaIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesCanadaIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_OtherBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:OtherBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_BankOverdrafts1Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:BankOverdrafts1Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_BankBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:BankBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_OtherBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:OtherBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_LaterThanThreeYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanThreeYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_BankOverdrafts1Member">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:BankOverdrafts1Member</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_BankBorrowingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:BankBorrowingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20221231_CurrentTradeReceivablesPastDueGreaterThan180DaysMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:CurrentTradeReceivablesPastDueGreaterThan180DaysMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_CurrentTradeReceivablesPastDueLessThan180DaysMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:CurrentTradeReceivablesPastDueLessThan180DaysMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LaterThanFiveYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanFiveYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LaterThanOneYearAndNotLaterThanFiveYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_NotLaterThanOneYearMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:NotLaterThanOneYearMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_CurrentTradeReceivablesNotDueMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:CurrentTradeReceivablesNotDueMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_LaterThanFiveYearsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">ifrs-full:LaterThanFiveYearsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_LaterThanOneYearAndNotLaterThanFiveYearsMember">
        <entity>
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            <segment>
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        <entity>
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            <instant>2023-12-31</instant>
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        <entity>
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    <context id="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:HedgedItemsAxis">ts:PurchaseForeignExchangeContractMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:HedgingInstrumentsAxis">ts:ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyKwdMember</xbrldi:explicitMember>
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        <period>
            <instant>2023-12-31</instant>
        </period>
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    <context id="I20231231_ConstructionInProgressMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
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    <context id="D20231231_NL_ExirosBVAndSubsidiariesMember">
        <entity>
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            <segment>
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                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:ExirosBVAndSubsidiariesMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
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    <context id="I20231231_VehiclesFurnitureAndFixturesMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
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    <context id="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
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    <context id="I20231231_LandAndCivilBuildingsMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
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        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
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    <context id="I20231231_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
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        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
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        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
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        <period>
            <instant>2023-12-31</instant>
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        <entity>
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        <entity>
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            <startDate>2022-01-01</startDate>
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        <entity>
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            <startDate>2021-01-01</startDate>
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        <entity>
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            <startDate>2022-01-01</startDate>
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        <entity>
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        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
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    <context id="D20211231_CA_AlgomaTubesIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
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        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_ArgentinePesoUsDollarForeignExchangeRiskMember_AR">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
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        </period>
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        <entity>
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            <instant>2021-12-31</instant>
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        <entity>
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        <entity>
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                <xbrldi:explicitMember dimension="ifrs-full:FundingArrangementsOfDefinedBenefitPlansAxis">ifrs-full:WhollyUnfundedDefinedBenefitPlansMember</xbrldi:explicitMember>
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        <entity>
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        <period>
            <instant>2023-12-31</instant>
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    <context id="I20231231_FixedInterestRateMember_ARS">
        <entity>
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    <context id="I20231231_FixedInterestRateMember_MXN">
        <entity>
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            <instant>2023-12-31</instant>
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            <instant>2022-12-31</instant>
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    <context id="I20221231_FloatingInterestRateMember_SAR">
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            <segment>
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        <period>
            <instant>2022-12-31</instant>
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    <context id="I20221231_FixedInterestRateMember_SAR">
        <entity>
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            <segment>
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            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_FloatingInterestRateMember_USD">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CurrencyAxis">currency:USD</xbrldi:explicitMember>
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            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="D20221231_CA_AlgomaTubesIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:AlgomaTubesIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_MX_TubosDeAceroDeMexicoSaAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MX</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TubosDeAceroDeMexicoSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_CO_TenarisTubocaribeLtdaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CO</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisTubocaribeLtdaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_CN_TenarisQingdaoSteelPipesLtdMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CN</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisQingdaoSteelPipesLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember_LU">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:LU</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesAndInvestmentsSrlAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_UY_TenarisGlobalServicesSaAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:UY</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesSaAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_GB_TenarisGlobalServicesUkLtdMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:GB</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesUkLtdMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_US_TenarisGlobalServicesUsaCorporationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:US</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesUsaCorporationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_CA_TenarisGlobalServicesCanadaIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:CA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisGlobalServicesCanadaIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_UY_TenarisFinancialServicesSaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:UY</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisFinancialServicesSaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_NL_TenarisConnectionsBvMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:NL</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisConnectionsBvMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_US_TenarisBayCityIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:US</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TenarisBayCityIncMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_PT_TaltatradingEMarketingSociedadeUnipessoalLdaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:PT</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:TaltatradingEMarketingSociedadeUnipessoalLdaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_AR_SidercaSaicAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:AR</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:SidercaSaicAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_AR_SiatSociedadAnonimaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:AR</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:SiatSociedadAnonimaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_RO_ScSilcotubSaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:RO</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:ScSilcotubSaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_ID_PtSeamlessPipeIndonesiaJayaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:ID</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:PtSeamlessPipeIndonesiaJayaMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_US_MaverickTubeCorporationAndSubsidiariesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:US</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:MaverickTubeCorporationAndSubsidiariesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
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        <entity>
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            <segment>
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        </entity>
        <period>
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            <endDate>2023-12-31</endDate>
        </period>
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        <entity>
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            <segment>
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        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
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        <entity>
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            <segment>
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        <period>
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    <context id="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyBrlMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember">
        <entity>
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            <instant>2023-12-31</instant>
        </period>
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            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
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        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
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        <entity>
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            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
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    <context id="D20211231_ArgentinaAndMexicoMember">
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            <segment>
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            </segment>
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            <endDate>2021-12-31</endDate>
        </period>
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        <entity>
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            <segment>
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            <endDate>2022-12-31</endDate>
        </period>
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        <entity>
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            <segment>
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            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
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    <context id="I20221231_LicensesPatentsTrademarksAndProprietaryTechnologyMember">
        <entity>
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            <segment>
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        </entity>
        <period>
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        </period>
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    <context id="D20231231_ArgentineSovereignBondsMember">
        <entity>
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            <segment>
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        </entity>
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            <endDate>2023-12-31</endDate>
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            <segment>
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        </entity>
        <period>
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            <endDate>2022-12-31</endDate>
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            <segment>
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            <endDate>2023-12-31</endDate>
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    <context id="I20231231_ForeignExchangeContractPurchaseCurrencyEurSellCurrencyUsdMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember">
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    <context id="I20231231_ForeignExchangeContractPurchaseCurrencyUsdSellCurrencyMxnMember_PurchaseForeignExchangeContractMember_CashFlowHedgesMember">
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        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
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    <context id="I20231231_PurchaseForeignExchangeContractMember_ForeignExchangeContractPurchaseCurrencyMxnSellCurrencyUsdMember_CashFlowHedgesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
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            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ActuarialAssumptionsAxis">ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:DefinedBenefitPlansAxis">ifrs-full:PensionDefinedBenefitPlansMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:FundingArrangementsOfDefinedBenefitPlansAxis">ifrs-full:WhollyOrPartlyFundedDefinedBenefitPlansMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember_ActuarialAssumptionOfDiscountRatesMember">
        <entity>
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        <period>
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            <segment>
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        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_AR">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:AR</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_MX">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MX</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20201231_EquityAttributableToOwnersOfParentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:EquityAttributableToOwnersOfParentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="D20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20211231_OtherAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ifrs-full:OtherAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_LandAndCivilBuildingsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20231231_NkktubesMember_JfeMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">ts:JfeMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:JointVenturesAxis">ts:NkktubesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20190213_TechgenSAMember_SeveralBanksToRefinanceObligationsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BorrowingsByNameAxis">ts:SeveralBanksToRefinanceObligationsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:TechgenSAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2019-02-13</instant>
        </period>
    </context>
    <context id="I20231231_TechgenSAMember_TenarisMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="dei:LegalEntityAxis">ts:TenarisMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:TechgenSAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ifrs-full:OtherAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_OtherAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ifrs-full:OtherAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20211231_OtherReservesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_OtherAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ifrs-full:OtherAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_LandAndCivilBuildingsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_OtherAssetsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ifrs-full:OtherAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_LandAndCivilBuildingsMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfAssetsAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_SA_GlobalPipeCompanyMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:SA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:GlobalPipeCompanyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_MX_TechgenSAMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MX</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:TechgenSAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_BR_UsiminasMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:BR</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:UsiminasMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="D20211231_ReserveOfExchangeDifferencesOnTranslationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_LU_TerniumSAMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:LU</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:TerniumSAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_GlobalPipeCompanyMember_SA">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:SA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:GlobalPipeCompanyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_TechgenSAMember_MX">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:MX</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:TechgenSAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_UsiminasMember_BR">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:BR</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:UsiminasMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_TerniumSAMember_LU">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:LU</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInAssociatesAxis">ts:TerniumSAMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_SA_SaudiSteelPipeCompanyMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:SA</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SignificantInvestmentsInSubsidiariesAxis">ts:SaudiSteelPipeCompanyMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_NoncontrollingInterestsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_TubesMember_OtherCguMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis">ts:OtherCguMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ts:TubesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_TubesMember_HydrilMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis">ts:HydrilMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ts:TubesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_TubesMember_SidercaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis">ts:SidercaMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ts:TubesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_TubesMember_TamsaMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:IndividualAssetsOrCashgeneratingUnitsWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesAxis">ts:TamsaMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ts:TubesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_TubesMember_OtherBusinessCombinationsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">ts:OtherBusinessCombinationsMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ts:TubesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_TubesMember_HydrilCompanyMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">ts:HydrilCompanyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:SegmentsAxis">ts:TubesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20211231_SparePartsAndEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_IndustrialBuildingsPlantAndProductionEquipmentMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_LandAndCivilBuildingsMember_AccumulatedDepreciationAmortisationAndImpairmentMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_EquityAttributableToOwnersOfParentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:EquityAttributableToOwnersOfParentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_ConstructionInProgressMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20211231_SparePartsAndEquipmentMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_ConstructionInProgressMember_GrossCarryingAmountMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_VehiclesFurnitureAndFixturesMember_GrossCarryingAmountMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_IndustrialBuildingsPlantAndProductionEquipmentMember_GrossCarryingAmountMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_LandAndCivilBuildingsMember_GrossCarryingAmountMember_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20211231_RetainedEarningsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2021-01-01</startDate>
            <endDate>2021-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_GrossCarryingAmountMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20211231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_GrossCarryingAmountMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_GrossCarryingAmountMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20201231_NoncontrollingInterestsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_RetainedEarningsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_OtherReservesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_ReserveOfExchangeDifferencesOnTranslationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_SharePremiumMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_StatutoryReserveMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:StatutoryReserveMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="I20201231_IssuedCapitalMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:IssuedCapitalMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2020-12-31</instant>
        </period>
    </context>
    <context id="D20221231_OtherReservesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_ReserveOfExchangeDifferencesOnTranslationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_NoncontrollingInterestsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="D20221231_RetainedEarningsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2022-01-01</startDate>
            <endDate>2022-12-31</endDate>
        </period>
    </context>
    <context id="I20211231_NoncontrollingInterestsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:NoncontrollingInterestsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_EquityAttributableToOwnersOfParentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:EquityAttributableToOwnersOfParentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20211231_RetainedEarningsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:RetainedEarningsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_ConstructionInProgressMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20211231_OtherReservesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:OtherReservesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:AccumulatedDepreciationAmortisationAndImpairmentMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_ConstructionInProgressMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20211231_ReserveOfExchangeDifferencesOnTranslationMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_GrossCarryingAmountMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_SparePartsAndEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:SparePartsAndEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_ConstructionInProgressMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ifrs-full:ConstructionInProgressMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_CustomerrelatedIntangibleAssetsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_GoodwillMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:GoodwillMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_LicensesPatentsAndTrademarksMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:LicensesPatentsAndTrademarksMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20221231_GrossCarryingAmountMember_InformationSystemProjectsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ts:InformationSystemProjectsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2022-12-31</instant>
        </period>
    </context>
    <context id="I20211231_SharePremiumMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:ComponentsOfEquityAxis">ifrs-full:SharePremiumMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2021-12-31</instant>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_VehiclesFurnitureAndFixturesMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:VehiclesFurnitureAndFixturesMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_IndustrialBuildingsPlantAndProductionEquipmentMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:IndustrialBuildingsPlantAndProductionEquipmentMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_GrossCarryingAmountMember_LandAndCivilBuildingsMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">ifrs-full:GrossCarryingAmountMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfPropertyPlantAndEquipmentAxis">ts:LandAndCivilBuildingsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="I20231231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">ts:IpscoTubularsIncMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <instant>2023-12-31</instant>
        </period>
    </context>
    <context id="D20231231_CustomerrelatedIntangibleAssetsMember_IpscoTubularsIncMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">ts:IpscoTubularsIncMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_CustomerrelatedIntangibleAssetsMember_SaudiSteelPipeCompanyMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
            <segment>
                <xbrldi:explicitMember dimension="ifrs-full:BusinessCombinationsAxis">ts:SaudiSteelPipeCompanyMember</xbrldi:explicitMember>
                <xbrldi:explicitMember dimension="ifrs-full:ClassesOfIntangibleAssetsAndGoodwillAxis">ifrs-full:CustomerrelatedIntangibleAssetsMember</xbrldi:explicitMember>
            </segment>
        </entity>
        <period>
            <startDate>2023-01-01</startDate>
            <endDate>2023-12-31</endDate>
        </period>
    </context>
    <context id="D20231231_CustomerrelatedIntangibleAssetsMember_HydrilCompanyMember">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001190723</identifier>
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    <ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory contextRef="D20231231_3" id="Tag2955">
&lt;p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;I.&lt;/span&gt; &lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;GENERAL INFORMATION&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris S.A. (the &#x201c;Company&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;) was established as a public limited liability company (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;oci&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&#xe9;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;t&#xe9; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;nonyme&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;) under the laws of the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly, controlling interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these Consolidated Financial Statements to &#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x201d; refer to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and its consolidated subsidiaries. A list of the principal Company&#x2019;s subsidiaries is included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ote&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;33&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated Financial Statements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company&#x2019;s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&#x2019;s American Depositary Securities (&#x201c;ADS&#x201d;) trade on the New York Stock Exchange.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;These Consolidated Financial Statements were approved for issuance by the Company&#x2019;s Board of Directors on&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; February &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;21&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
</ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
    <ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory contextRef="D20231231_3" id="Tag1601">
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;II&lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;. &lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;A&lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;CCOUNTING POLICIES&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;A&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Basis of presentation&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#x201c;IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;"&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;"&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;IFRS Accounting Standards&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;), as issued by the International Accounting Standards Board (&#x201c;IASB&#x201d;) and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in accordance with IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; as adopted by the European Union,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;under the historical cost convention, as modified by the revaluation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;certain &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;financial assets&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (&#x201c;$&#x201d;).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Whenever necessary, c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ertain comparative amounts&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;have been reclassified to conform to changes in presentation in the current year.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; main&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; areas involving &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; estimates or judgements are: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mpairment of goodwill&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;long-lived assets (not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;),&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;impairment in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; investments in associates (note II.B)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;; i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;axes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;including recoverability of deferred tax assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;); &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;obsolescence of inventory (note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;II.J&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;); contingencies (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Q&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;); &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;allowance for trade receivables (note II.K)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;post-employment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and other long-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;);&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(notes II.B); u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;seful lives of property, plant and equipment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; other long-lived assets (notes II.E, II.F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;property title ownership &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;restriction&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;IV&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;). &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;During the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; there were no &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;significant&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; changes in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; accounting estimates&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and judgements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Accounting pronouncements applicable as from J&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;anuary &lt;span&gt;1&lt;/span&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Amendments to IAS &lt;span&gt;12&lt;/span&gt; - International Tax Reform&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Pillar &lt;span&gt;Two&lt;/span&gt; Model Rules&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In December 2021, the Organization for Economic Co-operation and Development (&#x201c;OECD&#x201d;) released the Pillar &lt;span&gt;Two&lt;/span&gt; model rules (the Global Anti-Base Erosion rules, or &#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;GloBE&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;) to reform international corporate taxation. Following Pillar &lt;span&gt;Two&lt;/span&gt; OECD&#x2019;s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from &lt;span&gt;2024&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In May 2023, the IASB made narrow-scope amendments to IAS &lt;span&gt;12&lt;/span&gt; setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar &lt;span&gt;Two&lt;/span&gt; model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On December 20, 2023, the Luxembourg Parliament approved the Pillar &lt;span&gt;Two&lt;/span&gt; law transposing the EU Pillar &lt;span&gt;Two&lt;/span&gt; Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_61T6OQ0W8W00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company is within the scope of the rules, and therefore will be required to calculate its &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;GloBE&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;GloBE&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; effective tax rate per jurisdiction and the 15% minimum rate, as from &lt;span&gt;2024&lt;/span&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information see note &lt;span&gt;9&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Other accounting pronouncements that became effective during &lt;span&gt;2023&lt;/span&gt; have &lt;span&gt;no&lt;/span&gt; material effect on the Company&#x2019;s financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;New ac&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;counting pronouncements &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;applicable as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;of December 3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;1&lt;/span&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Certain&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;new&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ly published&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; accounting standards, amendments to accounting standards and interpretations are not mandatory for December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;B&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Group accounting&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Subsidiaries and transactions with non-controlling interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;s&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In some cases, the Company considers that it has the ability to affect returns through its power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able to prevail at all of the subsidiary&#x2019;s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary&#x2019;s board of directors.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; method is used to account for the acquisition of subsidiaries by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The cost of an acquisition is measured as the fair value of the assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, equity instruments issued and liabilities incurred or assumed at the date of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;exchange&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Acquisition-related costs are expensed as incurred.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Identifiable assets acquired&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; liabilities and contingent liabilities assumed in a business combination are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;measured initially at their fair values at the acquisition date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#x2019;s proportionate share of the acquiree&#x2019;s net &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;identifiable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;assets. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The excess of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; aggregate of the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;consideration transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the amount of any non-controlling interest in the acquiree&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;over the fair value of the identifiable net assets acquired is recorded as goodwill. If &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;this&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Contingent consideration is classified either as equity or a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#x2019;s previously held equity interest in the acquire&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ransactions with non-controlling interests &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;that do not result in a loss of control&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are accounted&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_UZDALSEISW00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Material intercompany transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;balances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and unrealized gains (losses) on transactions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;between Tenaris subsidiaries have been eliminated in consolidation. However, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;since&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the functional currency of some subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s respective local currency, some financial gains (losses) arising from intercompany transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are generated. These&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are included in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;inancial results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Non-consolidated companies&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies (associate&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and joint ventures) are accounted for by the equity method and are initially recognized at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (as defined by IAS &lt;span&gt;28&lt;/span&gt;, &#x201c;Investments in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ssociates and Joint Ventures&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; The Company&#x2019;s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#x2019;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#x2019;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&#x2019;s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; adjusted where necessary to ensure consistency with IFRS.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;The Company&#x2019;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Equity in earnings&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;of non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;. The Company&#x2019;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;a)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Ternium&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;At December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;, Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;h&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;ld &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;11.46&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;%&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; share capital &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Ternium S.A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;. The following factors and circumstances evidence that Tenaris has significant influence &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;over Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oth the Company and Ternium are under&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; indirect com&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mon control of San Faustin S.A.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;San Faustin&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;our out of eight&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;members of Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors (including Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;hairman) are also members of t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he Company&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nder the shareholders&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; agreement by and between &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techint&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Holdings &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S.&#xe0;r.l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ("&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techint&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;")&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, a wholly owned subsidiary of San Faustin &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and Ternium&#x2019;s main shareholder, dated January 9, 2006&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techint&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is required to take actions within its power to cause&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (a) &lt;span&gt;one&lt;/span&gt; of the members of Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors to be nominated by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and (b) any director nominated by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to be removed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;from Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;only &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;pursuant to previous written instructions of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;b)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Usiminas&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris he&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ld, through its Brazilian subsidiary Confab Industrial S.A. (&#x201c;Confab&#x201d;), 47.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million ordinary shares and 1.3 million preferred shares of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usinas&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Sider&#xfa;rgicas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; de Minas Gerais S.A. - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;), representing 6.76&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;% of its shares with voting rights and 3.96&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;% of its total share capital.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Confab&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;participation in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; share&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; capital is the result of a series of acquisitions, the first of which was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ordinary shares and joined &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; existing control group. Subsequently, in &lt;span&gt;2016&lt;/span&gt;, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_JL08KSBPO000000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;More recently, o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n March 30, 2023, Confab, together with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Ternium (through its subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Ternium Investments and Ternium Argentina&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;agreed to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquire an additional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;68.7 million ordinary shares of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; at a price of BRL10 per ordinary share. The transaction closed on July 3, 2023 and was financed with cash on hand. Tenaris paid approximately BRL110 million (approximately $22.7 million) in cash for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;11 million ordinary shares, increasing its participation in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group to 9.8%.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;MetalOne&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; employee pension fund, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Previd&#xea;ncia&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. At December 31, 2023, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; voting capital and the T/T Group held an aggregate participation of 61.3% in the control group (with 51.5% of the control group&#x2019;s participation corresponding to Ternium&#x2019;s subsidiaries, and remaining 9.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;% corresponding to Confab); the NSC Group and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Previd&#xea;ncia&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; held 31.7% and 7%, respectively, in the control group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Upon &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;closing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of the July 3, 2023 acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;then &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;existing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shareholders agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;governing the relationship between the T/T Group, the NSC Group and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Previd&#xea;ncia&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;was replaced by a new shareholders agreement setting forth a new governance structure for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The T/T Group is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;now &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entitled to nominate a majority of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of directors, the chief executive officer and four other members of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of directors and one member of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of officers. Ordinary decisions may be approved with a 55% majority of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; control group shares. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the NSC Group&#x2019;s remaining interest in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group (153.1 million ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at BRL10 per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its current participation in the T/T Group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Confab and the Ternium entities party to the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Under s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;uch separate agreement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Confab enjoys certain rights with respect to the governance of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, including, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;among others, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the ability to nominate certain &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; officers and directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Those circumstances evidence that Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;continues having &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;sign&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ificant influence over &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and, as a result, continues accounting for its investment under the equity method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;c)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Techgen&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; S.A. de C.V. (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, which operates an electric power plant in Mexico,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is a joint venture company owned 48% by Ternium, 30% by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tecpetrol&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; International S.A.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tecpetrol&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and 22%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; by Tenaris. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, Ternium and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tecpetrol&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are parties to a shareholders&#x2019; agreement relating to the governa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nce of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are under the indirect com&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mon control of San Faustin&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Based on the facts stated above, the Company has determined&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; that it has significant influence over this entity.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;d)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Global Pipe Company&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Global Pipe Company (&#x201c;GPC&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is a joint venture, established in &lt;span&gt;2010&lt;/span&gt; and located in Jubail&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Saudi Arabia&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, which manufactures LSAW pipes. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Until May 16, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris, through its subsidiary&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Saudi Steel Pipe Company ("&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;SSPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;")&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;owned 35% of the share capital of GPC&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and, accordingly was a non-consolidated company.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On May 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching a participation of 57.3%. The Company consolidates GPC&#x2019;s balances and results of operations as from May 17, 2023.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information on GPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;'s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; acquisition and its accounting treatment see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Business Combinations - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Global Pipe Company acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_FTEEIIBJGW00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris carries its investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s in non&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;consolidated companies&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the equity method, with no additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset&#x2019;s carrying amount may not be recoverable. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ee n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ote &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;C&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Segment information&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company is organized in one major business segment, Tubes, which is also the reportable operating segment.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;All other business activities and operating segments that are not required to be separately reported are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;disclosed in the Other segment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (&#x201c;OCTG&#x201d;) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; worldwide&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; oil and gas industry, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Other segment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; includ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;es&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;all business activities related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the production and selling of sucker rods, coiled tubing, tubes used for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;plumbing and construction&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;applications, oilfield / hydraulic fracturing services,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the recently acquired &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;coating business &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and others as&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; energy and raw materials that exceed internal requirements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s Chief Operating Decision Maker (&#x201c;CODM&#x201d;) reviews operating and financial performance information with senior management on a monthly basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. This &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;information differ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; from IFRS principally as follows:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciation;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, mainly on a FIFO basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ny currency translation adjustment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;classification&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar; and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ther timing differences, if any.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; presents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; its geographical information in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;four&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; areas:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; North America,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; South America, Europe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Asia Pacific&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Middle East and Afri&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. For purposes of reporting geographical information, net sales are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to geographical areas based on the customer&#x2019;s location; allocation of assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; capital expenditures and associated depreciation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and amortization&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are based on the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;geographical&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; location of the assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;

&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;D&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Foreign &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;c&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;urrency &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;t&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;ranslation&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 35.45pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -35.45pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Functional&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; and presentation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;IAS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;21&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;revised&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;The effects of changes in foreign exchange rates&#x201d; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;defines the functional currency as the currency of the primary economic environment in which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;an &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entity operates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The functional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and presentation &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;curren&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;y of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is the U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is the currency that best reflects the economic substance of the underlying events and circumstances relevant to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; global operations. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.&lt;/span&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
&lt;div id="t_ft_2WCEZJDWPS00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;This decision &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;wa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s a result of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;significant increase of its Brazilian Subsidiaries&#x2019;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;participation in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;OCTG and l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ine&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ipe international markets, a trend which started in recent years and has been strengthened in &lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, an &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;increased l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;evel of integration of the local operations within Tenaris&#x2019;s int&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ernational &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;commercial and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;supply chain system&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, as well &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the fact that the main purchase agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;contracts and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the long term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;sales &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;contracts with major international &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and local &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oil companies are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;either&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entered or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;indexed to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; U&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Local steel prices are also being affected by the U&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ollar / Brazilian Real fluctuations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;xcept f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the Italian subsid&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;iaries whose functional currency&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Euro&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and two recently acquired subsidiaries wh&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ose&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; functional currencies are the Canadian Dollar and the Norwegian Krone&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris determined that the functional currency of its&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; other subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is the U.S. dollar, based on the following principal considerations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ales are mainly negotiated, denominated and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;/ &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; settled in U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. If priced in a currency other than the U.S. dollar, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;sales &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;price &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;may consider&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; exposure to fluctuation in the exchange rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;against&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the U.S. dollar;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rices of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;critical raw materials and inputs are priced and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;/ &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; settled in U.S. dollars; &lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ransaction&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and operational&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; environment and the cash flow &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of these &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;operations ha&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the U.S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; as reference currency;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;there is a s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ignificant level of integration of the l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ocal operations within Tenaris's&#160;international&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;global distribution network&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;et financial assets and liabilities are mainly received and maintained in U.S. dollars; and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he exchange rate of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;certain legal currencies &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;has long-been affected by recurring and seve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re economic crise&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Transactions in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuati&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;on where items are re-measured.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; the fair value was determined.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal;"&gt;Other financial results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;alifying net investment hedges.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Translation of financial information in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Consolidated Income Statement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; as a gain or loss from the sale&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or disposal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; following IAS &lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;exchange &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rate.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Property, plant and equipment&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Property, plant and equipment are recognized at historical acquisition or construction cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; less accumulated depreciation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and impairment losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;istorical cost includes expenditure that is directly attributable to the acquisition of the items&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Property&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lant&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quipment acquired through&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquisitions accounted for as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;business &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;combination&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;have been valued &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;initially &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;market &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;value of the assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquired.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_E6W7NW3MMO00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Major overhaul and rebuilding expenditures&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are capitalized as property, plant and equipment only when &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;it is probable that future economic benefits associated with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the item will flow to the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the investment enhances the condition of assets beyond its original condition.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; The carrying amount of the replaced part is derecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;M&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Cost may also include transfers fro&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;m equity of any gains or losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; IAS &lt;span&gt;23&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;revised&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;Borrowing Cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;epreciation method is reviewed at each year end. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Depreciation&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is calculated using the straight-line method to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;depreciate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the cost of each asset to its residual value over its estimated useful life&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Land &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; No Depreciation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Buildings and improvements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 30-50 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 10-40 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1.95pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Vehicles, furniture and fixtures, and other equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 1.4pt; text-indent: -1.4pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 4-10 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;residual values and useful lives of significant plant and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;production &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;equipment are reviewed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and adjusted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; if appropriate, at each year-end&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;date. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;An asset&#x2019;s carrying amount is written down immediately to its recoverable amount if the asset&#x2019;s carrying amount is greater than its estimated recoverable amount.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;estimation of asset&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; useful &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, performed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in accordance with IAS &lt;span&gt;16&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Property&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, Plant and E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quipment&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;resulted in additional depreciation expenses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;approximately&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;39&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; for &lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;did not materially affect depreciation expense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2023&lt;/span&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; depreciates each significant part of an item of property, plant and equipment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for its different production facilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other operating income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other operating expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;F&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Intangible assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Goodwill represents the excess of the acquisition cost &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;over the fair value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;at least &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; the Consolidated Statement of Financial Position under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Intangible assets, net.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;For the purpose of impairment testing, g&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;oodwill&lt;span&gt;&#160;&lt;/span&gt;is allocated to a&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;cash generating unit (&#x201c;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;CGU&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&#x201d;)&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;&#160;&lt;/span&gt;or group of&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;CGUs&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;&#160;&lt;/span&gt;that&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;are expected to benefit from the business combination which generated the goodwill being tested.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Information systems projects&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding &lt;span&gt;one&lt;/span&gt; year and comply with the recognition criteria of IAS &lt;span&gt;38&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;Intangible Assets&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;not exceeding a period of 3 years. Amortization charges are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_ZRJTTSO75S00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS &lt;span&gt;38&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;did not materially affect &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amortization expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2023&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Licenses, patents, trademarks and proprietary technology &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Licenses, patents, trademarks, and proprietary technology are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;using the straight-line method to allocate the cost over their estimated useful lives, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;which are in the range between 3 and 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; years.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Amortization charges are mainly classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Cost of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;ales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The balance of acquired t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rademarks&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; that have indefinite useful lives according to external appraisal&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;86.7&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; at December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Main factors considered in the determination of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; indefinite useful lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; include the years that &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;they have&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; been in service and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recognition among customers in the industry.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS &lt;span&gt;38&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; did no&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t materially affect amortization&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; expenses for &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;4&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Research and development&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Research expenditures as well as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;development costs that do not fulfill the criteria for capitalization are recorded as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement as incurred. Research and development expenditures included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; for the years &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; totaled &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;60.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;50.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;45.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Capitalized costs were not material for the years &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;"&gt;(&lt;span&gt;5&lt;/span&gt;)&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;"&gt;Customer relationship&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In accordance with IFRS &lt;span&gt;3&lt;/span&gt;, "Business Combinations" and IAS &lt;span&gt;38&lt;/span&gt;, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Tube Corporation (&#x201c;Maverick&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Company (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; groups, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Ipsco&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Tubulars Inc. (&#x201c;IPSCO&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;the more recent acquisition of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Mattr&#x2019;s pipe coating business unit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful li&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;v&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;which were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;approximately 14 years for Maverick, 10 y&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ears for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 9 years for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for IPSCO&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;4 months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for Mattr&#x2019;s pipe coating business unit.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In &lt;span&gt;2022&lt;/span&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the Company reviewed the useful life of SSPC&#x2019;s customer relationships and decided to reduce &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; from 5 years to 3 years, consequently a higher amortization charge of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;4.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; million was recorded in the Consolidated Income Statement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for the year ended December 31, 2022.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS &lt;span&gt;38&lt;/span&gt;, did not affect amortization expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2023&lt;/span&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2021&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;As o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;f December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the net book&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&#x2019;s customer relationship amoun&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;26.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; million, with a residual useful life of &lt;/span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="-sec-ix-hidden:Tag3376"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;9&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; months&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Mattr&#x2019;s amounted to $21.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, with a residual useful life of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;3&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;hile &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;IPSCO&#x2019;s, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Maverick&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; customer relationships &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fully amortized.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;G&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Right-of-use assets and lease liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; term on a straight-line basis.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_DYP8U3515S00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#x2019;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment wit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;h similar terms and conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Right-of-use assets are measured at cost comprising the amount of the initial measurement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or early termination&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, or not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Payments associated with short-term leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, variable leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and leases of low&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;value assets are recognized on a straight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;H&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Impairment of non-financial assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;). Most of the Company&#x2019;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation that generates largely independent cash inflows.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test, or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are tested&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; more frequently if events or circumstances indicate that the carrying amount value may be impaired. In some &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;situations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; where there have not been significant changes to CGU assets and liabilities as well as external and internal &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;events and circumstances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;which could materially alter the recoverable amount of the CGU, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the most recent detailed calculation of recoverable amount made in a preceding period may be used in the impairment test for that &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the current period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris&#x2019;s cash flow projections and the business condition in terms of competitive&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; economic &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and regulatory &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;An impairment loss is recognized for the amount by which the asset&#x2019;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#x2019;s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or &lt;span&gt;zero&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;use is calculated by discounting the estimated cash flows over a &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="-sec-ix-hidden:Tag3394"&gt;five-year&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&#160;period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the &lt;span&gt;&lt;span style="border-left: none; border-right: none;"&gt;five&lt;/span&gt;-year&lt;/span&gt; period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly the historical inflation rate.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_7W5S1Z91G000000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. For more information on impairment charges &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated Financial Statements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;I&lt;/span&gt;&#160; &#160; &#160; &#160;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Other &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;i&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;nvestments&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ther investments consist primarily of investments in financial instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and time deposits with a maturity of more than &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;three&lt;/span&gt; months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; at the date of purchase&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Certain non-derivative financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ial assets that the Company held not for trading&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; have been categorized as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;financial assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair value through other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;FV&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;OCI&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as the business model objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. They are carried at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;omprehensive &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Income and transferred to the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement when the financial asset is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;disposed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement. F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;V&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;OCI&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; instruments with maturities greater than 12 months after the balance sheet date a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re included in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; non-current assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ther investments in financial instruments and time deposits are c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ategorized as financial assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at fair value through profit or loss &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&#x201c;FVPL&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;because such investments are held for trading and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;their&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; performance is evaluated on a fair value basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The results of these investments are recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Financial Results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Purchases and sales of financial investments are recognized as of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ir&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;settlement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;The fair values of quoted investments are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ee s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ectio&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;n III Financial Risk Management&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;J&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Inventories&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, freights&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and other direct costs and related production overhead costs, and it excludes borrowing costs. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;llocation of fixed production costs&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, including depreciation and amortization charges,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is based on&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; normal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; level of production capacity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Inventories&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; cost is mainly based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;FIFO method. Tenaris estimates &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;G&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oods in transit &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; year-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;end are valued based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;supplier&#x2019;s invoice cost.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management&#x2019;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;K&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Trade &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;and other &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;receivables&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Trade and other receivables are recognized initially at&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fair value that corresponds to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the amount of consideration that is unconditional unless they contain significant financing c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;omponents. The Company holds&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; trade receivables with the objective to collect the contractual cash flows and therefore measu&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;res them subsequently at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ed cost using the effective interest method. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Due to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; short-term nature, their carrying amount is considered to be the same as their fair value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_H1Q8MZ1A7400000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Tenaris applies the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; IFRS &lt;span&gt;9&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &#x201c;Financial Instruments&#x201d;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;simplified approach to measure&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; expected credit losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;three years&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;and the corresponding historical credit losses exp&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;erienced within this period. The expected loss allowance also&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; reflect&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; current and forward-looking information on macroeconomic factors affecting the ability&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;each &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;custo&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;mer to settle the receivables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;L&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Cash and cash equivalents&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Cash and cash equi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;valents are comprised of cash at&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; banks, liquidity funds and short-term investments with a maturity of less than &lt;span&gt;three&lt;/span&gt; months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;approximates fair market value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In the Consolidated Statement of Financial Position, bank overdrafts are included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Borrowings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; in current liabilities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;For the purposes of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Consolidated Statement of C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ash &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;low&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;ash and cash equivalents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;overdrafts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;M&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;quity&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; components&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;hanges in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quity include&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he value of share capital, legal reserve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;share premium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and other distributable reserve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;calculated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in accordance with Luxembourg l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;aw;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he currency translation adjustment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;treasury shares, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;other reserves,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; retained earnings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;non-controlling&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; interest &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;calculated in accordance with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; IFRS.&lt;/span&gt; &lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Share cap&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;al&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company has an authorized share capital of a single &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;class of 2.5 billion shares having a nominal value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1.00 per share. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Total ordinary shares issued as of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1,180,536,830&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;with a par value of $1.00 per share with one vote each.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Total ordinary shares outstanding as of December 31, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1,167,888,739&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and as of December 31, 2022 and &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1,180,536,830&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury shares. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;All issued shares are fully paid.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Treasury Shares&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Any potential&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; gains &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; losses on disposal of treasury shares &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; recognized under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;eserves&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Changes in Equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Treasury shares outstanding as of December 31, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;12,648,091&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;4&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Dividends distribution by the Company to shareholders &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Dividends distributions are recorded in the Company&#x2019;s financial statements when Company&#x2019;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ee &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ote&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (iii)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;N&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Borrowings&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
 &lt;/div&gt; &lt;/div&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;O&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Current and d&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;eferred income tax&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The income tax expense or credit for the period is the tax payable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or recoverable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; on the current period&#x2019;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Current and deferred t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ax is recognized in the Consolidated Income Statement, except &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to the extent that it relates to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;items recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;other comprehensive income or directly in equity.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company&#x2019;s subsidiaries operate and generate taxable income.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;from &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;net operating loss carry-forwards&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;post-employment benefits and other long-term employee benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair value adjustments of assets acquired in business combinations. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets are recognized to the extent&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; it is probable that future taxable profits will be available&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; against which the te&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mporary differences &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and losses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;can be utiliz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At the end of each reporting period, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; reassesses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; deferred tax assets. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;enaris&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; a previously &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; deferred tax asset to the extent that it has become probable that future taxable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; will allow the deferred tax asset to be recovered.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ax basi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and liabilities are re-measured&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; if tax rates change. These amounts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are charged or credited to the Consolidated Income Statement or to the item &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;ther co&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;mprehensive income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Comprehensive I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome, depending on the account to which the original &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amount was charged or credited.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;P&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Employee benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; text-align: justify; text-indent: -22.5pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Short-term obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Liabilities for wages and salaries are recognized in respect of employees&#x2019; services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.5pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Post&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;employment benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on &lt;span&gt;one&lt;/span&gt; or more factors such as age, years of service and compensation.&#160; &#160;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_ZO8AIK275C00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For defined benefit &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;funded &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;plans, net interest income&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;/&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;div id="t_ft_H96S2TADV400000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 46px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="height: 16px; width: 4%; vertical-align: top; padding: 0px 1px;" valign="top"&gt;
&lt;p&gt;&#x2022;&lt;/p&gt; &lt;/td&gt;
&lt;td style="height: 16px; text-align: justify; padding: 0px 1px 10px; width: 96%; vertical-align: top;" valign="top"&gt;
&lt;p&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;benefits based on years of service and final average salary&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;. &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; the outstanding liabil&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;48.1&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; million.&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&#x2022;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; padding: 0px 1px 10px; vertical-align: top;" valign="top"&gt;
&lt;p&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Employees&#x2019; service rescission indemnity&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;. T&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;he &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability ac&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;crued for employees at &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; Italian subsidiary pays every year the required contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;limited to the contributions of &lt;span&gt;2007&lt;/span&gt; onwards.&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; the outstanding &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;liabil&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;10.6&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; million.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&#x2022;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; padding: 0px 1px 10px; vertical-align: top;" valign="top"&gt;
&lt;p&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Funded retirement benefit plan held in the U&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;S&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; for the benefit of some employees hir&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ed prior a certain date,&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;funds. Additionally, an unfunded post&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;-&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;retirement health and life plan&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; is&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; in place&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; that offers limited medical and life insurance benefits to the retirees, &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;frozen to new participants&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; A&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;s of December 31, 20&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; the outstanding&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;liabil&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ity for these&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; plan&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; amounts to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;5.6&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; million.&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&#x2022;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;primarily of &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;annuities purchased from an insurance company for the benefit of current and future retiree&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;s,&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;investments in &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;debt and &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;equit&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;y instruments&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; for the purposes of credited service as well as determination of final average pay. As of December 31, 202&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;the plan was overfunded and the net assets related to this plan amounted to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;10.8&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;million&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&lt;br/&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;O&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;ther long-&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;term benefits&lt;/span&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;During &lt;span&gt;2007&lt;/span&gt;, Tenaris launched an&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;employee retention and long&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;term incentive program&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Program&#x201d;) applicable to certain senior officers and employees of the Company, who will be granted a number of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nits throughout the duration of the Program. The value of each of these &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nits is based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shareholders&#x2019; equity (excluding non-cont&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rolling interest). &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Until &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the end of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2017&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nits &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;vest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ratably over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; a period of &lt;span style="border-left: none; border-right: none;"&gt;four years&lt;/span&gt; and were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mandatorily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; redeemed by the Company &lt;span style="border-left: none; border-right: none;"&gt;ten years&lt;/span&gt; after grant date, with the option of an early redemption at &lt;span style="border-left: none; border-right: none;"&gt;seven years&lt;/span&gt; after&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; grant date.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Since&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2018&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;units &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;vest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ratably over the same period and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mandatorily redeemed by the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Company &lt;span style="border-left: none; border-right: none;"&gt;seven years&lt;/span&gt; after grant date.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_KQ7U20T3K000000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he beneficiaries of the Program are&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entitled to receive cash amounts based on: (i) the amount of dividend payments made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The payment of the benefit is tied to the book value of the shares, and not to their market value.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris valued this long-term incentive program as a long&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;term benefit plan as classified in IAS &lt;span&gt;19&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Employee Benefits&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the outstanding liability corresponding to the Program &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;119.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;94.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, respectively. The total value of the units granted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(vested and unvested) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to date under the program, considering the number of units and the book value p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;er share as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, is $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;144.0&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;123.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;4&lt;/span&gt;)&lt;/span&gt;&lt;span style="font: 10pt 'Times New Roman';"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Termination benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS &lt;span&gt;37&lt;/span&gt; involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;5&lt;/span&gt;)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt;&#160; &#160; &#160;&#160;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Other compensation obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Employ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ee entitlements to annual leave, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;long-service leave&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, sick leave and other bonuses and compensations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; obligations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are accrued as earned.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Q&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Provisions &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, as a result of past events, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a potential loss from a claim or proceeding is considered probable and the amount can be &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;reliably&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; estimated, a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;provision &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As the scope of liabilities become better defined, there may be changes in the estimates of future costs &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;which could have a material adverse effect on its results of operations, financial condition and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;cash flows.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;This note should be read in conjunction with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ote &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; these Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;R&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Trade and other payables &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;subsequently measured at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed cost. They are presented as current liabilities unl&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ess payment is not due within &lt;span&gt;twelve&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; months after the reporting period.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Due to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; short-term nature &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;heir carrying amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considered to be the same as their fair value. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
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&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;S&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Revenue recognition &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Revenue comprises the fair value of the consideration received or receivable for the sale of goods and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; rendering of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; services in the ordinary course of Tenaris&#x2019;s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Revenue is recognized at a point in time or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The control &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; transfer&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;red&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;upon&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; delivery.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;These conditions are determined and ana&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lyzed on a contract by contract&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; basis to ensure that all performance obligations are fulfilled&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;For bill and hold transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;does not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; have the ability to use the product or to direct it to another customer; (d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;) the usual payment terms apply.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company&#x2019;s contracts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; with customers&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; do not provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and right&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of return&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are based o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n expected value considering past experience&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and contract conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost plus margin.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;There are no judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris provides services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; primarily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; related to goods sold, which represent a non-material portion of sales revenue and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;include:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Pipe Management Services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Field Services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Comprises&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;field technical support and running assistance.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;These services&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rendered in connection to the sales of goods and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;also &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;provide&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; hydraulic fracturing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; coiled tubing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and coating &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;services. The revenue related to these services is included in the Other segment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Revenue from providing services is recognized over time in the accounting period in which the services are rendered&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he following in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;puts and outputs methods are applied&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to recognize revenue&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considering the nature&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of service&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Storage services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ompany provides storage services in owned or third-party warehouses, subject to a variable fee&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to be invoiced. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;his fe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e is determined based on the time that the customer maintains the material in the warehouse and th&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).&lt;/span&gt;&lt;/p&gt;
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&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Freights&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the revenue &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is recognized &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;on a pro rata basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considering the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;units delivered and time&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; elapsed.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Field services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the revenue i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s recognized considering output&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; method&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, in particular surveys of service comple&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tion provided by the customer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds &lt;span&gt;one&lt;/span&gt; year. As a consequence,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considering that the contracts do not include any significant financing component,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the Company does not adjust any of the transaction pric&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Other revenues earned by Tenaris are recognized on the following basis:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Interest income: on the effective yield basis. &lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Dividend income from investments in other companies: when Tenaris&#x2019;s right to receive payment is established.&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Net income from other sales: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;when contro&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;l is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to the customer.&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Construction / coating c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ontracts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;revenues&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in accordance with the stage of the project completion.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;

&lt;h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;T&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Cost of sales and &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;other selling expenses&lt;/span&gt;&lt;/h4&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Cost of sales and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;other selling&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;expenses are recognized in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement on the accrual basis of accounting.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Commissions, freight&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and other selling expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, including shipping and handling costs, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recorded&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;elling, general and administrative expense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/h4&gt;

&lt;h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;U&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Earnings per share&lt;/span&gt;&lt;/h4&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Earnings per share are calculated by dividing the income attributable to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the shareholders&#x2019; equity&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;by the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;monthly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;weighted average number of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;common&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shares &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;outstanding&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; during the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;There are no dilutive potential ordinary shares.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;

&lt;h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;V&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;F&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;inancial instruments&lt;/span&gt;&lt;/h4&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Non&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s and trade and other payables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company classifies its financial instruments according to the following measurement categories:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;those to be measured subsequently at fair value (either through OCI or through profit or loss), and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;those to be measured at amortised cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The classification depends on the Company&#x2019;s business model for managing the financial assets and contractual terms of the cash flows.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_VX4Z3F9HCW00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Subsequent measurement of debt instruments depends on the Company&#x2019;s business model for managing the asset and the cash flow characteristics of the asset. There are &lt;span&gt;three&lt;/span&gt; measurement categories into which the Company classifies its debt instruments:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Amortized Cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Fair value through oth&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;er comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#x2019; cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Fai&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;r value through profit and loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quity instruments are subsequently measured at fair value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Accounting for derivative financial instruments and hedging act&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ivities is included within the s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ection III, Financial Risk Management.&lt;/span&gt;&lt;/p&gt;  </ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory>
    <ts:DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock contextRef="D20231231_3" id="Tag2364">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;A&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Basis of presentation&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial Reporting Standards (&#x201c;IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;"&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;"&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;IFRS Accounting Standards&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;), as issued by the International Accounting Standards Board (&#x201c;IASB&#x201d;) and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in accordance with IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; as adopted by the European Union,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;under the historical cost convention, as modified by the revaluation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;certain &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;financial assets&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial Statements are, unless otherwise noted, presented in thousands of U.S. dollars (&#x201c;$&#x201d;).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Whenever necessary, c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ertain comparative amounts&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;have been reclassified to conform to changes in presentation in the current year.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities, contingent liabilities, revenues and expenses. Actual results may differ from these estimates.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; main&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; areas involving &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; estimates or judgements are: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mpairment of goodwill&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;long-lived assets (not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;),&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;impairment in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; investments in associates (note II.B)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;; i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;axes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;including recoverability of deferred tax assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;); &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;obsolescence of inventory (note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;II.J&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;); contingencies (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Q&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;); &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;allowance for trade receivables (note II.K)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;post-employment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and other long-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;);&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(notes II.B); u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;seful lives of property, plant and equipment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; other long-lived assets (notes II.E, II.F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;property title ownership &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;restriction&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;IV&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;). &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;During the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; there were no &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;significant&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; changes in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; accounting estimates&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and judgements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Accounting pronouncements applicable as from J&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;anuary &lt;span&gt;1&lt;/span&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Amendments to IAS &lt;span&gt;12&lt;/span&gt; - International Tax Reform&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Pillar &lt;span&gt;Two&lt;/span&gt; Model Rules&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In December 2021, the Organization for Economic Co-operation and Development (&#x201c;OECD&#x201d;) released the Pillar &lt;span&gt;Two&lt;/span&gt; model rules (the Global Anti-Base Erosion rules, or &#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;GloBE&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;) to reform international corporate taxation. Following Pillar &lt;span&gt;Two&lt;/span&gt; OECD&#x2019;s initiative, the European Union adopted in December 2022 a directive to impose a global minimum taxation for multinational companies in the Union, to be effective as from &lt;span&gt;2024&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In May 2023, the IASB made narrow-scope amendments to IAS &lt;span&gt;12&lt;/span&gt; setting an exception that provides relief from the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax laws that implement the Pillar &lt;span&gt;Two&lt;/span&gt; model rules, including tax laws that implement qualified domestic minimum top-up taxes as per described in those rules. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On December 20, 2023, the Luxembourg Parliament approved the Pillar &lt;span&gt;Two&lt;/span&gt; law transposing the EU Pillar &lt;span&gt;Two&lt;/span&gt; Directive into domestic legislation. The law enters into force as from fiscal years starting on or after 31 December 2023.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_61T6OQ0W8W00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company is within the scope of the rules, and therefore will be required to calculate its &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;GloBE&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; effective tax rate for each jurisdiction where it operates and will be liable to pay a top-up tax for the difference between its &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;GloBE&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; effective tax rate per jurisdiction and the 15% minimum rate, as from &lt;span&gt;2024&lt;/span&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information see note &lt;span&gt;9&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Other accounting pronouncements that became effective during &lt;span&gt;2023&lt;/span&gt; have &lt;span&gt;no&lt;/span&gt; material effect on the Company&#x2019;s financial condition or results of operations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;New ac&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;counting pronouncements &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;applicable as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;of December 3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;1&lt;/span&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Certain&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;new&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ly published&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; accounting standards, amendments to accounting standards and interpretations are not mandatory for December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact in the current or future reporting periods and on foreseeable future transactions.&lt;/span&gt;&lt;/p&gt; </ts:DescriptionOfAccountingPolicyForBasisOfPresentationTextBlock>
    <ts:MinimumApplicableTaxRate
      contextRef="D20231231_3"
      decimals="2"
      id="Tag1579"
      unitRef="Pure">0.15</ts:MinimumApplicableTaxRate>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory contextRef="D20231231_3" id="Tag1957">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;B&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Group accounting&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Subsidiaries and transactions with non-controlling interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;s&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In some cases, the Company considers that it has the ability to affect returns through its power over an entity even if it holds less than 50% of the shares or voting rights of the subsidiary because it is able to prevail at all of the subsidiary&#x2019;s general meetings, which in turn allows Tenaris to nominate and appoint a majority of the subsidiary&#x2019;s board of directors.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no longer consolidated from the date control ceases.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; method is used to account for the acquisition of subsidiaries by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The cost of an acquisition is measured as the fair value of the assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, equity instruments issued and liabilities incurred or assumed at the date of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;exchange&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Acquisition-related costs are expensed as incurred.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Identifiable assets acquired&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; liabilities and contingent liabilities assumed in a business combination are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;measured initially at their fair values at the acquisition date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Any non-controlling interest in the acquiree is measured either at fair value or at the non-controlling interest&#x2019;s proportionate share of the acquiree&#x2019;s net &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;identifiable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;assets. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The excess of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; aggregate of the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;consideration transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the amount of any non-controlling interest in the acquiree&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;over the fair value of the identifiable net assets acquired is recorded as goodwill. If &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;this&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Contingent consideration is classified either as equity or a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;If the business combination is achieved in stages, the acquisition date carrying value of the acquirer&#x2019;s previously held equity interest in the acquire&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ransactions with non-controlling interests &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;that do not result in a loss of control&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are accounted&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as transactions with equity owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_UZDALSEISW00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Material intercompany transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;balances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and unrealized gains (losses) on transactions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;between Tenaris subsidiaries have been eliminated in consolidation. However, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;since&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the functional currency of some subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s respective local currency, some financial gains (losses) arising from intercompany transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are generated. These&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are included in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;inancial results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Non-consolidated companies&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies (associate&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and joint ventures) are accounted for by the equity method and are initially recognized at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (as defined by IAS &lt;span&gt;28&lt;/span&gt;, &#x201c;Investments in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ssociates and Joint Ventures&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; The Company&#x2019;s investment in non-consolidated companies includes goodwill identified in acquisition, net of any accumulated impairment loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Under the equity method, the investments are initially recognized at cost and adjusted thereafter to recognize Tenaris&#x2019;s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris&#x2019;s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the extent of Tenaris&#x2019;s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-consolidated companies &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; adjusted where necessary to ensure consistency with IFRS.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;The Company&#x2019;s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income Statement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Equity in earnings&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;of non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;. The Company&#x2019;s pro-rata share of changes in other comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;a)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Ternium&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;At December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;, Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;h&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;ld &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;11.46&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;%&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; share capital &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Ternium S.A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;. The following factors and circumstances evidence that Tenaris has significant influence &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;over Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oth the Company and Ternium are under&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; indirect com&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mon control of San Faustin S.A.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;San Faustin&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;our out of eight&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;members of Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors (including Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;hairman) are also members of t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he Company&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -13.32pt; padding-left: 4.62pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nder the shareholders&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; agreement by and between &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techint&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Holdings &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S.&#xe0;r.l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ("&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techint&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;")&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, a wholly owned subsidiary of San Faustin &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and Ternium&#x2019;s main shareholder, dated January 9, 2006&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techint&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is required to take actions within its power to cause&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (a) &lt;span&gt;one&lt;/span&gt; of the members of Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors to be nominated by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and (b) any director nominated by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to be removed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;from Ternium&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oard of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;irectors &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;only &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;pursuant to previous written instructions of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;b)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Usiminas&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris he&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ld, through its Brazilian subsidiary Confab Industrial S.A. (&#x201c;Confab&#x201d;), 47.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million ordinary shares and 1.3 million preferred shares of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usinas&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Sider&#xfa;rgicas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; de Minas Gerais S.A. - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;), representing 6.76&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;% of its shares with voting rights and 3.96&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;% of its total share capital.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Confab&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;participation in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; share&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; capital is the result of a series of acquisitions, the first of which was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;performed on January 16, 2012, pursuant to which Ternium (through certain of its subsidiaries) and Confab acquired a large block of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ordinary shares and joined &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; existing control group. Subsequently, in &lt;span&gt;2016&lt;/span&gt;, Ternium and Confab subscribed to additional ordinary shares and to preferred shares.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_JL08KSBPO000000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;More recently, o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n March 30, 2023, Confab, together with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Ternium (through its subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Ternium Investments and Ternium Argentina&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;agreed to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquire an additional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;68.7 million ordinary shares of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; at a price of BRL10 per ordinary share. The transaction closed on July 3, 2023 and was financed with cash on hand. Tenaris paid approximately BRL110 million (approximately $22.7 million) in cash for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;11 million ordinary shares, increasing its participation in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group to 9.8%.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group comprises the T/T Group, formed by Ternium Investments, Ternium Argentina and Confab; the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;MetalOne&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; employee pension fund, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Previd&#xea;ncia&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. At December 31, 2023, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group held, in the aggregate, 483.6 million ordinary shares, representing approximately 68.6% of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; voting capital and the T/T Group held an aggregate participation of 61.3% in the control group (with 51.5% of the control group&#x2019;s participation corresponding to Ternium&#x2019;s subsidiaries, and remaining 9.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;% corresponding to Confab); the NSC Group and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Previd&#xea;ncia&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; held 31.7% and 7%, respectively, in the control group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Upon &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;closing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of the July 3, 2023 acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;then &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;existing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shareholders agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;governing the relationship between the T/T Group, the NSC Group and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Previd&#xea;ncia&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;was replaced by a new shareholders agreement setting forth a new governance structure for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The T/T Group is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;now &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entitled to nominate a majority of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of directors, the chief executive officer and four other members of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of officers. Of the positions allocated to the T/T Group, Tenaris retains the right to nominate one member of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of directors and one member of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; board of officers. Ordinary decisions may be approved with a 55% majority of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; control group shares. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the NSC Group&#x2019;s remaining interest in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; control group (153.1 million ordinary shares) at the higher of BRL10 per share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition, the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell such shares to the T/T Group at BRL10 per share. Confab will have the right but not the obligation to participate in each such transaction pro rata to its current participation in the T/T Group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Confab and the Ternium entities party to the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shareholders agreement have a separate shareholders agreement governing their respective rights and obligations as members of the T/T Group. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Under s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;uch separate agreement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Confab enjoys certain rights with respect to the governance of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, including, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;among others, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the ability to nominate certain &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; officers and directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Those circumstances evidence that Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;continues having &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;sign&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ificant influence over &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and, as a result, continues accounting for its investment under the equity method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;c)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Techgen&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; S.A. de C.V. (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, which operates an electric power plant in Mexico,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is a joint venture company owned 48% by Ternium, 30% by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tecpetrol&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; International S.A.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tecpetrol&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and 22%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; by Tenaris. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, Ternium and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tecpetrol&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are parties to a shareholders&#x2019; agreement relating to the governa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nce of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are under the indirect com&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mon control of San Faustin&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Based on the facts stated above, the Company has determined&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; that it has significant influence over this entity.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;d)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Global Pipe Company&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Global Pipe Company (&#x201c;GPC&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is a joint venture, established in &lt;span&gt;2010&lt;/span&gt; and located in Jubail&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Saudi Arabia&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, which manufactures LSAW pipes. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Until May 16, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris, through its subsidiary&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Saudi Steel Pipe Company ("&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;SSPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;")&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;owned 35% of the share capital of GPC&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and, accordingly was a non-consolidated company.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On May 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching a participation of 57.3%. The Company consolidates GPC&#x2019;s balances and results of operations as from May 17, 2023.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 7.1pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information on GPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;'s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; acquisition and its accounting treatment see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Business Combinations - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Global Pipe Company acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_FTEEIIBJGW00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris carries its investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s in non&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;consolidated companies&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the equity method, with no additional goodwill or intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever events or changes in circumstances indicate that the asset&#x2019;s carrying amount may not be recoverable. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ee n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ote &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory>
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&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;C&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Segment information&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company is organized in one major business segment, Tubes, which is also the reportable operating segment.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;All other business activities and operating segments that are not required to be separately reported are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;disclosed in the Other segment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related services mainly for the oil and gas industry, particularly oil country tubular goods (&#x201c;OCTG&#x201d;) used in drilling operations, and for other industrial applications with production processes that consist in the transformation of steel into tubular products. Business activities included in this segment are mainly dependent on the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; worldwide&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; oil and gas industry, as this industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are generally made to end users, with exports being done through a centrally managed global distribution network and domestic sales are made through local subsidiaries.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Other segment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; includ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;es&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;all business activities related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the production and selling of sucker rods, coiled tubing, tubes used for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;plumbing and construction&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;applications, oilfield / hydraulic fracturing services,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the recently acquired &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;coating business &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and others as&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; energy and raw materials that exceed internal requirements.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s Chief Operating Decision Maker (&#x201c;CODM&#x201d;) reviews operating and financial performance information with senior management on a monthly basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. This &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;information differ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; from IFRS principally as follows:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption of production overheads and depreciation;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at historical cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, mainly on a FIFO basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ny currency translation adjustment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;classification&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, when applicable, for companies that under IFRS had a different functional currency than the U.S. dollar; and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ther timing differences, if any.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; presents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; its geographical information in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;four&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; areas:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; North America,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; South America, Europe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Asia Pacific&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Middle East and Afri&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. For purposes of reporting geographical information, net sales are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to geographical areas based on the customer&#x2019;s location; allocation of assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; capital expenditures and associated depreciation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and amortization&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are based on the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;geographical&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; location of the assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
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&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;D&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Foreign &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;c&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;urrency &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;t&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;ranslation&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 35.45pt; break-after: avoid; break-inside: avoid; text-align: justify; text-indent: -35.45pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Functional&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; and presentation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 54pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;IAS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;21&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;revised&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;The effects of changes in foreign exchange rates&#x201d; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;defines the functional currency as the currency of the primary economic environment in which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;an &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entity operates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The functional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and presentation &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;curren&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;y of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is the U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is the currency that best reflects the economic substance of the underlying events and circumstances relevant to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; global operations. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian Real to the U.S. dollar.&lt;/span&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
&lt;div id="t_ft_2WCEZJDWPS00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;This decision &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;wa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s a result of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;significant increase of its Brazilian Subsidiaries&#x2019;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;participation in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;OCTG and l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ine&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ipe international markets, a trend which started in recent years and has been strengthened in &lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, an &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;increased l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;evel of integration of the local operations within Tenaris&#x2019;s int&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ernational &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;commercial and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;supply chain system&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, as well &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the fact that the main purchase agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;contracts and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the long term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;sales &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;agreement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;contracts with major international &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and local &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oil companies are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;either&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entered or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;indexed to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; U&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Local steel prices are also being affected by the U&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ollar / Brazilian Real fluctuations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;xcept f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the Italian subsid&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;iaries whose functional currency&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Euro&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and two recently acquired subsidiaries wh&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ose&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; functional currencies are the Canadian Dollar and the Norwegian Krone&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris determined that the functional currency of its&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; other subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is the U.S. dollar, based on the following principal considerations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ales are mainly negotiated, denominated and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;/ &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; settled in U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. If priced in a currency other than the U.S. dollar, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;sales &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;price &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;may consider&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; exposure to fluctuation in the exchange rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;against&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the U.S. dollar;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rices of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;critical raw materials and inputs are priced and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;/ &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; settled in U.S. dollars; &lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ransaction&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and operational&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; environment and the cash flow &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of these &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;operations ha&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the U.S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; as reference currency;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;there is a s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ignificant level of integration of the l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ocal operations within Tenaris's&#160;international&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;global distribution network&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;et financial assets and liabilities are mainly received and maintained in U.S. dollars; and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.27pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he exchange rate of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;certain legal currencies &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;has long-been affected by recurring and seve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re economic crise&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Transactions in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;Transactions in currencies other than the functional currency are translated into the functional currency using the exchange rates prevailing at the date of the transactions or valuati&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;on where items are re-measured.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and (iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated using the exchange rates prevailing at the date when&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; the fair value was determined.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are recorded as gains and losses from foreign exchange and included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal;"&gt;Other financial results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; in the Consolidated Income Statement, except when deferred in equity as qualifying cash flow hedges and qu&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;alifying net investment hedges.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Translation of financial information in currencies other than the functional currency&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars at the average exchange rates for each quarter of the year. Financial statement positions are translated at the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-end exchange rates. Translation differences are recognized in a separate component of equity as currency translation adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference would be recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the Consolidated Income Statement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; as a gain or loss from the sale&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or disposal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; following IAS &lt;span&gt;21&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;exchange &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rate.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
    <ts:NumberOfSubsidiariesAcquired
      contextRef="I20231231"
      decimals="0"
      id="Tag2252"
      unitRef="Subsidiaries">2</ts:NumberOfSubsidiariesAcquired>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="D20231231_3" id="Tag2190">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Property, plant and equipment&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Property, plant and equipment are recognized at historical acquisition or construction cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; less accumulated depreciation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and impairment losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. H&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;istorical cost includes expenditure that is directly attributable to the acquisition of the items&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Property&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lant&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quipment acquired through&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquisitions accounted for as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;business &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;combination&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;have been valued &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;initially &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;market &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;value of the assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;acquired.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_E6W7NW3MMO00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Major overhaul and rebuilding expenditures&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are capitalized as property, plant and equipment only when &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;it is probable that future economic benefits associated with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the item will flow to the Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the investment enhances the condition of assets beyond its original condition.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; The carrying amount of the replaced part is derecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;M&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;aintenance expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Cost may also include transfers fro&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;m equity of any gains or losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of the cost of the asset, in accordance with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; IAS &lt;span&gt;23&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;revised&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;Borrowing Cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ssets for which borrowing costs are capitalized are those that require a substantial period of time to prepare for their intended use.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;epreciation method is reviewed at each year end. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Depreciation&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is calculated using the straight-line method to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;depreciate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the cost of each asset to its residual value over its estimated useful life&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Land &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; No Depreciation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Buildings and improvements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 30-50 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 10-40 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1.95pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Vehicles, furniture and fixtures, and other equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 1.4pt; text-indent: -1.4pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 4-10 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;residual values and useful lives of significant plant and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;production &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;equipment are reviewed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and adjusted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; if appropriate, at each year-end&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;date. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;An asset&#x2019;s carrying amount is written down immediately to its recoverable amount if the asset&#x2019;s carrying amount is greater than its estimated recoverable amount.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;estimation of asset&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; useful &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, performed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in accordance with IAS &lt;span&gt;16&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Property&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, Plant and E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quipment&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;resulted in additional depreciation expenses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;approximately&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;39&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; for &lt;span&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;did not materially affect depreciation expense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2023&lt;/span&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2021&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;enaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; depreciates each significant part of an item of property, plant and equipment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for its different production facilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property, plant and equipment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are recognized under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other operating income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other operating expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <ts:DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock contextRef="D20231231_3" id="Tag687">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Land &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; No Depreciation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Buildings and improvements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 30-50 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 5.5pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 10-40 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1.95pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 4.92%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 54.22%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Vehicles, furniture and fixtures, and other equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 40.86%;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 1.4pt; text-indent: -1.4pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 4-10 years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutTheEstimatedUsefulLivesOfPropertyPlantAndEquipmentTextBlock>
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    <ts:AdditionalDepreciationExpenses
      contextRef="D20221231_3"
      decimals="-6"
      id="Tag1775"
      unitRef="USD">39000000</ts:AdditionalDepreciationExpenses>
    <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory contextRef="D20231231_3" id="Tag2386">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;F&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Intangible assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Goodwill &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Goodwill represents the excess of the acquisition cost &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;over the fair value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; share of net identifiable assets acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;at least &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Goodwill is included &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal;"&gt; the Consolidated Statement of Financial Position under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Intangible assets, net.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;For the purpose of impairment testing, g&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;oodwill&lt;span&gt;&#160;&lt;/span&gt;is allocated to a&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;cash generating unit (&#x201c;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;CGU&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&#x201d;)&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;&#160;&lt;/span&gt;or group of&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;CGUs&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;&#160;&lt;/span&gt;that&lt;span&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;are expected to benefit from the business combination which generated the goodwill being tested.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Information systems projects&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Costs associated with maintaining computer software programs are generally recognized as an expense as incurred. However, costs directly related to the development, acquisition and implementation of information systems are recognized as intangible assets if it is probable that they have economic benefits exceeding &lt;span&gt;one&lt;/span&gt; year and comply with the recognition criteria of IAS &lt;span&gt;38&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;Intangible Assets&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Information systems projects recognized as assets are amortized using the straight-line method over their useful lives, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;not exceeding a period of 3 years. Amortization charges are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_ZRJTTSO75S00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS &lt;span&gt;38&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;did not materially affect &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amortization expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2023&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Licenses, patents, trademarks and proprietary technology &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Licenses, patents, trademarks, and proprietary technology are initially recognized at fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful life are carried at cost less accumulated amortization. Amortization is calculated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;using the straight-line method to allocate the cost over their estimated useful lives, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;which are in the range between 3 and 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; years.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Amortization charges are mainly classified as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Cost of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;ales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The balance of acquired t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rademarks&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; that have indefinite useful lives according to external appraisal&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;86.7&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; at December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Main factors considered in the determination of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; indefinite useful lives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; include the years that &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;they have&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; been in service and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;their &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recognition among customers in the industry.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS &lt;span&gt;38&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; did no&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t materially affect amortization&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; expenses for &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;4&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Research and development&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Research expenditures as well as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;development costs that do not fulfill the criteria for capitalization are recorded as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement as incurred. Research and development expenditures included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Cost of sales&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; for the years &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; totaled &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;60.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;50.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;45.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Capitalized costs were not material for the years &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;"&gt;(&lt;span&gt;5&lt;/span&gt;)&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;"&gt;Customer relationship&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.85pt 0pt 13.9pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In accordance with IFRS &lt;span&gt;3&lt;/span&gt;, "Business Combinations" and IAS &lt;span&gt;38&lt;/span&gt;, Tenaris has recognized the value of customer relationships separately from goodwill attributable to the acquisition of Maverick&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Tube Corporation (&#x201c;Maverick&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Company (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; groups, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Ipsco&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; Tubulars Inc. (&#x201c;IPSCO&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;the more recent acquisition of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Mattr&#x2019;s pipe coating business unit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method over the initial expected useful li&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;v&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;which were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;approximately 14 years for Maverick, 10 y&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ears for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; 9 years for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for IPSCO&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;4 months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for Mattr&#x2019;s pipe coating business unit.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0.9pt 0pt 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In &lt;span&gt;2022&lt;/span&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the Company reviewed the useful life of SSPC&#x2019;s customer relationships and decided to reduce &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; from 5 years to 3 years, consequently a higher amortization charge of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;4.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; million was recorded in the Consolidated Income Statement under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Selling, general and administrative expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; for the year ended December 31, 2022.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management&#x2019;s re-estimation of assets useful lives, performed in accordance with IAS &lt;span&gt;38&lt;/span&gt;, did not affect amortization expenses for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2023&lt;/span&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2021&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;As o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;f December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the net book&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;SSP&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&#x2019;s customer relationship amoun&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ted&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;26.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; million, with a residual useful life of &lt;/span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="-sec-ix-hidden:Tag3376"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; and &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;9&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; months&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Mattr&#x2019;s amounted to $21.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, with a residual useful life of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;3&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;hile &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;IPSCO&#x2019;s, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Maverick&#x2019;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Hydril&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; customer relationships &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;re&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fully amortized.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
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      id="Tag1777"
      unitRef="USD">21500000</ts:FinitelivedIntangibleAssetResidualValue>
    <ts:FinitelivedIntangibleAssetResidualUsefulLife
      contextRef="D20231231_CustomerrelatedIntangibleAssetsMember_MattrsPipeCoatingBusinessUnitMember"
      id="Tag2198">P3M</ts:FinitelivedIntangibleAssetResidualUsefulLife>
    <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="D20231231_3" id="Tag2558">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;G&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Right-of-use assets and lease liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the lease&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; term on a straight-line basis.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_DYP8U3515S00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v) payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#x2019;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment wit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;h similar terms and conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Right-of-use assets are measured at cost comprising the amount of the initial measurement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lease liability, any lease payments made at or before the commencement date less any lease incentives received and any initial direct costs incurred by the lessee.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or early termination&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, or not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Payments associated with short-term leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, variable leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and leases of low&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;value assets are recognized on a straight-line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
    <ts:MaximumPeriodOfLeaseTermOfShortTermLeases contextRef="D20231231_3" id="Tag1551">P12M</ts:MaximumPeriodOfLeaseTermOfShortTermLeases>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="D20231231_3" id="Tag2557">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;H&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Impairment of non-financial assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there are separately identifiable cash flows (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;). Most of the Company&#x2019;s principal subsidiaries that constitute a CGU have a single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation that generates largely independent cash inflows.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives, including goodwill, are subject to at least an annual impairment test, or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are tested&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; more frequently if events or circumstances indicate that the carrying amount value may be impaired. In some &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;situations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; where there have not been significant changes to CGU assets and liabilities as well as external and internal &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;events and circumstances &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;which could materially alter the recoverable amount of the CGU, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the most recent detailed calculation of recoverable amount made in a preceding period may be used in the impairment test for that &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;CGU&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the current period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate used in Tenaris&#x2019;s cash flow projections and the business condition in terms of competitive&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; economic &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and regulatory &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;An impairment loss is recognized for the amount by which the asset&#x2019;s carrying amount exceeds its recoverable amount. The recoverable amount is the higher between the asset&#x2019;s value in use and fair value less costs of disposal. Any impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -14.15pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair value less cost of disposal, its value in use or &lt;span&gt;zero&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;use is calculated by discounting the estimated cash flows over a &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="-sec-ix-hidden:Tag3394"&gt;five-year&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&#160;period (or higher if the period can be justified) based on forecasts approved by management. For the subsequent years beyond the &lt;span&gt;&lt;span style="border-left: none; border-right: none;"&gt;five&lt;/span&gt;-year&lt;/span&gt; period, a terminal value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly the historical inflation rate.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that a market participant could generate from the corresponding CGU.&lt;/span&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary significantly from the forecasted future cash flows and related values derived using discounting techniques.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_7W5S1Z91G000000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting date. For more information on impairment charges &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated Financial Statements.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ts:DescriptionOfGrowthRateUsedToExtrapolateTerminalValue
      contextRef="I20231231"
      decimals="2"
      id="Tag2335"
      unitRef="Pure">0.02</ts:DescriptionOfGrowthRateUsedToExtrapolateTerminalValue>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory contextRef="D20231231_3" id="Tag2366">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;I&lt;/span&gt;&#160; &#160; &#160; &#160;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Other &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;i&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;nvestments&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ther investments consist primarily of investments in financial instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and time deposits with a maturity of more than &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;three&lt;/span&gt; months&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; at the date of purchase&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Certain non-derivative financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ial assets that the Company held not for trading&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; have been categorized as &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;financial assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair value through other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;FV&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;OCI&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as the business model objective is achieved by both holding financial assets in order to collect contractual cash flows and selling financial assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. They are carried at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;omprehensive &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Income and transferred to the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement when the financial asset is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;disposed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. Exchange gains and losses and impairments related to the financial assets are immediately recognized in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement. F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;V&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;OCI&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; instruments with maturities greater than 12 months after the balance sheet date a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re included in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; non-current assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ther investments in financial instruments and time deposits are c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ategorized as financial assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at fair value through profit or loss &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&#x201c;FVPL&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;because such investments are held for trading and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;their&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; performance is evaluated on a fair value basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The results of these investments are recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Financial Results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Purchases and sales of financial investments are recognized as of the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ir&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;settlement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;The fair values of quoted investments are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;generally &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;based on current bid prices. If the market for a financial investment is not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ee s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ectio&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;n III Financial Risk Management&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory>
    <ts:MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature contextRef="D20231231_3" id="Tag2337">P12M</ts:MaximumMaturityPeriodOfFairValueThroughOtherComprehensiveIncomeInstrumentsForShortTermNature>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="D20231231_3" id="Tag2528">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;J&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Inventories&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process is comprised of raw materials, direct labor, utilities&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, freights&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and other direct costs and related production overhead costs, and it excludes borrowing costs. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;llocation of fixed production costs&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, including depreciation and amortization charges,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; is based on&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; normal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; level of production capacity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Inventories&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; cost is mainly based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;FIFO method. Tenaris estimates &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling expenses. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;G&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;oods in transit &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;as of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; year-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;end are valued based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;supplier&#x2019;s invoice cost.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process, supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on management&#x2019;s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare parts is established based on management's analysis of such items to be used as intended and the consideration of potential obsolescence due to technological changes, aging and consumption patterns.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="D20231231_3" id="Tag2299">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;K&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Trade &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;and other &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;receivables&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Trade and other receivables are recognized initially at&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; fair value that corresponds to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; the amount of consideration that is unconditional unless they contain significant financing c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;omponents. The Company holds&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; trade receivables with the objective to collect the contractual cash flows and therefore measu&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;res them subsequently at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ed cost using the effective interest method. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Due to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; short-term nature, their carrying amount is considered to be the same as their fair value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_H1Q8MZ1A7400000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Tenaris applies the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; IFRS &lt;span&gt;9&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; &#x201c;Financial Instruments&#x201d;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;simplified approach to measure&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; expected credit losses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a period of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;three years&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;and the corresponding historical credit losses exp&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;erienced within this period. The expected loss allowance also&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; reflect&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; current and forward-looking information on macroeconomic factors affecting the ability&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;each &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;custo&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;mer to settle the receivables.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
    <ts:ForecastPeriodOfRevenueProjections contextRef="D20231231_3" id="Tag2992">P3Y</ts:ForecastPeriodOfRevenueProjections>
    <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents contextRef="D20231231_3" id="Tag1875">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;L&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Cash and cash equivalents&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Cash and cash equi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;valents are comprised of cash at&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; banks, liquidity funds and short-term investments with a maturity of less than &lt;span&gt;three&lt;/span&gt; months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash and cash equivalents are carried at fair market value or at historical cost which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;approximates fair market value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In the Consolidated Statement of Financial Position, bank overdrafts are included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;Borrowings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; in current liabilities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;For the purposes of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;Consolidated Statement of C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;ash &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;low&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt;"&gt;ash and cash equivalents&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;overdrafts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
    <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory contextRef="D20231231_3" id="Tag2149">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;M&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;E&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;quity&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; components&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;hanges in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quity include&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he value of share capital, legal reserve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;share premium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and other distributable reserve&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;calculated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in accordance with Luxembourg l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;aw;&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; font-style: normal; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -13pt; text-align: justify; text-indent: -18pt;"&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he currency translation adjustment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;treasury shares, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;other reserves,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; retained earnings&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;non-controlling&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; interest &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;calculated in accordance with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; IFRS.&lt;/span&gt; &lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Share cap&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;it&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;al&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company has an authorized share capital of a single &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;class of 2.5 billion shares having a nominal value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1.00 per share. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Total ordinary shares issued as of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1,180,536,830&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;with a par value of $1.00 per share with one vote each.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Total ordinary shares outstanding as of December 31, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1,167,888,739&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and as of December 31, 2022 and &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;1,180,536,830&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; with a par value of $1.00 per share with one vote each. Outstanding shares do not include treasury shares. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;All issued shares are fully paid.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Treasury Shares&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Acquisitions of treasury shares are recorded at acquisition cost, deducted from equity until disposal or cancellation. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Any potential&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; gains &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;or&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; losses on disposal of treasury shares &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; recognized under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;eserves&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Changes in Equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Treasury shares outstanding as of December 31, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;12,648,091&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;4&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Dividends distribution by the Company to shareholders &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Dividends distributions are recorded in the Company&#x2019;s financial statements when Company&#x2019;s shareholders have the right to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-laws of the Company. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance with Luxembourg law. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ee &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ote&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (iii)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory>
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    <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="D20231231_3" id="Tag774">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;N&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Borrowings&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="D20231231_3" id="Tag7">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;O&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Current and d&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;eferred income tax&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The income tax expense or credit for the period is the tax payable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; or recoverable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; on the current period&#x2019;s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Current and deferred t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ax is recognized in the Consolidated Income Statement, except &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to the extent that it relates to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;items recognized in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;other comprehensive income or directly in equity.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;In these cases, the tax is also recognized in other comprehensive income or directly in equity, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company&#x2019;s subsidiaries operate and generate taxable income.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;from &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;net operating loss carry-forwards&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and equipment, valuation of inventories, provisions for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;post-employment benefits and other long-term employee benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;fair value adjustments of assets acquired in business combinations. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets are recognized to the extent&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; it is probable that future taxable profits will be available&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; against which the te&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mporary differences &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and losses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;can be utiliz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At the end of each reporting period, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; reassesses &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; deferred tax assets. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;enaris&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; a previously &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;unrecognized&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; deferred tax asset to the extent that it has become probable that future taxable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; will allow the deferred tax asset to be recovered.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ax basi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred tax assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and liabilities are re-measured&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; if tax rates change. These amounts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are charged or credited to the Consolidated Income Statement or to the item &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;ther co&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;mprehensive income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Comprehensive I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome, depending on the account to which the original &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amount was charged or credited.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="D20231231_3" id="Tag1106">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;P&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Employee benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; text-align: justify; text-indent: -22.5pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;1&lt;/span&gt;)&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Short-term obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Liabilities for wages and salaries are recognized in respect of employees&#x2019; services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.5pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -22.5pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Post&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;employment benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on &lt;span&gt;one&lt;/span&gt; or more factors such as age, years of service and compensation.&#160; &#160;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_ZO8AIK275C00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in the period in which they arise. Past-service costs are recognized immediately in the Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For defined benefit &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;funded &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;plans, net interest income&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;/&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;expense is calculated based on the surplus or deficit derived by the difference between the defined benefit obligations less fair value of plan assets. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For defined contribution plans, the Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;div id="t_ft_H96S2TADV400000000000000000000b"&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 46px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="height: 16px; width: 4%; vertical-align: top; padding: 0px 1px;" valign="top"&gt;
&lt;p&gt;&#x2022;&lt;/p&gt; &lt;/td&gt;
&lt;td style="height: 16px; text-align: justify; padding: 0px 1px 10px; width: 96%; vertical-align: top;" valign="top"&gt;
&lt;p&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of termination of the employment relationship due to certain specified events, including retirement. This unfunded plan provides defined &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;benefits based on years of service and final average salary&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;. &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; the outstanding liabil&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;48.1&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; million.&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&#x2022;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; padding: 0px 1px 10px; vertical-align: top;" valign="top"&gt;
&lt;p&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Employees&#x2019; service rescission indemnity&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;. T&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;he &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;cost of this obligation is charged to the Consolidated Income Statement over the expected service lives of employees. This provision is primarily related to the liability ac&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;crued for employees at &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees were entitled to make contributions to external funds, thus, &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; Italian subsidiary pays every year the required contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a defined contribution plan effective from that date, but only &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;limited to the contributions of &lt;span&gt;2007&lt;/span&gt; onwards.&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; the outstanding &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;liabil&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ity for this plan amounts to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;10.6&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; million.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&#x2022;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; padding: 0px 1px 10px; vertical-align: top;" valign="top"&gt;
&lt;p&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Funded retirement benefit plan held in the U&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;S&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; for the benefit of some employees hir&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ed prior a certain date,&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; frozen for the purposes of credited service as well as determination of final average pay for the retirement benefit calculation. Plan assets consist primarily of investments in equities and money market&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;funds. Additionally, an unfunded post&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;-&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;retirement health and life plan&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; is&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; in place&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; that offers limited medical and life insurance benefits to the retirees, &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;frozen to new participants&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; A&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;s of December 31, 20&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; the outstanding&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;liabil&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;ity for these&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; plan&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; amounts to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;5.6&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; million.&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&#x2022;&lt;/td&gt;
&lt;td style="height: 10px; text-align: justify; vertical-align: top; padding: 0px 1px;" valign="top"&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based on years of service and, in the case of salaried employees, final average salary. Plan assets consist &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;primarily of &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;annuities purchased from an insurance company for the benefit of current and future retiree&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;s,&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;investments in &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;debt and &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;equit&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;y instruments&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;. Both plans were replaced for defined contribution plans. Effective June 2016 the salary plan was frozen&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt; for the purposes of credited service as well as determination of final average pay. As of December 31, 202&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;the plan was overfunded and the net assets related to this plan amounted to $&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;10.8&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;million&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&lt;br/&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;3&lt;/span&gt;)&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-variant-position: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'Times New Roman';"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;O&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;ther long-&lt;/span&gt;&lt;span style="text-align: justify; text-indent: -21.3pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;term benefits&lt;/span&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;During &lt;span&gt;2007&lt;/span&gt;, Tenaris launched an&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;employee retention and long&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt;"&gt;term incentive program&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Program&#x201d;) applicable to certain senior officers and employees of the Company, who will be granted a number of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nits throughout the duration of the Program. The value of each of these &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nits is based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shareholders&#x2019; equity (excluding non-cont&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rolling interest). &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Until &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the end of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2017&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; u&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nits &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;vest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ratably over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; a period of &lt;span style="border-left: none; border-right: none;"&gt;four years&lt;/span&gt; and were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mandatorily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; redeemed by the Company &lt;span style="border-left: none; border-right: none;"&gt;ten years&lt;/span&gt; after grant date, with the option of an early redemption at &lt;span style="border-left: none; border-right: none;"&gt;seven years&lt;/span&gt; after&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; grant date.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Since&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2018&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;units &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;vest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ratably over the same period and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mandatorily redeemed by the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Company &lt;span style="border-left: none; border-right: none;"&gt;seven years&lt;/span&gt; after grant date.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_KQ7U20T3K000000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he beneficiaries of the Program are&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;entitled to receive cash amounts based on: (i) the amount of dividend payments made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The payment of the benefit is tied to the book value of the shares, and not to their market value.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris valued this long-term incentive program as a long&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;term benefit plan as classified in IAS &lt;span&gt;19&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Employee Benefits&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the outstanding liability corresponding to the Program &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;amounts to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;119.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;94.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, respectively. The total value of the units granted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(vested and unvested) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to date under the program, considering the number of units and the book value p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;er share as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, is $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;144.0&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;123.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;4&lt;/span&gt;)&lt;/span&gt;&lt;span style="font: 10pt 'Times New Roman';"&gt; &#160; &#160; &#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Termination benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recognizes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; termination benefits at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the costs for a restructuring that is within the scope of IAS &lt;span&gt;37&lt;/span&gt; involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; page-break-after: avoid; page-break-inside: avoid; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(&lt;span&gt;5&lt;/span&gt;)&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt;&#160; &#160; &#160;&#160;&lt;span style="font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Other compensation obligations&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Employ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ee entitlements to annual leave, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;long-service leave&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, sick leave and other bonuses and compensations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; obligations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are accrued as earned.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
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&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Q&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Provisions &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party is seeking payment for alleged damages, reimbursement for losses or indemnity. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; potential liability with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically reviews the status of each significant matter and assesses potential financial exposure. If&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, as a result of past events, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a potential loss from a claim or proceeding is considered probable and the amount can be &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;reliably&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; estimated, a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;provision &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements, and take into consideration &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; litigation and settlement strategies. These estimates are primarily constructed with the assistance of legal counsel. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As the scope of liabilities become better defined, there may be changes in the estimates of future costs &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;which could have a material adverse effect on its results of operations, financial condition and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;cash flows.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as a receivable.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;This note should be read in conjunction with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ote &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; these Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory contextRef="D20231231_3" id="Tag676">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;R&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Trade and other payables &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;subsequently measured at amortiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed cost. They are presented as current liabilities unl&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ess payment is not due within &lt;span&gt;twelve&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; months after the reporting period.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Due to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; short-term nature &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;heir carrying amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considered to be the same as their fair value. &lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="D20231231_3" id="Tag2145">
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;S&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Revenue recognition &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Revenue comprises the fair value of the consideration received or receivable for the sale of goods and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; rendering of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; services in the ordinary course of Tenaris&#x2019;s activities. The revenue recognized by the Company is measured at the transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized and after eliminating sales within the group.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Revenue is recognized at a point in time or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;over&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; time from sales when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The control &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; transfer&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;red&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;upon&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; delivery.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for acceptance have been satisfied, including all performance obligations. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;These conditions are determined and ana&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;lyzed on a contract by contract&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; basis to ensure that all performance obligations are fulfilled&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n particular, Tenaris verifies customer acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;For bill and hold transactions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically identified and are ready for delivery; (c) the Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;does not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt; have the ability to use the product or to direct it to another customer; (d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;) the usual payment terms apply.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company&#x2019;s contracts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; with customers&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; do not provide any material variable consideration, other than discounts, rebates and right of return. Discounts and rebates are recognized based on the most likely value and right&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of return&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are based o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n expected value considering past experience&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and contract conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost plus margin.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;There are no judgements applied by management that significantly affect the determination of timing of satisfaction of performance obligations, nor the transaction price and amounts allocated to different performance obligations. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris provides services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; primarily&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; related to goods sold, which represent a non-material portion of sales revenue and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mainly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;include:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Pipe Management Services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;This comprises mainly preparation of the pipes ready to be run, delivery to the customer, storage services and rig return.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Field Services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Comprises&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;field technical support and running assistance.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;These services&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rendered in connection to the sales of goods and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; attached to contracts with customers for the sale of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same contract, have the same counterparty and are subject to the same conditions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;also &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;provide&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; hydraulic fracturing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; coiled tubing &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and coating &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;services. The revenue related to these services is included in the Other segment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Revenue from providing services is recognized over time in the accounting period in which the services are rendered&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he following in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;puts and outputs methods are applied&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to recognize revenue&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considering the nature&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of service&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Storage services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ompany provides storage services in owned or third-party warehouses, subject to a variable fee&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to be invoiced. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;his fe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e is determined based on the time that the customer maintains the material in the warehouse and th&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month, the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_1FJOC6NSMO00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Freights&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the revenue &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is recognized &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;on a pro rata basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considering the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;units delivered and time&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; elapsed.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Field services&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the revenue i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s recognized considering output&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; method&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, in particular surveys of service comple&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tion provided by the customer.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds &lt;span&gt;one&lt;/span&gt; year. As a consequence,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; considering that the contracts do not include any significant financing component,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the Company does not adjust any of the transaction pric&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;es for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate performance obligation.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Other revenues earned by Tenaris are recognized on the following basis:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Interest income: on the effective yield basis. &lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Dividend income from investments in other companies: when Tenaris&#x2019;s right to receive payment is established.&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Net income from other sales: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;when contro&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;l is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; transferred&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to the customer.&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -21pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Construction / coating c&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ontracts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;revenues&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in accordance with the stage of the project completion.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt; </ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory contextRef="D20231231_3" id="Tag1027">
&lt;h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;T&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Cost of sales and &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;other selling expenses&lt;/span&gt;&lt;/h4&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Cost of sales and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;other selling&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;expenses are recognized in the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement on the accrual basis of accounting.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Commissions, freight&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and other selling expenses&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, including shipping and handling costs, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recorded&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;elling, general and administrative expense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Consolidated I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ncome &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="D20231231_3" id="Tag629">
&lt;h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;U&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Earnings per share&lt;/span&gt;&lt;/h4&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Earnings per share are calculated by dividing the income attributable to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the shareholders&#x2019; equity&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;by the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;monthly &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;weighted average number of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;common&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; shares &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;outstanding&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; during the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;There are no dilutive potential ordinary shares.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
    <ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares
      contextRef="D20231231_3"
      decimals="0"
      id="Tag1590"
      unitRef="Shares">0</ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="D20231231_3" id="Tag2300">
&lt;h4 style="line-height: 12pt; margin: 0pt; page-break-after: avoid; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;V&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;F&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;inancial instruments&lt;/span&gt;&lt;/h4&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Non&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade and other receivables, cash and cash equivalents, borrowing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s and trade and other payables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company classifies its financial instruments according to the following measurement categories:&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;those to be measured subsequently at fair value (either through OCI or through profit or loss), and&lt;/span&gt;&lt;/li&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -9pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;those to be measured at amortised cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The classification depends on the Company&#x2019;s business model for managing the financial assets and contractual terms of the cash flows.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div id="t_ft_VX4Z3F9HCW00000000000000000000b"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Subsequent measurement of debt instruments depends on the Company&#x2019;s business model for managing the asset and the cash flow characteristics of the asset. There are &lt;span&gt;three&lt;/span&gt; measurement categories into which the Company classifies its debt instruments:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Amortized Cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated Income S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Fair value through oth&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;er comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets&#x2019; cash flows represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and transferred to the Consolidated Income Statement when the financial asset is sold.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Fai&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;r value through profit and loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;E&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;quity instruments are subsequently measured at fair value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Accounting for derivative financial instruments and hedging act&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ivities is included within the s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ection III, Financial Risk Management.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
    <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="D20231231_3" id="Tag3327">
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"&gt;iii&lt;/span&gt;&lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"&gt;.&lt;/span&gt; &lt;span style="color: #cc0066; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"&gt;Financial risk management&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The multinational nature of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; operations and customer base expose&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ompany &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a variety of risks,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; mainly related to market risks (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;including the effects of changes in foreign currency exchange rates and interest rates&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, credit risk&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and capital&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; market&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; risk&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In order to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;manage the volatility related to these exposures, management evaluates &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;exposures&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on a consolidated basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; tak&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; advantage of exposure netting. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he Company or its subsidiaries may &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;then &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enter into various derivative transactions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in order&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;prevent&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; potential adverse impacts on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;financial &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;performance&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Such derivative transactions are executed in accordance with internal policies and hedging practices.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;A. Financial &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;r&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;isk &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;f&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;actors&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(i) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Capital risk m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;anagement&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is seeks to maintain a low&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; debt&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to total &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;equity ratio considering the industry and the mark&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ets where it operates. The year-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;end &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ratio of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;debt &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to total &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;equity &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(where &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;debt&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; comprises financial borrowings and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;total &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is the sum of financial borrowings and equity&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.03&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;as&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of December&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.05&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. The Company does not have to comply with regulatory capital adequacy requirements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(ii)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Foreign exchange risk &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed to foreign exchange rate risk. Since the Company&#x2019;s functional currency is the U.S. dollar the purpose of Tenaris&#x2019;s foreign currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against the U.S. dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s exposure to currency fluctuations is reviewed on a periodic &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;consolidated basis. A number of derivative transactions are performed in order to achieve an efficient &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;coverage in the absence of operative or natural hedges. Almost all of these transactions are fo&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rward exchange rates contracts. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ee &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ote &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;26&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to these&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris does not&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;enter into derivative financial instruments for trading or other speculative purposes, other than non-material investments in structured products&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In the case of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; subsidiaries &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; functional currencies other than the U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;dollar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the results of hedging activities&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; reported in accordance with IFRS&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; may not&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;reflect&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; entirely&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; management&#x2019;s assessment of its foreign exchange risk hedging program. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ntercompany balances between &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; subsidiaries may generate financial gains (losses) to the extent that functional currencies differ.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The value&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; financial assets and liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ubject to changes arising from&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the variation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;foreign currency&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; exchange rates. The following table &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;provides&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; a breakdown of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;main financial assets and liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(including foreign exchange derivative contracts) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;which impact the Company&#x2019;s profit and loss &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 78px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt; All amounts Long / (Short) in thousands of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; As of December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Currency Exposure / Functional currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Argentine Peso / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (134,716 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (126,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Euro / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (203,608 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (42,458 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Saudi Arabian Riyal / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (181,931 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (74,183 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The main relevant exposures correspond to:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;"&gt;
&lt;li class="mylistitemclass" style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Argentine Peso / U.S. dollar&lt;/span&gt;&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; As of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; consisting primarily of Argentine Peso-denominated financial, trade, social and fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of &lt;span&gt;1&lt;/span&gt;% in the ARS/USD exchange rate would have generated a pre-tax gain / loss of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;"&gt;
&lt;li class="mylistitemclass" style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;"&gt;Euro / U.S. dollar&lt;/span&gt;&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries whose functional currency is the U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;dollar. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;A change of &lt;span&gt;1&lt;/span&gt;% in the EUR/USD exchange rate would have generated a pre-tax gain / loss of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million as of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, respectively, which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris&#x2019;s net equity position.&lt;/span&gt;&lt;/p&gt;
&lt;ul style="margin: 0pt; padding-left: 0pt; list-style-type: square;"&gt;
&lt;li class="mylistitemclass" style="font-family: Wingdings; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt 0pt 9.58pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important;"&gt;Saudi Arabian Riyal / U.S. dollar&lt;/span&gt;&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt 0pt 18pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; consisting primarily of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Saudi Arabian Riyal-denominated financial and trade payables&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. The Saudi Arabian Riyal is tied to the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; U.S.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; dollar.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 17.85pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Considering the balances held as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on financial assets and liabilities exposed to foreign exchange rate fluctuations, Tenaris estimates that the impact of a simultaneous &lt;span&gt;1&lt;/span&gt;% favorable / unfavorable movement in the levels of foreign currencies exchange rates relative to the U.S. dollar, woul&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;d be a pre-tax gain / loss of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;6.7&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million (including a loss / gain of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million due to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;foreign exchange derivative contracts), &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;which would be partially offset by changes to Tenaris&#x2019;s net equity position of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; For balances held as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, a simultaneous &lt;span&gt;1&lt;/span&gt;% favorable / unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-tax gain / loss of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;4.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million (including a loss / gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million due to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;foreign exchange derivative contracts), &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;which would have been partially offset by changes to Tenaris&#x2019;s net equity position of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris based its &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;foreign exchange &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;sensitivity analysis on a 1% variance for information purposes only, enabling the analysis to any particular variance.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(iii) &lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Interest rate risk&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 17.85pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris is subject to interest rate risk&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; its investment portfolio&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and its debt&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company uses a mix of variable and fixed rate debt in combination with its investment portfolio strategy. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he Company may choose to enter into &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;foreign exchange derivative contracts and / or &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;interest rate swaps to mitigate the exposure to changes in the interest rates. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The following &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;table &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;summarizes&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the proportions of variable-rate and fixed-rate debt as of each year end&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div style="line-height: 1.2;"&gt;
&lt;div id="t_ft_HIB39DURDS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; As of December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; In thousands of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; In thousands of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 53%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fixed rate &lt;sup&gt;(*) &lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 294,946 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 51% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 497,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 68% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Variable rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 288,491 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 230,873 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 32% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Out of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;294.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;illion fixed rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;borrowings,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;271.1&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;illion are short-term&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company estimates that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; if&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; market&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; interest rates&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; applicable to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; borrowings&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;had&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; been &lt;span&gt;100&lt;/span&gt; basis points higher&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;then the additional &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;pre-tax &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; would &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;have been &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;6.4&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris based its interest rate sensitivity analysis on a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;100&lt;/span&gt; basis points&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; variance for information purposes only, enabling the analysis to any particular variance.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(iv) &lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Credit risk&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables and committed transactions. The Company also actively monitors the creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;No single customer comprised more than 10% of Tenaris&#x2019;s net sales in &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;maintains&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; a strong, longstanding relationship with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Petr&#xf3;leos&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Mexicanos&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Pemex&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;one&lt;/span&gt; of the world&#x2019;s largest crude oil and condensates producers and &lt;span&gt;one&lt;/span&gt; of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;its&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; largest customers. Over the past several months, Pemex has delayed payments beyond the agreed-upon due dates, resulting in Tenaris having a significant credit exposure to Pemex, which represented approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;% of the Company&#x2019;s overall credit exposure as of December 31, 2023. The Company has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer. Although the parties are in continuous conversations and Pemex is making partial payments on a periodic basis, at this stage the Company cannot predict whether or not its exposure to Pemex will be reduced, or the timing for any such reduction.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s credit policies related to sales of products and services are designed to identify customers with acceptable credit history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to minimize credit risks &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit losses.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; See s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ection II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;K&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;trade receivables amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2,480.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. Trade receivables ha&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; guarantees under credit insurance of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;212.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, letter of credit and other bank guarantees of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;48.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;verdue trade receivables amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;679.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, overdue guaranteed trade receivables amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;24.4&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million; and the allowance for doubtful accounts amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;49.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; trade receivables amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2,493.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. Trade receivables ha&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; guarantees under credit insurance &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;231.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, letter of credit and other bank guarantees of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;34.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;verdue trade receivables amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;544.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, overdue guaranteed trade receivables amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;28.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million; and the allowance for doubtful accounts amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;45.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Management believes that b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;oth the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(v) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Counterparty risk&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;91%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; of Tenaris&#x2019;s liquid financial assets correspond&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; to Investment Grade-rated instruments as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;, in comparison with approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;80%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;v&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Liquidity risk&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; financing strategy &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s to maintain adequate financial resources and access to additional liquidity. During &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris also has &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;appropriate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;access to market for short-term working capital needs.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Liquid financial assets as a whole (comprising cash and cash equivalents and other investments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;) were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;19%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;9%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; total asset&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s at the end of &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris has a conservative approach to the management of its liquidity, which consists of i)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;cash and cash equivalents (cash in banks, liquidity funds and investments&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;with a&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;maturity of less than &lt;span style="border-left: none; border-right: none;"&gt;three months&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;at the date of purchase), and ii) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ther &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nvestments (fixed income securities, time d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;eposits, and fund investments).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris holds primarily investments in money market &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;funds and variable or fixed-rate securities from investment grade issuers. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;Tenaris holds its investments primarily in U.S. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;dollars. As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;, U.S. dollar denominated liquid assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;94%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;87%&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;of total liquid financial assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(vii) &lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Commodity price risk&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices of such raw materials and commodities for short-term periods, typically not in excess of &lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;one&lt;/span&gt; year&lt;/span&gt;&lt;/span&gt;, and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;n general hedging for these risks is performed on a limited basis.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;B. Category of financial instruments and classification w&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;ithin th&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;e fair value h&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;ierarchy&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As mentioned in note II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;V&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the Company classifies its financial instruments in the following measurement categories: amortized cost, fair value through othe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;r comprehensive income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and fair &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;value through profit and loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For financial instruments that are measured in the statement of financial position at fair value, IFRS &lt;span&gt;13&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;Fair value measurement&#x201d; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Level &lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Quoted prices (unadjusted) in active markets for identical assets or liabilities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Level &lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Inputs other than quoted prices included within Level &lt;span&gt;1&lt;/span&gt; that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Level &lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The following tables present the financial instruments by category and levels as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_01U6RA2IBK00000000000000000000b"&gt;

&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 540px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Carrying amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; At Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;1&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;3&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 18%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,637,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,414,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 223,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 223,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,969,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,073,465 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 8.7pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Fixed income (time-deposit, &lt;span&gt;zero&lt;/span&gt; coupon bonds, commercial papers) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; U.S. Sovereign Bills &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 282,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 282,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Certificates of deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 334,637 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 334,637 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Commercial papers &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 196,708 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 196,708 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other notes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 82,596 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 82,596 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; U.S. government securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 126,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 126,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 126,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Non-U.S. government securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 10,943 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 10,943 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 10,943 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Corporates securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 696,939 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 696,939 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 696,939 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other Investments Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 405,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Receivables C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 414,778 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 93,144 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 93,144 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 93,144 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 321,634 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 4,884,596 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 1,232,501 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 479,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 1,695,109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Borrowings C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0pt; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other liabilities C and NC (*) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;&lt;span style="font-weight: bold;"&gt;693,913&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;&lt;span style="font-weight: bold;"&gt;86,240&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;&lt;span style="font-weight: bold;"&gt;86,240&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;86,240&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;86,240&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;86,240&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other liabilities (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;607,673&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade payables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,107,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,107,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Lease Liabilities C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 134,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 134,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 1,825,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 97,390 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;86,240&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span&gt;Includes liability related to share buyback program. See note &lt;span&gt;37&lt;/span&gt; to these Consolidated Financial Statements.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;div id="t_ft_I8R79O5E4G00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 487px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Carrying amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 34.3152%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 30.9278%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; At Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;1&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;3&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 13.9912%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.9838%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,091,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.5729%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 668,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.24742%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.65832%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 422,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 422,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 438,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 182,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 59,308 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 242,296 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 8.7pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Fixed income (time-deposit, &lt;span&gt;zero&lt;/span&gt; coupon bonds, commercial papers) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Certificates of deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 36,167 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 36,167 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Commercial papers &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 19,785 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 19,785 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 18px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other notes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 140,200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 140,200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 211,953 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 182,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 28,965 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 211,953 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Non-U.S. government securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 108,310 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 79,345 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 28,965 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 108,310 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Corporates securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 103,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 103,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 103,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other Investments Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 119,902 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Receivables C and NC (*) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 395,531 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 105,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 154,056 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 105,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 241,475 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 3,464,157 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 345,221 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 519,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 778,729 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 54,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Borrowings C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade payables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,179,457 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,179,457 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Lease Liabilities C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 2,020,396 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="line-height: inherit;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Includes balances related to interest in Venezuelan companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ee n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ote&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;35&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; to these Consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Financial Statements.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt;  &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;here were no transfers between l&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;evel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; during the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of financial instruments traded in active markets is based on quoted market prices at the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;reporting&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm&#x2019;s length basis. The quoted market price used for financial assets held by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is the current bid price. These instruments are included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;L&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;evel &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt; and comprise primar&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;il&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;y corporate and sovereign debt securities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates of deposits with original maturity of more than &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;three months&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;orward and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nterest &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ate derivative in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;truments) is determined by using valuation techniques&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; which&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; maximiz&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;e the use&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of observable market data when&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; available and rely as little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the instrument is included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;L&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;evel &lt;span&gt;2&lt;/span&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tenaris values its assets and liabilities included in this level using bid prices, interest rate curves, broker quotations, current exchange rates, forward rates and implied volatilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;obtained &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;from market contributors as of the valuation date.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;If &lt;span&gt;one&lt;/span&gt; or more of the significant inputs &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; not based on observable market data, the instruments are included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;L&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;evel &lt;span&gt;3&lt;/span&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which reflect the Company&#x2019;s best estimate on how market participants would price the asset or liability at measurement date. &lt;span&gt;&lt;span dir="ltr"&gt;Main balances in this level include a liability related to the shares to be settled under the share buyback program recognized during the period. For more information see note &lt;span&gt;37&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The following table presents the changes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;L&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;evel &lt;span&gt;3&lt;/span&gt; assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_Q7IX9T1HS000000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 102px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 54,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 56,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; padding: 0px 0px 0px 7px; height: 17px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Decrease &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (47,467 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (181 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 54,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt; &lt;span&gt;&lt;span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="font-size: 8pt;"&gt;For &lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; text-decoration: none; font-weight: normal; color: black;"&gt;elated to the sale of Venezuela awards. For more information see notes &lt;span&gt;6&lt;/span&gt; and &lt;span&gt;35&lt;/span&gt;&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Fair value estimation&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established by the IASB accounting guidance for fair value measurements and disclosures.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair values of quoted investments are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; generally&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; based on current bid prices. If the market for a financial asset is not active or no market is available, fair values are established using standard valuation techniques. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of all outstanding derivatives is determined using speci&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;fic pricing models that include&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; inputs that are observable in the market or can be derived from or corroborated by observable data.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of forward foreign exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Borrowings are classified under &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;other financial liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and measured at their amortized cost&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Tenaris estimates that the fair value of its main financial liabilities is approxi&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mately&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;99.8%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;99.2%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of its carrying amount &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;inc&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;luding interests accrued&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Fair values were calculated using standard valuation techniques for floating rate instruments and comparable market rates for discounting &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;cash &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;flows.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The carrying&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; amount of investments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; valuated at amortized cos&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;t approximates its fair value.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;D. Accounting for derivative financial instruments and hedging activities&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools are used for calculation of each instrument&#x2019;s fair value and these tools are tested for consistency on a monthly basis. Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates matching the nature of each underlying risk. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Financial Results&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris designa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;tes certain derivatives &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;as hedges of particular risks associated with recognized assets or liabilities or highly probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value of Tenaris&#x2019;s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial position.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For transactions designated and qualifying for hedge accounting, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertak&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ing various hedge transactions.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris also documents its assessment on an ongoing basis, of whether the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;hedging instrument&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are highly effective in offsetting changes in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;fair value or cash flow of hedged items.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the effective portion of designated cash flow hedges &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;which is included&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other Reserves&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in equity &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to &lt;/span&gt;&lt;span style="background-color: #ffffff; font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;8.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;credit&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;13.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;credit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair values of various derivative instruments used for hedging purposes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and the movements of the hedging reserve included within &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other Reserves&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in equity &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;disclosed in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ote&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;26&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to these Consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
    <ts:DebtToEquityRatio
      contextRef="I20231231"
      decimals="2"
      id="Tag255"
      unitRef="Pure">0.03</ts:DebtToEquityRatio>
    <ts:DebtToEquityRatio
      contextRef="I20221231"
      decimals="2"
      id="Tag327"
      unitRef="Pure">0.05</ts:DebtToEquityRatio>
    <ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory contextRef="D20231231_3" id="Tag631">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 78px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt; All amounts Long / (Short) in thousands of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; As of December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Currency Exposure / Functional currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 77%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Argentine Peso / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (134,716 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (126,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Euro / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (203,608 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (42,458 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Saudi Arabian Riyal / U.S. dollar &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (181,931 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt; (74,183 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_ArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag439"
      unitRef="USD">-134716000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20221231_ArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag408"
      unitRef="USD">-126739000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_EuroUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag136"
      unitRef="USD">-203608000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20221231_EuroUsDollarForeignExchangeRiskMember"
      decimals="-3"
      id="Tag362"
      unitRef="USD">-42458000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_SaudiArabianRiyalUsDollarExchangeRiskMember"
      decimals="-3"
      id="Tag495"
      unitRef="USD">-181931000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20221231_SaudiArabianRiyalUsDollarExchangeRiskMember"
      decimals="-3"
      id="Tag205"
      unitRef="USD">-74183000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag182"
      unitRef="USD">1300000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20221231_OnePercentChangeArgentinePesoUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag422"
      unitRef="USD">1300000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag371"
      unitRef="USD">2000000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20221231_OnePercentChangeEuroUsDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag477"
      unitRef="USD">400000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag364"
      unitRef="USD">6700000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember"
      decimals="-5"
      id="Tag190"
      unitRef="USD">2300000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:CTAForeignExchangeRiskCurrencyExposure
      contextRef="D20231231_3"
      decimals="-5"
      id="Tag497"
      unitRef="USD">1100000</ts:CTAForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20221231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember"
      decimals="-5"
      id="Tag378"
      unitRef="USD">4000000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20221231_OnePercentChangeAllForeignExchangeExposureVsUSDDollarForeignExchangeRiskMember_ForeignExchangeDerivativesContractsMember"
      decimals="-5"
      id="Tag159"
      unitRef="USD">200000</ts:ForeignExchangeRiskCurrencyExposure>
    <ts:CTAForeignExchangeRiskCurrencyExposure
      contextRef="D20221231_3"
      decimals="-5"
      id="Tag154"
      unitRef="USD">900000</ts:CTAForeignExchangeRiskCurrencyExposure>
    <ts:PercentageOfVariance
      contextRef="D20231231_CurrencyRiskMember"
      decimals="2"
      id="Tag260"
      unitRef="Pure">0.01</ts:PercentageOfVariance>
    <ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory contextRef="D20231231_3" id="Tag103">
&lt;div style="line-height: 1.2;"&gt;
&lt;div id="t_ft_HIB39DURDS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; As of December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; In thousands of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; In thousands of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; % &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 53%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fixed rate &lt;sup&gt;(*) &lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 294,946 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 51% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 497,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 5%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 68% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Variable rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 288,491 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 230,873 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 32% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Out of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;294.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;illion fixed rate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;borrowings,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;271.1&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;illion are short-term&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory>
    <ifrs-full:Borrowings
      contextRef="I20231231_FixedInterestRateMember"
      decimals="-3"
      id="Tag321"
      unitRef="USD">294946000</ifrs-full:Borrowings>
    <ts:ConcentrationRiskPercentage
      contextRef="I20231231_FixedInterestRateMember"
      decimals="2"
      id="Tag3354"
      unitRef="Pure">0.51</ts:ConcentrationRiskPercentage>
    <ifrs-full:Borrowings
      contextRef="I20221231_FixedInterestRateMember"
      decimals="-3"
      id="Tag3352"
      unitRef="USD">497889000</ifrs-full:Borrowings>
    <ts:ConcentrationRiskPercentage
      contextRef="I20221231_FixedInterestRateMember"
      decimals="2"
      id="Tag417"
      unitRef="Pure">0.68</ts:ConcentrationRiskPercentage>
    <ifrs-full:Borrowings
      contextRef="I20231231_FloatingInterestRateMember"
      decimals="-3"
      id="Tag424"
      unitRef="USD">288491000</ifrs-full:Borrowings>
    <ts:ConcentrationRiskPercentage
      contextRef="I20231231_FloatingInterestRateMember"
      decimals="2"
      id="Tag361"
      unitRef="Pure">0.49</ts:ConcentrationRiskPercentage>
    <ifrs-full:Borrowings
      contextRef="I20221231_FloatingInterestRateMember"
      decimals="-3"
      id="Tag3331"
      unitRef="USD">230873000</ifrs-full:Borrowings>
    <ts:ConcentrationRiskPercentage
      contextRef="I20221231_FloatingInterestRateMember"
      decimals="2"
      id="Tag399"
      unitRef="Pure">0.32</ts:ConcentrationRiskPercentage>
    <ifrs-full:Borrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag279"
      unitRef="USD">583437000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag232"
      unitRef="USD">728762000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_FixedInterestRateMember"
      decimals="-5"
      id="Tag441"
      unitRef="USD">294900000</ifrs-full:Borrowings>
    <ifrs-full:ShorttermBorrowings
      contextRef="I20231231_FixedInterestRateMember"
      decimals="-5"
      id="Tag225"
      unitRef="USD">271100000</ifrs-full:ShorttermBorrowings>
    <ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher
      contextRef="D20231231_3"
      decimals="-5"
      id="Tag251"
      unitRef="USD">6400000</ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher>
    <ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher
      contextRef="D20221231_3"
      decimals="-5"
      id="Tag84"
      unitRef="USD">5300000</ts:LossOnInterestRateRiskIfMarketInterestRatesWereHigher>
    <ifrs-full:InformationAboutMajorCustomers contextRef="D20211231" id="Tag3393">No</ifrs-full:InformationAboutMajorCustomers>
    <ifrs-full:InformationAboutMajorCustomers contextRef="D20221231_3" id="Tag3392">No</ifrs-full:InformationAboutMajorCustomers>
    <ifrs-full:InformationAboutMajorCustomers contextRef="D20231231_3" id="Tag450">No</ifrs-full:InformationAboutMajorCustomers>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20211231"
      decimals="2"
      id="Tag3390"
      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20221231_3"
      decimals="2"
      id="Tag3391"
      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20231231_3"
      decimals="2"
      id="Tag385"
      unitRef="Pure">0.10</ifrs-full:PercentageOfEntitysRevenue>
    <ts:ConcentrationRiskPercentage
      contextRef="I20231231_CounterpartyRiskMember_PetroleosMexicanosMember"
      decimals="2"
      id="Tag379"
      unitRef="Pure">0.20</ts:ConcentrationRiskPercentage>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231"
      decimals="-5"
      id="Tag323"
      unitRef="USD">2480900000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_GuaranteesUnderCreditInsuranceMember"
      decimals="-5"
      id="Tag174"
      unitRef="USD">212700000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_LetterOfCreditAndOtherBankGuaranteesMember"
      decimals="-5"
      id="Tag160"
      unitRef="USD">48400000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_PastDueMember"
      decimals="-5"
      id="Tag266"
      unitRef="USD">679600000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_FinancialGuaranteeContractsMember_PastDueMember"
      decimals="-5"
      id="Tag91"
      unitRef="USD">24400000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231_AllowanceForDoubtfulAccountsTradeReceivablesMember"
      decimals="-5"
      id="Tag470"
      unitRef="USD">49000000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231"
      decimals="-5"
      id="Tag289"
      unitRef="USD">2493900000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231_GuaranteesUnderCreditInsuranceMember"
      decimals="-5"
      id="Tag237"
      unitRef="USD">231200000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231_LetterOfCreditAndOtherBankGuaranteesMember"
      decimals="-5"
      id="Tag235"
      unitRef="USD">34700000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231_PastDueMember"
      decimals="-5"
      id="Tag183"
      unitRef="USD">544900000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231_FinancialGuaranteeContractsMember_PastDueMember"
      decimals="-5"
      id="Tag105"
      unitRef="USD">28100000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231_AllowanceForDoubtfulAccountsTradeReceivablesMember"
      decimals="-5"
      id="Tag133"
      unitRef="USD">45500000</ifrs-full:CurrentTradeReceivables>
    <ts:ExposureInvestmentGradeRatedInstruments
      contextRef="I20231231"
      decimals="2"
      id="Tag143"
      unitRef="Pure">0.91</ts:ExposureInvestmentGradeRatedInstruments>
    <ts:ExposureInvestmentGradeRatedInstruments
      contextRef="I20221231"
      decimals="2"
      id="Tag280"
      unitRef="Pure">0.80</ts:ExposureInvestmentGradeRatedInstruments>
    <ts:LiquidFinancialAssetsPercentage
      contextRef="I20231231"
      decimals="2"
      id="Tag121"
      unitRef="Pure">0.19</ts:LiquidFinancialAssetsPercentage>
    <ts:LiquidFinancialAssetsPercentage
      contextRef="I20221231"
      decimals="2"
      id="Tag94"
      unitRef="Pure">0.09</ts:LiquidFinancialAssetsPercentage>
    <ts:MaximumMaturityPeriodOfCashAndCashEquivalents contextRef="D20231231_LiquidityRiskMember" id="Tag358">P3M</ts:MaximumMaturityPeriodOfCashAndCashEquivalents>
    <ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency
      contextRef="I20231231_OtherCurrenciesHedgedToUSDollarMember"
      decimals="2"
      id="Tag337"
      unitRef="Pure">0.94</ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency>
    <ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency
      contextRef="I20221231_OtherCurrenciesHedgedToUSDollarMember"
      decimals="2"
      id="Tag309"
      unitRef="Pure">0.87</ts:LiquidFinancialAssetsPercentageDenominatedByASpecificCurrency>
    <ts:MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature contextRef="D20231231_CommodityPriceRiskMember" id="Tag223">P1Y</ts:MaximumPeriodOfFixedPriceOfCommoditiesForShortTermNature>
    <ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory contextRef="D20231231_3" id="Tag2867">
&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 540px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Carrying amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; At Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;1&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;3&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 18%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,637,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,414,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 223,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 223,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,969,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,073,465 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 8.7pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Fixed income (time-deposit, &lt;span&gt;zero&lt;/span&gt; coupon bonds, commercial papers) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; U.S. Sovereign Bills &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 282,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 282,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Certificates of deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 334,637 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 334,637 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Commercial papers &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 196,708 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 196,708 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other notes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 82,596 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 82,596 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; U.S. government securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 126,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 126,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 126,399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Non-U.S. government securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 10,943 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 10,943 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 10,943 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Corporates securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 696,939 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 696,939 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 696,939 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other Investments Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 405,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Receivables C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 414,778 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 93,144 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 93,144 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 93,144 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 321,634 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 4,884,596 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 1,232,501 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 479,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 1,695,109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Borrowings C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; margin: 0pt; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other liabilities C and NC (*) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;&lt;span style="font-weight: bold;"&gt;693,913&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;&lt;span style="font-weight: bold;"&gt;86,240&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;&lt;span style="font-weight: bold;"&gt;86,240&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;86,240&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;86,240&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;86,240&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other liabilities (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;607,673&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px; text-align: right;"&gt;&lt;span style="font-style: italic;"&gt;-&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; font-family: 'Frutiger 45 Light'; font-size: 8pt; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade payables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,107,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,107,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Lease Liabilities C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 134,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 134,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 1,825,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 97,390 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt;86,240&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span&gt;Includes liability related to share buyback program. See note &lt;span&gt;37&lt;/span&gt; to these Consolidated Financial Statements.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;div id="t_ft_I8R79O5E4G00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 487px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Carrying amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 27px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 34.3152%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Measurement Categories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 30.9278%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; At Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Amortized Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVOCI &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;1&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Level &lt;span&gt;3&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 13.9912%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Cash and cash equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.9838%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,091,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.5729%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 668,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 8.24742%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.65832%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 422,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 422,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 7.36377%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.20913%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 438,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 182,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 59,308 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 242,296 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt 0pt 0pt 8.7pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Fixed income (time-deposit, &lt;span&gt;zero&lt;/span&gt; coupon bonds, commercial papers) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 34px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Certificates of deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 36,167 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 36,167 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Commercial papers &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 19,785 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 19,785 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 18px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other notes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 140,200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 140,200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 211,953 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 182,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 28,965 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 211,953 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Non-U.S. government securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 108,310 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 79,345 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 28,965 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 108,310 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Corporates securities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 103,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 103,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 103,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; Mutual Fund &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Other Investments Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 119,902 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Receivables C and NC (*) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 395,531 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 105,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 154,056 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 105,397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt; text-indent: 12pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Other receivables (non-financial) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; 241,475 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 3,464,157 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 345,221 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 519,300 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 778,729 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 54,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Borrowings C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Trade payables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,179,457 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 1,179,457 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Lease Liabilities C and NC &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff; width: 13.9912%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; Derivative financial instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.9838%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9.5729%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8.24742%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.65832%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7.36377%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2.20913%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 13.9912%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.9838%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.5729%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 2,020,396 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.24742%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.65832%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; 7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 7.36377%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.20913%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="line-height: inherit;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Includes balances related to interest in Venezuelan companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ee n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ote&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;35&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; to these Consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Financial Statements.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; </ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory>
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&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div id="t_ft_Q7IX9T1HS000000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 102px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 54,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 56,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; padding: 0px 0px 0px 7px; height: 17px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Decrease &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (47,467 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (181 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 54,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;span style="font-family: 'times new roman', times; font-size: 9pt;"&gt; &lt;span&gt;&lt;span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="font-size: 8pt;"&gt;For &lt;span&gt;2023&lt;/span&gt;, r&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; text-decoration: none; font-weight: normal; color: black;"&gt;elated to the sale of Venezuela awards. For more information see notes &lt;span&gt;6&lt;/span&gt; and &lt;span&gt;35&lt;/span&gt;&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
    <ifrs-full:FinancialAssets
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      decimals="-3"
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    <ifrs-full:FinancialAssets
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      unitRef="USD">-47467000</ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets>
    <ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets
      contextRef="D20221231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag305"
      unitRef="USD">-1126000</ifrs-full:IncreaseDecreaseInFairValueMeasurementAssets>
    <ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets
      contextRef="D20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag480"
      unitRef="USD">-109000</ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets>
    <ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets
      contextRef="D20221231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag158"
      unitRef="USD">-181000</ts:CurrencyTranslationAdjustmentAndOthersFairValueMeasurementAssets>
    <ifrs-full:FinancialAssets
      contextRef="I20231231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag339"
      unitRef="USD">7411000</ifrs-full:FinancialAssets>
    <ifrs-full:FinancialAssets
      contextRef="I20221231_Level3OfFairValueHierarchyMember"
      decimals="-3"
      id="Tag129"
      unitRef="USD">54987000</ifrs-full:FinancialAssets>
    <ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue
      contextRef="I20231231"
      decimals="3"
      id="Tag151"
      unitRef="Pure">0.998</ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue>
    <ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue
      contextRef="I20221231"
      decimals="3"
      id="Tag164"
      unitRef="Pure">0.992</ts:FinancialLiabilitiesFairValueAsAPercentageOfCarryingValue>
    <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges
      contextRef="I20231231"
      decimals="-5"
      id="Tag423"
      unitRef="USD">8100000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
    <ifrs-full:ReserveOfCashFlowHedgesContinuingHedges
      contextRef="I20221231"
      decimals="-5"
      id="Tag464"
      unitRef="USD">13100000</ifrs-full:ReserveOfCashFlowHedgesContinuingHedges>
    <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory contextRef="D20231231_3" id="Tag624">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&#160; &#160; &#160;&#160;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Segment information&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 8pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As mentioned in sectio&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n II.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;egment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;nformation is disclosed as follow&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Reportable operating segments&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt;(All amounts in millions of U.S. dollars&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt;)&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 204px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Management view - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 129 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,466 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Difference in cost of sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (134 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (9 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; IFRS - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 221 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,537 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 95 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,633 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Net Sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 14,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 14,869 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 518 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 31 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_7OPW9RNHNK00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; text-indent: 0px; height: 238px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Management view - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,772 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 75 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,847 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Difference in cost of sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 44 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 74 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; IFRS - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,963 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,957 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 209 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Net Sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 11,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 630 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 11,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 20 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 608 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;

&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_EVIUJKWQLS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 221px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2021 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Management view - operating income&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 178 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 65 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 243 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Difference in cost of sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 473 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-align: left; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-align: left; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; IFRS - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 730 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 513 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,243 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Net Sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 5,994 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 528 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 6,521 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 575 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 20 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 595 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Transactions between segments, which were eliminated in consolidation,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; are&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;mainly related to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; sales of scrap&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, energy, surplus raw materials and others&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; from the Other segment to the Tubes segment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;98.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;77.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;45.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, respectively.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;There are no material differences between IFRS and management view in total revenues and by reportable segments.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; minor&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; timing differences.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The main difference in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other operating income (expenses)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;, net&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ended &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;December 31&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;2022&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is attributable to t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes&#x2019; definitive cease of operations, not impacting the management view.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In addition to the amounts reconciled above, t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;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&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Geographical information&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 423px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; North America &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; South America &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Europe &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Asia Pacific, Middle East and Africa &lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;Unallocated &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(**)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,765,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,382,495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,175,581 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,545,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,868,860 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,210,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,751,121 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,839,378 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,671,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,608,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,081,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,222,635 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 447,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 278,077 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 532,798 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,676,352 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,143,752 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 794,242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 463,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,078,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Capital expenditures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 214,932 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 246,061 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 119,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,632 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 619,445 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 307,139 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 115,156 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 74,862 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 51,353 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 548,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,902,787 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,550,402 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,000,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,308,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,762,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,018,386 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,896,403 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,071,624 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,023,187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,550,246 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,371,717 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 583,223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 202,753 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 336,247 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,548,844 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,031,423 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 706,539 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 269,457 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,556,263 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Capital expenditures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 118,644 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 176,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 62,143 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 378,446 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 348,550 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 125,324 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 57,218 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 607,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2021 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,360,345 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,311,279 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 742,463 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,107,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,521,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,992,946 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,399,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,727,573 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 945,690 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,383,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,449,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 652,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 234,800 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 180,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 231,274 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,299,072 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,805,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 984,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 742,461 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 292,015 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,824,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Capital expenditures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 106,118 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,344 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,333 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 239,518 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 307,116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 125,781 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 89,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 72,157 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 594,721 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Starting on January 1, 2023, Asia Pacific&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; Middle East and Africa segments were merged in a single geographical segment.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic;"&gt;Investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic;"&gt;s in non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;See n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ote &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;o these Consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;There are no revenues from external customers attributable to the Company&#x2019;s country of incorporation (Luxembourg). &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The principal countries from which the C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ompany derives its &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;revenues are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USA&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;39%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Argentina&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;15%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Mexico, Canada, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Saudi Arabia&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Brazil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;26%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;22%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;23%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; respectively.&lt;/span&gt;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tubes segment revenues by market:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(All amounts in millions of U.S. dollars)&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 68px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Revenues Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Oil &amp;amp; gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,488 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Oil &amp;amp; gas processing plants &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 818 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 738 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 14px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Industrial, power and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 879 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 852 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 640 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 14,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 11,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,994 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;At &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;December &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, the Company recognized contract liabilities related to customer&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; advances in the amount of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;263.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;242.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;92.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Each of t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;se&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; amounts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re reclassified to revenues during the subsequent year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. In these periods, no significant adjustment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in revenues were performed related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;previously satisfied &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;performance obligations.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
    <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="D20231231_3" id="Tag2431">
&lt;table cellpadding="0" cellspacing="0" style="height: 204px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Management view - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 129 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,466 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Difference in cost of sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (134 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (9 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; IFRS - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 221 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,537 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 95 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,633 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Net Sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 14,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 14,869 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 518 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 31 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_7OPW9RNHNK00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.04%; text-indent: 0px; height: 238px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Management view - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,772 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 75 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,847 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Difference in cost of sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 44 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in selling, general and administrative expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 74 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; IFRS - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,963 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,957 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 209 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Net Sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 11,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 630 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 11,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 20 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 608 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;

&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_EVIUJKWQLS00000000000000000000b"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 221px; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2021 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 1%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Management view - operating income&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 178 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 65 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 243 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Difference in cost of sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 473 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-align: left; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Differences in other operating income (expenses), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-align: left; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; IFRS - operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Financial income (expense), net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before equity in earnings of non-consolidated companies and income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 730 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 513 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,243 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Net Sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 5,994 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 528 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 6,521 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 575 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; 20 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; 595 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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      unitRef="USD">588000000</ifrs-full:DepreciationAndAmortisationExpense>
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      decimals="-6"
      id="Tag2436"
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      id="Tag2042"
      unitRef="USD">608000000</ifrs-full:DepreciationAndAmortisationExpense>
    <ts:ManagementViewOperatingIncome
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      decimals="-6"
      id="Tag2328"
      unitRef="USD">178000000</ts:ManagementViewOperatingIncome>
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      unitRef="USD">65000000</ts:ManagementViewOperatingIncome>
    <ts:ManagementViewOperatingIncome
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      id="Tag2095"
      unitRef="USD">243000000</ts:ManagementViewOperatingIncome>
    <ts:ManagementViewDifferencesInCostOfSales
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      decimals="-6"
      id="Tag2135"
      unitRef="USD">-473000000</ts:ManagementViewDifferencesInCostOfSales>
    <ts:ManagementViewDifferencesInDepreciationAndAmortization
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag2206"
      unitRef="USD">1000000</ts:ManagementViewDifferencesInDepreciationAndAmortization>
    <ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag2078"
      unitRef="USD">8000000</ts:ManagementViewDifferencesInOtherOperatingIncomeExpensesNet>
    <ifrs-full:ProfitLossFromOperatingActivities
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag3010"
      unitRef="USD">707000000</ifrs-full:ProfitLossFromOperatingActivities>
    <ifrs-full:FinanceIncomeCost
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag2204"
      unitRef="USD">23000000</ifrs-full:FinanceIncomeCost>
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      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag2092"
      unitRef="USD">730000000</ts:LossIncomeBeforeEquityInEarningsOfNonconsolidatedCompaniesAndIncomeTax>
    <ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag2016"
      unitRef="USD">513000000</ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod>
    <ifrs-full:ProfitLossBeforeTax
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag3006"
      unitRef="USD">1243000000</ifrs-full:ProfitLossBeforeTax>
    <ifrs-full:Revenue
      contextRef="D20211231_TubesMember"
      decimals="-6"
      id="Tag3012"
      unitRef="USD">5994000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20211231_AllOtherSegmentsMember"
      decimals="-6"
      id="Tag2188"
      unitRef="USD">528000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag3004"
      unitRef="USD">6521000000</ifrs-full:Revenue>
    <ifrs-full:DepreciationAndAmortisationExpense
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      decimals="-6"
      id="Tag2138"
      unitRef="USD">575000000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="D20211231_AllOtherSegmentsMember"
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      id="Tag2322"
      unitRef="USD">20000000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:DepreciationAndAmortisationExpense
      contextRef="D20211231_ReportableSegmentsMember"
      decimals="-6"
      id="Tag2015"
      unitRef="USD">595000000</ifrs-full:DepreciationAndAmortisationExpense>
    <ifrs-full:ProfitLossBeforeTax
      contextRef="D20231231_EliminationOfIntersegmentAmountsMember"
      decimals="-5"
      id="Tag2197"
      unitRef="USD">98500000</ifrs-full:ProfitLossBeforeTax>
    <ifrs-full:ProfitLossBeforeTax
      contextRef="D20221231_EliminationOfIntersegmentAmountsMember"
      decimals="-5"
      id="Tag2046"
      unitRef="USD">77900000</ifrs-full:ProfitLossBeforeTax>
    <ifrs-full:ProfitLossBeforeTax
      contextRef="D20211231_EliminationOfIntersegmentAmountsMember"
      decimals="-5"
      id="Tag2127"
      unitRef="USD">45600000</ifrs-full:ProfitLossBeforeTax>
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&lt;table cellpadding="0" cellspacing="0" style="height: 423px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; North America &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; South America &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Europe &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Asia Pacific, Middle East and Africa &lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold;"&gt;Unallocated &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(**)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 34px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,765,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,382,495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,175,581 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,545,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,868,860 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,210,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,751,121 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,839,378 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,671,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,608,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,081,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,222,635 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 447,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 278,077 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 532,798 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,676,352 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,143,752 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 794,242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 463,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,078,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Capital expenditures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 214,932 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 246,061 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 119,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,632 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 619,445 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 307,139 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 115,156 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 74,862 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 51,353 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 548,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,902,787 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,550,402 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,000,833 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,308,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,762,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,018,386 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,896,403 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,071,624 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,023,187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,550,246 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,371,717 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 583,223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 202,753 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 336,247 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,548,844 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,031,423 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 706,539 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 269,457 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,556,263 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Capital expenditures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 118,644 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 176,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 62,143 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 378,446 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 348,550 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 125,324 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 57,218 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 607,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2021 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,360,345 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,311,279 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 742,463 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,107,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,521,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,992,946 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,399,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,727,573 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 945,690 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,383,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,449,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 652,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 234,800 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 180,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 231,274 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,299,072 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Property, plant and equipment, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,805,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 984,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 742,461 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 292,015 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,824,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Capital expenditures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 106,118 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,344 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,333 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 239,518 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 307,116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 125,781 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 89,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 72,157 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 594,721 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Starting on January 1, 2023, Asia Pacific&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; Middle East and Africa segments were merged in a single geographical segment.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic;"&gt;Investment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic;"&gt;s in non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;See n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;ote &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;o these Consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfGeographicalAreasExplanatory>
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      id="Tag3000"
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      id="Tag2210"
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    <ifrs-full:PropertyPlantAndEquipment
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      unitRef="USD">118644000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
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    <ifrs-full:DepreciationAndAmortisationExpense
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    <ifrs-full:DepreciationAndAmortisationExpense
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    <ifrs-full:Revenue
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      unitRef="USD">3360345000</ifrs-full:Revenue>
    <ifrs-full:Revenue
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      decimals="-3"
      id="Tag2207"
      unitRef="USD">1311279000</ifrs-full:Revenue>
    <ifrs-full:Revenue
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    <ifrs-full:Assets
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      contextRef="I20211231_SouthAmericaMember"
      decimals="-3"
      id="Tag2132"
      unitRef="USD">2399448000</ifrs-full:Assets>
    <ifrs-full:Assets
      contextRef="I20211231_EuropeMember"
      decimals="-3"
      id="Tag2072"
      unitRef="USD">1727573000</ifrs-full:Assets>
    <ifrs-full:Assets
      contextRef="I20211231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-3"
      id="Tag2522"
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      contextRef="I20211231_UnallocatedRegionMember"
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    <ifrs-full:Assets
      contextRef="I20211231"
      decimals="-3"
      id="Tag2134"
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    <ifrs-full:CurrentTradeReceivables
      contextRef="I20211231_NorthAmericaMember"
      decimals="-3"
      id="Tag3002"
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      contextRef="I20211231_SouthAmericaMember"
      decimals="-3"
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    <ifrs-full:CurrentTradeReceivables
      contextRef="I20211231_EuropeMember"
      decimals="-3"
      id="Tag2142"
      unitRef="USD">180515000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20211231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-3"
      id="Tag2014"
      unitRef="USD">231274000</ifrs-full:CurrentTradeReceivables>
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      contextRef="I20211231_UnallocatedRegionMember"
      id="Tag2201"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20211231"
      decimals="-3"
      id="Tag2018"
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    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_NorthAmericaMember"
      decimals="-3"
      id="Tag2520"
      unitRef="USD">3805912000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_SouthAmericaMember"
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      id="Tag2202"
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    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_EuropeMember"
      decimals="-3"
      id="Tag2185"
      unitRef="USD">742461000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-3"
      id="Tag2158"
      unitRef="USD">292015000</ifrs-full:PropertyPlantAndEquipment>
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      contextRef="I20211231_UnallocatedRegionMember"
      id="Tag2169"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:PropertyPlantAndEquipment
      contextRef="I20211231"
      decimals="-3"
      id="Tag2140"
      unitRef="USD">5824801000</ifrs-full:PropertyPlantAndEquipment>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets
      contextRef="D20211231_NorthAmericaMember"
      decimals="-3"
      id="Tag2313"
      unitRef="USD">106118000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets
      contextRef="D20211231_SouthAmericaMember"
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      id="Tag2324"
      unitRef="USD">63723000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets
      contextRef="D20211231_EuropeMember"
      decimals="-3"
      id="Tag2156"
      unitRef="USD">43344000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
    <ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets
      contextRef="D20211231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-3"
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      unitRef="USD">26333000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
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      unitRef="USD">239518000</ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets>
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      contextRef="D20211231_NorthAmericaMember"
      decimals="-3"
      id="Tag2133"
      unitRef="USD">307116000</ifrs-full:DepreciationAndAmortisationExpense>
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      unitRef="USD">125781000</ifrs-full:DepreciationAndAmortisationExpense>
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      contextRef="D20211231_EuropeMember"
      decimals="-3"
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      unitRef="USD">89667000</ifrs-full:DepreciationAndAmortisationExpense>
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      contextRef="D20211231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-3"
      id="Tag2157"
      unitRef="USD">72157000</ifrs-full:DepreciationAndAmortisationExpense>
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      id="Tag1866"
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    <ifrs-full:DepreciationAndAmortisationExpense
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      id="Tag2189"
      unitRef="USD">594721000</ifrs-full:DepreciationAndAmortisationExpense>
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      unitRef="Pure">0.39</ifrs-full:PercentageOfEntitysRevenue>
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      contextRef="D20231231_AR"
      decimals="2"
      id="Tag1861"
      unitRef="Pure">0.15</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20231231_TenarisMember_GovernmentCustomersMember"
      decimals="2"
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      contextRef="D20221231_TenarisMember_GovernmentCustomersMember"
      decimals="2"
      id="Tag2195"
      unitRef="Pure">0.22</ifrs-full:PercentageOfEntitysRevenue>
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      contextRef="D20211231_TenarisMember_GovernmentCustomersMember"
      decimals="2"
      id="Tag2413"
      unitRef="Pure">0.23</ifrs-full:PercentageOfEntitysRevenue>
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 68px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Revenues Tubes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; margin-left: 0.1px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Oil &amp;amp; gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,488 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Oil &amp;amp; gas processing plants &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 818 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 738 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 14px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Industrial, power and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 879 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 852 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 640 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 14,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 11,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,994 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:SegmentRevenuesByMarketExplanatory>
    <ifrs-full:Revenue
      contextRef="D20231231_TubesMember_OilAndGasMember"
      decimals="-6"
      id="Tag2160"
      unitRef="USD">12488000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember_OilAndGasMember"
      decimals="-6"
      id="Tag2998"
      unitRef="USD">9543000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20211231_TubesMember_OilAndGasMember"
      decimals="-6"
      id="Tag2155"
      unitRef="USD">4895000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_OilAndGasProcessingPlantsMember_TubesMember"
      decimals="-6"
      id="Tag2139"
      unitRef="USD">818000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember_OilAndGasProcessingPlantsMember"
      decimals="-6"
      id="Tag2205"
      unitRef="USD">738000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20211231_TubesMember_OilAndGasProcessingPlantsMember"
      decimals="-6"
      id="Tag2319"
      unitRef="USD">459000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_TubesMember_IndustrialAndOtherMember"
      decimals="-6"
      id="Tag2196"
      unitRef="USD">879000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember_IndustrialAndOtherMember"
      decimals="-6"
      id="Tag2098"
      unitRef="USD">852000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20211231_TubesMember_IndustrialAndOtherMember"
      decimals="-6"
      id="Tag2323"
      unitRef="USD">640000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20231231_TubesMember"
      decimals="-6"
      id="Tag2417"
      unitRef="USD">14185000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TubesMember"
      decimals="-6"
      id="Tag2166"
      unitRef="USD">11133000000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20211231_TubesMember"
      decimals="-6"
      id="Tag2315"
      unitRef="USD">5994000000</ifrs-full:Revenue>
    <ifrs-full:ContractLiabilities
      contextRef="I20231231"
      decimals="-5"
      id="Tag2147"
      unitRef="USD">263700000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractLiabilities
      contextRef="I20221231"
      decimals="-5"
      id="Tag2153"
      unitRef="USD">242900000</ifrs-full:ContractLiabilities>
    <ifrs-full:ContractLiabilities
      contextRef="I20211231"
      decimals="-5"
      id="Tag2161"
      unitRef="USD">92400000</ifrs-full:ContractLiabilities>
    <ifrs-full:DisclosureOfCostOfSalesExplanatory contextRef="D20231231_3" id="Tag2288">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&#160; &#160; &#160;&#160;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Cost of sales&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 302px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Inventories at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,672,593 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,636,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase in inventory due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 107,588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Decrease in inventory due to sale of subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,662&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Plus: Charges of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Raw materials, energy, consumables and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,277,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,772,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,841,551 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Services and fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 437,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 293,490 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 208,472 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Labor cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,403,546 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,160,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 824,071 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of property, plant and equipment&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 424,373 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 465,849 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 448,843 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Amortization of intangible assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,582 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of right-of-use assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,352 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 33,244 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,910 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Maintenance expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 408,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 267,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 129,350 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for obsolescence&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,581 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,296 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 272,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 194,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40,887 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 216,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 178,691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 98,159 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,603,083 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,402,075 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,647,522 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Less: Inventories at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (3,921,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (2,672,593 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,668,915 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 7,087,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,611,602 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt; </ifrs-full:DisclosureOfCostOfSalesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock contextRef="D20231231_3" id="Tag2216">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 302px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Inventories at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,672,593 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,636,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase in inventory due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 107,588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Decrease in inventory due to sale of subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,662&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Plus: Charges of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Raw materials, energy, consumables and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,277,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,772,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,841,551 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Services and fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 437,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 293,490 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 208,472 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Labor cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,403,546 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,160,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 824,071 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of property, plant and equipment&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 424,373 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 465,849 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 448,843 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Amortization of intangible assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,582 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of right-of-use assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,352 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 33,244 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,910 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Maintenance expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 408,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 267,294 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 129,350 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for obsolescence&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,581 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,296 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 272,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 194,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40,887 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 216,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 178,691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 98,159 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,603,083 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,402,075 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,647,522 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Less: Inventories at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (3,921,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (2,672,593 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,668,915 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 7,087,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,611,602 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfDetailedInformationAboutCostOfSalesTextBlock>
    <ts:InventoriesIncludingDiscontinuedOperations
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      id="Tag2124"
      unitRef="USD">3986929000</ts:InventoriesIncludingDiscontinuedOperations>
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    <ts:InventoriesIncludingDiscontinuedOperations
      contextRef="I20201231"
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      unitRef="USD">1636673000</ts:InventoriesIncludingDiscontinuedOperations>
    <ts:IncreaseInInventoryDueToBusinessCombinations
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      xsi:nil="true"/>
    <ts:DecreaseInInventoryDueToSaleOfSubsidiaries
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    <ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther
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    <ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2054"
      unitRef="USD">5772031000</ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther>
    <ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther
      contextRef="D20211231"
      decimals="-3"
      id="Tag2113"
      unitRef="USD">3841551000</ts:CostOfSalesRawMaterialsEnergyConsumablesAndOther>
    <ts:CostOfSalesServicesAndFees
      contextRef="D20231231_3"
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      unitRef="USD">437804000</ts:CostOfSalesServicesAndFees>
    <ts:CostOfSalesServicesAndFees
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2056"
      unitRef="USD">293490000</ts:CostOfSalesServicesAndFees>
    <ts:CostOfSalesServicesAndFees
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      decimals="-3"
      id="Tag2106"
      unitRef="USD">208472000</ts:CostOfSalesServicesAndFees>
    <ts:CostOfSalesLaborCost
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      decimals="-3"
      id="Tag2036"
      unitRef="USD">1403546000</ts:CostOfSalesLaborCost>
    <ts:CostOfSalesLaborCost
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      decimals="-3"
      id="Tag2110"
      unitRef="USD">1160085000</ts:CostOfSalesLaborCost>
    <ts:CostOfSalesLaborCost
      contextRef="D20211231"
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      id="Tag2053"
      unitRef="USD">824071000</ts:CostOfSalesLaborCost>
    <ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2107"
      unitRef="USD">424373000</ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment>
    <ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2050"
      unitRef="USD">465849000</ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment>
    <ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment
      contextRef="D20211231"
      decimals="-3"
      id="Tag2117"
      unitRef="USD">448843000</ts:CostOfSalesDepreciationOfPropertyPlantAndEquipment>
    <ts:CostOfSalesAmortizationOfIntangibleAssets
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2039"
      unitRef="USD">11582000</ts:CostOfSalesAmortizationOfIntangibleAssets>
    <ts:CostOfSalesAmortizationOfIntangibleAssets
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2038"
      unitRef="USD">11754000</ts:CostOfSalesAmortizationOfIntangibleAssets>
    <ts:CostOfSalesAmortizationOfIntangibleAssets
      contextRef="D20211231"
      decimals="-3"
      id="Tag2040"
      unitRef="USD">7645000</ts:CostOfSalesAmortizationOfIntangibleAssets>
    <ts:CostOfSalesDepreciationOfRightOfUseAssets
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2028"
      unitRef="USD">30352000</ts:CostOfSalesDepreciationOfRightOfUseAssets>
    <ts:CostOfSalesDepreciationOfRightOfUseAssets
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2051"
      unitRef="USD">33244000</ts:CostOfSalesDepreciationOfRightOfUseAssets>
    <ts:CostOfSalesDepreciationOfRightOfUseAssets
      contextRef="D20211231"
      decimals="-3"
      id="Tag2061"
      unitRef="USD">35910000</ts:CostOfSalesDepreciationOfRightOfUseAssets>
    <ts:CostOfSalesMaintenanceExpenses
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2029"
      unitRef="USD">408410000</ts:CostOfSalesMaintenanceExpenses>
    <ts:CostOfSalesMaintenanceExpenses
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2062"
      unitRef="USD">267294000</ts:CostOfSalesMaintenanceExpenses>
    <ts:CostOfSalesMaintenanceExpenses
      contextRef="D20211231"
      decimals="-3"
      id="Tag2034"
      unitRef="USD">129350000</ts:CostOfSalesMaintenanceExpenses>
    <ts:CostOfSalesAllowanceForObsolescence
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2035"
      unitRef="USD">13581000</ts:CostOfSalesAllowanceForObsolescence>
    <ts:CostOfSalesAllowanceForObsolescence
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2031"
      unitRef="USD">24901000</ts:CostOfSalesAllowanceForObsolescence>
    <ts:CostOfSalesAllowanceForObsolescence
      contextRef="D20211231"
      decimals="-3"
      id="Tag2033"
      unitRef="USD">23296000</ts:CostOfSalesAllowanceForObsolescence>
    <ts:CostOfSalesTaxes
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2030"
      unitRef="USD">272120000</ts:CostOfSalesTaxes>
    <ts:CostOfSalesTaxes
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2048"
      unitRef="USD">194736000</ts:CostOfSalesTaxes>
    <ts:CostOfSalesTaxes
      contextRef="D20211231"
      decimals="-3"
      id="Tag2055"
      unitRef="USD">40887000</ts:CostOfSalesTaxes>
    <ts:CostOfSalesOther
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2057"
      unitRef="USD">216220000</ts:CostOfSalesOther>
    <ts:CostOfSalesOther
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2111"
      unitRef="USD">178691000</ts:CostOfSalesOther>
    <ts:CostOfSalesOther
      contextRef="D20211231"
      decimals="-3"
      id="Tag2118"
      unitRef="USD">98159000</ts:CostOfSalesOther>
    <ts:CostOfSalesIncludingDiscontinuedOperations
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2059"
      unitRef="USD">8603083000</ts:CostOfSalesIncludingDiscontinuedOperations>
    <ts:CostOfSalesIncludingDiscontinuedOperations
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2116"
      unitRef="USD">8402075000</ts:CostOfSalesIncludingDiscontinuedOperations>
    <ts:CostOfSalesIncludingDiscontinuedOperations
      contextRef="D20211231"
      decimals="-3"
      id="Tag2112"
      unitRef="USD">5647522000</ts:CostOfSalesIncludingDiscontinuedOperations>
    <ts:InventoriesIncludingDiscontinuedOperations
      contextRef="I20231231"
      decimals="-3"
      id="Tag2114"
      unitRef="USD">3921097000</ts:InventoriesIncludingDiscontinuedOperations>
    <ts:InventoriesIncludingDiscontinuedOperations
      contextRef="I20221231"
      decimals="-3"
      id="Tag2032"
      unitRef="USD">3986929000</ts:InventoriesIncludingDiscontinuedOperations>
    <ts:InventoriesIncludingDiscontinuedOperations
      contextRef="I20211231"
      decimals="-3"
      id="Tag2060"
      unitRef="USD">2672593000</ts:InventoriesIncludingDiscontinuedOperations>
    <ifrs-full:CostOfSales
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2037"
      unitRef="USD">8668915000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2063"
      unitRef="USD">7087739000</ifrs-full:CostOfSales>
    <ifrs-full:CostOfSales
      contextRef="D20211231"
      decimals="-3"
      id="Tag2049"
      unitRef="USD">4611602000</ifrs-full:CostOfSales>
    <ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory contextRef="D20231231_3" id="Tag2372">
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;3&lt;/span&gt;&#160; &#160; &#160;&#160;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Selling, general and administrative expense&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;s&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 207px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Services and fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 163,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 148,331 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 115,303 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Labor cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 652,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 518,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 426,414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of property, plant and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,517 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 22,924 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Amortization of intangible assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 59,018 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of right-of-use assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,925 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,975 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,525 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Freights and other selling expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 696,705 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 641,812 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 415,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Provisions for contingencies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,606 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowances for doubtful accounts&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,590 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (223&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,297&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 170,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 121,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,800 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 110,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 87,263 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 47,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,919,307 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,634,575 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,206,569 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory>
    <ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock contextRef="D20231231_3" id="Tag2368">
&lt;table cellpadding="0" cellspacing="0" style="height: 207px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Services and fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 163,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 148,331 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 115,303 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Labor cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 652,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 518,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 426,414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of property, plant and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,517 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 22,924 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Amortization of intangible assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40,761 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 59,018 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation of right-of-use assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,925 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,975 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,525 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Freights and other selling expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 696,705 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 641,812 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 415,895 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Provisions for contingencies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,606 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowances for doubtful accounts&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,590 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (223&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,297&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 170,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 121,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,800 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 110,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 87,263 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 47,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,919,307 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,634,575 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,206,569 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutSellingGeneralAndAdministrativeExpensesTextBlock>
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    <ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets
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      id="Tag2236"
      unitRef="USD">40761000</ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets>
    <ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets
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      unitRef="USD">59018000</ts:SellingGeneralAndAdministrativeExpensesAmortizationOfIntangibleAssets>
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      id="Tag2229"
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      id="Tag2226"
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    <ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies
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      unitRef="USD">38899000</ts:SellingGeneralAndAdministrativeExpensesProvisionsForContingencies>
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      decimals="-3"
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      id="Tag2223"
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    <ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts
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      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1922"
      unitRef="USD">-223000</ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts>
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      contextRef="D20211231"
      decimals="-3"
      id="Tag1921"
      unitRef="USD">-4297000</ts:SellingGeneralAndAdministrativeExpensesAllowancesForDoubtfulAccounts>
    <ts:SellingGeneralAndAdministrativeExpensesTaxes
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      unitRef="USD">170484000</ts:SellingGeneralAndAdministrativeExpensesTaxes>
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    <ts:SellingGeneralAndAdministrativeExpensesTaxes
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    <ts:SellingGeneralAndAdministrativeExpensesOther
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      decimals="-3"
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      id="Tag1915"
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&lt;p style="margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;4&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Labor costs (included in Cost of sales and in Selling, general and administrative expenses)&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 136px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Wages, salaries and social security costs &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,943,825 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,594,200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,170,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Severance indemnities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,470 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,070 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,625 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Post-employment benefits - defined contribution plans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,055 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,608 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Post-employment benefits - defined benefit plans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,452 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,320 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,353 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Employee retention and long-term incentive program &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 51,564 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 25,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 25,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,056,366 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,678,585 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,250,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
 &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The following table shows the geographical distribution of the employees&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 221px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt;padding-right: 5.4pt;vertical-align: middle;height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 65%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Mexico &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,919 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Argentina &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,267 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,444 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,169 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USA &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,882 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,509 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Italy &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,136 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,011 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Romania &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,884 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,847 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Indonesia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,573 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Brazil &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,492 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,460 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,817 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Canada &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,195 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 944 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 758 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Colombia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,112 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,183 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Saudi Arabia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 849 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 427 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 408 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,193 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 928 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,215 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 29,134 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 25,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 22,776 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
    <ts:DisclosureOfDetailedInformationAboutLaborCostsTextBlock contextRef="D20231231_3" id="Tag2365">
&lt;table cellpadding="0" cellspacing="0" style="height: 136px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 65%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Wages, salaries and social security costs &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,943,825 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,594,200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,170,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Severance indemnities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,470 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,070 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,625 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Post-employment benefits - defined contribution plans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,055 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,608 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Post-employment benefits - defined benefit plans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,452 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,320 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,353 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Employee retention and long-term incentive program &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 51,564 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 25,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 25,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,056,366 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,678,585 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,250,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutLaborCostsTextBlock>
    <ifrs-full:ShorttermEmployeeBenefitsExpense
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2370"
      unitRef="USD">1943825000</ifrs-full:ShorttermEmployeeBenefitsExpense>
    <ifrs-full:ShorttermEmployeeBenefitsExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2361"
      unitRef="USD">1594200000</ifrs-full:ShorttermEmployeeBenefitsExpense>
    <ifrs-full:ShorttermEmployeeBenefitsExpense
      contextRef="D20211231"
      decimals="-3"
      id="Tag2378"
      unitRef="USD">1170562000</ifrs-full:ShorttermEmployeeBenefitsExpense>
    <ifrs-full:TerminationBenefitsExpense
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2355"
      unitRef="USD">26470000</ifrs-full:TerminationBenefitsExpense>
    <ifrs-full:TerminationBenefitsExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2385"
      unitRef="USD">29070000</ifrs-full:TerminationBenefitsExpense>
    <ifrs-full:TerminationBenefitsExpense
      contextRef="D20211231"
      decimals="-3"
      id="Tag2383"
      unitRef="USD">28625000</ifrs-full:TerminationBenefitsExpense>
    <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2353"
      unitRef="USD">15055000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2376"
      unitRef="USD">13256000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans
      contextRef="D20211231"
      decimals="-3"
      id="Tag2402"
      unitRef="USD">12608000</ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2403"
      unitRef="USD">19452000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2373"
      unitRef="USD">16320000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
    <ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans
      contextRef="D20211231"
      decimals="-3"
      id="Tag2374"
      unitRef="USD">13353000</ifrs-full:PostemploymentBenefitExpenseDefinedBenefitPlans>
    <ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2348"
      unitRef="USD">51564000</ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses>
    <ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2350"
      unitRef="USD">25739000</ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses>
    <ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses
      contextRef="D20211231"
      decimals="-3"
      id="Tag2406"
      unitRef="USD">25337000</ts:EmployeeRetentionAndLongTermIncentiveProgramExpenses>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag2358"
      unitRef="USD">2056366000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag2384"
      unitRef="USD">1678585000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:EmployeeBenefitsExpense
      contextRef="D20211231"
      decimals="-3"
      id="Tag2381"
      unitRef="USD">1250485000</ifrs-full:EmployeeBenefitsExpense>
    <ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory contextRef="D20231231_3" id="Tag2430">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 221px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt;padding-right: 5.4pt;vertical-align: middle;height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px;padding-right: 0px;vertical-align: middle;margin: 0px;text-indent: 0px;height: 17px;border-top-width: 1px;border-top-style: solid;border-top-color: #000000 !important;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 65%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Mexico &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,919 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Argentina &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,267 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,444 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,169 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USA &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,882 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,509 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Italy &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,136 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,011 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Romania &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,884 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,847 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Indonesia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,573 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Brazil &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,492 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,460 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,817 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Canada &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,195 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 944 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 758 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Colombia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,112 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,183 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Saudi Arabia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 849 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 427 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 408 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,193 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 928 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,215 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 29,134 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 25,292 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 22,776 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory>
    <ifrs-full:NumberOfEmployees
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      contextRef="I20231231_BR"
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    <ifrs-full:NumberOfEmployees
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    <ifrs-full:NumberOfEmployees
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    <ifrs-full:NumberOfEmployees
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    <ifrs-full:NumberOfEmployees
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    <ifrs-full:NumberOfEmployees
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    <ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory contextRef="D20231231_3" id="Tag1985">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;5&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Impairment charge&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris&#x2019;s main source of revenue is the sale of products and services to the oil and gas industry, and the level of such sales is sensitive to international oil and gas prices and their impact on drilling activities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The Company conducts regular assessments of the carrying values of its assets. The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;recoverable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;value&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s based on the value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;use. The main key assumptions used in estimating the value in use are discount ra&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;te, growth rate and competitive,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; economic &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and regulatory &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;factors applied to determine cash flow projections, such as oil and gas prices, average number of active oil and gas drilling rigs (rig count) and raw material costs.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For purposes of assessing key assumptions, to estimate discounted future cash flows, the Company uses external sources of information and management judgment based on past experience&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and expectations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Management has determined the value of each of the key assumptions as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;- Discount rate: based on the applicable weighted average cost of capital (&#x201c;WACC&#x201d;), which is considered to be a good indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets are allocated, a specific WACC was determined.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;- Growth rate: considers mainly the inflation impact on prices and costs, the long-term &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;evolution&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the oil and gas industry, the higher demand to offset depletion of existing fields and the Company&#x2019;s expected market penetration. In &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, a nominal growth rate of 2% was considered.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;- Oil and gas prices: based on industry analysts&#x2019; reports and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;management&#x2019;s expectations of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; market development&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;- Rig count: based on information published by Baker Hughes and management&#x2019;s expectations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;- Raw material costs: based on industry analysts&#x2019; reports and management&#x2019;s expectations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Considering that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; recoverable amount of the cash-generating units&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; obtained in prior year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;'&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; tests&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the assets and liabilities making up those units have not changed significantly, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;nor&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the key assumptions mentioned above, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the Company &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;concluded that impairment tests for previous years are still valid as of the end of the reporting period&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; In addition, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ompany has considered the impact of updating the main discount rates, applying rates in a range between 12.5% and 21.4%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; for the CGUs under analysis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the facts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mentioned above, the Company conclude&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;d&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that no impairment charge shall be recognized &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;for the year &lt;span&gt;2023&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In December 2022, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in the presence of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;impairment indicator&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s, the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ompany conducted impairment tests&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and reviewed &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the values &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;certain idle assets in its subsidiaries. The aforementioned analysis resulted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;impairment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; charge&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;76.7 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; in $63.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;million to the Tubes segment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and $13.6 million to the Other s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;egment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he main discount rate&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; used were in a range between 13.4% and 20.2%.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; In &lt;span&gt;2022&lt;/span&gt;, a nominal growth rate of 2% was considered.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;

&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In December 2021, as a result of the expected termination of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;the&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;NKKTubes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; joint venture&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;which &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;at the time &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;represented an im&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;pairment indicator for its assets, an impairment test was conducted, resulting in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;charge of $57 million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; that &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;totally reduced&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the carrying amounts of p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;roperty, plant and equipment and intangible assets. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The total amount was allocated to the Tubes segment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he main discount rate&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; used were in a range between &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;10.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;% and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;18.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;%.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; In &lt;span&gt;2021&lt;/span&gt;, a nominal growth rate of 2% was considered.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory>
    <ts:GrowthRatesUsedInCurrentEstimateOfValueInUse
      contextRef="D20231231_3"
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      contextRef="I20231231_TopOfRangeMember"
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      id="Tag2081"
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      contextRef="D20221231_3"
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    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="D20221231_TubesMember"
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      unitRef="USD">63100000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="D20221231_AllOtherSegmentsMember"
      decimals="-5"
      id="Tag2233"
      unitRef="USD">13600000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss>
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      id="Tag1923"
      unitRef="Pure">0.202</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ts:GrowthRatesUsedInCurrentEstimateOfValueInUse
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      decimals="2"
      id="Tag2234"
      unitRef="Pure">0.02</ts:GrowthRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss
      contextRef="D20211231_NkktubesMember_TubesMember"
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      contextRef="I20211231_BottomOfRangeMember"
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      id="Tag2120"
      unitRef="Pure">0.109</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse
      contextRef="I20211231_TopOfRangeMember"
      decimals="3"
      id="Tag2108"
      unitRef="Pure">0.188</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
    <ts:GrowthRatesUsedInCurrentEstimateOfValueInUse
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      decimals="2"
      id="Tag1924"
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    <ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory contextRef="D20231231_3" id="Tag2215">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;6&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Other operating income and expenses&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 333px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Other operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net income from other sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,960 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,161 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,694 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net rents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,084 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,314 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassification of currency translation adjustment reserve &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 878 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,252 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tax recovery in Brazilian subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,568 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bargain purchase gain &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,162 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Result on sale of Venezuela awards &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 33,341 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Recovery on allowance for doubtful receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,290 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 53,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 104,497 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 68,245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Other operating expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Contributions to welfare projects and non-profit organizations &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,538 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,697 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for doubtful receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 107 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Securities Exchange Commission investigation settlement &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,100 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other expense &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,628 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,595 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 17,273 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 104,709 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 6,697 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other income, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 35,770 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (212 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 61,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 22.4pt; text-indent: -22.4pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; text-indent: -22.4pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Reclassification of currency translation adjustment reserve:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;During &lt;span&gt;2022&lt;/span&gt;, a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s result of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;NKKTubes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x2019; definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was reclassified to the income statement. For more information see not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;36&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Tax recovery in Brazilian subsidiaries&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On May 13, 2021, the Brazilian Supreme Court issued a final judgment confirming that in calculating PIS and COFINS (Federal Social Contributions on Gross Revenues), tax payers should exclude from its base the total output of ICMS, calculated on a gross basis. This decision led to a recognition of approximately $53 million tax credit in Brazilian subsidiaries, out of which $36 million were recognized in other operating income and $17 million in financial results (impacting in Finance Income and Finance Cost). In addition the tax charge related to this gain amounted to $12 million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Bargain purchase gain:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;This gain relates to the&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; anticorrosion coating division acquisition. For more information see note&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;Business Combinations - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Acquisition of Anticorrosion Coating Assets in Italy&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Result on sale of Venezuela awards:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; For more information see not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;e &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;35&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Other income&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On November 1, 2021, Tenaris&#160;sold&#160;100% of the shares of Geneva Structural Tubes LLC (&#x201c;Geneva&#x201d;) to MKK USA Inc., a subsidiary of Maruichi Steel Tube Ltd of Japan for an aggregate price of $24.3 million. The gain of this transaction amounted to approximately $6.8 million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Securities Exchange Commission investigation settlement&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201c;Contingencies, commitments and restrictions to the distribution of profits - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Contingencies - Petrobras-related proceedings and claims&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory>
    <ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock contextRef="D20231231_3" id="Tag1886">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 333px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 65%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Other operating income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net income from other sales &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,960 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,161 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,694 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net rents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,084 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,314 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassification of currency translation adjustment reserve &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 878 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,252 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tax recovery in Brazilian subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 35,568 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bargain purchase gain &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,162 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Result on sale of Venezuela awards &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 33,341 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Recovery on allowance for doubtful receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,290 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 53,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 104,497 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 68,245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; Other operating expenses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Contributions to welfare projects and non-profit organizations &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,538 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,697 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for doubtful receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 107 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Securities Exchange Commission investigation settlement &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,100 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other expense &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,628 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,595 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 17,273 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 104,709 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 6,697 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other income, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 35,770 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (212 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 61,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; </ts:DisclosureOfDetailedInformationAboutOtherOperatingIncomeAndExpensesTextBlock>
    <ts:OtherOperatingIncomeNetIncomeFromOtherSales
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    <ts:OtherOperatingIncomeNetIncomeFromOtherSales
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    <ts:OtherOperatingIncomeNetIncomeFromOtherSales
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    <ifrs-full:RentalIncome
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    <ts:OtherOperatingIncomeReclassificationOfCurrencyTranslationAdjustmentReserve
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    <ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome
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    <ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome
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    <ifrs-full:GainRecognisedInBargainPurchaseTransaction
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    <ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult
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    <ts:SaleOfNationalizationOfSubsidiariesCompensationAwardNetResult
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    <ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts
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    <ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts
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    <ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts
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      unitRef="USD">379000</ts:OtherOperatingIncomeRecoveryOnAllowanceForDoubtfulAccounts>
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    <ifrs-full:MiscellaneousOtherOperatingIncome
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      id="Tag1927"
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    <ifrs-full:OtherIncome
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    <ifrs-full:OtherIncome
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      id="Tag1897"
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    <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations
      contextRef="D20231231_3"
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    <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag3301"
      unitRef="USD">13668000</ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations>
    <ts:OtherOperatingExpenseContributionsToWelfareProjectsAndNonprofitsOrganizations
      contextRef="D20211231"
      decimals="-3"
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    <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables
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      decimals="-3"
      id="Tag1899"
      unitRef="USD">107000</ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables>
    <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1900"
      unitRef="USD">346000</ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables>
    <ts:OtherOperatingExpensesAllowanceForDoubtfulReceivables
      contextRef="D20211231"
      id="Tag1908"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement
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      unitRef="USD"
      xsi:nil="true"/>
    <ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag3268"
      unitRef="USD">78100000</ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement>
    <ts:OtherOperatingExpenseSecuritiesExchangeCommissionInvestigationSettlement
      contextRef="D20211231"
      id="Tag3019"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag3267"
      unitRef="USD">1628000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1892"
      unitRef="USD">12595000</ifrs-full:MiscellaneousOtherOperatingExpense>
    <ifrs-full:MiscellaneousOtherOperatingExpense
      contextRef="D20211231"
      id="Tag3305"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:OtherExpenseByFunction
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1893"
      unitRef="USD">17273000</ifrs-full:OtherExpenseByFunction>
    <ifrs-full:OtherExpenseByFunction
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag3022"
      unitRef="USD">104709000</ifrs-full:OtherExpenseByFunction>
    <ifrs-full:OtherExpenseByFunction
      contextRef="D20211231"
      decimals="-3"
      id="Tag1904"
      unitRef="USD">6697000</ifrs-full:OtherExpenseByFunction>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1880"
      unitRef="USD">35770000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1881"
      unitRef="USD">-212000</ifrs-full:OtherOperatingIncomeExpense>
    <ifrs-full:OtherOperatingIncomeExpense
      contextRef="D20211231"
      decimals="-3"
      id="Tag1901"
      unitRef="USD">61548000</ifrs-full:OtherOperatingIncomeExpense>
    <ts:TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity
      contextRef="D20210513_BR_SubsidiariesMember"
      decimals="-6"
      id="Tag3299"
      unitRef="USD">53000000</ts:TaxExpenseCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity>
    <ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome
      contextRef="D20210513_BR_SubsidiariesMember"
      decimals="-6"
      id="Tag1898"
      unitRef="USD">36000000</ts:TaxCreditFromProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityOtherOperatingIncome>
    <ts:InterestIncomeOnTaxAssets
      contextRef="D20210513_BR_SubsidiariesMember"
      decimals="-6"
      id="Tag1907"
      unitRef="USD">17000000</ts:InterestIncomeOnTaxAssets>
    <ts:TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity
      contextRef="D20210513_BR_SubsidiariesMember"
      decimals="-6"
      id="Tag3290"
      unitRef="USD">12000000</ts:TaxExpenseOnGainFromTaxClaimsOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurity>
    <ts:PercentageOfVotingEquityInterestsDivested
      contextRef="D20211101_GenevaStructuralTubesLlcMember_MkkUsaIncMember"
      decimals="2"
      id="Tag1903"
      unitRef="Pure">1</ts:PercentageOfVotingEquityInterestsDivested>
    <ifrs-full:ConsiderationPaidReceived
      contextRef="D20211101_GenevaStructuralTubesLlcMember_MkkUsaIncMember"
      decimals="-5"
      id="Tag1891"
      unitRef="USD">24300000</ifrs-full:ConsiderationPaidReceived>
    <ifrs-full:GainsLossesRecognisedWhenControlInSubsidiaryIsLost
      contextRef="D20211101_GenevaStructuralTubesLlcMember_MkkUsaIncMember"
      decimals="-5"
      id="Tag3306"
      unitRef="USD">6800000</ifrs-full:GainsLossesRecognisedWhenControlInSubsidiaryIsLost>
    <ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory contextRef="D20231231_3" id="Tag1810">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;7&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Financial results&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 183px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Interest income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 201,852 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 86,112 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,048 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,622 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6,092 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Finance income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 213,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 80,020 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 38,048 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Finance cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (106,862 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (45,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (23,677 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Net foreign exchange transactions results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 218,383 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,287 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Net foreign exchange derivatives contracts results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (25,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (95,044 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (30,108 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,026 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other financial results, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 114,365 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (40,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,295 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Net financial results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 220,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (6,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 22,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;"&gt;Finance Income: &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;In &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; includes $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;61.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million, $&lt;span style="border-left: none; border-right: none;"&gt;33.0&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&#160;million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3.3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million of interest related to instruments carried at FVPL, respectively. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;In &lt;span&gt;2022&lt;/span&gt; also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement of trade receivables.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;In &lt;span&gt;2021&lt;/span&gt; also includes $&lt;span style="border-left: none; border-right: none;"&gt;18.0&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see note &lt;span&gt;6&lt;/span&gt; to these Consolidated Financial Statements.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;"&gt;Net foreign exchange transactions results: &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-family: 'Frutiger 45 Light';font-size: 9pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;In &lt;span&gt;2023&lt;/span&gt; mainly includes result from the Argentine peso depreciation against the U.S. dollar on Argentine peso denominated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;net financial position&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; at subsidiaries with functional currency U.S. dollar, the Brazilian real appreciation against the U&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;S. dollar on&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; Brazilian denominated&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;net financial position&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; at subsidiaries with functional currency U.S. dollar, together with the result from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, offset by an increase in currency translation adjustment reserve from an Italian subsidiary.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-family: 'Frutiger 45 Light';font-size: 9pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;In &lt;span&gt;2022&lt;/span&gt; mainly includes &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;net financial position&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;at subsidiaries with functional currency U.S. dollar, together with the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff;line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;In &lt;span&gt;2021&lt;/span&gt; mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Argentine &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;peso and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; Japanese&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; yen denominated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;net financial position&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; at subsidiaries with functional currency U.S. dollar. &lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt;margin: 0pt;text-align: justify;font-family: 'Frutiger 45 Light';font-size: 9pt;"&gt;&lt;span style="font-size: 9pt;font-family: 'Frutiger 45 Light';font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic;"&gt;Net f&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-style: italic;"&gt;oreign exchange derivatives contracts results:&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; In &lt;span&gt;2023&lt;/span&gt; includes mainly losses on derivatives covering net receivables in Brazilian real.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;In &lt;span&gt;2022&lt;/span&gt; includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.&lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;In &lt;span&gt;2021&lt;/span&gt; includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net receivables in Brazilian real.&lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-style: italic;"&gt;Other: &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;In &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; includes a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;net &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;loss &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;of $94.7&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders. For more information see not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;e &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;29&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;In &lt;span&gt;2022&lt;/span&gt; includes a loss of $29.8 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to its shareholders.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
    <ts:DisclosureOfDetailedInformationAboutFinancialIncomeCost contextRef="D20231231_3" id="Tag1101">
&lt;table cellpadding="0" cellspacing="0" style="height: 183px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Interest income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 201,852 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 86,112 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,048 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Net result on changes in FV of financial assets at FVPL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,622 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (6,092 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Finance income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 213,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; text-align: left; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 80,020 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 38,048 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Finance cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (106,862 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (45,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (23,677 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Net foreign exchange transactions results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 218,383 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,287 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Net foreign exchange derivatives contracts results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (25,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160;&#160;&#160;&#160; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (95,044 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (30,108 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,026 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; ;color: black;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Other financial results, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 114,365 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (40,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: black; font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,295 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Net financial results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 220,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; text-align: left; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (6,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutFinancialIncomeCost>
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&lt;p style="line-height: 10pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;8&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Equity in earnings of non-consolidated companies&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 129px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; margin-left: 0.1px; vertical-align: bottom; height: 17px; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; From non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 104,897 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 242,743 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 512,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Remeasurement of previously held interest &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bargain purchase gain &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,487 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Impairment loss on non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (34,041 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net loss related to participation increase in Usiminas&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (25,486 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 95,404 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 208,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; padding: 0px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 512,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Remeasurement of previously held interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Bargain purchase gain&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;year ended December 31, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;include &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;4.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;11.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;elated to GPC acquisition. For more information see note&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Business Combinations - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Acquisition of Global Pipe Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Impairment loss on non-consolidated companies:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; For &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;year ended December 31, 2022&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, $19.1 related to the investment in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and $14.9 related to the joint venture with PAO &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Severstal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Severstal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Net loss related to participation increase in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#x201c;Investments in non-consolidated companies - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;.&#160;&#160;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfEquityInEarningsOfNonconsolidatedCompaniesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock contextRef="D20231231_3" id="Tag3087">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 129px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; margin-left: 0.1px; vertical-align: bottom; height: 17px; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; From non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 104,897 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 242,743 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 512,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Remeasurement of previously held interest &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bargain purchase gain &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,487 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Impairment loss on non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (34,041 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Net loss related to participation increase in Usiminas&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (25,486 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 95,404 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 208,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; padding: 0px;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 512,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutEquityInEarningsOfNonconsolidatedCompaniesTextBlock>
    <ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies
      contextRef="D20231231_NetOfEffectParticipationIncreaseMember"
      decimals="-3"
      id="Tag3082"
      unitRef="USD">104897000</ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies>
    <ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies
      contextRef="D20221231_NetOfEffectParticipationIncreaseMember"
      decimals="-3"
      id="Tag3314"
      unitRef="USD">242743000</ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies>
    <ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies
      contextRef="D20211231_NetOfEffectParticipationIncreaseMember"
      decimals="-3"
      id="Tag3310"
      unitRef="USD">512591000</ts:IncomeLossFromEquityMethodInvestmentsInNonconsolidatedCompanies>
    <ifrs-full:GainLossRecognisedAsResultOfRemeasuringToFairValueEquityInterestInAcquireeHeldByAcquirerBeforeBusinessCombination
      contextRef="D20231231_GlobalPipeCompanyMember_4"
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      id="Tag3318"
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&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;9&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;&#160; &#160; &#160; &lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"&gt;Income tax&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (868,695 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (589,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (215,467 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Deferred tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 193,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (27,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 26,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (674,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (617,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (189,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;No current tax impacts have arisen in the current Consolidated Financial Statements as of December 31, 2023, due to the application of Pillar &lt;span&gt;Two&lt;/span&gt; rules, as they will be applicable as from &lt;span&gt;2024&lt;/span&gt; in jurisdictions relevant for the Company.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In addition, the Company has applied the exception prescribed by the amendments to IAS &lt;span&gt;12&lt;/span&gt;, and therefore it has not recognized any deferred tax impact from the Pillar &lt;span&gt;Two&lt;/span&gt; application.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company is in the process of assessing its exposure to the Pillar &lt;span&gt;Two&lt;/span&gt; legislation and testing its situation under the OECD transitional safe &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;harbour&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; rules and expects no major impacts in relation to top-up tax due to the application of &lt;span&gt;one&lt;/span&gt; or more of the transitional safe &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;harbour&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; rules. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Due to the complexities in applying the legislation and calculating &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;GloBE&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; income, the quantitative impact of the enacted legislation is not yet reasonably estimable.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The tax on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; income before tax differs from the theoretical amount that would arise using the tax rate in each country as follows&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;:&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 204px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 34.7006%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,632,789 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,165,937 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,242,766 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.984413%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Less impairment charges (non-deductible) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 57,075 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Income before income tax without impairment charges &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,632,789 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,165,937 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,299,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tax calculated at the tax rate in each country &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,127,428 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (705,727 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (209,765 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Effect of currency translation on tax base &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (346,573 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (187,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (76,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Changes in the tax rates &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,535 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,422 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (29,881 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Utilization of previously unrecognized tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 787 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 29,560 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tax revaluation, withholding tax and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 796,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 249,539 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 125,275 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax charges &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (674,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (617,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (189,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Effect of currency translation on tax base&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;:&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tenaris applies the liability method to recognize deferred income tax on temporary differences between the tax bases of assets / liabilities and their carrying amounts in the financial statements. By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the effect of the change in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a functional currency different than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax bases of the relevant assets will not result in any deduction / obligation for tax purposes in future periods.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Changes in the tax rates&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;For the year &lt;span&gt;2021&lt;/span&gt;, i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncludes mainly the effect of the increase in the corporate income tax rate in Argentina from 25% to 35%.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Tax revaluation, withholding tax and others&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;I&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ncludes a net tax&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; income of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;349.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;250.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;113.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million for &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; respectively related to the tax revaluation regimes in Argentina and Mexico. It also includes a charge of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;164.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;21.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;22.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;for &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; respectively related to withholding taxes for intra-group international operations.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Additionally, it &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;includes $550.3 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; tax income for &lt;span&gt;2023&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;related to the recognition deferred tax assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; due to previous years&#x2019; tax losses carried forward &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in Luxembourg&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. For more information see note &lt;span&gt;22&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <ts:DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock contextRef="D20231231_3" id="Tag3339">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 85px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 65%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (868,695 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (589,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (215,467 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Deferred tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 193,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (27,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 26,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (674,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (617,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (189,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: top; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutIncomeTaxExpenseIncomeTextBlock>
    <ifrs-full:CurrentTaxExpenseIncome
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1778"
      unitRef="USD">868695000</ifrs-full:CurrentTaxExpenseIncome>
    <ifrs-full:CurrentTaxExpenseIncome
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1814"
      unitRef="USD">589706000</ifrs-full:CurrentTaxExpenseIncome>
    <ifrs-full:CurrentTaxExpenseIncome
      contextRef="D20211231"
      decimals="-3"
      id="Tag1793"
      unitRef="USD">215467000</ifrs-full:CurrentTaxExpenseIncome>
    <ifrs-full:DeferredTaxExpenseIncome
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1797"
      unitRef="USD">-193739000</ifrs-full:DeferredTaxExpenseIncome>
    <ifrs-full:DeferredTaxExpenseIncome
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1837"
      unitRef="USD">27530000</ifrs-full:DeferredTaxExpenseIncome>
    <ifrs-full:DeferredTaxExpenseIncome
      contextRef="D20211231"
      decimals="-3"
      id="Tag1800"
      unitRef="USD">-26019000</ifrs-full:DeferredTaxExpenseIncome>
    <ifrs-full:IncomeTaxExpenseContinuingOperations
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1794"
      unitRef="USD">674956000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1820"
      unitRef="USD">617236000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ifrs-full:IncomeTaxExpenseContinuingOperations
      contextRef="D20211231"
      decimals="-3"
      id="Tag1789"
      unitRef="USD">189448000</ifrs-full:IncomeTaxExpenseContinuingOperations>
    <ts:CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules
      contextRef="D20231231_3"
      decimals="-6"
      id="Tag1816"
      unitRef="USD">0</ts:CurrentTaxImpactArisingDueToApplicationOfPillarTwoRules>
    <ts:DisclosureOfDifferenceBetweenIncomeBeforeTaxAndTheTheoreticalAmountThatWouldAriseUsingTaxRateInEachCountryTextBlock contextRef="D20231231_3" id="Tag1714">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 204px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 34.7006%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income before income tax &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,632,789 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,165,937 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.92617%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,242,766 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.984413%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Less impairment charges (non-deductible) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 57,075 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Income before income tax without impairment charges &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,632,789 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,165,937 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,299,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tax calculated at the tax rate in each country &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,127,428 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (705,727 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (209,765 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Effect of currency translation on tax base &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (346,573 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (187,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (76,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Changes in the tax rates &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,535 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,422 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (29,881 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Utilization of previously unrecognized tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 787 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 29,560 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.23052%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.92617%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 0.984413%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tax revaluation, withholding tax and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 796,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 249,539 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 125,275 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 64.1509%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax charges &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (674,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (617,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;span style="font-weight: bold; line-height: inherit;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.23052%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 9.92617%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (189,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;div&gt;
&lt;p style="margin: 0pt; line-height: 1.2; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;10&lt;/span&gt;&lt;/span&gt;&lt;span style="line-height: inherit;"&gt;&lt;span&gt;&#160; &#160; &#160; &#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold; line-height: inherit;"&gt;Dividends distribution&lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On November &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the Company&#x2019;s Board of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Directors approved an interim dividend of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;0.20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;per &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;outstanding &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;share ($&lt;/span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;0.40&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; per ADS), or approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;235&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, pa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;id&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on November &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, with an ex-dividend date of November &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;0&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On May 3, 2023, the Company&#x2019;s shareholders approved an annual dividend in the amount of $0.51 per share ($1.02 per ADS). The amount approved by the shareholders included the interim dividend previously paid on November 23, 2022 in the amount of $0.17 per share ($0.34 per ADS). The balance, amounting to $0.34 per share ($0.68 per ADS), was paid on May 24, 2023, for an amount of approximately $401 million. In the aggregate, the interim dividend paid in November 2022 and the balance paid in May 2023 amounted to approximately $602 million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On May 3, 2022, the Company&#x2019;s shareholders approved an annual dividend in the amount of $0.41 per share ($0.82 per ADS). The amount approved included the interim dividend previously paid on November 24, 2021 in the amount of $0.13 per share ($0.26 per ADS). The balance, amounting to $0.28 per share ($0.56 per ADS), was paid on May 25, 2022, for an amount of approximately $331 million. In the aggregate, the interim dividend paid in November 2021 and the balance paid in May 2022 amounted to approximately $484 million.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; </ifrs-full:DisclosureOfDividendsExplanatory>
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      id="Tag1466"
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    <ts:DividendsPaidPerAmericanDepositarySecurity
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    <ts:PaymentsForDividendsApproved
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      id="Tag1308"
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    <ts:DividendsPayableAmountPerShareIncludingInterimDividend
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      id="Tag1324"
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    <ts:DividendsPaidAmountPerShareIncludingInterimDividend
      contextRef="I20211124"
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      id="Tag1318"
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&lt;p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;b&gt;11&lt;/b&gt;&lt;/span&gt;&lt;span&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;Property, plant and equipment, net&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; border-left: none; border-right: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 201px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 29%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 815,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,857,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 402,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 55,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,383,647 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 53,282 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,675 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,462 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 58,481 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 256,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 831 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,838 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 393,981 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 330 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 546,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,671 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 570,997 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 435,550 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 22,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (471,381 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (68,613 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,428 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,710 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (92,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 889,957 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 13,538,273 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 416,913 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 396,103 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 71,834 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 15,313,080 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 152,272 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,313,971 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 340,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,615 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,827,384 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 390 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,074 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 105 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40,153 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 411,861 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,934 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 445,890 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (16 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (391 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (380 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (67,471 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (78,146 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 164,894 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,696,044 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 351,309 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 22,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 9,234,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 725,063 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,842,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 65,604 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 396,103 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 49,180 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 6,078,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 10pt; margin: 0pt 0pt 0pt 34.85pt; text-align: justify; text-indent: -34.85pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-weight: normal; vertical-align: super;"&gt;&lt;span style="font-size: 9pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;Related &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt; anticorrosion coating division, Republic Tube LLC&#x2019;s OCTG pipe processing facility and Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 270px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; width: 29%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 830,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,064,541 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 420,930 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 147,429 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 59,522 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,522,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,601 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (71,347 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,838 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 376 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (174 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (74,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,271 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 734 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 334,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 346,067 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,829 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 184,915 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,221 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (227,153 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (16,188 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (22,569 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (322,886 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (33,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,372 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (394,361 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 815,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 12,857,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 402,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 55,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 14,383,647 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 139,941 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,199,724 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 353,639 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,697,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (289 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (51,283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (53,198 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,577 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 432,648 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 487,732 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (215 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Impairment charge (See note &lt;span&gt;5&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 75,722 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 321 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (955 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (321,334 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (32,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (359,195 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 152,272 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,313,971 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 340,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 20,615 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,827,384 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 663,491 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,543,523 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 61,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 34,911 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,556,263 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin: 0pt 0pt 0pt 35pt; text-align: justify; text-indent: -35pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; Parques E&#xf3;licos de la Buena Ventura S.A. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
 &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;See note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;28&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; for a description of certain restricted assets with a carrying value of $56.2 million held in Saudi Arabia by the Company&#x2019;s subsidiary &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;SSPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, in which Tenaris holds a 47.79%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Property, plant and equipment &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;include&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;capitalized &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;for&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; net amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; at December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;28.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;30.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;were no&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;new &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;capitalized during &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 11pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Government grants recognized as a reduction of property, plant and equipment were &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;material for the years &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 11pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For the year &lt;span&gt;2023&lt;/span&gt;, t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he carrying amount of assets pledged as security for current and non-current borrowings amounted to $89.6 million held in Saudi Arabia by the Company&#xb4;s subsidiary GPC, in which SSPC holds a 57.3%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;For the year &lt;span&gt;2022&lt;/span&gt;, t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he carrying amount of assets pledged as security for current and non-current borrowings &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;we&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;re &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;not &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;material.&#160;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory contextRef="D20231231_3" id="Tag2540">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 201px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 29%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10%;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 1%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 815,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,857,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 402,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 55,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,383,647 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 53,282 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,675 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,462 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 58,481 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 256,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 831 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,838 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 393,981 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 330 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 546,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,671 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 570,997 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 435,550 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 22,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (471,381 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (68,613 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,428 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,710 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (92,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 889,957 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 13,538,273 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 416,913 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 396,103 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 71,834 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 15,313,080 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 152,272 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,313,971 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 340,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,615 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,827,384 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 390 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,074 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 105 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40,153 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 411,861 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,934 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 445,890 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (16 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (391 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (380 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (67,471 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (78,146 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 164,894 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,696,044 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 351,309 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 22,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 9,234,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 725,063 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,842,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 65,604 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 396,103 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 49,180 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 6,078,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 10pt; margin: 0pt 0pt 0pt 34.85pt; text-align: justify; text-indent: -34.85pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; font-weight: normal; vertical-align: super;"&gt;&lt;span style="font-size: 9pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;Related &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt; anticorrosion coating division, Republic Tube LLC&#x2019;s OCTG pipe processing facility and Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 270px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and civil buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial buildings, plant and production equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Work in progress &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Spare parts and equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; width: 29%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 10%; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 830,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,064,541 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 420,930 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 147,429 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 59,522 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,522,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,601 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (71,347 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,838 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 376 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (174 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (74,584 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 187 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,271 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 734 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 334,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 346,067 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,829 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 184,915 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 16,221 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (227,153 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (16,188 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (22,569 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (322,886 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (33,562 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,372 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (394,361 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 815,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 12,857,494 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 402,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 55,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 14,383,647 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 139,941 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,199,724 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 353,639 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,697,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (289 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (51,283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,756 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (53,198 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,577 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 432,648 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 487,732 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (215 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,723 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Impairment charge (See note &lt;span&gt;5&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 75,722 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 321 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals / Consumptions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (955 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (321,334 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (32,485 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (359,195 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: bottom;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 152,272 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,313,971 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 340,526 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; - &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 20,615 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 8,827,384 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 663,491 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,543,523 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 61,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 252,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 34,911 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;span style="font-size: 10pt;"&gt;&lt;b&gt;12&#160; &#160; &#160;&#160;&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Intangible assets, net&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 293px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Licenses, patents and trademarks &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 41%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 614,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 550,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,469,726 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,762,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,397,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 39 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,274 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 105 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18,616 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 28,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,475 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 39,375 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,073 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 48,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 367 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 648,887 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 560,549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,488,381 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,790,680 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,488,497 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Amortization and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 561,119 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 398,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,720,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,064,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,140 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,141 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Amortization charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 21,285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,799 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 52,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (86 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (86 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 576,722 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 407,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,742,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,111,387 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 72,165 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 153,332 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,103,707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 47,906 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,377,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;Includes Proprietary Technology.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;sup&gt;(**) &lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Related to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; anticorrosion coating division, Republic Tube LLC&#x2019;s OCTG pipe processing facility and Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.8777%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Licenses, patents and trademarks &lt;/span&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 650,155 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 547,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,468,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,211,151 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,877,471 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,626 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,088 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,538 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt; (**)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31,427 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 952 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 32,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,535 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,535 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Disposals &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(***)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (58,947 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (449,109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (509,563 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 614,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 550,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,469,726 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,762,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,397,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Amortization and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 599,307 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 391,223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,383,994 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,130,771 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,505,295 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,496 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,496 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Amortization charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,218 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,701 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 38,853 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 70,772 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Impairment charge (See note &lt;span&gt;5&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 680 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 682 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Disposals &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(***)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (58,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (449,109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (509,528 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 561,119 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 398,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,720,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,064,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 53,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 152,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,085,052 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 41,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,332,508 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Includes Proprietary Technology.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;"&gt;(**)&lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Related&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Parques E&#xf3;licos de la Buena Ventura S.A. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;(***)&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Mainly related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;fully depreciated assets following the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;deconsolidation of a Canadian subsidiary of the Company.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The geographical &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;allocation of goodwill &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;for the year&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ended December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;was $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;944.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million for North America&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;111.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million for South America&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;33.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million for&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Asia Pacific, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Middle East &amp;amp; Africa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;15.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million for Europe&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The carrying amount of goodwill allocated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; by CGU, as of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, was as follows: &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt; (all amounts in millions of U.S. dollars) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 51.9231%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 22.4852%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tubes Segment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other Segment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 51.9231%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; CGU &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Hydril Acquisition &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 51.9231%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tamsa &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 19 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.47929%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 365 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Siderca &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 265 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 93 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 358 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Hydril &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 309 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 309 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 920 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 170 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;  </ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
    <ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory contextRef="D20231231_3" id="Tag2539">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 293px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Licenses, patents and trademarks &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 41%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 614,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 550,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,469,726 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,762,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,397,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 39 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,274 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 105 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 116 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18,616 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 28,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 47,475 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 39,375 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,073 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 48,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 367 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,737 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 648,887 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 560,549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,488,381 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,790,680 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,488,497 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Amortization and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 561,119 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 398,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,720,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,064,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,140 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,141 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Amortization charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 21,285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,799 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 52,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (86 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (86 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,736 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 576,722 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 407,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,742,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,111,387 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 0px 0px 7px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 72,165 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 153,332 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,103,707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 47,906 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,377,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;Includes Proprietary Technology.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;sup&gt;(**) &lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Related to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; anticorrosion coating division, Republic Tube LLC&#x2019;s OCTG pipe processing facility and Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.8777%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Information system projects &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Licenses, patents and trademarks &lt;/span&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 8pt; vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Goodwill &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Customer relationships &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; height: 10px; vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 650,155 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 547,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,468,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,211,151 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,877,471 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,626 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,088 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,538 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt; (**)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31,427 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 952 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 32,379 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,535 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,535 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Disposals &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(***)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (58,947 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (449,109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (509,563 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 614,474 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 550,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,469,726 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,762,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,397,233 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Amortization and impairment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 599,307 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 391,223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,383,994 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,130,771 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,505,295 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,496 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,496 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Amortization charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,218 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,701 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 38,853 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 70,772 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Impairment charge (See note &lt;span&gt;5&lt;/span&gt;) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 680 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 682 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Disposals &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(***)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (58,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,507 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (449,109 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (509,528 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 561,119 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 398,417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,384,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,720,515 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,064,725 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 53,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 152,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,085,052 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 41,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,332,508 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Includes Proprietary Technology.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;"&gt;(**)&lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Related&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;to&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Parques E&#xf3;licos de la Buena Ventura S.A. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
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      unitRef="USD">53355000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20221231_LicensesPatentsAndTrademarksMember"
      decimals="-3"
      id="Tag1753"
      unitRef="USD">152574000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20221231_GoodwillMember"
      decimals="-3"
      id="Tag1997"
      unitRef="USD">1085052000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20221231_CustomerrelatedIntangibleAssetsMember"
      decimals="-3"
      id="Tag2218"
      unitRef="USD">41527000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:IntangibleAssetsAndGoodwill
      contextRef="I20221231"
      decimals="-3"
      id="Tag1719"
      unitRef="USD">1332508000</ifrs-full:IntangibleAssetsAndGoodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_NorthAmericaMember"
      decimals="-5"
      id="Tag1992"
      unitRef="USD">944200000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_SouthAmericaMember"
      decimals="-5"
      id="Tag1734"
      unitRef="USD">111000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_AsiaPacificMiddleEastAndAfricaMember"
      decimals="-5"
      id="Tag2301"
      unitRef="USD">33000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_EuropeMember"
      decimals="-5"
      id="Tag1998"
      unitRef="USD">15500000</ifrs-full:Goodwill>
    <ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory contextRef="D20231231_3" id="Tag1944">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt; (all amounts in millions of U.S. dollars) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 51.9231%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 22.4852%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tubes Segment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other Segment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 16px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 51.9231%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; CGU &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Hydril Acquisition &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.47929%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 10.2071%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1.0355%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 51.9231%; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tamsa &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 19 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.47929%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.2071%; margin: 0px; text-indent: 0px; height: 16px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 365 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0355%; margin: 0px; text-indent: 0px; height: 16px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Siderca &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 265 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 93 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 358 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Hydril &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 309 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 309 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 58 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 51.9231%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 920 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 170 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 14 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.47929%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 10.2071%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 16px; width: 1.0355%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; </ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_HydrilCompanyMember_TamsaMember"
      decimals="-6"
      id="Tag2221"
      unitRef="USD">346000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_TamsaMember"
      decimals="-6"
      id="Tag2261"
      unitRef="USD">19000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_TamsaMember"
      id="Tag1635"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_TamsaMember"
      decimals="-6"
      id="Tag2883"
      unitRef="USD">365000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_HydrilCompanyMember_SidercaMember"
      decimals="-6"
      id="Tag1699"
      unitRef="USD">265000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_SidercaMember"
      decimals="-6"
      id="Tag1740"
      unitRef="USD">93000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_SidercaMember"
      id="Tag2259"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_SidercaMember"
      decimals="-6"
      id="Tag2001"
      unitRef="USD">358000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_HydrilCompanyMember_HydrilMember"
      decimals="-6"
      id="Tag1637"
      unitRef="USD">309000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_HydrilMember"
      id="Tag2272"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_HydrilMember"
      id="Tag2302"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_HydrilMember"
      decimals="-6"
      id="Tag2219"
      unitRef="USD">309000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_HydrilCompanyMember_OtherCguMember"
      id="Tag2295"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember_OtherCguMember"
      decimals="-6"
      id="Tag2943"
      unitRef="USD">58000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember_OtherCguMember"
      decimals="-6"
      id="Tag3021"
      unitRef="USD">14000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_OtherCguMember"
      decimals="-6"
      id="Tag1845"
      unitRef="USD">71000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_HydrilCompanyMember"
      decimals="-6"
      id="Tag1982"
      unitRef="USD">920000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_TubesMember_OtherBusinessCombinationsMember"
      decimals="-6"
      id="Tag1843"
      unitRef="USD">170000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231_AllOtherSegmentsMember_OtherBusinessCombinationsMember"
      decimals="-6"
      id="Tag3020"
      unitRef="USD">14000000</ifrs-full:Goodwill>
    <ifrs-full:Goodwill
      contextRef="I20231231"
      decimals="-6"
      id="Tag1842"
      unitRef="USD">1104000000</ifrs-full:Goodwill>
    <ifrs-full:DisclosureOfLeasesExplanatory contextRef="D20231231_3" id="Tag3371">
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;13&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Right-of-use assets, net and lease liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Right of use assets evolution&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 348px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 65px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and Civil Buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial Buildings, Plant and Production Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 29.6296%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.2222%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 11.7037%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0741%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.18519%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.88889%; height: 10px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Opening net book amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,570 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 125,677 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,291 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,182 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200,720 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 99 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 243 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 263 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 605 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,803 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 37 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,886 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,066 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,732 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,486 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 61,324 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (12,806 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 66,464 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 148,380 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 43,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 261,729 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 52,794 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 88,979 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 34 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 134 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 368 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,663 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,685 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 613 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 50,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,033 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 27,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 75,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 25,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 823 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 129,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 38,492 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 72,813 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 17,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,845 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 132,138 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Times New Roman';"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC and Mattr&#x2019;s pipe coating business unit acquisitions. For more information see note 34.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 327px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 55px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and Civil Buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial Buildings, Plant and Production Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 55px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Opening net book amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,082 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 131,816 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 198,154 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 52 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (779 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,872 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 31,778 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,182 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 56,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (5,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (36,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,705 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (53,161 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 43,570 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 125,677 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 30,291 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,182 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 200,720 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,005 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 54,727 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 89,416 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (9 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (139 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (251 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,965 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 32,767 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 49,219 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,054 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (35,992 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (49,257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 18,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 52,794 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 17,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 88,979 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 24,637 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 72,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 13,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 111,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;

&lt;p style="font-size: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Depreciation of right-of-use assets &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; mainly included in Tubes segment. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Lease liability evolution&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 163px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Opening net book amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 117,285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,237 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,922 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 61,310 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 56,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Cancellations &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (5,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Repayments &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (54,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (55,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest accrued &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,473 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,436 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 134,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 13.3333px;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt; &lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(**) &lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;nclude&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;repayments of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;51.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;in capital &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;3.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; of interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 9pt; line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;or &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; includes repayments of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;52.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million in capital and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;3.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million of interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;December &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he amount of remaining payments with maturit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ies of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; less than &lt;span&gt;1&lt;/span&gt; year, between &lt;span&gt;2&lt;/span&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;5&lt;/span&gt; years and more than &lt;span&gt;5&lt;/span&gt; years was&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;28%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;45%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;27%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;December &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;he amount of remaining payments with maturit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ies of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; less than &lt;span&gt;1&lt;/span&gt; year, between &lt;span&gt;2&lt;/span&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;5&lt;/span&gt; years and more than &lt;span&gt;5&lt;/span&gt; years was&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;25%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;48%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;27%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Expense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; relat&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; to short-term leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;leases of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;low&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;value &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and variable leases&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;ost of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;ales and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;elling, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;g&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;eneral and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;dministrative &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;xpense&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;were&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; not material for the years &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfLeasesExplanatory>
    <ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory contextRef="D20231231_3" id="Tag2083">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 348px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 65px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and Civil Buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial Buildings, Plant and Production Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 65px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 29.6296%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.2222%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 11.7037%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0741%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.18519%; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.88889%; height: 10px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.22222%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Opening net book amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,570 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 125,677 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,291 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,182 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200,720 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 99 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 243 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 263 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 605 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,803 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 37 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,886 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 30,066 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,732 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,486 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 61,324 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (12,806 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 66,464 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 148,380 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 43,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,668 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 261,729 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 52,794 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 88,979 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 34 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 134 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 368 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,663 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,685 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 613 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 50,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (691 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (7,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,638 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,033 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 2.22222%;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 27,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 75,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 25,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 823 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 129,591 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29.6296%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.2222%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 38,492 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 11.7037%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 72,813 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 10.0741%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 17,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 9.18519%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,845 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 8.88889%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 132,138 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 2.22222%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Times New Roman';"&gt;(*) &lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC and Mattr&#x2019;s pipe coating business unit acquisitions. For more information see note 34.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 327px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 55px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Land and Civil Buildings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Industrial Buildings, Plant and Production Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Vehicles, furniture and fixtures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 55px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 55px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Opening net book amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,082 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 131,816 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,256 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 198,154 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 52 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (417 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (779 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 15,872 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 31,778 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,674 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,182 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 56,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (5,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 6,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,270 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (36,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,705 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (53,161 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 43,570 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 125,677 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 30,291 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,182 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 200,720 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Depreciation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Accumulated at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,005 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 54,727 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 89,416 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Currency translation adjustment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (9 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (139 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (251 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (399 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Depreciation charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,965 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 32,767 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 49,219 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Transfers / Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Disposals &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (10,054 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (35,992 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,211 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (49,257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Accumulated at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 18,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 52,794 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 17,042 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 88,979 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 24,637 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 72,883 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 13,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 111,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
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      contextRef="I20221231_VehiclesFurnitureAndFixturesMember_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="Tag1226"
      unitRef="USD">-17042000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="I20221231_OtherAssetsMember_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="Tag1442"
      unitRef="USD">-210000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="I20221231_AccumulatedDepreciationAmortisationAndImpairmentMember"
      decimals="-3"
      id="Tag1255"
      unitRef="USD">-88979000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="I20221231_LandAndCivilBuildingsMember"
      decimals="-3"
      id="Tag1774"
      unitRef="USD">24637000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="I20221231_IndustrialBuildingsPlantAndProductionEquipmentMember"
      decimals="-3"
      id="Tag1247"
      unitRef="USD">72883000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="I20221231_VehiclesFurnitureAndFixturesMember"
      decimals="-3"
      id="Tag1408"
      unitRef="USD">13249000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="I20221231_OtherAssetsMember"
      decimals="-3"
      id="Tag1516"
      unitRef="USD">972000</ifrs-full:RightofuseAssets>
    <ifrs-full:RightofuseAssets
      contextRef="I20221231"
      decimals="-3"
      id="Tag1473"
      unitRef="USD">111741000</ifrs-full:RightofuseAssets>
    <ts:LeaseLiabilityEvolutionTextBlock contextRef="D20231231_3" id="Tag1887">
&lt;table cellpadding="0" cellspacing="0" style="height: 163px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Opening net book amount &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 117,285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 12,148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,237 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,922 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 61,310 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 56,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Cancellations &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (5,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 14px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Repayments &lt;/span&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (54,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 14px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (55,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 14px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest accrued &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,473 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,436 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 134,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 112,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-size: 10pt; line-height: 10pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 13.3333px;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt; &lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;(**) &lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;For &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;nclude&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;s&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;repayments of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;51.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;in capital &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;3.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; of interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-size: 9pt; line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;or &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; includes repayments of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;52.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million in capital and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;3.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; million of interest&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:LeaseLiabilityEvolutionTextBlock>
    <ifrs-full:LeaseLiabilities
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    <ts:LeaseLiabilitiesIncreaseDueToBusinessCombinations
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    <ts:LeaseLiabilitiesTranslationDifferences
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    <ts:LeaseLiabilitiesTranslationDifferences
      contextRef="D20221231_3"
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      id="Tag1251"
      unitRef="USD">-3922000</ts:LeaseLiabilitiesTranslationDifferences>
    <ts:LeaseLiabilitiesAdditions
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      id="Tag1454"
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    <ts:LeaseLiabilitiesAdditions
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      id="Tag1444"
      unitRef="USD">56459000</ts:LeaseLiabilitiesAdditions>
    <ts:LeaseLiabilitiesCancellations
      contextRef="D20231231_3"
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      id="Tag1378"
      unitRef="USD">2972000</ts:LeaseLiabilitiesCancellations>
    <ts:LeaseLiabilitiesCancellations
      contextRef="D20221231_3"
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      id="Tag1470"
      unitRef="USD">5207000</ts:LeaseLiabilitiesCancellations>
    <ts:LeaseLiabilitiesRepayments
      contextRef="D20231231_3"
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    <ts:LeaseLiabilitiesRepayments
      contextRef="D20221231_3"
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    <ts:LeaseLiabilitiesInterestAccrued
      contextRef="D20231231_3"
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      id="Tag1505"
      unitRef="USD">4473000</ts:LeaseLiabilitiesInterestAccrued>
    <ts:LeaseLiabilitiesInterestAccrued
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1458"
      unitRef="USD">3436000</ts:LeaseLiabilitiesInterestAccrued>
    <ifrs-full:LeaseLiabilities
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    <ifrs-full:LeaseLiabilities
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    <ts:LeaseLiabilitiesCapitalRepayments
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      unitRef="USD">51500000</ts:LeaseLiabilitiesCapitalRepayments>
    <ifrs-full:InterestExpenseOnLeaseLiabilities
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      unitRef="USD">3400000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ts:LeaseLiabilitiesCapitalRepayments
      contextRef="D20221231_3"
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      unitRef="USD">52400000</ts:LeaseLiabilitiesCapitalRepayments>
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      contextRef="D20221231_3"
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      unitRef="USD">3500000</ifrs-full:InterestExpenseOnLeaseLiabilities>
    <ts:RemainingLeasePaymentsToBeMadePercentage
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      contextRef="I20231231_LaterThanOneYearAndNotLaterThanFiveYearsMember"
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      id="Tag1381"
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    <ts:RemainingLeasePaymentsToBeMadePercentage
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      contextRef="I20221231_LaterThanOneYearAndNotLaterThanFiveYearsMember"
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      id="Tag1443"
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&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;14&lt;/span&gt;&lt;/span&gt;&#160; &#160; &#160; &#160;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Investments in &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;non-consolidated&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; companies&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 190px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 24.1983%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,383,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.02041%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 110,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,336 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 79,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 242,743 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Impairment loss in non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (34,041 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Dividends and distributions declared &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (69,216 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (64,189 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Acquisition of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Decrease due to step-acquisition &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (23,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (Decrease) / increase in equity reserves and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (52,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,608,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Equity in earnings of non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;: Includes a loss of $25.5 related to the participation increase in Usiminas and does &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;not&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; include $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;4.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;11.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;r&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;elated to GPC acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; since May 17, 2023, which is the date of its consolidation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#x201c;Business Combinations - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Acquisition of Global Pipe Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Impairment loss in non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Includes an impairment of $19.1 million related to the investment in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and $14.9 million related to the joint venture with&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; PAO&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Severstal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Severstal&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Dividends and distributions declared&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Related to Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. During &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;68.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;66.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; were collected&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Acquisition of non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;: &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;R&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;elated to the investment in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Decrease due to step-acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;:&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;R&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;elated to GPC acquisition. For more information see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The principal &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;non-consolidated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; companies are:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 125px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; % ownership at December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Book value at December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Country of incorporation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a) Ternium &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 30%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Luxembourg &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11.46% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11.46% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,430,616 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,363,607 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;b) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt; &lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Brazil &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="display: inline;"&gt;3.96&lt;/span&gt;% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3.07% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 123,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 109,534 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; c) Techgen &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Mexico &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22.00% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22.00% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 53,556 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 41,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;d) Global Pipe Company &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(***)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Saudi Arabia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 57.30% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 35.00% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 978 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,608,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;Including treasury shares.&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(**)&lt;/sup&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 9pt;"&gt;At December 31, 2023 the voting rights were 6.76% and at December 31, 2022 were 5.19%.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(***)&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;Consolidated as from May 17, 2023.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;"&gt;a) Ternium&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Ternium&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is a steel producer with production facilities in Mexico,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Brazil, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Argentina, Colombia,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the Southern&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Un&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ited States and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Central America&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is &lt;span&gt;one&lt;/span&gt; of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; main suppliers of round steel bars and flat steel products for its pipes business.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;At December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the closing price of Ternium&#x2019;s ADSs as quoted on the New York &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Stock Exchange was&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;42.47&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;per ADS, giving &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ownership stake a ma&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;rket value of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;975.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;t December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the carrying value of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ownership stake in Ternium, based on Ternium&#x2019;s IFRS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Financial S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;tements,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; was approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1,430.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset&#x2019;s carrying amount may not be recoverable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the Company concluded that&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the carrying amount does not exceed the recoverable value of the investment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 234px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Ternium &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,148,560 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,647,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,030,544 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,844,038 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 24,179,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 17,491,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,566,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,506,325 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,800,602 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,216,832 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,367,245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,723,157 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 16,811,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,768,391 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-controlling interests &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,393,264 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,922,434 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 17,610,092 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,414,466 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Gross profit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,559,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,927,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Net income for the year attributable to shareholders' equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 676,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,767,516 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;"&gt;b) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: normal; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;At&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the closing price of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2019; ordinary and preferred shares, as quoted on the B&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Brasil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Bolsa &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Balc&#xe3;o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; S.A&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;BRL&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;9.20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.90&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;) and BRL&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;9.29&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ($&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.92&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;), respectively, giving Tenaris&#x2019;s ownership stake a market value of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;92.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. As&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; that date, the carrying value of Tenaris&#x2019;s ownership stake in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; was &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;123.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Following the acquisition of shares referred to in note II.B.&lt;span&gt;2&lt;/span&gt;).b) and considering the carrying value of the previously held interest, the price&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; paid for the acquisition &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the additional&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shares and the fair value measurement of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shares &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;conducted at the T/T Group&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; level)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the Company recorded a net loss of $25.5 million included in Equity in (losses) earnings of non-consolidated companies in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company reviews its participation in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; whenever events or circumstances indicate that the asset&#x2019;s carrying amount may not be recoverable. As of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;December&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span&gt;2023&lt;/span&gt;, the Company concluded that the carrying amount did not exceed the recoverable value of the investment.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Summarized selected financial information of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, including the aggregated amounts of assets, liabilities, revenues and profit or loss is as follows&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 220px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Usiminas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,591,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,764,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,589,129 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,901,844 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,180,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,666,297 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,672,676 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,671,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,139,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,033,524 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,811,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,704,773 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,369,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,961,524 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-controlling interests &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 556,418 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 523,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,531,985 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,296,964 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Gross profit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 357,845 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,110,439 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Net income for the year attributable to shareholders' equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 278,402 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 319,979 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;

&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;c) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Pesquer&#xed;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; area of the State of Nuevo Le&#xf3;n, Mexico, with a power capacity of &lt;span&gt;900&lt;/span&gt; megawatts. As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, Tenaris held 22% of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; share capital, and its affiliates, Ternium and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tecpetrol&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (both controlled by San Faustin), &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;beneficially owned&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 48% and 30% respectively.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the carrying value of Tenaris&#x2019;s ownership stake in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; was approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;53.6&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; entered into certain transportation capacity agreements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; an agreement for the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;purchase of clean energy certificates. As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;, Tenaris&#x2019;s exposure under these agreements &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;39.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt; million&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;16.9&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal; line-height: inherit;"&gt;million respectively.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; sponsors granted certain subordinated loans to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the aggregate outstanding principal amount under these subordinated loans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;was $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;281.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, of which $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;61.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million correspond to Tenaris&#x2019;s contribution.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On February 13, 2019, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; entered into a $640 million syndicated loan agreement with several banks to refinance an existing loan, resulting in the release of certain corporate guarantees previously issued by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shareholders to secure the replaced facility.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The existing syndicated loan agreement is &#x201c;non-recourse&#x201d; on the sponsors. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; obligations thereunder are guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and certain direct agreements &#x2013;customary for these type of transactions&#x2013;. The commercial terms and conditions governing the purchase by the Company&#x2019;s Mexican subsidiary, Tamsa, of 22% of the energy generated by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; remain substantially unchanged.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Under the loan agreement, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; is committed to maintain a debt service reserve account covering debt service becoming due during &lt;span&gt;two&lt;/span&gt; consecutive quarters; such account is funded by stand-by letters of credit issued for the account of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; sponsors in proportion to their respective participations in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Accordingly, the Company applied for stand-by letters of credit covering 22% of the debt service coverage ratio, which as of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;10.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;d)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;GPC&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: -14.2pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify; font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;GPC is a joint venture established in &lt;span&gt;2010&lt;/span&gt; and located in Jubail, Saudi Arabia, which manufactures LSAW pipes. Until May 16, 2023, Tenaris, through its subsidiary SSPC, owned 35% of the share capital of GPC and, accordingly, GPC was a non-consolidated company. On May 17, 2023, SSPC acquired an additional 22.3% interest in GPC reaching a participation of 57.3%. The Company consolidates GPC&#x2019;s balances and results of operations as from May 17, 2023. For more information on GPC acquisition and its accounting treatment see &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;note&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;Business Combinations - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Global Pipe Company acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;. &lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory>
    <ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory contextRef="D20231231_3" id="Tag2958">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 190px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 24.1983%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 2.18659%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 9.91254%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,383,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.02041%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 110,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,336 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Equity in earnings of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 79,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 242,743 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Impairment loss in non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (34,041 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Dividends and distributions declared &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (69,216 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (64,189 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Acquisition of non-consolidated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Decrease due to step-acquisition &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (23,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (Decrease) / increase in equity reserves and others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (52,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 74.4898%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,608,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 2.18659%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 9.91254%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.02041%; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; </ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory>
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&lt;table cellpadding="0" cellspacing="0" style="height: 125px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; % ownership at December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 20px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Book value at December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Country of incorporation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 29%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a) Ternium &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 30%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Luxembourg &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11.46% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11.46% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,430,616 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,363,607 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;b) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt; &lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;&lt;span&gt;(**)&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Brazil &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="display: inline;"&gt;3.96&lt;/span&gt;% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3.07% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 123,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 109,534 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; c) Techgen &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Mexico &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22.00% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22.00% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 53,556 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 41,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;d) Global Pipe Company &lt;/span&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(***)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Saudi Arabia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 57.30% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 35.00% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 978 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,608,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,540,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;Including treasury shares.&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(**)&lt;/sup&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 9pt;"&gt;At December 31, 2023 the voting rights were 6.76% and at December 31, 2022 were 5.19%.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(***)&lt;/sup&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;Consolidated as from May 17, 2023.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfDetailedInformationAboutPrincipalNonconsolidatedCompaniesTextBlock>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
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      unitRef="Pure">0.1146</ifrs-full:ProportionOfOwnershipInterestInAssociate>
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      unitRef="Pure">0.1146</ifrs-full:ProportionOfOwnershipInterestInAssociate>
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      contextRef="D20231231_UsiminasMember_BR_1"
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      contextRef="D20221231_BR_UsiminasMember_1"
      decimals="4"
      id="Tag1877"
      unitRef="Pure">0.0307</ifrs-full:ProportionOfOwnershipInterestInAssociate>
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      contextRef="I20231231_UsiminasMember_BR"
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    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
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      id="Tag2926"
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    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20231231_TechgenSAMember_MX_1"
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      id="Tag1869"
      unitRef="Pure">0.22</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20221231_MX_TechgenSAMember_1"
      decimals="4"
      id="Tag1530"
      unitRef="Pure">0.22</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231_TechgenSAMember_MX"
      decimals="-3"
      id="Tag2286"
      unitRef="USD">53556000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
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      contextRef="I20221231_MX_TechgenSAMember"
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      contextRef="D20221231_SA_GlobalPipeCompanyMember_1"
      decimals="4"
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      unitRef="Pure">0.35</ifrs-full:ProportionOfOwnershipInterestInAssociate>
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      contextRef="I20231231_GlobalPipeCompanyMember_SA"
      id="Tag1305"
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      xsi:nil="true"/>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20221231_SA_GlobalPipeCompanyMember"
      decimals="-3"
      id="Tag1369"
      unitRef="USD">23022000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231_OtherMember"
      decimals="-3"
      id="Tag1532"
      unitRef="USD">978000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20221231_OtherMember"
      decimals="-3"
      id="Tag1326"
      unitRef="USD">2977000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231"
      decimals="-3"
      id="Tag3076"
      unitRef="USD">1608804000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20221231"
      decimals="-3"
      id="Tag1376"
      unitRef="USD">1540646000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ifrs-full:ProportionOfVotingPowerHeldInAssociate
      contextRef="D20231231_UsiminasMember"
      decimals="4"
      id="Tag1439"
      unitRef="Pure">0.0676</ifrs-full:ProportionOfVotingPowerHeldInAssociate>
    <ifrs-full:ProportionOfVotingPowerHeldInAssociate
      contextRef="D20221231_UsiminasMember"
      decimals="4"
      id="Tag1438"
      unitRef="Pure">0.0519</ifrs-full:ProportionOfVotingPowerHeldInAssociate>
    <ts:ClosingPricePerAmericanDepositarySecurity
      contextRef="I20231231_TerniumSAMember"
      decimals="2"
      id="Tag1432"
      unitRef="USDPerShare">42.47</ts:ClosingPricePerAmericanDepositarySecurity>
    <ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished
      contextRef="I20231231_TerniumSAMember_1"
      decimals="-5"
      id="Tag3057"
      unitRef="USD">975600000</ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231_TerniumSAMember_1"
      decimals="-5"
      id="Tag78"
      unitRef="USD">1430600000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 234px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Ternium &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,148,560 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,647,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12,030,544 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,844,038 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 24,179,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 17,491,548 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,566,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,506,325 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,800,602 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,216,832 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,367,245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 3,723,157 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 16,811,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,768,391 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-controlling interests &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,393,264 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,922,434 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 17,610,092 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,414,466 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Gross profit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,559,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,927,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Net income for the year attributable to shareholders' equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 676,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,767,516 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock>
    <ifrs-full:NoncurrentAssets
      contextRef="I20231231_TerniumSAMember_1"
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      id="Tag1421"
      unitRef="USD">12148560000</ifrs-full:NoncurrentAssets>
    <ifrs-full:NoncurrentAssets
      contextRef="I20221231_TerniumSAMember"
      decimals="-3"
      id="Tag3026"
      unitRef="USD">8647510000</ifrs-full:NoncurrentAssets>
    <ifrs-full:CurrentAssets
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      decimals="-3"
      id="Tag2289"
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    <ifrs-full:CurrentAssets
      contextRef="I20221231_TerniumSAMember"
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      id="Tag1879"
      unitRef="USD">8844038000</ifrs-full:CurrentAssets>
    <ifrs-full:Assets
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      id="Tag1541"
      unitRef="USD">24179104000</ifrs-full:Assets>
    <ifrs-full:Assets
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      id="Tag1513"
      unitRef="USD">17491548000</ifrs-full:Assets>
    <ifrs-full:NoncurrentLiabilities
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      decimals="-3"
      id="Tag1433"
      unitRef="USD">3566643000</ifrs-full:NoncurrentLiabilities>
    <ifrs-full:NoncurrentLiabilities
      contextRef="I20221231_TerniumSAMember"
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      id="Tag1313"
      unitRef="USD">1506325000</ifrs-full:NoncurrentLiabilities>
    <ifrs-full:CurrentLiabilities
      contextRef="I20231231_TerniumSAMember_1"
      decimals="-3"
      id="Tag1365"
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    <ifrs-full:CurrentLiabilities
      contextRef="I20221231_TerniumSAMember"
      decimals="-3"
      id="Tag1523"
      unitRef="USD">2216832000</ifrs-full:CurrentLiabilities>
    <ifrs-full:Liabilities
      contextRef="I20231231_TerniumSAMember_1"
      decimals="-3"
      id="Tag3308"
      unitRef="USD">7367245000</ifrs-full:Liabilities>
    <ifrs-full:Liabilities
      contextRef="I20221231_TerniumSAMember"
      decimals="-3"
      id="Tag2290"
      unitRef="USD">3723157000</ifrs-full:Liabilities>
    <ifrs-full:Equity
      contextRef="I20231231_TerniumSAMember_1"
      decimals="-3"
      id="Tag1437"
      unitRef="USD">16811859000</ifrs-full:Equity>
    <ifrs-full:Equity
      contextRef="I20221231_TerniumSAMember"
      decimals="-3"
      id="Tag1375"
      unitRef="USD">13768391000</ifrs-full:Equity>
    <ifrs-full:NoncontrollingInterests
      contextRef="I20231231_TerniumSAMember_1"
      decimals="-3"
      id="Tag1423"
      unitRef="USD">4393264000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:NoncontrollingInterests
      contextRef="I20221231_TerniumSAMember"
      decimals="-3"
      id="Tag1364"
      unitRef="USD">1922434000</ifrs-full:NoncontrollingInterests>
    <ifrs-full:Revenue
      contextRef="D20231231_TerniumSAMember"
      decimals="-3"
      id="Tag3309"
      unitRef="USD">17610092000</ifrs-full:Revenue>
    <ifrs-full:Revenue
      contextRef="D20221231_TerniumSAMember"
      decimals="-3"
      id="Tag1367"
      unitRef="USD">16414466000</ifrs-full:Revenue>
    <ifrs-full:GrossProfit
      contextRef="D20231231_TerniumSAMember"
      decimals="-3"
      id="Tag1266"
      unitRef="USD">3559355000</ifrs-full:GrossProfit>
    <ifrs-full:GrossProfit
      contextRef="D20221231_TerniumSAMember"
      decimals="-3"
      id="Tag1419"
      unitRef="USD">3927184000</ifrs-full:GrossProfit>
    <ifrs-full:ProfitLossAttributableToOwnersOfParent
      contextRef="D20231231_TerniumSAMember"
      decimals="-3"
      id="Tag2287"
      unitRef="USD">676043000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
    <ifrs-full:ProfitLossAttributableToOwnersOfParent
      contextRef="D20221231_TerniumSAMember"
      decimals="-3"
      id="Tag1372"
      unitRef="USD">1767516000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
    <ts:ClosingPricePerShare
      contextRef="I20231231_UsiminasMember_OrdinarySharesMember"
      decimals="2"
      id="Tag1542"
      unitRef="BRLPerShare">9.2</ts:ClosingPricePerShare>
    <ts:ClosingPricePerShare
      contextRef="I20231231_UsiminasMember_OrdinarySharesMember"
      decimals="2"
      id="Tag30"
      unitRef="USDPerShare">1.9</ts:ClosingPricePerShare>
    <ts:ClosingPricePerShare
      contextRef="I20231231_UsiminasMember_PreferenceSharesMember"
      decimals="2"
      id="Tag1434"
      unitRef="BRLPerShare">9.29</ts:ClosingPricePerShare>
    <ts:ClosingPricePerShare
      contextRef="I20231231_UsiminasMember_PreferenceSharesMember"
      decimals="2"
      id="Tag1416"
      unitRef="USDPerShare">1.92</ts:ClosingPricePerShare>
    <ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished
      contextRef="I20231231_UsiminasMember"
      decimals="-5"
      id="Tag1527"
      unitRef="USD">92700000</ifrs-full:FairValueOfInvestmentsInAssociatesWherePriceQuotationsPublished>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231_UsiminasMember"
      decimals="-5"
      id="Tag1533"
      unitRef="USD">123700000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies
      contextRef="D20231231_UsiminasMember"
      decimals="-5"
      id="Tag1303"
      unitRef="USD">25500000</ts:LossRecognisedDueToParticiaptionIncreaseInNonconsolidatedCompanies>
    <ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock contextRef="D20231231_UsiminasMember" id="Tag1945">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 220px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Usiminas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,591,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,764,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,589,129 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3,901,844 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,180,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,666,297 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Non-current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,672,676 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,671,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,139,031 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,033,524 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,811,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,704,773 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 5,369,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 4,961,524 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Non-controlling interests &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 556,418 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 523,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Revenues &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,531,985 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,296,964 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Gross profit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 357,845 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,110,439 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Net income for the year attributable to shareholders' equity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 278,402 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 319,979 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutSelectedFinancialInformationTextBlock>
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    <ifrs-full:NoncurrentLiabilities
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      id="Tag2924"
      unitRef="USD">6296964000</ifrs-full:Revenue>
    <ifrs-full:GrossProfit
      contextRef="D20231231_UsiminasMember"
      decimals="-3"
      id="Tag1538"
      unitRef="USD">357845000</ifrs-full:GrossProfit>
    <ifrs-full:GrossProfit
      contextRef="D20221231_UsiminasMember"
      decimals="-3"
      id="Tag2922"
      unitRef="USD">1110439000</ifrs-full:GrossProfit>
    <ifrs-full:ProfitLossAttributableToOwnersOfParent
      contextRef="D20231231_UsiminasMember"
      decimals="-3"
      id="Tag1536"
      unitRef="USD">278402000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
    <ifrs-full:ProfitLossAttributableToOwnersOfParent
      contextRef="D20221231_UsiminasMember"
      decimals="-3"
      id="Tag1327"
      unitRef="USD">319979000</ifrs-full:ProfitLossAttributableToOwnersOfParent>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20231231_TechgenSAMember"
      decimals="2"
      id="Tag1322"
      unitRef="Pure">0.22</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20231231_TechgenSAMember_TerniumSAMember"
      decimals="2"
      id="Tag1374"
      unitRef="Pure">0.48</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20231231_TecpetrolInternationalSAMember_TechgenSAMember_1"
      decimals="2"
      id="Tag1537"
      unitRef="Pure">0.30</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates
      contextRef="I20231231_TechgenSAMember"
      decimals="-5"
      id="Tag1363"
      unitRef="USD">53600000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
    <ts:ExposureToTransportationCapacityAgreements
      contextRef="I20231231_TechgenSAMember_1"
      decimals="-5"
      id="Tag2921"
      unitRef="USD">39400000</ts:ExposureToTransportationCapacityAgreements>
    <ts:ExposureToThePurchaseOfCleanEnergyCertificates
      contextRef="I20231231_TechgenSAMember_1"
      decimals="-5"
      id="Tag1462"
      unitRef="USD">16900000</ts:ExposureToThePurchaseOfCleanEnergyCertificates>
    <ifrs-full:LoansAndReceivables
      contextRef="I20231231_TechgenSAMember_TerniumSAMember_TenarisMember_TecpetrolInternationalSAMember"
      decimals="-5"
      id="Tag2923"
      unitRef="USD">281300000</ifrs-full:LoansAndReceivables>
    <ifrs-full:LoansAndReceivables
      contextRef="I20231231_TechgenSAMember_TenarisMember"
      decimals="-5"
      id="Tag1337"
      unitRef="USD">61900000</ifrs-full:LoansAndReceivables>
    <ifrs-full:DebtSecurities
      contextRef="I20190213_TechgenSAMember_SeveralBanksToRefinanceObligationsMember"
      decimals="-6"
      id="Tag3136"
      unitRef="USD">640000000</ifrs-full:DebtSecurities>
    <ts:ProportionOfCorporateGuaranteeCoveringObligations
      contextRef="I20231231_TechgenSAMember_TenarisMember"
      decimals="2"
      id="Tag1366"
      unitRef="Pure">0.22</ts:ProportionOfCorporateGuaranteeCoveringObligations>
    <ts:DebtServiceCoverageRatioCoveredPercent
      contextRef="I20231231_TechgenSAMember_TenarisSAMember"
      decimals="2"
      id="Tag2407"
      unitRef="Pure">0.22</ts:DebtServiceCoverageRatioCoveredPercent>
    <ts:LettersOfCreditCovered
      contextRef="I20231231_TechgenSAMember_TenarisSAMember"
      decimals="-5"
      id="Tag1529"
      unitRef="USD">10900000</ts:LettersOfCreditCovered>
    <ifrs-full:ProportionOfOwnershipInterestInAssociate
      contextRef="D20230516_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_1"
      decimals="2"
      id="Tag3294"
      unitRef="Pure">0.35</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired
      contextRef="I20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_3"
      decimals="3"
      id="Tag1417"
      unitRef="Pure">0.223</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary
      contextRef="D20230517_GlobalPipeCompanyMember_SaudiSteelPipeCompanyMember_3"
      decimals="3"
      id="Tag1550"
      unitRef="Pure">0.573</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ts:DisclosureOfNoncurrentReceivablesTextBlock contextRef="D20231231_3" id="Tag1835">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;15&#160; &#160; &#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Receivables&lt;/span&gt; &lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;non&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;-&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;current&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 156px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; width: 22.2403%; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; font-family: 'Frutiger 45 Light'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 76.2987%; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Employee advances and loans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,395 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,908 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tax credits &lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 53,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,333 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 69,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 67,921 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Legal deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,394 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Advances to suppliers and other advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,779 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivable Venezuelan subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,726 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 185,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 211,720 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span style="border-right: none; border-left: none; line-height: inherit;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;As of December 31&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="border-right: none; border-left: none; line-height: inherit;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;, &lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;2023&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;ncluded approximately&lt;/span&gt; &lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;40.6&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; million related to &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;ICMS&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; (&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;Tax on Sales and Services&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;) &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;from&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; Brazilian subsidiaries.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="border-right: none; border-left: none; line-height: inherit;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;As of December 31&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;nclude&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;d&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; approximately&lt;/span&gt; &lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;8&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; million related to PIS and COFINS (Federal Social Contributions on Gross Revenues) tax recovery &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;from&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; Brazilian subsidiaries.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  </ts:DisclosureOfNoncurrentReceivablesTextBlock>
    <ts:DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock contextRef="D20231231_3" id="Tag1809">
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 156px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; width: 22.2403%; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: center; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; font-family: 'Frutiger 45 Light'; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 76.2987%; vertical-align: bottom; height: 17px; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Employee advances and loans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,395 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 9.9026%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,908 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1.21753%; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tax credits &lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 53,483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,333 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 69,820 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 67,921 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Legal deposits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,355 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,394 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Advances to suppliers and other advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,043 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,779 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivable Venezuelan subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,659 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,726 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.2987%;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 185,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.9026%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 211,720 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.21753%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; font-size: 8pt; line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt; &lt;span style="border-right: none; border-left: none; line-height: inherit;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;As of December 31&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="border-right: none; border-left: none; line-height: inherit;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;, &lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;2023&lt;/span&gt;, &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;ncluded approximately&lt;/span&gt; &lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;40.6&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; million related to &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;ICMS&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; (&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;Tax on Sales and Services&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;) &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;from&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; Brazilian subsidiaries.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="border-right: none; border-left: none; line-height: inherit;"&gt;&lt;span style="font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;As of December 31&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;2022&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;i&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;nclude&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;d&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; approximately&lt;/span&gt; &lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;8&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; million related to PIS and COFINS (Federal Social Contributions on Gross Revenues) tax recovery &lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt;from&lt;/span&gt;&lt;span style="font-family: &amp;quot;Frutiger 45 Light&amp;quot;; line-height: inherit;"&gt; Brazilian subsidiaries.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfDetailedInformationAboutNoncurrentReceivablesTextBlock>
    <ts:NoncurrentReceivablesEmployeeAdvancesAndLoans
      contextRef="I20231231"
      decimals="-3"
      id="Tag2938"
      unitRef="USD">7395000</ts:NoncurrentReceivablesEmployeeAdvancesAndLoans>
    <ts:NoncurrentReceivablesEmployeeAdvancesAndLoans
      contextRef="I20221231"
      decimals="-3"
      id="Tag1340"
      unitRef="USD">11908000</ts:NoncurrentReceivablesEmployeeAdvancesAndLoans>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20231231"
      decimals="-3"
      id="Tag1330"
      unitRef="USD">53483000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20221231"
      decimals="-3"
      id="Tag1329"
      unitRef="USD">27333000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:NoncurrentReceivablesDueFromRelatedParties
      contextRef="I20231231"
      decimals="-3"
      id="Tag2937"
      unitRef="USD">69820000</ifrs-full:NoncurrentReceivablesDueFromRelatedParties>
    <ifrs-full:NoncurrentReceivablesDueFromRelatedParties
      contextRef="I20221231"
      decimals="-3"
      id="Tag1339"
      unitRef="USD">67921000</ifrs-full:NoncurrentReceivablesDueFromRelatedParties>
    <ts:NonCurrentLegalDeposits
      contextRef="I20231231"
      decimals="-3"
      id="Tag2936"
      unitRef="USD">9355000</ts:NonCurrentLegalDeposits>
    <ts:NonCurrentLegalDeposits
      contextRef="I20221231"
      decimals="-3"
      id="Tag1338"
      unitRef="USD">9394000</ts:NonCurrentLegalDeposits>
    <ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances
      contextRef="I20231231"
      decimals="-3"
      id="Tag2935"
      unitRef="USD">27043000</ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances>
    <ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances
      contextRef="I20221231"
      decimals="-3"
      id="Tag1336"
      unitRef="USD">28779000</ts:NoncurrentReceivablesAdvancesToSuppliersAndOtherAdvances>
    <ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies
      contextRef="I20231231"
      id="Tag1331"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies
      contextRef="I20221231"
      decimals="-3"
      id="Tag1335"
      unitRef="USD">48659000</ts:NoncurrentReceivablesFromInterestInVenezuelanCompanies>
    <ifrs-full:OtherNoncurrentReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1467"
      unitRef="USD">18863000</ifrs-full:OtherNoncurrentReceivables>
    <ifrs-full:OtherNoncurrentReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag1334"
      unitRef="USD">17726000</ifrs-full:OtherNoncurrentReceivables>
    <ifrs-full:NoncurrentReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1341"
      unitRef="USD">185959000</ifrs-full:NoncurrentReceivables>
    <ifrs-full:NoncurrentReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag1333"
      unitRef="USD">211720000</ifrs-full:NoncurrentReceivables>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20231231_TaxOnSalesAndServicesICMSMember"
      decimals="-5"
      id="Tag1306"
      unitRef="USD">40600000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20221231_SocialIntegrationProgramPisAndContributionForSocialSecurityFinancingCofinsMember"
      decimals="-6"
      id="Tag1332"
      unitRef="USD">8000000</ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="D20231231_3" id="Tag2429">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;span&gt;&lt;b style="color: #003366; font-size: 10pt;"&gt;16&lt;/b&gt;&lt;span&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;"&gt;Inventories&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;"&gt;, net&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Finished goods &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,401,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,592,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Goods in process &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,068,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 936,555 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Raw materials &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 569,837 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 606,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Supplies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 648,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 542,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Goods in transit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 441,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 530,721 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,130,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,209,595 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 11px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for obsolescence, see note &lt;span&gt;25&lt;/span&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (222,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,921,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfInventoriesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutInventoriesTextBlock contextRef="D20231231_3" id="Tag2428">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 160px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 20px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77%; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Finished goods &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,401,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,592,706 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Goods in process &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,068,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 936,555 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Raw materials &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 569,837 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 606,977 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Supplies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 648,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 542,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Goods in transit &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 441,217 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 530,721 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,130,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,209,595 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; height: 10px; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; vertical-align: bottom; height: 11px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for obsolescence, see note &lt;span&gt;25&lt;/span&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (222,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 11px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,921,097 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,986,929 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutInventoriesTextBlock>
    <ifrs-full:FinishedGoods
      contextRef="I20231231"
      decimals="-3"
      id="Tag1360"
      unitRef="USD">1401754000</ifrs-full:FinishedGoods>
    <ifrs-full:FinishedGoods
      contextRef="I20221231"
      decimals="-3"
      id="Tag1353"
      unitRef="USD">1592706000</ifrs-full:FinishedGoods>
    <ifrs-full:WorkInProgress
      contextRef="I20231231"
      decimals="-3"
      id="Tag1359"
      unitRef="USD">1068956000</ifrs-full:WorkInProgress>
    <ifrs-full:WorkInProgress
      contextRef="I20221231"
      decimals="-3"
      id="Tag1352"
      unitRef="USD">936555000</ifrs-full:WorkInProgress>
    <ifrs-full:RawMaterials
      contextRef="I20231231"
      decimals="-3"
      id="Tag1358"
      unitRef="USD">569837000</ifrs-full:RawMaterials>
    <ifrs-full:RawMaterials
      contextRef="I20221231"
      decimals="-3"
      id="Tag1351"
      unitRef="USD">606977000</ifrs-full:RawMaterials>
    <ifrs-full:ProductionSupplies
      contextRef="I20231231"
      decimals="-3"
      id="Tag1357"
      unitRef="USD">648443000</ifrs-full:ProductionSupplies>
    <ifrs-full:ProductionSupplies
      contextRef="I20221231"
      decimals="-3"
      id="Tag1350"
      unitRef="USD">542636000</ifrs-full:ProductionSupplies>
    <ifrs-full:CurrentInventoriesInTransit
      contextRef="I20231231"
      decimals="-3"
      id="Tag1356"
      unitRef="USD">441217000</ifrs-full:CurrentInventoriesInTransit>
    <ifrs-full:CurrentInventoriesInTransit
      contextRef="I20221231"
      decimals="-3"
      id="Tag1349"
      unitRef="USD">530721000</ifrs-full:CurrentInventoriesInTransit>
    <ts:InventoriesGross
      contextRef="I20231231"
      decimals="-3"
      id="Tag1355"
      unitRef="USD">4130207000</ts:InventoriesGross>
    <ts:InventoriesGross
      contextRef="I20221231"
      decimals="-3"
      id="Tag1348"
      unitRef="USD">4209595000</ts:InventoriesGross>
    <ts:InventoriesAllowanceForObsolescence
      contextRef="I20231231"
      decimals="-3"
      id="Tag1346"
      unitRef="USD">209110000</ts:InventoriesAllowanceForObsolescence>
    <ts:InventoriesAllowanceForObsolescence
      contextRef="I20221231"
      decimals="-3"
      id="Tag1345"
      unitRef="USD">222666000</ts:InventoriesAllowanceForObsolescence>
    <ifrs-full:Inventories
      contextRef="I20231231"
      decimals="-3"
      id="Tag1354"
      unitRef="USD">3921097000</ifrs-full:Inventories>
    <ifrs-full:Inventories
      contextRef="I20221231"
      decimals="-3"
      id="Tag1347"
      unitRef="USD">3986929000</ifrs-full:Inventories>
    <ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory contextRef="D20231231_3" id="Tag1638">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.25pt; text-indent: -21.25pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;17&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Receivables and prepayments&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;, net&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 197px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 77%; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Prepaid expenses and other receivables&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 104,015 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 47,419 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Government entities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,330 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,121 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Employee advances and loans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,701 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Advances to suppliers and other advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,455 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41,549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Government tax refunds on exports &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,898 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,759 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 50,173 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41,418 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 232,258 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 187,290 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for other doubtful accounts, see note &lt;span&gt;25&lt;/span&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,439 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,479 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 228,819 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 183,811 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory>
    <ts:DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock contextRef="D20231231_3" id="Tag1632">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 197px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; width: 77%; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Prepaid expenses and other receivables&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 104,015 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 10%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 47,419 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; width: 1%; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Government entities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,330 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,121 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Employee advances and loans &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,316 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,701 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Advances to suppliers and other advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,455 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41,549 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Government tax refunds on exports &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,210 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8,898 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,759 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 19,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 50,173 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41,418 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 232,258 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 187,290 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Allowance for other doubtful accounts, see note &lt;span&gt;25&lt;/span&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,439 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,479 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 228,819 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 183,811 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutReceivablesAndPrepaymentsTextBlock>
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      id="Tag1300"
      unitRef="USD">104015000</ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables>
    <ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables
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      id="Tag1293"
      unitRef="USD">47419000</ts:CurrentReceivablesAndPrepaymentsPrepaidExpensesAndOtherReceivables>
    <ts:CurrentReceivablesAndPrepaymentsGovernmentEntities
      contextRef="I20231231"
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      id="Tag1301"
      unitRef="USD">1330000</ts:CurrentReceivablesAndPrepaymentsGovernmentEntities>
    <ts:CurrentReceivablesAndPrepaymentsGovernmentEntities
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      id="Tag1292"
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    <ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans
      contextRef="I20231231"
      decimals="-3"
      id="Tag1289"
      unitRef="USD">14316000</ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans>
    <ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans
      contextRef="I20221231"
      decimals="-3"
      id="Tag1283"
      unitRef="USD">10701000</ts:CurrentReceivablesAndPrepaymentsEmployeeAdvancesAndLoans>
    <ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances
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      id="Tag1299"
      unitRef="USD">48455000</ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances>
    <ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances
      contextRef="I20221231"
      decimals="-3"
      id="Tag1295"
      unitRef="USD">41549000</ts:CurrentReceivablesAndPrepaymentsAdvancesToSuppliersAndOtherAdvances>
    <ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20231231"
      decimals="-3"
      id="Tag1298"
      unitRef="USD">8210000</ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax
      contextRef="I20221231"
      decimals="-3"
      id="Tag1290"
      unitRef="USD">8898000</ifrs-full:CurrentReceivablesFromTaxesOtherThanIncomeTax>
    <ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties
      contextRef="I20231231"
      decimals="-3"
      id="Tag1302"
      unitRef="USD">5759000</ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties>
    <ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties
      contextRef="I20221231"
      decimals="-3"
      id="Tag1291"
      unitRef="USD">19184000</ts:CurrentReceivablesAndPrepaymentsReceivablesFromRelatedParties>
    <ifrs-full:OtherCurrentReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1284"
      unitRef="USD">50173000</ifrs-full:OtherCurrentReceivables>
    <ifrs-full:OtherCurrentReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag1296"
      unitRef="USD">41418000</ifrs-full:OtherCurrentReceivables>
    <ts:CurrentReceivablesAndPrepaymentsGross
      contextRef="I20231231"
      decimals="-3"
      id="Tag1286"
      unitRef="USD">232258000</ts:CurrentReceivablesAndPrepaymentsGross>
    <ts:CurrentReceivablesAndPrepaymentsGross
      contextRef="I20221231"
      decimals="-3"
      id="Tag1285"
      unitRef="USD">187290000</ts:CurrentReceivablesAndPrepaymentsGross>
    <ts:CurrentAllowanceForOtherDoubtfulAccounts
      contextRef="I20231231"
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      id="Tag1287"
      unitRef="USD">3439000</ts:CurrentAllowanceForOtherDoubtfulAccounts>
    <ts:CurrentAllowanceForOtherDoubtfulAccounts
      contextRef="I20221231"
      decimals="-3"
      id="Tag1288"
      unitRef="USD">3479000</ts:CurrentAllowanceForOtherDoubtfulAccounts>
    <ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets
      contextRef="I20231231"
      decimals="-3"
      id="Tag1297"
      unitRef="USD">228819000</ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets>
    <ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets
      contextRef="I20221231"
      decimals="-3"
      id="Tag1294"
      unitRef="USD">183811000</ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets>
    <ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory contextRef="D20231231_3" id="Tag3179">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.25pt; text-indent: -21.25pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;b&gt;18&#160; &#160; &#160;&#160;&lt;/b&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: -21.3pt; color: #003366; font-weight: bold; line-height: inherit;"&gt;Current tax assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-indent: -21.3pt; color: #003366; font-weight: bold; line-height: inherit;"&gt; and liabilities&lt;/span&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt; border-left: none; border-right: none;"&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&#160;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Current tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 77%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 122,257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 24,812 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; V.A.T. credits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 132,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 218,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other prepaid taxes&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,172 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 315 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 256,401 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 243,136 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  &lt;br/&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 82px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 11px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: left; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current tax liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income tax liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 344,565 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 280,469 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; V.A.T. liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 60,047 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 17,228 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 83,665 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 78,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 488,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 376,240 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  &lt;/div&gt; </ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock contextRef="D20231231_3" id="Tag2148">
&lt;table cellpadding="0" cellspacing="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Current tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 77%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 122,257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 24,812 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; V.A.T. credits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 132,972 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 218,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other prepaid taxes&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,172 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 315 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 256,401 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 243,136 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutCurrentTaxAssetsTextBlock>
    <ts:CurrentIncomeTaxAssets
      contextRef="I20231231"
      decimals="-3"
      id="Tag1272"
      unitRef="USD">122257000</ts:CurrentIncomeTaxAssets>
    <ts:CurrentIncomeTaxAssets
      contextRef="I20221231"
      decimals="-3"
      id="Tag1274"
      unitRef="USD">24812000</ts:CurrentIncomeTaxAssets>
    <ifrs-full:CurrentValueAddedTaxReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1273"
      unitRef="USD">132972000</ifrs-full:CurrentValueAddedTaxReceivables>
    <ifrs-full:CurrentValueAddedTaxReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag1282"
      unitRef="USD">218009000</ifrs-full:CurrentValueAddedTaxReceivables>
    <ts:CurrentPrepaidTaxes
      contextRef="I20231231"
      decimals="-3"
      id="Tag1281"
      unitRef="USD">1172000</ts:CurrentPrepaidTaxes>
    <ts:CurrentPrepaidTaxes
      contextRef="I20221231"
      decimals="-3"
      id="Tag1276"
      unitRef="USD">315000</ts:CurrentPrepaidTaxes>
    <ifrs-full:CurrentTaxAssetsCurrent
      contextRef="I20231231"
      decimals="-3"
      id="Tag1278"
      unitRef="USD">256401000</ifrs-full:CurrentTaxAssetsCurrent>
    <ifrs-full:CurrentTaxAssetsCurrent
      contextRef="I20221231"
      decimals="-3"
      id="Tag1280"
      unitRef="USD">243136000</ifrs-full:CurrentTaxAssetsCurrent>
    <ts:DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock contextRef="D20231231_3" id="Tag2086">
&lt;table cellpadding="0" cellspacing="0" style="height: 82px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%"&gt;
&lt;tbody style="margin: 0px; text-indent: 0px;"&gt;
&lt;tr style="height: 11px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: left; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 11px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Current tax liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income tax liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 344,565 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 280,469 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; V.A.T. liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 60,047 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 17,228 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other taxes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 83,665 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 78,543 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 488,277 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 376,240 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutTaxLiabilitiesTextBlock>
    <ts:CurrentIncomeTaxLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1279"
      unitRef="USD">344565000</ts:CurrentIncomeTaxLiabilities>
    <ts:CurrentIncomeTaxLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag1271"
      unitRef="USD">280469000</ts:CurrentIncomeTaxLiabilities>
    <ifrs-full:CurrentValueAddedTaxPayables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1447"
      unitRef="USD">60047000</ifrs-full:CurrentValueAddedTaxPayables>
    <ifrs-full:CurrentValueAddedTaxPayables
      contextRef="I20221231"
      decimals="-3"
      id="Tag1277"
      unitRef="USD">17228000</ifrs-full:CurrentValueAddedTaxPayables>
    <ts:CurrentOtherTaxLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag1321"
      unitRef="USD">83665000</ts:CurrentOtherTaxLiabilities>
    <ts:CurrentOtherTaxLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag1446"
      unitRef="USD">78543000</ts:CurrentOtherTaxLiabilities>
    <ifrs-full:CurrentTaxLiabilitiesCurrent
      contextRef="I20231231"
      decimals="-3"
      id="Tag1320"
      unitRef="USD">488277000</ifrs-full:CurrentTaxLiabilitiesCurrent>
    <ifrs-full:CurrentTaxLiabilitiesCurrent
      contextRef="I20221231"
      decimals="-3"
      id="Tag1275"
      unitRef="USD">376240000</ifrs-full:CurrentTaxLiabilitiesCurrent>
    <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="D20231231_3" id="Tag1832">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;19&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Trade receivables, net&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 98px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px;text-align: center;padding-left: 0px;padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Year ended December 31,&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,471,565 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,479,035 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Receivables from related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 58,370 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 60,400 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,529,935 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,539,435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Allowance for doubtful accounts, see note &lt;span&gt;25&lt;/span&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (45,495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The following table sets forth details &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the aging&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of trade receivables:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 129px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Trade Receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Not Due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Past due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 261,113 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 236,714 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 408 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,268,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,613,626 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 590,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 64,960 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Guaranteed and not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,529,935 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,850,340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 614,227 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 65,368 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Expected loss rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.06&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.02&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.18&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.46&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (312 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (75 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Nominative allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (47,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; -&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (748 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (46,662 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,850,028 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 612,230 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 18,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 134px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Trade Receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Not Due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Past due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 53%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 265,898 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 237,784 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 27,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 683 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,273,537 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,756,707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 465,423 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 51,407 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Guaranteed and not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,539,435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,994,491 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 492,854 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 52,090 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Expected loss rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.06&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.03&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.18&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.77&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (920 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (83 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Nominative allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (43,838 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; -&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,541 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (42,297 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,993,837 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 490,393 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,710 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Trade receivables are mainly denominated in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;U.S. dollars.&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; </ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock contextRef="D20231231_3" id="Tag1876">
&lt;table cellpadding="0" cellspacing="0" style="height: 98px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px;text-align: center;padding-left: 0px;padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Year ended December 31,&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,471,565 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,479,035 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Receivables from related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 58,370 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 60,400 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,529,935 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,539,435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Allowance for doubtful accounts, see note &lt;span&gt;25&lt;/span&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (45,495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutCurrentTradeReceivablesTextBlock>
    <ts:CurrentTradeReceivablesCurrentAccounts
      contextRef="I20231231"
      decimals="-3"
      id="Tag1182"
      unitRef="USD">2471565000</ts:CurrentTradeReceivablesCurrentAccounts>
    <ts:CurrentTradeReceivablesCurrentAccounts
      contextRef="I20221231"
      decimals="-3"
      id="Tag1198"
      unitRef="USD">2479035000</ts:CurrentTradeReceivablesCurrentAccounts>
    <ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties
      contextRef="I20231231"
      decimals="-3"
      id="Tag1150"
      unitRef="USD">58370000</ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties>
    <ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties
      contextRef="I20221231"
      decimals="-3"
      id="Tag1217"
      unitRef="USD">60400000</ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties>
    <ts:CurrentTradeReceivablesGross
      contextRef="I20231231"
      decimals="-3"
      id="Tag1147"
      unitRef="USD">2529935000</ts:CurrentTradeReceivablesGross>
    <ts:CurrentTradeReceivablesGross
      contextRef="I20221231"
      decimals="-3"
      id="Tag1208"
      unitRef="USD">2539435000</ts:CurrentTradeReceivablesGross>
    <ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts
      contextRef="I20231231"
      decimals="-3"
      id="Tag1142"
      unitRef="USD">49046000</ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts>
    <ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts
      contextRef="I20221231"
      decimals="-3"
      id="Tag1196"
      unitRef="USD">45495000</ts:CurrentTradeReceivablesAllowanceForDoubtfulAccounts>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20231231"
      decimals="-3"
      id="Tag1166"
      unitRef="USD">2480889000</ifrs-full:CurrentTradeReceivables>
    <ifrs-full:CurrentTradeReceivables
      contextRef="I20221231"
      decimals="-3"
      id="Tag1207"
      unitRef="USD">2493940000</ifrs-full:CurrentTradeReceivables>
    <ts:DisclosureIfDetailedInformationAboutTheAgingOfTradeReceivablesTextBlock contextRef="D20231231_3" id="Tag1791">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 129px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 14px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Trade Receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 24px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Not Due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 24px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Past due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 14px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 261,113 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 236,714 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 408 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,268,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,613,626 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 590,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 64,960 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Guaranteed and not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,529,935 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,850,340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 614,227 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 65,368 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Expected loss rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.06&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.02&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.18&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.46&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,636 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (312 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,249 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (75 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Nominative allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (47,410 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; -&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (748 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (46,662 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,480,889 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,850,028 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 612,230 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 18,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 134px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Trade Receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Not Due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Past due &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &amp;gt; &lt;span&gt;180&lt;/span&gt; days &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 53%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 265,898 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 237,784 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 27,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 683 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,273,537 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,756,707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 465,423 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 51,407 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Guaranteed and not guaranteed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,539,435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,994,491 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 492,854 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 52,090 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Expected loss rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.06&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.03&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.18&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0.77&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (920 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (83 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Nominative allowance for doubtful accounts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (43,838 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt; -&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,541 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (42,297 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 2,493,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,993,837 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 490,393 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,710 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;20&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Cash and cash equivalents&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;o&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;ther investments&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 248px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 22.426%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Cash and cash equivalents&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Cash at banks &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 370,487 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 149,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Liquidity funds &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 223,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 422,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Short-term investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,043,910 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 519,244 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,637,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,091,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other investments - current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fixed income (time-deposit, &lt;span&gt;zero&lt;/span&gt; coupon bonds, commercial papers) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 211,953 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fund investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,969,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 438,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other investments - non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 405,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 119,902 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;  </ts:DisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock>
    <ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock contextRef="D20231231_3" id="Tag3326">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 248px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 22.426%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Cash and cash equivalents&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.8688%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Cash at banks &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 370,487 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.41044%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0141%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 149,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 0.987306%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Liquidity funds &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 223,424 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 422,859 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Short-term investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,043,910 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 519,244 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,637,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,091,527 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other investments - current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fixed income (time-deposit, &lt;span&gt;zero&lt;/span&gt; coupon bonds, commercial papers) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 896,166 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 196,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 834,281 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 211,953 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fund investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 239,184 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 30,343 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,969,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 438,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other investments - non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Bonds and other fixed income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 398,220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 113,574 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.8688%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.41044%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0141%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,328 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 0.987306%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 76.8688%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 405,631 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 1.41044%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 10.0141%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 119,902 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 0.987306%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; </ts:DetailedDisclosureOfCashAndCashEquivalentsAndOtherInvestmentsTextBlock>
    <ifrs-full:BalancesWithBanks
      contextRef="I20231231"
      decimals="-3"
      id="Tag1139"
      unitRef="USD">370487000</ifrs-full:BalancesWithBanks>
    <ifrs-full:BalancesWithBanks
      contextRef="I20221231"
      decimals="-3"
      id="Tag1128"
      unitRef="USD">149424000</ifrs-full:BalancesWithBanks>
    <ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents
      contextRef="I20231231"
      decimals="-3"
      id="Tag1138"
      unitRef="USD">223424000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents
      contextRef="I20221231"
      decimals="-3"
      id="Tag1127"
      unitRef="USD">422859000</ifrs-full:ShorttermDepositsClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents
      contextRef="I20231231"
      decimals="-3"
      id="Tag1137"
      unitRef="USD">1043910000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
    <ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents
      contextRef="I20221231"
      decimals="-3"
      id="Tag1126"
      unitRef="USD">519244000</ifrs-full:ShorttermInvestmentsClassifiedAsCashEquivalents>
    <ifrs-full:CashAndCashEquivalents
      contextRef="I20231231"
      decimals="-3"
      id="Tag1136"
      unitRef="USD">1637821000</ifrs-full:CashAndCashEquivalents>
    <ifrs-full:CashAndCashEquivalents
      contextRef="I20221231"
      decimals="-3"
      id="Tag1125"
      unitRef="USD">1091527000</ifrs-full:CashAndCashEquivalents>
    <ts:OtherInvestmentsCurrentFixedIncome
      contextRef="I20231231"
      decimals="-3"
      id="Tag1135"
      unitRef="USD">896166000</ts:OtherInvestmentsCurrentFixedIncome>
    <ts:OtherInvestmentsCurrentFixedIncome
      contextRef="I20221231"
      decimals="-3"
      id="Tag1124"
      unitRef="USD">196152000</ts:OtherInvestmentsCurrentFixedIncome>
    <ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome
      contextRef="I20231231"
      decimals="-3"
      id="Tag1134"
      unitRef="USD">834281000</ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome
      contextRef="I20221231"
      decimals="-3"
      id="Tag1123"
      unitRef="USD">211953000</ts:OtherInvestmentsCurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsCurrentFundInvestments
      contextRef="I20231231"
      decimals="-3"
      id="Tag1133"
      unitRef="USD">239184000</ts:OtherInvestmentsCurrentFundInvestments>
    <ts:OtherInvestmentsCurrentFundInvestments
      contextRef="I20221231"
      decimals="-3"
      id="Tag1122"
      unitRef="USD">30343000</ts:OtherInvestmentsCurrentFundInvestments>
    <ifrs-full:CurrentInvestments
      contextRef="I20231231"
      decimals="-3"
      id="Tag1132"
      unitRef="USD">1969631000</ifrs-full:CurrentInvestments>
    <ifrs-full:CurrentInvestments
      contextRef="I20221231"
      decimals="-3"
      id="Tag1121"
      unitRef="USD">438448000</ifrs-full:CurrentInvestments>
    <ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome
      contextRef="I20231231"
      decimals="-3"
      id="Tag1131"
      unitRef="USD">398220000</ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome
      contextRef="I20221231"
      decimals="-3"
      id="Tag1120"
      unitRef="USD">113574000</ts:OtherInvestmentsNoncurrentBondsAndOtherFixedIncome>
    <ts:OtherInvestmentsNoncurrentOthers
      contextRef="I20231231"
      decimals="-3"
      id="Tag1130"
      unitRef="USD">7411000</ts:OtherInvestmentsNoncurrentOthers>
    <ts:OtherInvestmentsNoncurrentOthers
      contextRef="I20221231"
      decimals="-3"
      id="Tag1119"
      unitRef="USD">6328000</ts:OtherInvestmentsNoncurrentOthers>
    <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod
      contextRef="I20231231"
      decimals="-3"
      id="Tag1129"
      unitRef="USD">405631000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod
      contextRef="I20221231"
      decimals="-3"
      id="Tag1118"
      unitRef="USD">119902000</ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="D20231231_3" id="Tag1836">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;21&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Borrowings&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 166px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bank borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bank borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 513,909 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 682,255 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bank overdrafts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,224 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 94 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Costs of issue of debt &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (20 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The maturity of borrowings is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; year or less &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;2&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2&lt;/span&gt; &#x2013; &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Over &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest to be accrued &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,533 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,326 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 545,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 50,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,783 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 597,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; year or less &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;2&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2&lt;/span&gt; &#x2013; &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Over &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 41,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Interest to be accrued &lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,153 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 708,482 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 42,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,064 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,508 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 755,808 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 9pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; Includes the effect of hedge accounting&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Significant borrowings include:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; In millions of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Disbursement date &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Borrower &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Type &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Final maturity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Outstanding &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 52%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 18%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tubos de Acero de Mexico S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tenaris Tubocaribe Ltda. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 60 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Confab Industrial S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2017&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Global Pipe Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; / &lt;span&gt;2025&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 39 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As of December 31, 2023, Tenaris was in compliance with all of its covenants, or obtained the necessary wa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;vers from the applicable financial institution if the covenants were not met.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in its corresponding currency as of December 31, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;considering hedge accounting&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; where applicable&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 27px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10.56% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9.45% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Breakdown of long-term borrowings by currency and rate is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Non-current borrowings&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Interest rates &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,803 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,501 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total non-current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Current&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; borrowings&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 176px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Interest rates &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 57%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 221,008 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200,350 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 111,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 206,336 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; BRL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 39,947 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; EUR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 25,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,829 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; MXN &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 141,802 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ARS &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,462 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 74,025 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,035 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 110,923 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,964 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Borrowing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt; evolution&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;

&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31,&#160;2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 45 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (74,851 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Proceeds and repayments, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (231,797 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interests accrued less payments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (18,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 122,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Overdrafts variation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-indent: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;GPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; acquisition, for more information see &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;note 34&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;to these Consolidated Financial Statements.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt; </ifrs-full:DisclosureOfBorrowingsExplanatory>
    <ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory contextRef="D20231231_3" id="Tag1593">
&lt;table cellpadding="0" cellspacing="0" style="height: 166px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 77%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bank borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bank borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 513,909 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 682,255 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bank overdrafts &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,224 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 94 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Costs of issue of debt &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (20 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory>
    <ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20231231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1078"
      unitRef="USD">48304000</ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20221231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1014"
      unitRef="USD">46433000</ts:NoncurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ifrs-full:LongtermBorrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1058"
      unitRef="USD">48304000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1113"
      unitRef="USD">46433000</ifrs-full:LongtermBorrowings>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20231231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1011"
      unitRef="USD">513909000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20221231_BankBorrowingsMember"
      decimals="-3"
      id="Tag1085"
      unitRef="USD">682255000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20231231_BankOverdrafts1Member"
      decimals="-3"
      id="Tag1059"
      unitRef="USD">21224000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt
      contextRef="I20221231_BankOverdrafts1Member"
      decimals="-3"
      id="Tag1021"
      unitRef="USD">94000</ts:CurrentBorrowingsBeforeCostsOfIssueOfDebt>
    <ts:CurrentCostsOfIssueOfDebt
      contextRef="I20231231"
      id="Tag1032"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:CurrentCostsOfIssueOfDebt
      contextRef="I20221231"
      decimals="-3"
      id="Tag1076"
      unitRef="USD">20000</ts:CurrentCostsOfIssueOfDebt>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1012"
      unitRef="USD">535133000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1108"
      unitRef="USD">682329000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1074"
      unitRef="USD">583437000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1044"
      unitRef="USD">728762000</ifrs-full:Borrowings>
    <ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock contextRef="D20231231_3" id="Tag1049">
&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 81px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; year or less &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;2&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2&lt;/span&gt; &#x2013; &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Over &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 46,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 583,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest to be accrued &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,533 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14,326 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 545,643 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 50,337 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,783 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 597,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; year or less &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;1&lt;/span&gt; - &lt;span&gt;2&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2&lt;/span&gt; &#x2013; &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Over &lt;span&gt;3&lt;/span&gt; years &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 41,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 728,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Interest to be accrued &lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,153 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 8 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 708,482 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 42,754 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,064 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,508 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 755,808 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 9pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; Includes the effect of hedge accounting&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfDetailedInformationAboutTheMaturityOfBorrowingsTextBlock>
    <ifrs-full:Borrowings
      contextRef="I20231231_OtherBorrowingsMember_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1022"
      unitRef="USD">535133000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_OtherBorrowingsMember_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1051"
      unitRef="USD">46804000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1107"
      unitRef="USD">1500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_OtherBorrowingsMember_LaterThanThreeYearsMember"
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      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Borrowings
      contextRef="I20231231_OtherBorrowingsMember"
      decimals="-3"
      id="Tag1047"
      unitRef="USD">583437000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1030"
      unitRef="USD">535133000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1004"
      unitRef="USD">46804000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1073"
      unitRef="USD">1500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_LaterThanThreeYearsMember"
      id="Tag1057"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:Borrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1105"
      unitRef="USD">583437000</ifrs-full:Borrowings>
    <ifrs-full:InterestPayable
      contextRef="I20231231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1061"
      unitRef="USD">10510000</ifrs-full:InterestPayable>
    <ifrs-full:InterestPayable
      contextRef="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1055"
      unitRef="USD">3533000</ifrs-full:InterestPayable>
    <ifrs-full:InterestPayable
      contextRef="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1034"
      unitRef="USD">283000</ifrs-full:InterestPayable>
    <ifrs-full:InterestPayable
      contextRef="I20231231_LaterThanThreeYearsMember"
      id="Tag1000"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:InterestPayable
      contextRef="I20231231"
      decimals="-3"
      id="Tag1070"
      unitRef="USD">14326000</ifrs-full:InterestPayable>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1092"
      unitRef="USD">545643000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1071"
      unitRef="USD">50337000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1064"
      unitRef="USD">1783000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231_LaterThanThreeYearsMember"
      id="Tag20"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20231231"
      decimals="-3"
      id="Tag1019"
      unitRef="USD">597763000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ifrs-full:Borrowings
      contextRef="I20221231_OtherBorrowingsMember_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1091"
      unitRef="USD">682329000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_OtherBorrowingsMember_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1060"
      unitRef="USD">41933000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_OtherBorrowingsMember_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1018"
      unitRef="USD">3000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_OtherBorrowingsMember_LaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1002"
      unitRef="USD">1500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_OtherBorrowingsMember"
      decimals="-3"
      id="Tag1053"
      unitRef="USD">728762000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1116"
      unitRef="USD">682329000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1056"
      unitRef="USD">41933000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1095"
      unitRef="USD">3000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231_LaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1081"
      unitRef="USD">1500000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1079"
      unitRef="USD">728762000</ifrs-full:Borrowings>
    <ifrs-full:InterestPayable
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1033"
      unitRef="USD">26153000</ifrs-full:InterestPayable>
    <ifrs-full:InterestPayable
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1114"
      unitRef="USD">821000</ifrs-full:InterestPayable>
    <ifrs-full:InterestPayable
      contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1031"
      unitRef="USD">64000</ifrs-full:InterestPayable>
    <ifrs-full:InterestPayable
      contextRef="I20221231_LaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1035"
      unitRef="USD">8000</ifrs-full:InterestPayable>
    <ifrs-full:InterestPayable
      contextRef="I20221231"
      decimals="-3"
      id="Tag1065"
      unitRef="USD">27046000</ifrs-full:InterestPayable>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20221231_NotLaterThanOneYearMember"
      decimals="-3"
      id="Tag1045"
      unitRef="USD">708482000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20221231_LaterThanOneYearAndNotLaterThanTwoYearsMember"
      decimals="-3"
      id="Tag1025"
      unitRef="USD">42754000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20221231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1096"
      unitRef="USD">3064000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20221231_LaterThanThreeYearsMember"
      decimals="-3"
      id="Tag1063"
      unitRef="USD">1508000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:BorrowingsIncludingInterestToBeAccrued
      contextRef="I20221231"
      decimals="-3"
      id="Tag1072"
      unitRef="USD">755808000</ts:BorrowingsIncludingInterestToBeAccrued>
    <ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock contextRef="D20231231_3" id="Tag1834">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 88px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; In millions of U.S. dollars &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Disbursement date &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Borrower &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Type &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Final maturity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Outstanding &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 52%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 18%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tubos de Acero de Mexico S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tenaris Tubocaribe Ltda. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 60 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Confab Industrial S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 40 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2017&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Global Pipe Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Bilateral &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &lt;span&gt;2024&lt;/span&gt; / &lt;span&gt;2025&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 39 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutSignificantBorrowingsTextBlock>
    <ifrs-full:Borrowings
      contextRef="I20231231_SignificantBorrowingsAsOfClosingDateMember_TubosDeAceroDeMexicoSaAndSubsidiariesMember"
      decimals="-6"
      id="Tag1041"
      unitRef="USD">200000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_SignificantBorrowingsOneAsOfClosingDateMember_TenarisTubocaribeLtdaMember"
      decimals="-6"
      id="Tag1003"
      unitRef="USD">60000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_SignificantBorrowingsTwoAsOfClosingDateMember_ConfabIndustrialSaAndSubsidiariesMember"
      decimals="-6"
      id="Tag1062"
      unitRef="USD">40000000</ifrs-full:Borrowings>
    <ifrs-full:Borrowings
      contextRef="I20231231_SignificantBorrowingsThreeAsOfClosingDateMember"
      decimals="-6"
      id="Tag24"
      unitRef="USD">39000000</ifrs-full:Borrowings>
    <ts:DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock contextRef="D20231231_3" id="Tag653">
&lt;table cellpadding="0" cellspacing="0" style="height: 27px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Total borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 10.56% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9.45% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutWeightedAverageInterestRatesOfBorrowingsTextBlock>
    <ifrs-full:BorrowingsInterestRate
      contextRef="I20231231_WeightedAverageMember"
      decimals="4"
      id="Tag1036"
      unitRef="Pure">0.1056</ifrs-full:BorrowingsInterestRate>
    <ifrs-full:BorrowingsInterestRate
      contextRef="I20221231_WeightedAverageMember"
      decimals="4"
      id="Tag1094"
      unitRef="Pure">0.0945</ifrs-full:BorrowingsInterestRate>
    <ts:DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock contextRef="D20231231_3" id="Tag1783">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Interest rates &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 57%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,803 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,933 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,501 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total non-current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 176px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Interest rates &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 57%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 221,008 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 200,350 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 111,654 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 206,336 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; BRL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 39,947 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; EUR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 25,104 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 26,829 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; MXN &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 141,802 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; ARS &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 23,462 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 74,025 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Variable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,035 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; SAR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Fixed &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 110,923 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,964 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total current borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutBorrowingsByCurrencyAndRateTextBlock>
    <ifrs-full:LongtermBorrowings
      contextRef="I20231231_FloatingInterestRateMember_USD"
      decimals="-3"
      id="Tag1028"
      unitRef="USD">20000000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231_FloatingInterestRateMember_USD"
      decimals="-3"
      id="Tag1067"
      unitRef="USD">20000000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20231231_FixedInterestRateMember_SAR"
      decimals="-3"
      id="Tag1069"
      unitRef="USD">23803000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231_FixedInterestRateMember_SAR"
      decimals="-3"
      id="Tag1066"
      unitRef="USD">18933000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20231231_FloatingInterestRateMember_SAR"
      decimals="-3"
      id="Tag1013"
      unitRef="USD">4501000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231_FloatingInterestRateMember_SAR"
      decimals="-3"
      id="Tag1109"
      unitRef="USD">7500000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1110"
      unitRef="USD">48304000</ifrs-full:LongtermBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1029"
      unitRef="USD">46433000</ifrs-full:LongtermBorrowings>
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&lt;div&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31,&#160;2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Non-current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Current &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 46,433 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 682,329 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 45 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (74,851 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Proceeds and repayments, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 20,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (231,797 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interests accrued less payments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,702 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (18,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 18,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 122,839 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Overdrafts variation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 21,130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 48,304 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 535,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-indent: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;GPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; acquisition, for more information see &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;note 34&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;to these Consolidated Financial Statements.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfBorrowingsEvolutionTextBlock>
    <ifrs-full:LongtermBorrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1054"
      unitRef="USD">46433000</ifrs-full:LongtermBorrowings>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20221231"
      decimals="-3"
      id="Tag1017"
      unitRef="USD">682329000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ts:EffectOfTranslationDifferencesOnLongtermBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1115"
      unitRef="USD">45000</ts:EffectOfTranslationDifferencesOnLongtermBorrowings>
    <ts:EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1039"
      unitRef="USD">-74851000</ts:EffectOfTranslationDifferencesOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ts:EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1087"
      unitRef="USD">20000000</ts:EffectOfNetProceedsAndRepaymentsOnLongtermBorrowings>
    <ts:EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1016"
      unitRef="USD">-231797000</ts:EffectOfNetProceedsAndRepaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ts:EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1015"
      unitRef="USD">11000</ts:EffectOfInterestsAccruedNetOfPaymentsOnLongtermBorrowings>
    <ts:EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag21"
      unitRef="USD">-2702000</ts:EffectOfInterestsAccruedNetOfPaymentsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ts:EffectOfReclassificationsOnLongtermBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1098"
      unitRef="USD">-18185000</ts:EffectOfReclassificationsOnLongtermBorrowings>
    <ts:EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1075"
      unitRef="USD">18185000</ts:EffectOfReclassificationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ts:EffectOfBusinessCombinationsOnLongtermBorrowings
      contextRef="D20231231_3"
      id="Tag1093"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1077"
      unitRef="USD">122839000</ts:EffectOfBusinessCombinationsOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ts:EffectOfOverdraftsVariationOnLongtermBorrowings
      contextRef="D20231231_3"
      id="Tag1026"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1020"
      unitRef="USD">21130000</ts:EffectOfOverdraftsVariationOnCurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ifrs-full:LongtermBorrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag1037"
      unitRef="USD">48304000</ifrs-full:LongtermBorrowings>
    <ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings
      contextRef="I20231231"
      decimals="-3"
      id="Tag80"
      unitRef="USD">535133000</ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings>
    <ifrs-full:DisclosureOfDeferredTaxesExplanatory contextRef="D20231231_3" id="Tag1557">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;22&lt;/span&gt;&lt;/span&gt;&#160; &#160; &#160;&#160;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Deferred &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;tax&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; assets and liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of each country.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;evolution of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; deferred tax assets and liabilities&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;during the year &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Deferred tax liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Fixed assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Intangible assets and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 575,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 114,542 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 733,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 113 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 551 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,175 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,563 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,498 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 138 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 138 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Income statement charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 39,627 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 141,745 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 618,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 114,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 160,202 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 893,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fixed assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Intangible assets and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 669,830 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 27,508 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 104,346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 801,684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (64 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 600 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 551 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income statement (credit) / charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (94,099 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,877 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (70,213 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 575,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 43,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,542 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 733,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Deferred tax assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (25,817 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (180,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (310,589 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (156,984 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (673,542 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (24 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (611 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (640 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,875 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (35,941 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (39,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,342 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,342 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income statement (credit) / charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,314 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (18,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (322,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,881 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (335,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (31,511&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (199,019&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (634,894 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (185,997&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,051,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 92px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (25,083 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (85,037 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (485,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (176,627 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (772,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (345 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 114 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 747 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 271 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 954 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 954 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income statement charge / (credit) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (389 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (95,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 174,427 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18,934 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 97,743 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 14px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (25,817 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (180,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (310,589&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (156,984 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (673,542 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super; line-height: inherit;"&gt;&lt;span style="font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 9pt; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; border-right: none; border-left: none;"&gt;Related to the GPC, Isoplus anticorrosion coating division and Mattr&#x2019;s pipe coating business unit acquisitions. For more information see note 3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="font-size: 8pt;"&gt;4&lt;/span&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Deferred tax assets related to tax losses of Tenaris subsidiaries are recognized to the extent it is probable that future &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;taxable profits will be available, against which such losses can be utilized. The utilization of such tax losses may also be restricted by the nature of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;profit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, expiration dates and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; / or potential &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; limitations on the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ir&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; yearly consumption. In determining the amount of deferred taxes to be recognized. Tenaris considered existing evidence, both positive and negative, including the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;historical taxable profits &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;projections of future taxable &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;profits&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;prepared&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; by management to assess the probability that the deferred tax assets will be realized. Management applies significant judgment in assessing the likelihood that future taxable profits will be available.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Deferred tax assets related to tax losses as of the end of &lt;span&gt;2023&lt;/span&gt; include &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;550.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; recognized in its Luxembourg subsidiary mainly due to impairment charges over certain undertakings in the past years. Under the Luxembourg tax law, tax losses generated before &lt;span&gt;2017&lt;/span&gt; can be carried forward indefinitely and are not subject to any yearly consumption limitation. Losses incurred as from 2017 may be carried forward for a maximum of 17 years. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris has concluded as of end &lt;span&gt;2023&lt;/span&gt; that it is probable that sufficient future taxable profits will be generated by business activities to be carried out by its Luxembourg subsidiary, against which the above-mentioned tax losses could be utilized prior to their expiration.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Deferred tax assets related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;tax losses&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;also in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;clude $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;77.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million related to U&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; subsidiaries mainly due to the recognition of accelera&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ted fiscal depreciations, as well as the amounts &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;related to the acquisition of IPSCO&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in &lt;span&gt;2020&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Tenaris has concluded that these deferred tax assets will be recoverable based on t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he business plans and budgets.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;99&lt;/span&gt;%&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the recognized tax losses have an expiration date in more than &lt;span&gt;5&lt;/span&gt; years or do not expire.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the net unrecognized deferred tax assets amount&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ed&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;3,130.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Approximately&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;99&lt;/span&gt;%&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;un&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;recognized tax losses have an expiration date in more than &lt;span&gt;5&lt;/span&gt; years or do not expire.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into consideration &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;m&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;anagement assumptions and estimates, is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 57px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Deferred tax assets to be recovered after &lt;span&gt;12&lt;/span&gt; months &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (655,415 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (171,717 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Deferred tax liabilities to be settled after &lt;span&gt;12&lt;/span&gt; months &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 689,976 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 688,124 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Deferred income tax assets and liabilities are offset when (&lt;span&gt;1&lt;/span&gt;) there is a legally enforceable right to set&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;off current tax assets against current tax liabilities and (&lt;span&gt;2&lt;/span&gt;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; when&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; the deferred income taxes relate to the same fiscal authority&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. The following amounts, determined after appropriate set&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;off, are shown in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;onsolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;tatement of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;inancial &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;P&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;osition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Deferred tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (789,615 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (208,870 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Deferred tax liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 631,605 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 269,069 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (158,010 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 60,199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 5pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The movement i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n the net deferred income tax &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;(asset) / liability&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; account is as follows:&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 60,199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,174 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (89 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;"&gt;(*)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (22,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,204 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Income statement (credit) / charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (193,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (158,010 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 60,199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"&gt;&lt;span style="font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  </ifrs-full:DisclosureOfDeferredTaxesExplanatory>
    <ts:DisclosureOfDeferredTaxAssetsAndLiabilitiesTextBlock contextRef="D20231231_3" id="Tag1558">
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Deferred tax liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 105px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Fixed assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Intangible assets and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 575,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 43,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 114,542 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 733,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 41 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 113 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 397 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 551 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,175 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,563 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,498 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 17,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 138 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 138 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Income statement charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 38,991 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 39,627 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 141,745 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 618,874 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 114,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 160,202 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 893,411 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 95px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fixed assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Intangible assets and other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 669,830 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 27,508 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 104,346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 801,684 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (64 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 15 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 600 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 551 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,719 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income statement (credit) / charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (94,099 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 16,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,877 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (70,213 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 575,667 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 43,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 114,542 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 733,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Deferred tax assets&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 98px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 41%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (25,817 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (180,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (310,589 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (156,984 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (673,542 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (24 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (611 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (640 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,875 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (35,941 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (39,413 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,342 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,342 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income statement (credit) / charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,314 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (18,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (322,431 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,881 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (335,484 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (31,511&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (199,019&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (634,894 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (185,997&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,051,421 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 92px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Provisions and allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Tax losses &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 10px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (25,083 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (85,037 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (485,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (176,627 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (772,510 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (345 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 114 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 747 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 271 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 954 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 954 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Income statement charge / (credit) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (389 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (95,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 174,427 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18,934 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 14px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 57px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 20px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 20px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Deferred tax assets to be recovered after &lt;span&gt;12&lt;/span&gt; months &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (655,415 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (171,717 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Deferred tax liabilities to be settled after &lt;span&gt;12&lt;/span&gt; months &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 689,976 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 688,124 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory>
    <ifrs-full:DeferredTaxAssets
      contextRef="I20231231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag873"
      unitRef="USD">655415000</ifrs-full:DeferredTaxAssets>
    <ifrs-full:DeferredTaxAssets
      contextRef="I20221231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag3198"
      unitRef="USD">171717000</ifrs-full:DeferredTaxAssets>
    <ifrs-full:DeferredTaxLiabilities
      contextRef="I20231231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag922"
      unitRef="USD">689976000</ifrs-full:DeferredTaxLiabilities>
    <ifrs-full:DeferredTaxLiabilities
      contextRef="I20221231_LaterThanOneYearMember"
      decimals="-3"
      id="Tag912"
      unitRef="USD">688124000</ifrs-full:DeferredTaxLiabilities>
    <ts:DeferredTaxTextBlock contextRef="D20231231_3" id="Tag1675">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Deferred tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (789,615 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (208,870 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Deferred tax liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 631,605 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 269,069 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (158,010 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 60,199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 122px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 10px; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 60,199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; width: 10%;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 29,174 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (89 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;"&gt;(*)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (22,177 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; vertical-align: top;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Charged to other comprehensive income &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (2,204 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Income statement (credit) / charge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (193,739 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 27,530 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (158,010 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; margin: 0px; text-indent: 0px; vertical-align: top; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="top"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 60,199 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; margin: 0px; text-indent: 0px; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"&gt;&lt;span style="font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ts:DeferredTaxTextBlock>
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&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;b&gt;23&lt;/b&gt;&lt;/span&gt;&lt;span&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Other liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(i)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Other liabilities &#x2013; Non&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;current &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 88px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Post-employment benefits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 117,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 108,936 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other long-term benefits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 91,435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,446 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Miscellaneous &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 62,327 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49,760 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 271,268 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 230,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;At December 31, 2023 the weighted average duration of liabilities related to post-employment benefits was &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; years. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Post-employment benefits&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 78px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Unfunded &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 112,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 103,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Funded &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,114 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 117,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 108,936 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;ul style="font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -18.92pt; padding-left: 8.42pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Unfunded&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 214px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 22.0264%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9457%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 103,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 103,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.46843%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current service cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,537 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,810 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Interest cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,610 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Curtailments and settlements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (675 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (64 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Remeasurements &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,228 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (12,687 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;"&gt;(**)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,531 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Benefits paid from the plan &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,111 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Reclassified to current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (461 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (840 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,082 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 112,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 103,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span style="border-left: none; border-right: none;"&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;0.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumption&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;8.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;0.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumptions and a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;4.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(**) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Related to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The actuarial assumptions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; for the most relevant plans&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; were as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 61px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Discount rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3% - 7% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4% - 7% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Rate of compensation increase &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2% - 5% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2% - 3% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As o&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;f December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, an increase / (decrease) of 1% in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;discount rate assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;would have generated a (decrease) / increase on the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;defined benefit obligation of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million respectively, and an increase / (decrease) of 1% in the rate of compensation assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;would have generated an increase / (decrease) impact on the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;defined benefit obligation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2.9&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million respectivel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;y. The above sensitivity analyse&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;ul style="font-family: 'times new roman', times;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -18.92pt; padding-left: 8.42pt; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Funded&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;The amounts recognized in the statement of financial position&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; for the current annual period and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; the&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; previous &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;annual period&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; border-left: none; border-right: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 74px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Present value of funded obligations &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 123,234 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 116,617 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fair value of plan assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (134,052 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (126,842 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Asset (*) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (10,818 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (10,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: normal; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; In &lt;span style="border-left: none; border-right: none;"&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;15.8&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;15.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;corresponding to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;plans&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;with surplus balance&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ere&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;reclassified&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; within other &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;non-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;current assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, consequently the net post-employment benefits funded exposed as liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;5.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;5.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million respectively.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The movement in the present value of funded obligations is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 22.1566%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 116,617 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 159,528 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.4771%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6,635 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current service cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 154 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Interest cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,715 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,293 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Remeasurements &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (30,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(**)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,708 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Benefits paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 571 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 123,234 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 116,617 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;0.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumptions and a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;1.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span&gt;2022&lt;/span&gt; a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;4.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumptions and a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;25.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financial assumptions. &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(**)&lt;/span&gt; &lt;span style="font-size: 9pt;"&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Mattr&#x2019;s pipe coating business unit acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
 &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The movement in the fair value of plan assets is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 187px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 22.1566%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (126,842 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (160,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.4771%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,897 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,639 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Return on plan assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6,121 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,319 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Remeasurements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,903 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Contributions paid to the plan &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Benefits paid from the plan &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 10,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 477 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 416 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (134,052 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (126,842 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;Related to &lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none;"&gt;Mattr&#x2019;s pipe coating business unit acquisitions. For more information see note 34.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The major categories of plan assets as a percentage of total plan assets are as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Equity instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 29% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Debt instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 33% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 67% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 3pt; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The actuarial assumptions for the most relevant plans were as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Discount rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5% - 5% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3% - 5% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Rate of compensation increase &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0% - 3% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0% - 3% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The expected return on plan assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;return&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;plan assets is determined&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; based on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;long-term, prospective rates of return as of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the end of the reporting period. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, an increase / (decrease) of 1% in the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;discount rate assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;would have generated a (decrease) / increase on the defined benefit obligation of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;11.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;9.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million respectively, and an increase / (decrease) of 1% in the compensation rate assumption &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;of the main plans &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;would have generated an increase / (decrease) on the defined benefit obligation of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Th&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;e above sensitivity analyse&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; expected employer &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;contributions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;for the year &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; are not material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The methods and types of assumptions used in p&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;reparing the sensitivity analyse&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s did not change compared to the previous period.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
 &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(ii)&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Other liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;&#x2013;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;C&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;urrent&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Payroll and social security payable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 301,213 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 224,630 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Shares to be settled under buyback program &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 86,240 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Miscellaneous &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 35,192 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 35,984 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 422,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 260,614 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;  </ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
    <ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory contextRef="D20231231_3" id="Tag677">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 88px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Post-employment benefits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 117,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 108,936 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other long-term benefits &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 91,435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 71,446 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Miscellaneous &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 62,327 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49,760 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 271,268 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 230,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory>
    <ts:NoncurrentPostemploymentBenefitsLiability
      contextRef="I20231231"
      decimals="-3"
      id="Tag3098"
      unitRef="USD">117506000</ts:NoncurrentPostemploymentBenefitsLiability>
    <ts:NoncurrentPostemploymentBenefitsLiability
      contextRef="I20221231"
      decimals="-3"
      id="Tag3116"
      unitRef="USD">108936000</ts:NoncurrentPostemploymentBenefitsLiability>
    <ts:OtherNoncurrentBenefitsLiability
      contextRef="I20231231"
      decimals="-3"
      id="Tag3123"
      unitRef="USD">91435000</ts:OtherNoncurrentBenefitsLiability>
    <ts:OtherNoncurrentBenefitsLiability
      contextRef="I20221231"
      decimals="-3"
      id="Tag742"
      unitRef="USD">71446000</ts:OtherNoncurrentBenefitsLiability>
    <ts:OtherNoncurrentMiscellaneousLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag3105"
      unitRef="USD">62327000</ts:OtherNoncurrentMiscellaneousLiabilities>
    <ts:OtherNoncurrentMiscellaneousLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag3110"
      unitRef="USD">49760000</ts:OtherNoncurrentMiscellaneousLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag2975"
      unitRef="USD">271268000</ifrs-full:OtherNoncurrentLiabilities>
    <ifrs-full:OtherNoncurrentLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag793"
      unitRef="USD">230142000</ifrs-full:OtherNoncurrentLiabilities>
    <ts:WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits
      contextRef="D20231231_PensionDefinedBenefitPlansMember"
      id="Tag833">P6Y</ts:WeightedAverageDurationOfLiabilitiesRealtedToPostEmploymentBenefits>
    <ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory contextRef="D20231231_3" id="Tag655">
&lt;table cellpadding="0" cellspacing="0" style="height: 78px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Unfunded &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 112,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 103,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Funded &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,974 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,114 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 117,506 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 108,936 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 214px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 22.0264%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9457%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 103,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.0279%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.98532%; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 103,841 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.46843%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current service cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,537 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,810 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Interest cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,707 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,610 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Curtailments and settlements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (675 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (64 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Remeasurements &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,228 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (12,687 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,657 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super; line-height: inherit;"&gt;(**)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,531 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Benefits paid from the plan &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,762 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (5,111 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Reclassified to current liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (461 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (840 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,082 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9457%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 112,532 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.0279%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 9.98532%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 103,822 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px; width: 1.46843%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span style="border-left: none; border-right: none;"&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;0.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumption&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;8.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financ&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;0.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumptions and a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;4.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(**) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Related to the GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 74px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Present value of funded obligations &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 123,234 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 116,617 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Fair value of plan assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (134,052 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (126,842 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Asset (*) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (10,818 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (10,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-style: normal; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; In &lt;span style="border-left: none; border-right: none;"&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;15.8&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;15.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;corresponding to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;plans&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;with surplus balance&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s that&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; w&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ere&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;reclassified&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; within other &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;non-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;current assets&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, respectively&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, consequently the net post-employment benefits funded exposed as liabilities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;5.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;5.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million respectively.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 22.1566%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 116,617 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.03397%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 10.0443%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 159,528 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1.4771%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6,635 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Current service cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 154 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Interest cost &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,715 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,293 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Remeasurements &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (30,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(**)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4,708 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Benefits paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (8,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (10,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 571 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 123,234 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 116,617 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;0.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumptions and a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;loss&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;1.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financial assumptions.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;For &lt;span&gt;2022&lt;/span&gt; a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;4.8&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million is attributable to demographic assumptions and a gain of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;25.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; million to financial assumptions. &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;table cellpadding="0" cellspacing="0" style="height: 61px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Discount rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3% - 7% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 4% - 7% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Rate of compensation increase &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2% - 5% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 2% - 3% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Discount rate &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5% - 5% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3% - 5% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Rate of compensation increase &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0% - 3% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 0% - 3% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory>
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      unitRef="Pure">0.07</ifrs-full:ActuarialAssumptionOfDiscountRates>
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      contextRef="I20221231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      unitRef="Pure">0.04</ifrs-full:ActuarialAssumptionOfDiscountRates>
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      contextRef="I20221231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      unitRef="Pure">0.07</ifrs-full:ActuarialAssumptionOfDiscountRates>
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      contextRef="I20231231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      unitRef="Pure">0.02</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases
      contextRef="I20231231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
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      id="Tag835"
      unitRef="Pure">0.05</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases
      contextRef="I20221231_BottomOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
      decimals="2"
      id="Tag678"
      unitRef="Pure">0.02</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases
      contextRef="I20221231_TopOfRangeMember_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember"
      decimals="2"
      id="Tag3122"
      unitRef="Pure">0.03</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
    <ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption
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      id="Tag3127"
      unitRef="Pure">0.01</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
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      id="Tag3112"
      unitRef="USD">-5600000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption>
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    <ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption
      contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember"
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      unitRef="Pure">0.01</ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption>
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      contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyUnfundedDefinedBenefitPlansMember_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember"
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      unitRef="USD">2700000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption>
    <ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption
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      decimals="-5"
      id="Tag794"
      unitRef="USD">-2900000</ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption>
    <ifrs-full:DefinedBenefitObligationAtPresentValue
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    <ifrs-full:DefinedBenefitObligationAtPresentValue
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      decimals="-3"
      id="Tag3119"
      unitRef="USD">116617000</ifrs-full:DefinedBenefitObligationAtPresentValue>
    <ifrs-full:PlanAssetsAtFairValue
      contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag724"
      unitRef="USD">134052000</ifrs-full:PlanAssetsAtFairValue>
    <ifrs-full:PlanAssetsAtFairValue
      contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag2977"
      unitRef="USD">126842000</ifrs-full:PlanAssetsAtFairValue>
    <ifrs-full:SurplusDeficitInPlan
      contextRef="I20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag744"
      unitRef="USD">10818000</ifrs-full:SurplusDeficitInPlan>
    <ifrs-full:SurplusDeficitInPlan
      contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag695"
      unitRef="USD">10225000</ifrs-full:SurplusDeficitInPlan>
    <ts:OverfundedPlan
      contextRef="I20231231"
      decimals="-5"
      id="Tag681"
      unitRef="USD">15800000</ts:OverfundedPlan>
    <ts:OverfundedPlan
      contextRef="I20221231"
      decimals="-5"
      id="Tag3102"
      unitRef="USD">15300000</ts:OverfundedPlan>
    <ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities
      contextRef="I20231231"
      decimals="-5"
      id="Tag722"
      unitRef="USD">5000000</ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities>
    <ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities
      contextRef="I20221231"
      decimals="-5"
      id="Tag13"
      unitRef="USD">5100000</ts:NetPostEmploymentBenefitsFundedExposedAsLiabilities>
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      contextRef="I20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag775"
      unitRef="USD">116617000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
    <ifrs-full:LiabilityAssetOfDefinedBenefitPlans
      contextRef="I20211231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag697"
      unitRef="USD">159528000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
    <ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset
      contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag3141"
      unitRef="USD">1940000</ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset>
    <ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset
      contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag3133"
      unitRef="USD">-6635000</ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset>
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      xsi:nil="true"/>
    <ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset
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      unitRef="USD">154000</ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset>
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      unitRef="USD">5715000</ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset>
    <ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset
      contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
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      contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag3134"
      unitRef="USD">-2142000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset
      contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag707"
      unitRef="USD">30349000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset
      contextRef="D20231231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
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      unitRef="USD">4708000</ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset>
    <ifrs-full:IncreaseDecreaseThroughBusinessCombinationsAndDisposalsNetDefinedBenefitLiabilityAsset
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      xsi:nil="true"/>
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      decimals="-3"
      id="Tag3128"
      unitRef="USD">8459000</ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset>
    <ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset
      contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-3"
      id="Tag756"
      unitRef="USD">10374000</ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset>
    <ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset
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      xsi:nil="true"/>
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      unitRef="USD">123234000</ifrs-full:LiabilityAssetOfDefinedBenefitPlans>
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      decimals="-3"
      id="Tag699"
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      decimals="-5"
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      decimals="-5"
      id="Tag3095"
      unitRef="USD">-1300000</ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset>
    <ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset
      contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-5"
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      unitRef="USD">4800000</ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset>
    <ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset
      contextRef="D20221231_PensionDefinedBenefitPlansMember_WhollyOrPartlyFundedDefinedBenefitPlansMember"
      decimals="-5"
      id="Tag2973"
      unitRef="USD">25600000</ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset>
    <ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory contextRef="D20231231_3" id="Tag3343">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 187px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 22.1566%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; width: 10.0443%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 76.9572%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; At the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (126,842 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.03397%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0443%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (160,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.4771%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,897 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,639 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Return on plan assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (6,121 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,319 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Remeasurements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,225 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,987 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Increase due to business combinations &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,903 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Contributions paid to the plan &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (435 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Benefits paid from the plan &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 10,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 477 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 416 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 76.9572%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; At the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (134,052 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.03397%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 10.0443%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; font-weight: bold;"&gt; (126,842 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.4771%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;Related to &lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none;"&gt;Mattr&#x2019;s pipe coating business unit acquisitions. For more information see note 34.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Equity instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 18% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 29% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 1pt;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Debt instruments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 33% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 67% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 3pt; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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    <ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory contextRef="D20231231_3" id="Tag632">
&lt;table cellpadding="0" cellspacing="0" style="height: 95px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Payroll and social security payable &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 301,213 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 224,630 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Shares to be settled under buyback program &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 86,240 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Miscellaneous &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 35,192 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 35,984 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 422,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 260,614 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory>
    <ts:CurrentEmployeeRelatedLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag688"
      unitRef="USD">301213000</ts:CurrentEmployeeRelatedLiabilities>
    <ts:CurrentEmployeeRelatedLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag12"
      unitRef="USD">224630000</ts:CurrentEmployeeRelatedLiabilities>
    <ts:AmountPayableUnderShareBuyback
      contextRef="I20231231"
      decimals="-3"
      id="Tag701"
      unitRef="USD">86240000</ts:AmountPayableUnderShareBuyback>
    <ts:AmountPayableUnderShareBuyback
      contextRef="I20221231"
      id="Tag734"
      unitRef="USD"
      xsi:nil="true"/>
    <ts:OtherCurrentMiscellaneousLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag3094"
      unitRef="USD">35192000</ts:OtherCurrentMiscellaneousLiabilities>
    <ts:OtherCurrentMiscellaneousLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag679"
      unitRef="USD">35984000</ts:OtherCurrentMiscellaneousLiabilities>
    <ifrs-full:OtherCurrentLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag3131"
      unitRef="USD">422645000</ifrs-full:OtherCurrentLiabilities>
    <ifrs-full:OtherCurrentLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag725"
      unitRef="USD">260614000</ifrs-full:OtherCurrentLiabilities>
    <ts:DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock contextRef="D20231231_3" id="Tag661">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;24&#160; &#160; &#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="font: 7.0pt 'Times New Roman';"&gt; &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Non-current allowances and provisions&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 144px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 98,126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 83,556 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,260 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 357 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations (*)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additional allowance&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,102 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used and other movements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,170 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 882 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 101,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 98,126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; vertical-align: super;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  </ts:DisclosureOfNoncurrentAllowancesAndProvisionsTextBlock>
    <ts:DisclosureOfDetailedInformationAboutNoncurrentAllowancesAndProvisionsFromLiabilitiesTextBlock contextRef="D20231231_3" id="Tag650">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 144px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 77%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 98,126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 10%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 83,556 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,260 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 357 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 7px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Increase due to business combinations (*)&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,500 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additional allowance&#160;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11,102 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used and other movements &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (4,170 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 882 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Values at the end of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 101,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 98,126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt; &lt;br/&gt;&lt;/p&gt;
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&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;b&gt;25&lt;/b&gt;&lt;/span&gt;&lt;span&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;Current &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;allowances and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;provisions&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(i)&lt;/span&gt;&#160; &#160; &#160; &#160; &#160;&#160;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Deducted from assets&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="font-family: 'times new roman', times; border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 114px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for doubtful accounts - Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for inventory obsolescence &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (45,495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,479 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (222,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (128 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (88 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (452 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Increase due to business combinations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt; (*)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (9,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (Additional) allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,590 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (107 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,581 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,066 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 235 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 36,768 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (3,439 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
 &lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 113px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 28px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 28px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for doubtful accounts - Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for inventory obsolescence &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (47,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,206 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (245,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (12 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 68 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (405 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (Additional) / reversal allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (24,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (45,495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (3,479 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (222,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;

&lt;p style="font-family: 'times new roman', times; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;(i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;i&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;)&lt;/span&gt;&#160; &#160; &#160; &#160; &#160;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Liabilities&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; border-left: none; border-right: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9595%; text-indent: 0px; height: 138px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 23px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Sales risks &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; line-height: inherit; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="font-size: 10pt; line-height: 1; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Other claims and contingencies &lt;/span&gt;&lt;span style="line-height: inherit; font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 3,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 7,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 11,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (208 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 77 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 20px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Increase due to business combinations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt; (**)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 5,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 5,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additional provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 30,057 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 6,941 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 36,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (13,588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (4,194 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (17,782 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 19,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 16,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 35,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 133px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 31px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Sales risks &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; line-height: inherit; height: 31px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="font-size: 10pt; line-height: 1; text-align: center;"&gt;&lt;span style="font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;&lt;span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"&gt;Other claims and contingencies &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 1,468 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 7,854 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 9,322 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (160 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (97 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additional provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 5,315 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 4,189 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 9,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (2,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (2,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (3,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (1,718 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (5,155 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 3,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 7,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 11,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(**) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisitio&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;n&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt; </ts:DisclosureOfCurrentAllowancesAndProvisionsTextBlock>
    <ts:DisclosureOfDetailedInformationAboutCurrentAllowancesAndProvisionsDeductedFromAssetsTextBlock contextRef="D20231231_3" id="Tag625">
&lt;div style="font-family: 'times new roman', times; border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 114px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for doubtful accounts - Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for inventory obsolescence &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (45,495 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,479 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (222,666 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (128 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (88 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (452 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Increase due to business combinations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt; (*)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (899 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (9,179 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 19px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (Additional) allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,590 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (107 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,581 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,066 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 235 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 36,768 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (49,046 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (3,439 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold; font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (209,110 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="top"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super;"&gt;(*) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Related to the GPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; anticorrosion coating division&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light';"&gt;and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Mattr&#x2019;s pipe coating business unit acquisitions&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;. For more information see&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt; note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;&lt;span style="border-left: none; border-right: none;"&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times;"&gt;
 &lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.039%; text-indent: 0px; height: 113px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 28px;"&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; height: 28px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for doubtful accounts - Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for other doubtful accounts - Other receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Allowance for inventory obsolescence &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 28px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (47,120 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (3,206 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: top; height: 17px; width: 1%;" valign="top"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (245,774 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (12 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 68 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (405 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (Additional) / reversal allowances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (346 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (24,901 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 10pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 48,414 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 99.9595%; text-indent: 0px; height: 138px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 23px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Sales risks &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; line-height: inherit; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="font-size: 10pt; line-height: 1; text-align: center; margin: 0px; text-indent: 0px; font-family: 'Frutiger 45 Light';"&gt;&lt;span style="font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;Other claims and contingencies &lt;/span&gt;&lt;span style="line-height: inherit; font-size: 8pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 23px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 3,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 7,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 11,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 285 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (208 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; height: 10px;" valign="top"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 77 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 20px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light';"&gt;Increase due to business combinations&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; font-size: 8pt;"&gt; (**)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 5,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 5,317 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additional provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 30,057 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 6,941 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 36,998 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (13,588 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (4,194 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (17,782 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;span style="font-size: 9pt;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2023 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 19,940 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 16,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 35,959 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 133px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 31px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Sales risks &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="font-size: 10pt; line-height: inherit; height: 31px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="font-size: 10pt; line-height: 1; text-align: center;"&gt;&lt;span style="font-size: 10pt; line-height: inherit; font-weight: bold;"&gt;&lt;span style="font-size: 10pt; line-height: inherit; font-family: 'Frutiger 45 Light';"&gt;Other claims and contingencies &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit; font-size: 8pt;"&gt;(*)&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 31px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 50%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Values at the beginning of the year &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 1,468 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 7,854 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 15%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 9,322 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Translation differences &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (160 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (97 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Additional provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 5,315 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 4,189 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; 9,504 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Reclassifications &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (2,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (2,229 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Used &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (3,437 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (1,718 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt;"&gt; (5,155 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, 2022 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 3,186 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 7,999 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; 11,185 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-indent: -36pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;26&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Derivative financial instruments&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Net fair values of derivative financial instruments&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The net fair values of derivative financial instruments&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, in accordance with &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;IFRS &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;13&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;re:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 153px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Derivatives hedging borrowings and investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,480 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other derivatives &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 24,325 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Contracts with positive fair values &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other derivatives &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Contracts with negative fair values &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 23,678 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="margin: 0pt; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Foreign e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;xchange &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;and commodities &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;derivative&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; contracts&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; and hedge accounting&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;Te&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;naris applies hedge accounting &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;to certain cash flow hedges of highly probable forecast transactions. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The net fair values of exchange rate derivatives&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and those derivat&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;iv&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;es that were designated for hedge accounting as of December&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 31,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; were as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 241px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Purchase currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Sell currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Term &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Hedge Accounting Reserve &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 33%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; MXN &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,571 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (67 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; MXN &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,125 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; EUR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,557 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,866 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 624 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,786 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; EUR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; / &lt;span&gt;2025&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,783 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,935 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; BRL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,490 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; KWD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (50 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (129 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (388 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; CAD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (836 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 404 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; GBP &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (51 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (11 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; CNY &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 501 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; RON &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 261 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 50 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; BRL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,554 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 27,038 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,928 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 21,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 156px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Commodity Derivatives &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Term &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Hedge Accounting Reserve &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 43%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Houston Ship Channel Gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (231 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (814 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (231 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (814 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; LME Scrap &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,376 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 29 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,376 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Iron Ore &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,274 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Electric Energy &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (519 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (519 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; TTF Gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,068 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; PSV Gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,566 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,566 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Nickel &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;1,966&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;1,966&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 205 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (3,360 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 205 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (7,963 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt; &lt;/div&gt;

&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;F&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;ollowing is a summary&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt; of the hedge reserve evolution:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 62px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 35px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 35px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Dec-2021&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Movements &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Dec-2022&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Movements &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Dec-2023&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Foreign Exchange &amp;amp; Commodities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,989 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Total Cash flow Hedge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 11,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (4,989 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 8,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; break-after: avoid; break-inside: avoid;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: normal; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; line-height: 1.2; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;Tenaris estimates that t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;he &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;majority of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;cash flow he&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;dge reserve &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;corresponding to derivatives instruments &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;at &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;December 31, 20&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; will be recycled to the Consolida&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ted Income &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;Statement &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;during &lt;span&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span&gt;4&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; For informa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;tion on &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;hedge accounting reserve,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;see&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;ection III.D&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt; to these Consolidated Financial Statements&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory>
    <ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock contextRef="D20231231_3" id="Tag633">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 153px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 77%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Derivatives hedging borrowings and investments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,480 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other derivatives &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 24,325 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Contracts with positive fair values &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 9,801 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 30,805 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other derivatives &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Contracts with negative fair values &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (11,150 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (7,127 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 23,678 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationAboutDerivativeFinancialInstrumentsTextBlock>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20231231_DerivativesHedgingBorrowingsAndInvestmentsMember"
      id="Tag649"
      unitRef="USD"
      xsi:nil="true"/>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20221231_DerivativesHedgingBorrowingsAndInvestmentsMember"
      decimals="-3"
      id="Tag640"
      unitRef="USD">6480000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20231231_OtherDerivativesMember"
      decimals="-3"
      id="Tag2088"
      unitRef="USD">9801000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20221231_OtherDerivativesMember"
      decimals="-3"
      id="Tag609"
      unitRef="USD">24325000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20231231"
      decimals="-3"
      id="Tag2311"
      unitRef="USD">9801000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialAssets
      contextRef="I20221231"
      decimals="-3"
      id="Tag639"
      unitRef="USD">30805000</ifrs-full:DerivativeFinancialAssets>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20231231_OtherDerivativesMember"
      decimals="-3"
      id="Tag779"
      unitRef="USD">11150000</ifrs-full:DerivativeFinancialLiabilities>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20221231_OtherDerivativesMember"
      decimals="-3"
      id="Tag670"
      unitRef="USD">7127000</ifrs-full:DerivativeFinancialLiabilities>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag726"
      unitRef="USD">11150000</ifrs-full:DerivativeFinancialLiabilities>
    <ifrs-full:DerivativeFinancialLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag747"
      unitRef="USD">7127000</ifrs-full:DerivativeFinancialLiabilities>
    <ts:DerivativeFinancialAssetsLiabilities
      contextRef="I20231231"
      decimals="-3"
      id="Tag604"
      unitRef="USD">-1349000</ts:DerivativeFinancialAssetsLiabilities>
    <ts:DerivativeFinancialAssetsLiabilities
      contextRef="I20221231"
      decimals="-3"
      id="Tag622"
      unitRef="USD">23678000</ts:DerivativeFinancialAssetsLiabilities>
    <ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory contextRef="D20231231_3" id="Tag2019">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 241px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Purchase currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding: 0px; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Sell currency &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Term &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Hedge Accounting Reserve &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 33%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; MXN &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 6,571 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (67 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; MXN &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,125 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; EUR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 5,557 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,866 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 624 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,786 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; EUR &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; / &lt;span&gt;2025&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 20,783 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 7,142 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 23,935 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; BRL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,009 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,490 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; KWD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (50 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (129 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (388 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; CAD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (836 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 404 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; GBP &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (51 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (11 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; CNY &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (242 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 501 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; RON &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 261 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 50 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; BRL &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; USD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 223 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Others &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (49 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (1,554 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 27,038 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 7,928 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 21,085 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 156px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Commodity Derivatives &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Term &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair Value &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Hedge Accounting Reserve &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 43%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Houston Ship Channel Gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (231 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (814 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (231 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (814 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; LME Scrap &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,376 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 29 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,376 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (3,148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Iron Ore &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 12 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (1,274 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Electric Energy &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (519 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (340 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (519 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; TTF Gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,068 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,207 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; PSV Gas &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,566 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (2,566 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Nickel &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; text-align: center;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2024&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;1,966&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span style="border-left: none; border-right: none;"&gt;1,966&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 205 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (3,360 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 62px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 35px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 35px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Dec-2021&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Movements &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Dec-2022&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Movements &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Equity Reserve &lt;/span&gt;&lt;br/&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Dec-2023&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 35px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 41%; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Foreign Exchange &amp;amp; Commodities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 1,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 11,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (4,989 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 8,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Total Cash flow Hedge &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 1,259 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 11,863 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; 13,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; (4,989 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ts:DisclosureOfDetailedInformationOfTheHedgeReserveEvolutionTextBlock>
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    <ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory contextRef="D20231231_3" id="Tag1183">
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'Times New Roman';"&gt;&#160; &#160; &#160; &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;Contingencies,&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; commitments and restrictions &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;o&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;n&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; the distribution of profits&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(i)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Contingencies&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;"&gt;Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer, employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages, reimbursement for losses, or indemnity. Management with the assistance of legal counsel, periodically reviews the status of each significant matter and assesses potential financial exposure. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;"&gt;Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: 1.2;"&gt;If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on information available to management as of the date of preparation of the financial statements and take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able to make a reliable estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence, in some of such cases has accrued a provision for such loss but believes that publication of this information on a case-by-case basis would seriously prejudice the Tenaris&#x2019;s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency but has not disclosed its estimate of the range of potential loss.&lt;/span&gt;&lt;/p&gt;
&lt;div style="text-align: justify;"&gt;
 &lt;span style="text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial Statements&lt;/span&gt; &lt;span style="text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;are adequate based upon currently available information. However, if management&#x2019;s estimates prove incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a material adverse effect on its results of operations, financial condition, net worth and cash flows.&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Below is a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;summary description of Tenaris&#x2019;s material legal proceedings which are outstanding as of the date of these Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is believed to be material.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; margin: 0pt 0pt 0pt -10.22pt; orphans: 0; padding-left: 7.72pt; text-align: justify; text-indent: 0pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;CSN claims relating to the January 2012 acquisition of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In &lt;span&gt;2013&lt;/span&gt;, the Company was notified of a lawsuit filed in Brazil by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Companhia&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Sider&#xfa;rgica&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Nacional (&#x201c;CSN&#x201d;), and various entities affiliated with CSN against the Company&#x2019;s Brazilian subsidiary Confab and three subsidiaries of Ternium, all of which compose the T/T Group under the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shareholders agreement. The entities named in the CSN lawsuit had acquired a participation in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in January 2012. The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along tender offer to all non-controlling holders of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ordinary shares for a price per share equal to 80% of the price per share paid in such acquisition, or BRL 28.8, and seeks an order to compel the acquirers to launch an offer at that price plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; not belonging to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x2019; control group. Confab&#x2019;s share in the offer would be 17.9%.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court of Justice (&#x201c;SCJ&#x201d;) seeking the review and reversal of the decision issued by the Court of Appeals. On September 10, 2019, the SCJ declared CSN&#x2019;s appeal admissible. On March 7, 2023, the SCJ, by majority vote, rejected CSN&#x2019;s appeal. CSN made several submissions in connection with the SCJ decision, including a motion for clarification that challenged the merits of the SCJ decision. Decisions at the SCJ are adopted by majority vote and, at the date of these financial statements, voting at the SCJ with respect to the motion for clarification is ongoing. At an October 17, 2023 session, &lt;span&gt;two&lt;/span&gt; justices voted in favor of remanding the case to the first instance for it to be retried following production and assessment of the new evidence, and &lt;span&gt;two&lt;/span&gt; justices voted, without requiring any further evidence, in favor of granting CSN&#x2019;s motion for clarification and reversing the March 7, 2023 decision that rejected CSN&#x2019;s appeal; because the fifth member of SCJ excused himself from voting, a justice from another panel at the SCJ will be summoned to produce the tie-breaking vote. There are no specified deadlines for voting to be resumed or the SCJ decision to be issued. In any event, either party may appeal against a SCJ decision.&lt;/span&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; line-height: 1.2;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;According to the views of the &lt;span&gt;two&lt;/span&gt; justices that voted in favor of CSN&#x2019;s motion, Confab and the other members of the T/T Group should be ordered to pay to CSN an indemnification amount equal to the difference between the price paid by the T/T Group in its acquisition and the market value of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; shares at signing, plus monetary adjustment and interest (at a rate of 1% per month) through the date of payment, plus legal costs equal to 10% of the compensation payable to CSN, with CSN retaining ownership of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Usiminas&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; ordinary shares it currently owns. If that unprecedented view were to prevail, and depending on how the indemnification is calculated by other courts, as of the date of these financial statements the potential aggregate indemnification payable by Confab could reach up to BRL&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;900.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million (approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;186.0&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million at the BRL/$ rate as of such date).&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company continues to believe that all of CSN&#x2019;s claims and allegations are groundless and without merit, as confirmed by several opinions of Brazilian legal counsel, &lt;span&gt;two&lt;/span&gt; decisions issued by the Brazilian securities regulator in February 2012 and December 2016, the first and second instance court decisions and the March 7, 2023 SCJ decision referred to above. Notwithstanding the foregoing, in light of the votes already issued by &lt;span&gt;two&lt;/span&gt; members of the SCJ on CSN&#x2019;s motion for clarification, the Company cannot predict the ultimate resolution on the matter.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 1.2; list-style-position: inside; margin: 0pt 0pt 0pt -19.22pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;Veracel celulose accident litigation&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On September 21, 2007, an accident occurred in the premises of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Celulose&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; S.A. (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;) in connection with a rupture in &lt;span&gt;one&lt;/span&gt; of the tanks used in an evaporation system manufactured by Confab. The &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accident allegedly resulted in material damages to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. Ita&#xfa; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Seguros&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; S.A. (&#x201c;Ita&#xfa;&#x201d;), &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; insurer at the time of the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accident and then replaced by Chubb &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Seguros&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Brasil&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; S/A (&#x201c;Chubb&#x201d;), initiated a lawsuit against Confab seeking reimbursement of damages paid to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in connection with the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accident. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; initiated a second lawsuit against Confab seeking reimbursement of the amount paid as insurance deductible with respect to the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accident and other amounts not covered by insurance. Ita&#xfa; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; claimed that the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accident was caused by failures and defects attributable to the evaporation system manufactured by Confab. Confab believes that the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; accident was caused by the improper handling by &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Veracel&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; personnel of the equipment supplied by Confab in violation of Confab&#x2019;s instructions. The &lt;span&gt;two&lt;/span&gt; lawsuits were consolidated and are considered by the &lt;span&gt;6&lt;/span&gt;th Civil Court of S&#xe3;o Caetano do Sul. However, each lawsuit will be adjudicated separately.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018, Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the accident or the claim.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 5pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were unfavorable to Confab:&lt;br/&gt;&lt;/span&gt;&lt;/p&gt;
&lt;div id="t_ft_8ETFV77EWW00000000000000000000b"&gt;
&lt;table style="width: 100%; font-family: 'times new roman'; border-collapse: collapse; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="width: 3%; text-align: center; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top;" valign="top"&gt;
&lt;p style="text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; With respect to&#160;Chubb&#x2019;s&#160;claim, the court subsequently homologated the above-mentioned settlement and, accordingly, the claim was finalized. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td style="text-align: center; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;
&lt;p style="line-height: 1.2; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; With respect to&#160;Veracel&#x2019;s&#160;claim, Confab was ordered to pay the insurance deductible and other concepts not covered by insurance, currently estimated to amount to&#160;BRL100.6&#160;million (approximately $20.8&#160;million) including interest, fees and expenses. Both parties filed motions for clarification against the court&#x2019;s decision, which were partially granted. Although the contract between Confab and&#160;Veracel&#160;expressly provided that Confab would not be liable for damages arising from lost profits, the court award would appear to include BRL86.4&#160;million (approximately $17.8&#160;million) of damages arising therefrom. Confab has additional&#160;defense&#160;arguments in respect of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision, and on April 30, 2019,&#160;Veracel&#160;filed its response to the appeal. In June 2022, the court resolved&#160;that it lacked jurisdiction to decide on the appeal, which was re-allocated to another court. The parties are currently waiting for the trial of the appeal to be scheduled. At this stage the Company cannot predict the outcome of the claim or the amount or range of loss in case of an&#160;unfavorable&#160;outcome. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt 3pt; orphans: 0; text-align: justify; text-indent: -21.8pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;Petrobras-related proceedings and claims &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;1&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Upon learning that Brazilian, Italian and Swiss authorities were investigating whether certain payments were made prior to &lt;span&gt;2014&lt;/span&gt; from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked to individuals related to Petr&#xf3;leo Brasileiro S.A. (&#x201c;Petrobras&#x201d;) and whether any such payments were intended to benefit the Company&#x2019;s Brazilian subsidiary Confab&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he Audit Committee of the Company's Board of Directors engaged external counsel in connection with the Company&#x2019;s review of these matters. In addition, the Company voluntarily notified the U.S. Securities and Exchange Commission (&#x201c;SEC&#x201d;) and the U.S. Department of Justice (&#x201c;DOJ&#x201d;) in October 2016. The Company conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any involvement by the Company or its directors, officers or employees in respect of improper payments. An internal investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking action. Under the settlement with the SEC, the Company neither admits nor denies the SEC&#x2019;s findings and on June 24, 2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the matter.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In July 2019, the Company learned that the public prosecutors&#x2019; office of Milan, Italy, had completed a preliminary investigation into the same alleged payments and had included in the investigation, among other persons, the Company&#x2019;s Chairman and Chief Executive Officer, &lt;span&gt;two&lt;/span&gt; other board members, Gianfelice Rocca and Roberto Bonatti, and the Company&#x2019;s controlling shareholder, San Faustin. The Company is not a party to the proceedings. On March 22, 2022, upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan in charge of the case to impose sanctions on our Chairman and Chief Executive Officer, on the other &lt;span&gt;two&lt;/span&gt; board members, and on San Faustin. The Company&#x2019;s outside counsel in Italy advised the Company that neither the case file nor the prosecutor&#x2019;s request contain or identify any evidence of involvement in, or knowledge of, the alleged wrongdoing by any of the &lt;span&gt;three&lt;/span&gt; directors. On May 26, 2022, the first-instance court dismissed the case brought by the public prosecutor against the defendants for lack of jurisdiction and stated that the criminal proceeding should not have been initiated. On October 7, 2022, the public prosecutor filed an appeal against the first-instance court&#x2019;s decision.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On February 22, 2024, the court of appeals referred the case to the court of cassation, which will be in charge of determining whether or not the Italian courts have jurisdiction over the matter.&lt;/span&gt;&lt;/p&gt;
&lt;table style="height: 18px; margin-left: 0.1px; width: 98.8585%; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="height: 10px; width: 15%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89.6642%;"&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td colspan="2" style="height: 10px; font-family: 'Frutiger 45 Light';"&gt;&lt;sup&gt;1&lt;/sup&gt; This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#x2019;s Board of Directors on February 21, 2024.&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;

&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In June 2020, the Brazilian public prosecutors&#x2019; office requested the indictment of several individuals, including &lt;span&gt;three&lt;/span&gt; executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of corruption in relation to contracts executed between &lt;span&gt;2007&lt;/span&gt; and &lt;span&gt;2010&lt;/span&gt;, and money laundering in relation to payments between &lt;span&gt;2009&lt;/span&gt; and &lt;span&gt;2013&lt;/span&gt;. These criminal proceedings are underway. Neither the Company nor Confab is a party to these criminal proceedings.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&#160;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In addition, Petrobras and the Brazilian public prosecutors filed civil claims for damages against, among others, Confab and the Confab executives named in the criminal proceedings referred to above. Confab became aware of these civil claims in September 2022. As of&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; December 31, 2023,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the aggregate amount of these claims was estimated at BRL&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;322.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million (or approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;66.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million). The plaintiffs also seek that Confab be prohibited from contracting with, or receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not address either the defense arguments or the evidence available to the plaintiffs in Brazil and presented in other jurisdictions and is vigorously contesting them. At this stage, the Company cannot predict the outcome of these civil proceedings.&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt 0pt 0pt -16.8pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;Putative class actions&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Following the Company&#x2019;s November 27, 2018, announcement that its Chairman and CEO Paolo Rocca had been included in an Argentine court investigation known as the Notebooks Case (a decision subsequently reversed by a higher court), &lt;span&gt;two&lt;/span&gt; putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29, 2019, the court consolidated the complaints into a single case, captioned &#x201c;In re Tenaris S.A. Securities Litigation&#x201d;, and appointed lead plaintiffs and lead counsel. &lt;/span&gt;&lt;/p&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018. The individual defendants named in the complaint are Tenaris&#x2019;s Chairman and CEO and Tenaris&#x2019;s former CFO. The complaint alleges that during the class period, the Company and the individual defendants inflated the Tenaris share price by failing to disclose that the nationalization proceeds received by Ternium (in which the Company held an 11.46% stake) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. &lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On October 9, 2020, the court granted in part and denied in part the defendants&#x2019; motions to dismiss. The court partially granted and partially denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris&#x2019;s former CFO. &lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On November 11, 2022, the parties filed a joint notice of settlement announcing a settlement in principle of all claims in the action, subject to finalizing the settlement agreements and court approval.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The parties&#x2019; agreement in principle provides that, in exchange for dismissal of the action and customary releases from class members and with no admission of liability by Tenaris or Mr. Rocca, Tenaris will pay to the class $9.5 million (inclusive of legal fees to lead plaintiff&#x2019;s counsel).&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="background-color: #ffffff; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On April 10, 2023, the court granted preliminary approval to the class settlement. The final settlement approval hearing was set for October 19, 2023, and on that date the court ordered that, prior to granting final settlement approval, the lead plaintiffs submit on or before March 29, 2024, an update letter advising the court of the status of the claims processing.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 1.2; list-style-position: inside; margin: 0pt; orphans: 0; text-align: justify; text-indent: -14.8pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;Administrative proceeding concerning Brazilian tax credits&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The proceeding resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab&#x2019;s appeal, thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such administrative decision&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Special appeals were filed by Confab in July 2023 and by the Brazilian General Tax Attorney (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;PGFN&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;) in September 2023. The parties are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; currently awaiting a resolution. In case of an unfavorable resolution, Confab may appeal before the courts. The estimated amount of this claim is BRL&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;60.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million (approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;12.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million). At this stage, the Company cannot predict the outcome of this claim.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; letter-spacing: -0.1pt; line-height: 12pt; list-style-position: inside; margin: 0pt; orphans: 0; text-align: justify; text-indent: -14.8pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; letter-spacing: -0.1pt; line-height: inherit;"&gt;U.S. patent infringement litigation&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris Coiled Tubes, LLC (&#x201c;TCT&#x201d;), a U.S. subsidiary of the Company, was sued in &lt;span&gt;2017&lt;/span&gt; by its competitor Global Tubing, alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not infringe patents held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by TCT, and Global Tubing has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint (including the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On March 20, 2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are unenforceable due to inequitable conduct during the patent prosecution process. TCT appealed this judgment, and Global Tubing appealed a previous ruling of the judge. Global Tubing also filed a brief seeking to recover attorneys&#x2019; fees, without specifying the amount of those fees. Although it is not possible to predict the final outcome of this matter, the Company believes that any potential losses arising from this case will not be material.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.22pt; orphans: 0; padding-left: 11.67pt; text-align: justify; text-indent: 0pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;U.S. Antidumping Duty Investigations&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On October 27, 2021, the U.S. Department of Commerce (&#x201c;DOC&#x201d;) initiated antidumping duty investigations of oil country tubular goods (&#x201c;OCTG&#x201d;) from Argentina, Mexico, and Russia. After the DOC issued affirmative preliminary and final antidumping determinations with respect to imports from Argentina, Mexico and Russia on October 27, 2022, the International Trade Commission (&#x201c;ITC&#x201d;) determined that the imports under investigation caused injury to the U.S. OCTG industry. Tenaris and other parties have appealed the agency determinations from the investigation to the Court of International Trade. In addition, in response to a request from the Government of Argentina, the World Trade Organization (&#x201c;WTO&#x201d;) established a panel of experts to consider whether the DOC&#x2019;s antidumping order applicable to Argentina is consistent with the international obligations of the United States. As a result of the investigation, and unless overturned on appeal, Tenaris is required to pay antidumping duty deposits (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) until such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period under review. Tenaris has been paying such deposits since May 11, 2022, reflecting the amount of such deposits in its costs. The deposit rates may be reset periodically based on the results of the review process. It is possible that, through the periodic review process, the deposits may be either returned to Tenaris in whole or in part, or may be increased.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -5.22pt; orphans: 0; padding-left: 11.67pt; text-align: justify; text-indent: 0pt; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Potential dispute with agent in the Middle East &lt;sup&gt;2&lt;/sup&gt;&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Consistent with local practice in certain Middle East countries, Tenaris Global Services S.A. (&#x201c;TGSU&#x201d;), a Uruguayan subsidiary of the Company, sells materials to a local agent, and the agent then resells the materials to customers in the region. Tenaris is not a party to the contracts between the agent and each customer. In &lt;span&gt;one&lt;/span&gt; such contract entered into in mid-&lt;span&gt;2021&lt;/span&gt;, with pending obligations of approximately $520&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million and deliveries until &lt;span&gt;2025&lt;/span&gt;, the agent agreed to supply Tenaris-produced casing and tubing of different sizes to the customer. Subsequent events led to onerous increases in prices and delays to supply the materials and led to lengthy discussions between the parties. The customer&#160;eventually paid a significant portion of such increased costs&#160;and, as a result, the dispute was settled.&lt;/span&gt;&lt;/p&gt;
&lt;table style="height: 18px; margin-left: 0.1px; width: 98.8585%; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr&gt;
&lt;td style="height: 10px; width: 15%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 89.6642%;"&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr&gt;
&lt;td colspan="2" style="height: 10px; font-family: 'Frutiger 45 Light';"&gt;&lt;sup&gt;2&lt;/sup&gt; This note was updated subsequently to the approval of these Consolidated Financial Statements by the Company&#x2019;s Board of Directors on February 21, 2024.&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;

&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&#160;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -36pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;(ii)&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman';"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;Commitments and guarantees&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Set forth is a description of the Tenaris&#x2019;s main outstanding commitments:&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_ZPF037I9KW00000000000000000000b"&gt;
&lt;table style="width: 100%; height: 220px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
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&lt;p style="line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Certain subsidiaries of the Company entered into a contract with&#160;Praxair&#160;S.A. for the service of oxygen and nitrogen supply. As of&#160;December 31, 2023, the aggregate amount to take or pay the committed volumes for an original 14-year term totaled approximately $32.7&#160;million. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
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&lt;td style="height: 17px; vertical-align: top; text-align: center;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; A subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through December 1, 2041) with&#160;Techgen&#160;for the supply of &lt;span&gt;197&lt;/span&gt; MW (which represents 22% of&#160;Techgen&#x2019;s&#160;capacity). Monthly payments are determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of the seventh contract year (as long as&#160;Techgen&#x2019;s&#160;existing or replacing bank facility has been repaid in full), the Company&#x2019;s subsidiary has the right to suspend or early terminate the contract if the rate payable under the agreement is higher than the rate charged by the&#160;Comisi&#xf3;n&#160;Federal de&#160;Electricidad&#160;(&#x201c;CFE&#x201d;) or its successors. The Company&#x2019;s subsidiary may instruct&#160;Techgen&#160;to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy under the agreement and the Company&#x2019;s subsidiary will benefit from the proceeds of such sale. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: center;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
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-webkit-box-decoration-break: slice; -webkit-box-direction: normal; -webkit-box-flex: 0; -webkit-box-ordinal-group: 1; -webkit-box-orient: horizontal; -webkit-box-pack: start; -webkit-font-smoothing: auto; -webkit-line-break: auto; -webkit-locale: 'EN-IN'; block-size: auto; margin-block: 0px; margin-inline: 0px; -webkit-mask-box-image-source: none; -webkit-mask-box-image-slice: 0 fill; -webkit-mask-box-image-width: auto; -webkit-mask-box-image-outset: 0; -webkit-mask-box-image-repeat: stretch; max-block-size: none; max-inline-size: none; min-block-size: 0px; min-inline-size: 0px; padding-block: 0px; padding-inline: 0px; -webkit-print-color-adjust: economy; -webkit-rtl-ordering: logical; -webkit-ruby-position: before; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-combine: none; -webkit-text-decorations-in-effect: none; -webkit-text-fill-color: #000000; -webkit-text-orientation: vertical-right; -webkit-text-security: none; -webkit-text-stroke: 0px #000000; -webkit-user-drag: none; -webkit-user-modify: read-only; -webkit-writing-mode: horizontal-tb; widows: 2; width: auto; will-change: auto; word-break: normal; word-spacing: 0px; writing-mode: horizontal-tb; x: 0px; y: 0px; z-index: auto; zoom: 1; border: 0px none #000000;"&gt;&lt;span class="NormalTextRun SCXW127687583 BCX0"&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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&lt;p style="line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; A U.S. subsidiary of the Company is a party to a contract with&#160;Nucor&#160;Steel Memphis&#160;Inc. under which it is committed to purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The contract became effective upon delivery of the first purchase order, which occurred in April 2021, with an original duration of 3 years. In September 2023, the parties agreed to extend its term until December 31, 2024. As of&#160;December 31, 2023, the estimated aggregate contract amount calculated at current prices,&#160;was&#160;approximately $73.7&#160;million. The contract gives the subsidiary of the Company the right to temporarily reduce the quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of material adverse changes in prevailing economic or market conditions. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: center;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
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&lt;td style="height: 52px; vertical-align: top; text-align: justify;" valign="top"&gt;
&lt;p style="line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a 6-year master distribution agreement (the &#x201c;MDA&#x201d;) with PAO TMK (&#x201c;TMK&#x201d;) whereby, since January 2, 2020,&#160;Tenaris&#160;became the exclusive distributor of&#160;TMK&#x2019;s&#160;OCTG and line pipe products in United States and Canada. At the end of the&#160;MDA&#x2019;s&#160;&lt;span&gt;6&lt;/span&gt;-year term, TMK would have the option to extend the duration of its term for an additional 12-month period. Under the MDA, the Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products, based on the aggregate market demand for the relevant product category in the United States in the relevant year. In February 2022, however, the Company and TMK agreed that there&#160;would&#160;be no minimum yearly purchase requirement for the OCTG product category for the year ended December 31, 2022, and there&#160;would&#160;be no minimum yearly purchase requirement for TMK line pipe products under the MDA neither for the contract year ended December 31, 2022, nor for any subsequent contract year until expiration of the&#160;MDA&#x2019;s&#160;term. In addition, no purchases of TMK products were made during &lt;span&gt;2023&lt;/span&gt;. The parties are currently discussing the termination of the MDA. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: center;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
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&lt;td style="height: 10px; vertical-align: top; text-align: justify;" valign="top"&gt;
&lt;p style="line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; A Brazilian subsidiary of the Company entered into a contract with&#160;Usiminas&#160;and&#160;Gerdau&#160;from&#160;which it&#160;committed to purchase steel coils for a&#160;remaining&#160;amount of approximately $109.6&#160;million to use for manufacturing welded pipes for the&#160;Raia&#160;fields project in Brazil. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: center;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
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-webkit-box-decoration-break: slice; -webkit-box-direction: normal; -webkit-box-flex: 0; -webkit-box-ordinal-group: 1; -webkit-box-orient: horizontal; -webkit-box-pack: start; -webkit-font-smoothing: auto; -webkit-line-break: auto; -webkit-locale: 'EN-IN'; block-size: auto; margin-block: 0px; margin-inline: 0px; -webkit-mask-box-image-source: none; -webkit-mask-box-image-slice: 0 fill; -webkit-mask-box-image-width: auto; -webkit-mask-box-image-outset: 0; -webkit-mask-box-image-repeat: stretch; max-block-size: none; max-inline-size: none; min-block-size: 0px; min-inline-size: 0px; padding-block: 0px; padding-inline: 0px; -webkit-print-color-adjust: economy; -webkit-rtl-ordering: logical; -webkit-ruby-position: before; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-combine: none; -webkit-text-decorations-in-effect: none; -webkit-text-fill-color: #000000; -webkit-text-orientation: vertical-right; -webkit-text-security: none; -webkit-text-stroke: 0px #000000; -webkit-user-drag: none; -webkit-user-modify: read-only; -webkit-writing-mode: horizontal-tb; widows: 2; width: auto; will-change: auto; word-break: normal; word-spacing: 0px; writing-mode: horizontal-tb; x: 0px; y: 0px; z-index: auto; zoom: 1; border: 0px none #000000;"&gt;&lt;span class="NormalTextRun SCXW127687583 BCX0"&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: top; text-align: justify;" valign="top"&gt;
&lt;p style="line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase of tubular material, including &lt;span&gt;13&lt;/span&gt; Chrome alloy products following the closure of&#160;NKKTubes.&#160;Such contract foresees a penalty for a maximum amount of $30.9&#160;million in case of early termination. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; as described in note&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (c) and (ii) issued performance guarantees mainly related to long-term commercial contracts with several customers and parent companies for approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;3.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; billion as of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;December 31,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2023&lt;/span&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;(iii)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;Restrictions &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;on&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt; the distribution of profits and payment of dividends&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In accordance with Luxembourg Law, the Company is required to transfer a minimum of 5% of its net profit for each financial year to a legal reserve until such reserve equals 10% of the issued share capital.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, this reserve is fully allocated and additional allocations to the reserve are not required under Luxembourg law. Dividends may not be paid out of the legal reserve.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
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      unitRef="USD">20800000</ts:SettlementAmountOrderedToPayInsuranceDeductible>
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      contextRef="I20181010_ConfabMember_VeracelCeluloseSaMember"
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      contextRef="I20231231_TenarisFinancialServicesSaMember_OnerousContractsContingentLiabilityMember"
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      id="Tag521"
      unitRef="USD">520000000</ifrs-full:EstimatedFinancialEffectOfContingentLiabilities>
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    <ts:DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock contextRef="D20231231_3" id="Tag628">
&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;28&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Cancellation of title deed in Saudi Steel Pipe Company&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;In early &lt;span&gt;2021&lt;/span&gt;, the Company learned through the Saudi Ministry of Justice&#x2019;s online portal that the electronic title deeds to certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;The affected land plots, with a total surface of 811,284 square meters, are located in Dammam, Saudi Arabia, and were purchased from a private entity on February 2010, pursuant to a written purchase agreement duly executed by SSPC in full compliance with the laws of the Kingdom of Saudi Arabia. The purchase of the land occurred before Tenaris&#x2019;s acquisition of a 47.79% interest in SSPC in &lt;span&gt;2019&lt;/span&gt;. The affected plots are not part of the production facility of SSPC, have been partially used as a warehouse, and have a carrying value on Tenaris&#x2019;s financial statements of $56.2 million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: normal;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made public by the authorities, and the legal basis for the court order is unknown. On May 4, 2021, SSPC filed a petition with an ad-hoc created special committee at the Saudi Ministry of Justice, seeking to have its title deeds reinstated. At this time, it is not possible to predict the outcome of this matter.&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock>
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&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;29&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;Foreign e&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;xchan&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;ge c&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;ontrol &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;measures&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt; in Argentina&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Between September 2019 and December&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 13,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt;, the Argentine government imposed significant restrictions on foreign exchange transactions. Although after a new administration took office in Argentina in December 2023 certain restrictions were eased and other changes to such regulations are expected, at the date of these Consolidated Financial &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Statements the application of existing foreign exchange regulations remains uncertain and the scope and timing of upcoming changes remain unknown. The main currently applicable measures are described below:&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;br/&gt;&lt;/div&gt;
&lt;div id="t_ft_AHEDF5DMTC00000000000000000000b"&gt;
&lt;table style="width: 100%; height: 256px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 64px;"&gt;
&lt;td style="text-align: center; height: 64px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="3" style="height: 64px; vertical-align: top; text-align: justify;" valign="top"&gt;
&lt;p style="line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange market (&#x201c;MULC&#x201d;) and converted into Argentine pesos within &lt;span&gt;60&lt;/span&gt; days (if made to related parties) or &lt;span&gt;180&lt;/span&gt; days (if made to unrelated parties) from shipment date, or, if collected earlier, within &lt;span&gt;five&lt;/span&gt; days of collection. Foreign currency proceeds from exports of services must be sold into the MULC and converted into Argentine pesos within &lt;span&gt;five&lt;/span&gt; business days of collection. As from December 13, 2023, up to 20% of export proceeds can be sold for Argentine pesos through securities transactions resulting in a higher implicit exchange rate, as described further below. This percentage has changed and is expected to change over time. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 48px;"&gt;
&lt;td style="text-align: center; height: 48px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="3" style="height: 48px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Access to the MULC to pay for imports of services rendered by related and non-related parties (including royalties) on or before&lt;/span&gt; &lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;December 12, 2023, is subject to Argentine Central Bank approval. Currently, these approvals are rarely, if ever, granted. Access to the MULC to pay for imports of services that were rendered or accrued as from December 13, 2023, does not require government approval, but payment is deferred &lt;span&gt;30&lt;/span&gt; calendar days as from the date of supply or accrual of the service (if the service was rendered by a non-related party) or &lt;span&gt;180&lt;/span&gt; calendar days (if rendered by a related party).&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;
&lt;p style="text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Access to the MULC to pay for imports of goods is subject to several restrictions. For example, advance payments or at sight cannot be made. In addition: &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="3" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; width: 3%; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 16px; width: 2%; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&lt;span&gt;-&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="height: 16px; width: 95%; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;A&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;ccess to the MULC to pay for imports of goods that obtained customs clearance on or before December 12, 2023 requires the prior Argentine Central Bank approval. &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Argentine Central Bank is&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; currently &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;issuing newly created Bonds (&#x201c;BOPREAL&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#x201d;) with a maturity of 4 years (&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;i.e., maturing in &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span&gt;2027&lt;/span&gt;) that can only be purchased in Argentine Pesos in primary offerings by debtors &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;of&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; any such import debts&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;; &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;such bonds can&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; then&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; be sold for a price payable in foreign currency that can be &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;subsequently &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;used to pay suppliers without &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;subjecting &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the importer &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;to &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;any restriction to enter into any other foreign exchange transaction in the MULC. &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;A&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; secondary market &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;for &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;the BOPREAL&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; is still in formation. In addition, from April 1, 2024 any such importer who purchased &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;BOPREALs&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; in primary offerings may enter into the securities transactions described below to obtain foreign currency (for an amount that does not exceed the difference &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;in USD &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;between the nominal value of the bonds and &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;their &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;market prices) &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;and use such foreign currency &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;to pay the above-mentioned import debts, without &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;subjecting&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; the importer &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;to &lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;any restriction to enter into any other foreign exchange transaction in the MULC.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&lt;span&gt;-&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td colspan="2" style="height: 16px; vertical-align: top; text-align: justify;" valign="top"&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Access to the MULC to pay for imports that have obtained customs clearance as from December 13, 2023, does not require government approval but, it requires that the price is paid in &lt;span&gt;four&lt;/span&gt; equal instalments payable on the &lt;span&gt;30&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;"&gt;th&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;span&gt;60&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;"&gt;th&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;span&gt;90&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;"&gt;th&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; and &lt;span&gt;120&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; font-size: 6.67pt; line-height: inherit;"&gt;th&lt;/span&gt;&lt;span style="color: #000000; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; day counted from the customs clearance of the good imported.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 16px; text-align: left; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="2" style="height: 16px; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="text-align: center; height: 16px; vertical-align: top;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&#x2022;&lt;/span&gt;&lt;/td&gt;
&lt;td style="height: 16px; text-align: left; vertical-align: top;" valign="top"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 16px; vertical-align: top;" valign="top"&gt;
&lt;p&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Access to the MULC to make dividend payments requires prior Argentine Central Bank approval. When required, Argentine Central Bank approvals are rarely, if ever, granted. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="height: 16px;"&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The above-described measures substantially limit the ability of Argentine companies to obtain foreign currency and make certain payments and distributions out of Argentina through the M&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;U&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;LC at the official exchange rate. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Access to foreign currency and transfers out of Argentina can be achieved, however, through securities transactions involving bonds or shares with multiple listings, resulting in a different implicit exchange rate, generally higher than the official exchange rate. Such transactions are subject to certain restrictions and limits, which change from time to time, and often result in a financial loss being generated at the time of making any such transaction. For example, in the past, the Argentine Securities Commission imposed several additional restrictions on such securities transactions, including a requirement to give prior notice to the Argentine government of any proposed transfer of securities outside of Argentina and a limitation on the amount of any such transfers. The new Argentine Securities Commission&#x2019;s authorities has loosened certain of such limitations, although it is not clear if it will further eliminate or loosen remaining restrictions.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;During May 2023, &lt;span&gt;two&lt;/span&gt; Argentine subsidiaries of the Company, approved the distribution of dividends in kind to their foreign shareholders, which were paid with U.S. dollar-denominated Argentine bonds &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;that, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in the Argentine market had a valuation of approximately $356 million. Considering that, as a result of the foreign exchange restrictions in force, the value of such bonds in the international market as of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the distribution date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, was approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;174.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, the Company recorded a negative equity reserve (FVOCI)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. S&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ubsequently, the valuation of such bonds in the international market increased. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;With the disposal of a portion of these instruments, the Company partially reclassified such reserve &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to financial results.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The FVOCI as of December 31, 2023, amounted to approximately $13.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The&#160;exchange rate of the Argentine peso against the U.S. dollar devaluated by more than &lt;span&gt;100&lt;/span&gt;% upon the change of government. Tenaris&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; financial position in Argentine pesos as of December 31, 2023, amounted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a net &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;short&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; exposure of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;135&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. In&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; the event of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;an additional&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; devaluation&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;our Argentine subsidiaries, which hold &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;U.S. dollar-denominated Argentine bonds for an aggregated value of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;208.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, may be adversely affected&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, and&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; will also suffer a loss on deferred tax charge as a result of a deterioration on the tax value of their fixed assets. At this time, the Company is unable to estimate all impacts of a new devaluation of the Argentine peso against the U.S. dollar.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;December 31, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the total equity of Argentine subsidiaries represented approximately &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;9%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of Tenaris&#x2019;s total equity and the sales &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;made&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; by Argentine subsidiaries during &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year ended December 31, 2023,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; amounted approximately to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;22%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of Tenaris&#x2019;s total sales. Assets and liabilities denominated in Argentine peso as of&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;December 31, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;are&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; valued at the prevailing official exchange rate.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;This context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements. Management continues to monitor closely the evolution of the main variables affecting its business, identifying the potential impact thereof on its financial and economic situation and determining the appropriate course of action in each case. These Consolidated Financial Statements should be read taking into account these circumstances.&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock>
    <ts:MaximumPercentageOfExportProceedsWhichCanBeSold
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      unitRef="Pure">0.20</ts:MaximumPercentageOfExportProceedsWhichCanBeSold>
    <ts:BondMaturityTerm
      contextRef="D20231231_ArgentineSovereignBondsMember_1"
      id="Tag3062">P4Y</ts:BondMaturityTerm>
    <ts:DistributionOfDividendInKind
      contextRef="D20230531_ArgentinePesoUsDollarForeignExchangeRiskMember_ArgentineSovereignBondsMember"
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    <ts:DistributionOfDividendInKind
      contextRef="D20230531_InternationalMarketMember_ArgentineSovereignBondsMember"
      decimals="-5"
      id="Tag3060"
      unitRef="USD">174100000</ts:DistributionOfDividendInKind>
    <ts:NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome
      contextRef="I20231231_InternationalMarketMember_ArgentineSovereignBondsMember"
      decimals="-5"
      id="Tag3037"
      unitRef="USD">13100000</ts:NegativeEquityReserveAtFairValueThroughOtherComprehensiveIncome>
    <ts:ForeignExchangeRiskCurrencyExposure
      contextRef="I20231231_ArgentinePesoUsDollarForeignExchangeRiskMember_AR"
      decimals="-6"
      id="Tag3038"
      unitRef="USD">135000000</ts:ForeignExchangeRiskCurrencyExposure>
    <ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome
      contextRef="I20231231_InternationalMarketMember_ArgentineSubsidiariesMember_UsDollarDenominatedArgentineBondsMember"
      decimals="-5"
      id="Tag704"
      unitRef="USD">208600000</ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncome>
    <ts:PercentageOfEntitysNetEquity
      contextRef="I20231231_AR_SubsidiariesMember"
      decimals="2"
      id="Tag3040"
      unitRef="Pure">0.09</ts:PercentageOfEntitysNetEquity>
    <ifrs-full:PercentageOfEntitysRevenue
      contextRef="D20231231_AR_SubsidiariesMember"
      decimals="2"
      id="Tag3039"
      unitRef="Pure">0.22</ifrs-full:PercentageOfEntitysRevenue>
    <ifrs-full:DisclosureOfCashFlowStatementExplanatory contextRef="D20231231_3" id="Tag1048">
&lt;p style="line-height: 12pt;margin: 0pt 0pt 0pt 21.3pt;text-align: justify;text-indent: -21.3pt;font-family: 'Frutiger 45 Light';color: #003366;font-size: 10pt;font-weight: bold;"&gt;&lt;span style="font-size: 10pt; color: #003366;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;b&gt;30&lt;/b&gt;&lt;/span&gt;&lt;span&gt;&#160; &#160; &#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;Cash flow disclosures&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="font-family: 'times new roman', times; border-left: none; border-right: none;"&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 326px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; width: 34.466%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Changes in working capital &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 186,903 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,329,865 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,085,024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables and prepayments and current tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (155,449 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (79,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 153,920 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,208,278 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (356,069 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,275 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 57,389 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Customer advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (101,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 151,066 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 44,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade payables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (149,024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 353,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 399,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 182,428 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (2,131,245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (1,071,464 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (ii) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income tax accruals less payments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tax accrued &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 674,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 617,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 189,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Taxes paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (818,347 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (359,585 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (153,846 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (143,391&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 257,651 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 35,602 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (iii) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Interest accruals less payments, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest accrued, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (106,612 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (34,080 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (14,371 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest received&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 147,473 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 68,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (94,341 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (32,775 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,559 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (53,480 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 1,480 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (11,363 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 9pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 5.33pt; vertical-align: super;"&gt;&lt;span style="font-size: 8pt;"&gt;(*)&lt;/span&gt; &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt;"&gt;Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;  &lt;/div&gt; </ifrs-full:DisclosureOfCashFlowStatementExplanatory>
    <ts:DisclosureOfDetailedInformationAboutCashFlowDisclosuresTextBlock contextRef="D20231231_3" id="Tag832">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 326px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; vertical-align: bottom; width: 34.466%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 20px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; width: 9.87055%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 1.21359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Changes in working capital &lt;span style="font-size: 8pt;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Inventories &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 186,903 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,329,865 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,085,024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables and prepayments and current tax assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64,000 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (155,449 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (79,912 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade receivables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 153,920 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,208,278 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (356,069 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Other liabilities &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 28,275 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 57,389 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Customer advances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (101,646 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 151,066 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 44,661 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Trade payables &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (149,024 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 353,892 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 399,988 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 182,428 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (2,131,245 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (1,071,464 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (ii) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Income tax accruals less payments &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tax accrued &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 674,956 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 617,236 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 189,448 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Taxes paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (818,347 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (359,585 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (153,846 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (143,391&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 257,651 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 35,602 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (iii) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Interest accruals less payments, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest accrued, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (106,612 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (34,080 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (14,371 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest received&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 147,473 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 68,335 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 24,567 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Interest paid &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (94,341 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (32,775 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,559 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 4.93527%;"&gt;
&lt;p style="margin: 0pt; text-align: right;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 59.0615%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 9.87055%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (53,480 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 1.21359%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;31&lt;/span&gt;&lt;/span&gt;&lt;span style="font: 10pt 'Times New Roman';"&gt;&#160; &#160; &#160; &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Related party transactions&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;As of December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; orphans: 0; text-align: justify; widows: 0;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div id="t_ft_H7GDHDW85S00000000000000000000b"&gt;
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&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3%; vertical-align: top; text-align: center; height: 10px;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="width: 97%; vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify;" valign="top"&gt;
&lt;p&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; San&#160;Faustin&#160;owned&#160;713,605,187&#160;shares in the Company, representing 60.45% of the Company&#x2019;s capital and&#160;61.10%&#160;of the&#160;voting rights. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify; width: 97%;" valign="top"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint, a Luxembourg soci&#xe9;t&#xe9; &#xe0; responsabilit&#xe9; limit&#xe9;e, who is the holder of record of the above-mentioned Tenaris shares.&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
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&lt;td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 1px 1px 10px; text-align: justify; width: 97%;" valign="top"&gt;
&lt;p&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Rocca &amp;amp; Partners&#160;Stichting&#160;Administratiekantoor&#160;Aandelen&#160;San&#160;Faustin, a private foundation located in the Netherlands (Stichting) (&#x201c;RP STAK&#x201d;) held voting shares in San&#160;Faustin&#160;sufficient in number to control San&#160;Faustin. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: top; text-align: center; height: 10px; width: 3%;" valign="top"&gt;&lt;span&gt;&lt;span&gt;&#x2022;&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; text-align: justify; width: 97%;" valign="top"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -27.6667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;No person or group of persons controls RP STAK.&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;p style="margin:0pt"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Based on the information most recently available to the Company, Tenaris&#x2019;s directors and senior management as a group &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;owned &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;0.07%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; of the Company&#x2019;s issued shares.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Transactions and balances disclosed as with &#x201c;non-consolidated parties&#x201d; are those with companies over which Tenaris exerts significant influence in accordance with IFRS, but does not have control.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Transactions and balances disclosed as with &#x201c;joint ventures&#x201d; are those with companies over which Tenaris exerts joint control in accordance with IFRS, but does not have control. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;All other transactions and balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as &#x201c;Other&#x201d;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The following transactions were carried out with related parties:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-left: none; border-right: none;"&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 60%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Transactions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (a) Sales of goods and services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of goods to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 56,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 100,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,879 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of goods to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 121,679 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 151,884 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,467 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of services to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,564 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,472 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of services to joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 135 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 131 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of services to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 109,553 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 109,123 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 49,268 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 289,083 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 362,629 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 198,908 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (b) Purchases of goods and services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of goods to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 324,556 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 555,257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 225,319 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of goods to joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 72,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 101,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 69,610 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of goods to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 61,366 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 51,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 32,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of services to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,759 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of services to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,751 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 36,767 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,806 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 548,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 758,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 350,951 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (c) Financial Results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Income from joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,867 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,867 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (d) Dividends &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Dividends received from associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 69,216 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64,189 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,926 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Dividends distributed to Techint Holdings S.&#xe0;r.l. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 385,347 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 321,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 192,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;div&gt;
 &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"&gt;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 231px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (ii) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 72%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Period-end balances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (a) Arising from sales / purchases of goods / services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,589 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,012 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 60,123 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 62,986 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,370 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Payables to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,012 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (113,738 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Payables to joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (28,361 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (28,490 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Payables to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,488 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 73,088 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (8,006 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (b) Financial debt &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Finance lease liabilities from associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,650 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Finance lease liabilities from other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (375 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (483 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (1,834 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;"&gt;&lt;span style="font-weight: bold;"&gt;&lt;br/&gt;&lt;/span&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (2,133 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;"&gt;&lt;span style="font-weight: bold;"&gt;)&lt;/span&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;

&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In addition to the tables above, the Company issued various guarantees in favor of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Techgen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;; for further details, please see note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;14&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (c and d)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and note &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;27&lt;/span&gt;&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(ii)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to these Consolidated Financial Statemen&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;t&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. No other material guarantees were issued in favor of other related parties.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt; and senior management compensation&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;During the years ended December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;202&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;20&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;2&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, the cash compensation of Directors and Senior managers amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;47.5&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;35.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;37.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 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 &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;388&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;437&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;382&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; thousand units for a total amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million, $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;3.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million respectively in connection with the Employee retention and long&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;term incentive program mentioned in note II.P.&lt;span&gt;3&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Employee benefits &#x2013; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other long&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;-&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;term benefits&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;&#x201d;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; to these Consolidated Financial Statements.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfRelatedPartyExplanatory>
    <ifrs-full:NumberOfSharesIssued
      contextRef="I20231231_SanFaustinSaMember"
      decimals="0"
      id="Tag971"
      unitRef="Shares">713605187</ifrs-full:NumberOfSharesIssued>
    <ts:PercentageOfOwnershipInterest
      contextRef="I20231231_SanFaustinSaMember"
      decimals="4"
      id="Tag972"
      unitRef="Pure">0.6045</ts:PercentageOfOwnershipInterest>
    <ts:PercentOfCompanyVotingCapital
      contextRef="I20231231_SanFaustinSaMember"
      decimals="4"
      id="Tag964"
      unitRef="Pure">0.611</ts:PercentOfCompanyVotingCapital>
    <ts:PercentageOfOwnershipInterest
      contextRef="I20231231_KeyManagementPersonnelOfEntityOrParentMember"
      decimals="4"
      id="Tag970"
      unitRef="Pure">0.0007</ts:PercentageOfOwnershipInterest>
    <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="D20231231_3" id="Tag1563">
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 384px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (i) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 60%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Transactions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (a) Sales of goods and services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of goods to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 56,152 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 100,019 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 71,879 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of goods to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 121,679 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 151,884 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,467 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of services to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,564 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,472 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 1,164 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of services to joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 135 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 131 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 130 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Sales of services to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 109,553 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 109,123 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 49,268 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 289,083 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 362,629 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 198,908 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (b) Purchases of goods and services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of goods to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 324,556 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 555,257 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 225,319 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of goods to joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 72,741 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 101,620 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 69,610 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of goods to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 61,366 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 51,040 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 32,453 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of services to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,349 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,759 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Purchases of services to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 76,751 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 36,767 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 13,806 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 548,763 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 758,443 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 350,951 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (c) Financial Results &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Income from joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 2,867 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 5,645 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 3,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 2,867 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (d) Dividends &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Dividends received from associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 69,216 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 64,189 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,926 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light';"&gt; Dividends distributed to Techint Holdings S.&#xe0;r.l. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 385,347 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 321,122 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 192,673 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt;
&lt;div&gt;
 &lt;span style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"&gt;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="height: 231px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; At December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 5%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (ii) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 72%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Period-end balances &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; width: 1%; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (a) Arising from sales / purchases of goods / services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 7,589 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 9,012 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 63,374 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 60,123 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Receivables from other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 62,986 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 78,370 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Payables to associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (21,012 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (113,738 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Payables to joint ventures &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (28,361 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (28,490 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Payables to other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (11,488 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (13,283 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 73,088 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (8,006 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; (b) Financial debt &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Finance lease liabilities from associated companies &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,459 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (1,650 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &#160; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Finance lease liabilities from other related parties &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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      unitRef="USD">3900000</ifrs-full:KeyManagementPersonnelCompensationSharebasedPayment>
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&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;32&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Princ&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;ipal a&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;ccountant&lt;/span&gt; &lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;f&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;ees&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are detailed as follows:&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 112px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9351%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 33.8474%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 64.9351%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Audit fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,386 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Audit-related fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 273 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 255 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tax fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; All other fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,232 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,029 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 10pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;In addition, PwC Network firms &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;rendered $&lt;span style="border-left: none; border-right: none;"&gt;242&lt;/span&gt; &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;thousand for tax services &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;to the recently acquired&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Mattr&#x2019;s pipe coating business unit&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfAdditionalInformationExplanatory>
    <ifrs-full:DisclosureOfAuditorsRemunerationExplanatory contextRef="D20231231_3" id="Tag1395">
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 112px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 64.9351%;" valign="bottom"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 12pt;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="7" style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 33.8474%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Year ended December 31, &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;/span&gt;&lt;br/&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: center; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="background-color: #ffffff; padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 64.9351%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Audit fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 4,386 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,966 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; width: 9.98377%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 3,804 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; width: 0.974026%; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Audit-related fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 273 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 255 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 220 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; Tax fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 148 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 9.98377%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.974026%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; All other fees &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 14 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 11 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; 5 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 64.9351%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; Total &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,821 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,232 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 9.98377%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt; 4,029 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; width: 0.974026%; border-bottom-color: #000000 !important; margin: 0px; text-indent: 0px;" valign="bottom"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfAuditorsRemunerationExplanatory>
    <ifrs-full:AuditorsRemunerationForAuditServices
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    <ifrs-full:AuditorsRemunerationForAuditServices
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    <ts:AuditorsRemunerationForAuditrelatedFees
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    <ifrs-full:AuditorsRemunerationForTaxServices
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    <ifrs-full:AuditorsRemunerationForOtherServices
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      decimals="-3"
      id="Tag1090"
      unitRef="USD">11000</ifrs-full:AuditorsRemunerationForOtherServices>
    <ifrs-full:AuditorsRemunerationForOtherServices
      contextRef="D20211231"
      decimals="-3"
      id="Tag1023"
      unitRef="USD">5000</ifrs-full:AuditorsRemunerationForOtherServices>
    <ifrs-full:AuditorsRemuneration
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1102"
      unitRef="USD">4821000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="D20221231_3"
      decimals="-3"
      id="Tag1089"
      unitRef="USD">4232000</ifrs-full:AuditorsRemuneration>
    <ifrs-full:AuditorsRemuneration
      contextRef="D20211231"
      decimals="-3"
      id="Tag1010"
      unitRef="USD">4029000</ifrs-full:AuditorsRemuneration>
    <ts:AuditorsRemunerationForAcquisitionServices
      contextRef="D20231231_3"
      decimals="-3"
      id="Tag1008"
      unitRef="USD">242000</ts:AuditorsRemunerationForAcquisitionServices>
    <ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory contextRef="D20231231_3" id="Tag1394">
&lt;p style="line-height: 1.2; margin: 0pt 0pt 8pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="text-indent: -21.3pt; font-size: 10pt; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;33&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="text-indent: -21.3pt; font-size: 10pt; color: #003366; font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Principal subsidiaries&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The following is a list of Tenaris&#x2019;s principal subsidiaries and its direct and indirect percentage of ownership of each controlled company at December 31, 202&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;3&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;

&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 305px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 37.5731%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 12.7193%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Country of Incorporation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 27.0468%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Main activity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; height: 10px; width: 22.3684%; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: rgb(0, 0, 0) !important;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Percentage of ownership at December 31, &lt;span style="line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; ALGOMA TUBES INC. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Canada &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; BREDERO SHAW INTERNATIONAL B.V. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company and supplier of pipe coating services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;NA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;NA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; CONFAB INDUSTRIAL S.A. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Brazil &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; DALMINE S.p.A. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Italy &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; EXIROS B.V. and subsidiaries (a) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Procurement and trading services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 50% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 50&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 50&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; HYDRIL COMPANY and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacture and marketing of premium connections &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; MAVERICK TUBE CORPORATION and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; P.T. SEAMLESS PIPE INDONESIA JAYA &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Indonesia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 89% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 89&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 89&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; S.C. SILCOTUB S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Romania &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; SAUDI STEEL PIPE CO. and subsidiaries (b) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Saudi Arabia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; SIAT SOCIEDAD ANONIMA &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Argentina &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Argentina &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TALTA - TRADING AND MARKETING SOCIEDADE UNIPESSOAL LDA. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Portugal &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS BAY CITY, INC. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS CONNECTIONS BV &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Development, management and licensing of intellectual property &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS FINANCIAL SERVICES S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Uruguay &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Financial company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES (CANADA) INC. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Canada &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Marketing of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Marketing of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES (UK) LTD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; United Kingdom &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company and marketing of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES S.A. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Uruguay &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company, marketing and distribution of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS INVESTMENTS (NL) B.V. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES and INVESTMENTS S.&#xe0;r.l. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Luxembourg&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS QINGDAO STEEL PIPES LTD. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; China &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Processing of premium joints, couplings and automotive components &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS TUBOCARIBE LTDA. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Colombia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TUBOS DE ACERO DE MEXICO, SA and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Mexico &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-top: 0.5pt solid #000000; margin: 0pt; line-height: 1.2;"&gt;
&lt;p style="line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; All percentages rounded.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Tenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of Amaja Tubular Services Limited, 60% of Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Baogang&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Baotou Steel Pipes Ltd. Until &lt;span&gt;2022&lt;/span&gt; held 98.4%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;of Tenaris Supply Chain S.A. and, until &lt;span&gt;2021&lt;/span&gt; held 49% of Tubular Services Angola &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Lda&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&#160;after which years it started holding 100% of each of both companies.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;(a) &lt;span&gt;Tenaris holds 50% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Saudi Steel Pipe Co.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; is a public company listed in the Saudi Arabian &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Stock Exchange&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Tad&lt;/span&gt;&lt;span style="font-family: Calibri; line-height: inherit;"&gt;&#x101;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;wul&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, therefore Tenaris has control over SSPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Since May, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Saudi Steel Pipe Co. holds 57.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;% of Global Pipe Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, therefore Tenaris has control over GPC.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(c) &lt;span&gt;Until its liquidation in April 2023&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Siderca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; held 51% of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;NKKTubes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt;  </ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory>
    <ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory contextRef="D20231231_3" id="Tag1389">
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 305px; width: 100%;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 37.5731%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 12.7193%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center; line-height: 1.2;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Country of Incorporation &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td rowspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; height: 20px; width: 27.0468%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; Main activity &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td colspan="3" style="padding: 0px; height: 10px; width: 22.3684%; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-bottom-color: rgb(0, 0, 0) !important;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-weight: bold; line-height: inherit;"&gt;Percentage of ownership at December 31, &lt;span style="line-height: inherit;"&gt;&lt;sup&gt;(*)&lt;/sup&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2023&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2022&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; font-weight: bold; line-height: inherit;"&gt; &lt;span&gt;2021&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; ALGOMA TUBES INC. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Canada &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; BREDERO SHAW INTERNATIONAL B.V. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company and supplier of pipe coating services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;NA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt;NA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; CONFAB INDUSTRIAL S.A. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Brazil &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; DALMINE S.p.A. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Italy &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; EXIROS B.V. and subsidiaries (a) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Procurement and trading services &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 50% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 50&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 50&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; HYDRIL COMPANY and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacture and marketing of premium connections &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; MAVERICK TUBE CORPORATION and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; P.T. SEAMLESS PIPE INDONESIA JAYA &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Indonesia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 89% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 89&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 89&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; S.C. SILCOTUB S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Romania &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; SAUDI STEEL PIPE CO. and subsidiaries (b) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Saudi Arabia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48% &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 48&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; SIAT SOCIEDAD ANONIMA &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Argentina &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y COMERCIAL and subsidiaries (c) &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Argentina &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TALTA - TRADING AND MARKETING SOCIEDADE UNIPESSOAL LDA. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Portugal &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS BAY CITY, INC. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS CONNECTIONS BV &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Development, management and licensing of intellectual property &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS FINANCIAL SERVICES S.A. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Uruguay &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Financial company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES (CANADA) INC. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Canada &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Marketing of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES (U.S.A.) CORPORATION &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; USA&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Marketing of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES (UK) LTD &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; United Kingdom &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company and marketing of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES S.A. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Uruguay &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company, marketing and distribution of steel products &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS INVESTMENTS (NL) B.V. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Netherlands &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS GLOBAL SERVICES and INVESTMENTS S.&#xe0;r.l. and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Luxembourg&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Holding company &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS QINGDAO STEEL PIPES LTD. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; China &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Processing of premium joints, couplings and automotive components &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TENARIS TUBOCARIBE LTDA. &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Colombia &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of welded and seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 37.5731%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; TUBOS DE ACERO DE MEXICO, SA and subsidiaries &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 12.7193%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Mexico &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 27.0468%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; Manufacturing of seamless steel pipes &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; background-color: #cceeff; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; height: 10px; width: 7.45614%; vertical-align: middle;" valign="middle"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; line-height: inherit;"&gt; 100&lt;span style="vertical-align: inherit;"&gt;&lt;span style="vertical-align: inherit;"&gt;% &lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; &lt;/div&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-top: 0.5pt solid #000000; margin: 0pt; line-height: 1.2;"&gt;
&lt;p style="line-height: 10pt; margin: 0pt; padding-top: 1pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; vertical-align: super; line-height: inherit;"&gt;(*)&lt;/span&gt;&lt;span&gt;&lt;span style="border-right: none; border-left: none;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; All percentages rounded.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Tenaris holds 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Tubulars Finishing Nigeria Limited, 49% of Amaja Tubular Services Limited, 60% of Tenaris &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Baogang&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; Baotou Steel Pipes Ltd. Until &lt;span&gt;2022&lt;/span&gt; held 98.4%&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&#160;of Tenaris Supply Chain S.A. and, until &lt;span&gt;2021&lt;/span&gt; held 49% of Tubular Services Angola &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Lda&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&#160;after which years it started holding 100% of each of both companies.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 10pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;(a) &lt;span&gt;Tenaris holds 50% of the voting rights. The Company recognizes the assets, liabilities, revenue and expenses in relation to its interest in the joint operation.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;b&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;) &lt;/span&gt;&lt;span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Saudi Steel Pipe Co.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; is a public company listed in the Saudi Arabian &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Stock Exchange&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; (&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Tad&lt;/span&gt;&lt;span style="font-family: Calibri; line-height: inherit;"&gt;&#x101;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;wul&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;), Tenaris holds 47.79% and has the right to nominate the majority of the votes of the board of directors&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, therefore Tenaris has control over SSPC&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Since May, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Saudi Steel Pipe Co. holds 57.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;% of Global Pipe Company&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, therefore Tenaris has control over GPC.&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-size: 9pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;(c) &lt;span&gt;Until its liquidation in April 2023&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;,&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Siderca&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; held 51% of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;NKKTubes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/div&gt; &lt;/div&gt; </ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory>
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&lt;p style="line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt; text-align: justify; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;&lt;span&gt;34&lt;/span&gt;&lt;/span&gt;&lt;span style="font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: inherit; font-family: 'Times New Roman';"&gt;&#160; &#160; &#160; &lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;Business combinations&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The application of the purchase method requires certain estimates and assumptions, mainly concerning the determination of the fair values of the acquired intangible assets, property, plant and equipment as well as the liabilities assumed at the date of the acquisition, including the timing and amounts of cash flow projections, the revenue growth rates, the customer attrition rates and the discount rate. The fair values determined at the acquisition date are based on discounted cash flows and other valuation techniques.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The preliminary purchase price allocations were carried out with the assistance of third-party experts. Following IFRS &lt;span style="border-left: none; border-right: none;"&gt;3&lt;/span&gt;, the Company will continue reviewing the allocations and make any necessary adjustments during the &lt;span style="border-left: none; border-right: none;"&gt;twelve&lt;/span&gt; months following each of the acquisition dates.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Whenever applicable, Tenaris recognizes the non-controlling interest at the proportionate share of the acquiree&#x2019;s net identifiable assets.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Global Pipe Company acquisition&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Acquisition and price determination&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On May 17, 2023, SSPC &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;acquired&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 22.3% of the shares of GPC from &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Erndtebruecker&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Eisenwerk&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;EEW&#x201d;), a German company that owned &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;35% interest in GPC, for a purchase price of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;6.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; paid in cash. SSPC already owned 35% interest in GPC, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;and, as a result&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; of this transaction, SSPC &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;currently &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;holds &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;a &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;57.3% interest &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; GPC.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company consolidate&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; GPC&#x2019;s balances and results of operations as from May 17, 2023. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The acquired business, which,&#160; contributed revenues of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;144.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;with a minor contribution to Tenaris&#x2019;s results for the period starting May 17, 2023 and ending&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; December 31, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, were&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; assigned to Tubes segment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Had the transaction been consummated on January 1, 2023, then Tenaris&#x2019;s unaudited &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;pro forma net sales and net income would not have changed materially.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Fair value of net assets acquired&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 83px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (May, 17, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 89%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;173 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;34 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Cash and Cash Equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;(123 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other assets and liabilities, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;(6 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;
&lt;p style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; text-align: right; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;80 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris accounted for this transaction as a step-acquisition whereby Tenaris&#x2019;s ownership interest in GPC held before the acquisition, which amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;23.5&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million, was remeasured to fair value at that date. As a result, Tenaris recorded a gain of approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;4.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million resulting from the difference between the carrying value of its initial investments in GPC and the fair value, which was included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Equity in earnings of non-consolidated companies&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in the Consolidated Income Statement.&#160;The non-controlling interests in GPC amounted to $34.1 million.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of the net assets and liabilities acquired shown above amounted to approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;80&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. As a result of the acquisition, Tenaris recognized an additional gain for approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;11.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million also included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Equity in&#160; earnings of non-consolidated companies&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&gt;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Acquisition-related costs for the year ended &lt;span style="border-left: none; border-right: none;"&gt;2022&lt;/span&gt; were not material and for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year ended December 31, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; amounted to $0.3 million and were included in general and administrative expenses. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;SSPC and the other owners of GPC have issued corporate guarantees to secure the repayment of loan agreements entered into by GPC with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank and Banque Saudi Fransi to finance GPC&#x2019;s capital expenditures and working capital.&#160; &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;As a result of this acquisition, SSPC assumed a portion of EEW&#x2019;s corporate guarantees. As of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;December 31, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; SSPC&#x2019;s aggregate exposure to GPC&#x2019;s financial debt amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;72&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. &lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Acquisition of Anticorrosion Coating Assets in Italy&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Acquisition and price determination&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On July 1, 2023, an Italian subsidiary of the Company completed its previously announced acquisition of all of the assets and related rights, duties, liabilities and contracts of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Mediterranean &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;S.r.l.&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;) &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;anticorrosion coating division&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; for EUR&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;9.0&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million (approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;9.8&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million) paid in cash&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; was established in &lt;span style="border-left: none; border-right: none;"&gt;2009&lt;/span&gt; in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Villamarzana&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in Italy. It operates in an area of about 65,000 square meters (covered and uncovered) with pipe pre-insulation (district heating) and anticorrosive coating (oil &amp;amp; gas) production lines.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company consolidated &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Isoplus&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; anticorrosion coating division balances and results of operations as from July 1, 2023. The acquired business revenues, assigned to Tubes segment, were not material, with a minor contribution to the Company&#x2019;s results for the period starting July 1, 2023 and ending &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;December&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; 3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Had the transaction been consummated on January 1, 2023, then Tenaris&#x2019;s unaudited pro forma net sales and net income would not have changed materially.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Fair value of net assets acquired&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 54px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (July, 1, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 87%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 12%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;11&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;13 &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 12pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of the net assets and liabilities acquired shown above amounted to approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;13&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. As a result of the acquisition, Tenaris recognized an additional gain for approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;3.2&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million also included in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Other Income and Expenses&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;in the Consolidated Income Statement.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Acquisition-related costs for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;year ended December 31, 2023,&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; were not material&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; and were included in general and administrative expenses.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Acquisition of Republic Tube pipe processing facility&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Acquisition and price determination&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On September 6, 2023, a U.S. subsidiary of the Company acquired all of the assets and related rights, duties, liabilities and contracts of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Republic Tube LLC&#x2019;s OCTG pipe processing facility&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; in Houston, Texas.&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; T&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;he &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;final acquisition&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; price amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;90.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million in cash.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; text-align: justify;"&gt;&#160;&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The plant, located on the northeast side of Houston, adds heat treatment and finishing lines, further complementing Tenaris&#x2019;s existing operations, and increasing its capacity to serve the domestic market.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company consolidated the balances and results of operations of the acquired business as from September 6, 2023.&#160;&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;The acquired business revenues, assigned to Tubes segment, were not material, with a minor contribution to the Company&#x2019;s results for the period starting &lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;September&lt;/span&gt; &lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;6&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;, and ending &lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;December&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt; 3&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;1&lt;/span&gt;&lt;/span&gt;&lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;.&lt;/span&gt; &lt;span style="font-size: 10pt; font-family: 'Frutiger 45 Light'; line-height: inherit;"&gt;Had the transaction been consummated on January 1, 2023, then Tenaris&#x2019;s unaudited pro forma net sales and net income would not have changed materially.&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Fair value of net assets acquired&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="height: 55px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (September, 6, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 89%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;85 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; width: 1%; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160; (1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other assets and liabilities, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160;&#160;2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;85&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of the net assets and liabilities acquired shown above amounted to approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;85.5&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. As a result of the acquisition, Tenaris recognized goodwill for approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;5.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. The goodwill is deductible for tax purposes.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The goodwill generated by the acquisition is mainly attributable to the synergy created following the integration between the businesses, which is expected to enhance Tenaris&#x2019;s position as well as its local manufacturing presence in the U.S. market, and also expand its services capabilities.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Acquisition-related costs for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year ended December 31, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amounted to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;0.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and were included in general and administrative expenses.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Acquisition of &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"&gt;Pipe Coating Business Unit of Mattr&lt;/span&gt;&lt;/p&gt;
&lt;ul&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Acquisition and price determination&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;On November 30, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris completed the acquisition of Mattr&#x2019;s pipe coating business unit for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;$&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;182.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; paid in cash&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Under the purchase contract, the acquisition price was paid based on an estimated closing statement; the final price is subject to a true-up adjustment based on actual amounts of cash, indebtedness, working capital and certain other items as of the closing date&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, which are currently being assessed by management and will be subsequently reviewed by the seller.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The business acquired includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE and the U.S., and several mobile concrete plants. The business also includes world-class R&amp;amp;D facilities in Toronto and Norway and a wide IP/product portfolio.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company consolidated the balances and results of operations of the acquired business as from &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;November&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;30&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;.&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The acquired business contributed revenues of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;77.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;mainly related to spot projects, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;with a minor contribution to Tenaris&#x2019;s results for the period starting November 30, 2023 and ending December 31, 2023&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;, were&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; assigned to &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Others&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; segment&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Had the transaction been consummated on January 1, 2023, then Tenaris&#x2019;s unaudited pro forma net sales and net income would not have changed materially.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;ul style="margin: 0px;"&gt;
&lt;li style="font-family: Wingdings; font-size: 10pt; line-height: 12pt; margin: 0pt 0pt 0pt -3.42pt; padding-left: 8.42pt; text-align: justify; text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; line-height: inherit;"&gt;Fair value of net assets acquired&lt;/span&gt;&lt;/li&gt; &lt;/ul&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The allocation of the fair values determined for the assets and liabilities arising from the acquisition is as follows:&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 80px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10.0082%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 88.6792%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0082%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160; &#160; &#160;126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160; &#160; &#160;29 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;(13 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Cash and Cash Equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160;&#160;21 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; (7 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other assets and liabilities, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160;&#160;13 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;169 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt;
&lt;p style="line-height: 1.2; margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 11pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The fair value of the net assets and liabilities acquired shown above amounted to approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;169.0&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;million. As a result of the acquisition, Tenaris recognized goodwill for approximately $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;13.6&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million. The goodwill is not deductible for tax purposes.&#160;The allocations of the purchase price will be finalized once all the information is obtained, but not to exceed one year from the acquisition date.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Acquisition-related costs for &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;the year ended December 31, 2023, &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;amounted &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;1.1&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; million and were included in general and administrative expenses.&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfBusinessCombinationsExplanatory>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired
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    <ifrs-full:ProportionOfOwnershipInterestInAssociate
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      id="Tag3182"
      unitRef="Pure">0.35</ifrs-full:ProportionOfOwnershipInterestInAssociate>
    <ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred
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      decimals="2"
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      unitRef="Pure">0.35</ifrs-full:ProportionOfOwnershipInterestInAssociate>
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      unitRef="Pure">0.573</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:RevenueOfAcquiree
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 83px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (May, 17, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 89%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;173 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;34 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Cash and Cash Equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Borrowings &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"&gt;
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&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; height: 54px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (July, 1, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 87%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 12%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;11&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;2&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="font-size: 10pt; line-height: inherit;"&gt;13 &lt;/span&gt;&lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory>
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&lt;table cellpadding="0" cellspacing="0" style="height: 55px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 9pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (September, 6, &lt;span style="border-left: none; border-right: none;"&gt;2023&lt;/span&gt;): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 89%; background-color: #cceeff;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 15px; width: 10%; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;85 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160; (1 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
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&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other assets and liabilities, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160;&#160;2 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
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&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;85&lt;/span&gt; &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory>
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&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 80px; text-indent: 0px;" width="100%"&gt;
&lt;tbody&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Fair value of acquired assets and liabilities as of acquisition date (November 30, 2023): &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10.0082%;"&gt;
&lt;p style="margin: 0pt; text-align: center;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; $ million &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 88.6792%; height: 10px;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Property, Plant and Equipment &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 10.0082%; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160; &#160; &#160;126 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.23052%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Intangible assets &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160; &#160; &#160; &#160;29 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Working capital &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;(13 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Cash and Cash Equivalents &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160;&#160;21 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Provisions &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; (7 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; Other assets and liabilities, net &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%;"&gt;
&lt;p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160; &#160;&#160;13 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 88.6792%;"&gt;
&lt;p style="margin: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt; Net assets acquired &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 10.0082%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;
&lt;p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold; line-height: inherit;"&gt;169 &lt;/span&gt;&lt;/p&gt; &lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.23052%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;"&gt;&lt;br/&gt;&lt;/td&gt; &lt;/tr&gt; &lt;/tbody&gt; &lt;/table&gt; </ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory>
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      contextRef="I20231130_MattrsPipeCoatingBusinessUnitMember"
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      decimals="-6"
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    <ts:IdentifiableAssetsAcquiredLiabilitiesAssumedOther
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      decimals="-6"
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    <ts:AcquisitionRelatedCosts
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      decimals="-5"
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&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 21.3pt; text-indent: -21.3pt;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;&lt;span style="border-left: none; border-right: none;"&gt;35&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Nationalization of Venezuelan subsidiaries&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Following the nationalization by the Venezuelan government of the Company&#x2019;s interests in its majority-owned subsidiaries TAVSA - &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tubos&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; de Acero de Venezuela S.A. (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tavsa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;) and Matesi &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Materiales&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Sider&#xfa;rgicos&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; S.A (&#x201c;Matesi&#x201d;) and in &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Complejo&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Sider&#xfa;rgico&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; de &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Guayana&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, C.A (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Comsigua&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;), the Company and its wholly-owned subsidiary &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; - Trading e Marketing Sociedad &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Unipessoal&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Lda&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&#x201d;) initiated arbitration proceedings against Venezuela before the ICSID in Washington D.C. in connection with these nationalizations and obtained favorable awards, which are final and not subject to further appeals.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Matesi&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of Matesi. The award upheld Tenaris&#x2019;s and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; claim and granted compensation in the amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;87.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million for the breaches and ordered Venezuela to pay an additional amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;85.5&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million in pre-award interest, aggregating to a total award of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;173.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million (including $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;0.2&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million of legal fees), payable in full and net of any applicable Venezuelan tax, duty or charge.&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On June 8, 2018, Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; filed an action in federal court in the District of Columbia to recognize and enforce the award in the United States. On July 17, 2020, the court entered judgment recognizing the Matesi award. The judgment orders Venezuela to pay to Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; an amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;256.4&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, including principal and post-award interest through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal statutory rate.&lt;/span&gt;&lt;/p&gt;
&lt;div&gt;
 &lt;/div&gt;
&lt;div&gt;&#160; &#160;&#160;&lt;/div&gt;
&lt;div&gt;&lt;span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;Tavsa&lt;/span&gt;&lt;span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt; and &lt;/span&gt;&lt;span style="text-align: justify; text-indent: 0pt; font-size: 10pt; font-family: 'Frutiger 45 Light'; font-style: italic; font-weight: bold;"&gt;Comsigua&lt;/span&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On December 12, 2016, the tribunal issued its award upholding Tenaris&#x2019;s and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; claim and granted compensation in the amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;137.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million and ordered Venezuela to pay an additional amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;76.0&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million in pre-award interest and to reimburse Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;3.3&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay interest from April 30, 2008, until the day of effective payment at a rate equivalent to LIBOR + 4% per annum. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt; &lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On June 8, 2018, Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; filed an action in federal court in the District of Columbia to recognize and enforce the award in the United States. On March 29, 2021, the court granted Tenaris&#x2019;s and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&#x2019;s&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; request to recognize the &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tavsa&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; award and on August 24, 2021, the court entered judgment in favor of Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; and against Venezuela in the amount of $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;276.9&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, with post-judgment interest accruing from the date of judgment at the federal statutory post-judgment interest rate. On November 5, 2021, the court, in response to a motion by Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, amended the judgment amount to $&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;280.7&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; million, with post-judgment interest continuing to accrue from August 24, 2021, at the federal statutory post-judgment interest rate. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; font-style: italic; font-weight: bold;"&gt;Transfer of the Awards and Judgements&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160; &#160; &#160;&#160;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On January 25, 2023, Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; entered into an awards purchase agreement with an unaffiliated purchaser pursuant to which Tenaris and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Talta&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; agreed to sell all of their rights, title and interests in the above-referenced claims, awards and judgements, including all post-award or post-judgement interest accruing on the awards and judgements, for a purchase price of $81 million, plus a non-refundable signing payment of $1 million as reimbursement of expenses. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&#160; &#160;&lt;/p&gt;
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&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px; font-family: &amp;quot;Frutiger 45 Light&amp;quot;; color: rgb(0, 51, 102); font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;span style="font-size: 10pt; color: #003366;"&gt;&lt;b style="color: #003363;"&gt;36&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;"&gt;Termination of NKKTubes joint venture&lt;/span&gt;&lt;/p&gt;
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&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;NKKTubes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;, a company owned 51% by Tenaris and 49% by JFE Holdings Inc. (&#x201c;JFE&#x201d;), used to operate a seamless pipe manufacturing facility in Japan, located in the Keihin steel complex owned by JFE. On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE&#x2019;s fiscal year ending March 2024 the operations of its steel manufacturing facilities located at the Keihin complex&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n November 2, 2021, Tenaris and JFE agreed to terminate amicably their joint venture and liquidate &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;NKKTubes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;. O&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;n November 2, 2022, Tenaris and JFE entered into a definitive wrap-up agreement. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;NKKTubes&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; was liquidated on April 28, 2023.&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfTerminationOfJointVentureTextBlock>
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&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;On November 1, 2023, the Company&#x2019;s board of directors approved a share buyback program of up to $1.2 billion (which, at the closing price of November 1, 2023 on the Milan Stock Exchange, would represent approximately 75.4 million shares, or 6.4% of the outstanding shares), to be executed within a year, with the intention to cancel the ordinary shares acquired through the program.&lt;/span&gt;&lt;/p&gt;
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&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The buyback program &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;is&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; be&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;ing&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt; carried out under the authority granted by the annual general meeting of shareholders held on June 2, 2020, which may be renewed or extended, up to a maximum of 10% of the Company&#x2019;s shares.&lt;/span&gt; &lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;The buybacks may be ceased, paused and continued at any time, subject to compliance with applicable laws and regulations.&lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;p style="line-height: 12pt; margin: 0pt 0pt 0pt 38.75pt; text-align: justify; text-indent: -38.75pt; font-family: 'Frutiger 45 Light'; color: #003366; font-size: 10pt; font-weight: bold;"&gt;&lt;span&gt;&lt;span style="border-left: none; border-right: none;"&gt;&lt;span&gt;&lt;span style="font-size: 10pt;"&gt;&lt;b style="color: #003366;"&gt;38&lt;/b&gt;&lt;/span&gt;&lt;/span&gt;&lt;span&gt;&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; color: #003366; font-weight: bold;"&gt;Climate change&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;Tenaris carefully assesses the potential impact of climate change and energy transition on its business and on the risks to its markets and its tangible and intangible assets, and adapts its business strategy accordingly. &lt;/span&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times;font-size: 10pt;line-height: 1.2;margin: 7pt 0pt 0pt;text-align: justify;text-indent: 0pt;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In February 2021 Tenaris set a medium-term target to reduce its carbon emissions intensity rate by 30% by 2030, compared to a 2018 baseline, considering Scopes &lt;span&gt;1&lt;/span&gt; and &lt;span&gt;2&lt;/span&gt; emissions plus Scope &lt;span&gt;3&lt;/span&gt; emissions related to raw materials and steel purchased from third parties. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Tenaris encourages the use of sustainable practices among its suppliers and, in March 2023, it adopted a Sustainable Sourcing Policy to enhance its efforts in this area. The new Sustainability Sourcing Policy will help Tenaris to understand better the real emission levels of its suppliers and identify further opportunities for improvement. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The Company aims to achieve this target by using a higher proportion of recycled steel scrap in the metallic mix and by making investments to increase energy efficiency and the use of renewable energy in its energy requirements.&#160;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In particular, a large proportion of these investments are being directed to installing renewable energy capacity for use in the Company&#x2019;s operations. In October 2023, following an investment of approximately $200 million, Tenaris put into operation a wind farm in Argentina, which supplies &lt;span style="border-left: none; border-right: none; line-height: inherit;"&gt;103.2&lt;/span&gt; MW of power, or close to 50% of its total electric power requirements, through the interconnected grid, to its industrial facilities in Campana. The wind farm will reduce Tenaris&#x2019;s CO&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sub&gt;&lt;span&gt;2&lt;/span&gt;&lt;/sub&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;emissions at the facility by 152,000 tons per year compared to &lt;span&gt;2018&lt;/span&gt;. In November 2023 the Company&#x2019;s Board of Directors approved an investment plan to build a second wind farm in Argentina at a cost of approximately $214 million, which would supply a further 30% of the current energy requirements of its facilities in Campana, and reduce Tenaris&#x2019;s CO&lt;span style="font-size: 8pt; line-height: inherit;"&gt;&lt;sub&gt;2&lt;/sub&gt;&lt;/span&gt;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#160;emissions by a further 102,500 tons per year. &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Th&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;e&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; medium-term target forms part of a broader objective of decarbonizing our operations and reaching carbon neutrality. At the same time, the Company is increasing its sales for low-carbon energy applications, such as hydrogen, geothermal and carbon capture and storage. These sales currently account for a relatively small proportion of overall sales but are expected to grow in the coming years.&lt;/span&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;In its assessment, Tenaris also considers that the countries in which it operates and its customers are also establishing their own decarbonization strategies and objectives, and that some customers are requesting specific information from their suppliers, including Tenaris, concerning the carbon emissions and &lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;Environmental, Social and Governance (&#x201c;&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;ESG&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;&#x201d;)&lt;/span&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt; practices in their supply chain, and that they may adjust their supply practices in light of that information. &lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt; line-height: inherit;"&gt;The recoverable value assessments performed by the Company for purposes of the preparation of these financial statements reflects management&#x2019;s views on energy transition and climate change and their potential medium- and long-term impact on Tenaris&#x2019;s operations and its sales. In addition, the Company carefully monitors the medium- and long-term outlook scenarios published by leading industry experts on how the energy transition could affect global demand for energy and oil and gas and how this could affect the global demand for tubular products and its sales. Furthermore, estimates and assumptions used in the Company&#x2019;s impairment tests over long-lived assets and goodwill, useful lives of assets, capital and research and development expenditures, inventory valuation, recovery of deferred tax assets and provisions, and contingent liabilities are based on available information and current government regulations on energy transition and climate-related matters, as well as on Tenaris&#x2019;s current short-term investment plans. As of the date of these financial statements, the Company does not believe that climate-related matters should trigger any material adjustments to the conclusions of its impairment tests or the valuation of the above mentioned areas.&lt;/span&gt;&lt;/p&gt; </ts:DisclosureOfClimateChangeTextBlock>
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&lt;p style="line-height: 12pt; margin: 0px; text-align: justify; text-indent: 0px;"&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;39&#160; &#160; &#160;&#160;&lt;/span&gt;&lt;span style="color: #003366; font-family: 'Frutiger 45 Light'; font-size: 10pt; font-weight: bold;"&gt;Events after the reporting period&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Annual Dividend Proposal and Second Tranche of Share Buyback Program &lt;/span&gt;&lt;sup&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: -0.133333px; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;3&lt;/span&gt;&lt;/sup&gt;&lt;/span&gt;&lt;/p&gt;
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&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Upon approval of the Company&#xb4;s annual accounts in March 2024, the Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on April 30, 2024, the payment of an annual dividend of $0.60 per share ($1.20 per ADS), or approximately $700 million, which includes the interim dividend of $0.20 per outstanding share ($0.40 per ADS) or approximately $235 million, paid on November 22, 2023. If the annual dividend is approved by the shareholders, a dividend of $0.40 per share ($0.80 per ADS), or approximately $465 million will be paid on May 22, 2024, with an ex-dividend date of May 20, 2024. These Consolidated Financial Statements do not reflect this dividend payable.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;
&lt;p style="line-height: 1;margin: 0px;text-align: justify;text-indent: 0px;font-size: 7pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="line-height: 12pt; margin: 0pt; text-align: justify;"&gt;&lt;span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"&gt;&lt;span style="color: #000000; font-family: 'Frutiger 45 Light'; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;The second $300 million tranche of the Company&#x2019;s previously announced $1.2 billion share buyback began on Monday, February 26, 2024, and is expected to end no later than May 24, 2024.&lt;/span&gt;&lt;/span&gt;&lt;/p&gt; </ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
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        <link:footnote id="footnote19" xlink:label="footnote19" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of <xhtml:span style="border-left: none; border-right: none;">2.5</xhtml:span> billion shares having a nominal value of </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">$</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">1.00</xhtml:span> per share. As of </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">1</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">20</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">2</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">2</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">there were <xhtml:span style="border-left: none; border-right: none;">1,180,536,830</xhtml:span> shares issued. All issued shares are fully paid.</xhtml:span></xhtml:span></link:footnote>
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        <link:footnote id="footnote28" xlink:label="footnote28" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US">Includes liability related to share buyback program. See note <xhtml:span>37</xhtml:span> to these Consolidated Financial Statements.</link:footnote>
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        <link:footnote id="footnote26" xlink:label="footnote26" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Includes balances related to interest in Venezuelan companies</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. S</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ee n</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">ote</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span>35</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Financial Statements.</xhtml:span></xhtml:span></link:footnote>
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        <link:footnote id="footnote27" xlink:label="footnote27" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><xhtml:span style="font-family: 'Frutiger 45 Light'; font-size: 10pt;"><xhtml:span style="font-size: 8pt;">For <xhtml:span>2023</xhtml:span>, r</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-right: none; border-left: none; line-height: 1.2; margin: 0pt;"><xhtml:span style="font-family: 'Frutiger 45 Light'; font-size: 8pt; text-decoration: none; font-weight: normal; color: black;">elated to the sale of Venezuela awards. For more information see notes <xhtml:span>6</xhtml:span> and <xhtml:span>35</xhtml:span></xhtml:span>.</xhtml:span></xhtml:span></link:footnote>
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        <link:footnote id="footnote54" xlink:label="footnote54" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: 'Frutiger 45 Light';">Related to </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">Mattr&#x2019;s pipe coating business unit acquisitio</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">n</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">. For more information see</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> note </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span style="border-left: none; border-right: none;">34</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">.</xhtml:span></link:footnote>
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        <link:footnote id="footnote14" xlink:label="footnote14" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">restrictions </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">on</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> the distribution of profits and payment of dividends </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">according to Luxembourg Law are </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">disclosed in n</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ote </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">27</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">(iii)</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> to these Consolidated Financial Statements</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</xhtml:span></xhtml:span></link:footnote>
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        <link:footnote id="footnote18" xlink:label="footnote18" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Other reserves include mainly the result of transactions with non-controlling interest</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">s</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> that do not result in a loss of control, the remeasurement of post-em</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">ployment benefit obligations</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, the changes in value of cash flow hedges</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> and t</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">he changes in </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">financial instruments measured at fair value through other comprehensive income.</xhtml:span></xhtml:span></xhtml:span></link:footnote>
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        <link:footnote id="footnote22" xlink:label="footnote22" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of <xhtml:span style="border-left: none; border-right: none;">2.5</xhtml:span> billion shares having a nominal value of </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">$</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">1.00</xhtml:span> per share. As of </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">December</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> 3</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">1</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">, </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">20</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">21</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">there were <xhtml:span style="border-left: none; border-right: none;">1,180,536,830</xhtml:span> shares issued. All issued shares are fully paid.</xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag684"
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          xlink:href="#Tag695"
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        <link:footnote id="footnote39" xlink:label="footnote39" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;">Including treasury shares.</xhtml:span></link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1373"
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        <link:loc
          xlink:href="#Tag1393"
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1393"
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        <link:loc
          xlink:href="#Tag1403"
          xlink:label="Tag1403"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1403"
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          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1409"
          xlink:label="Tag1409"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1409"
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          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1436"
          xlink:label="Tag1436"
          xlink:type="locator"/>
        <link:footnoteArc
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          xlink:from="Tag1436"
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        <link:loc
          xlink:href="#Tag1471"
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        <link:footnote id="footnote51" xlink:label="footnote51" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="border-left: none; border-right: none;"><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light';">For <xhtml:span>202</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span>3</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> i</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">nclude</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">s</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">repayments of </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">$</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">51.5</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">in capital </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">and </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">$</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">3.4</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> of interest</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">.</xhtml:span></xhtml:span></xhtml:span><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light';">F</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">or <xhtml:span>202</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"><xhtml:span>2</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> includes repayments of $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">52.4</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million in capital and $</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">3.5</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';"> million of interest</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light';">.</xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag1506"
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          xlink:href="#Tag1531"
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          xlink:from="Tag1531"
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        <link:loc
          xlink:href="#Tag1534"
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        <link:loc
          xlink:href="#Tag1535"
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        <link:loc
          xlink:href="#Tag1569"
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
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        <link:loc
          xlink:href="#Tag1577"
          xlink:label="Tag1577"
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        <link:footnote id="footnote9" xlink:label="footnote9" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Related </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">to the GPC, </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">Isoplus</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"> anticorrosion coating division, Republic Tube LLC&#x2019;s OCTG pipe processing facility and Mattr&#x2019;s pipe coating business unit acquisitions</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">. For more information see note </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-weight: normal;"><xhtml:span>34</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; font-weight: normal;">.</xhtml:span></xhtml:span></link:footnote>
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1577"
          xlink:to="footnote9"
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        <link:loc
          xlink:href="#Tag1598"
          xlink:label="Tag1598"
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          xlink:from="Tag1598"
          xlink:to="footnote9"
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        <link:loc
          xlink:href="#Tag1609"
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          xlink:href="#Tag1611"
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          xlink:from="Tag1611"
          xlink:to="footnote32"
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        <link:loc
          xlink:href="#Tag1623"
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        <link:footnoteArc
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          xlink:from="Tag1623"
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        <link:loc
          xlink:href="#Tag1624"
          xlink:label="Tag1624"
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        <link:footnoteArc
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        <link:loc
          xlink:href="#Tag1626"
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        <link:footnote id="footnote31" xlink:label="footnote31" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="border-right: none; border-left: none;"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related to the GPC, </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Isoplus</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> anticorrosion coating division, Republic Tube LLC&#x2019;s OCTG pipe processing facility and Mattr&#x2019;s pipe coating business unit acquisitions</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">. For more information see note </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">34</xhtml:span></xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</xhtml:span></xhtml:span></xhtml:span></xhtml:span></xhtml:span></xhtml:span></xhtml:span></link:footnote>
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          xlink:href="#Tag1629"
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        <link:footnoteArc
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          xlink:href="#Tag1643"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
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        <link:loc
          xlink:href="#Tag1679"
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        <link:footnote id="footnote29" xlink:label="footnote29" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">Related</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">to</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;"> Parques E&#xf3;licos de la Buena Ventura S.A. </xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">acquisition</xhtml:span><xhtml:span style="font-family: 'Frutiger 45 Light'; line-height: inherit;">.</xhtml:span></link:footnote>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1679"
          xlink:to="footnote29"
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        <link:loc
          xlink:href="#Tag1697"
          xlink:label="Tag1697"
          xlink:type="locator"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1697"
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        <link:loc
          xlink:href="#Tag1698"
          xlink:label="Tag1698"
          xlink:type="locator"/>
        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1698"
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        <link:loc
          xlink:href="#Tag1701"
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          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1701"
          xlink:to="footnote32"
          xlink:type="arc"/>
        <link:loc
          xlink:href="#Tag1704"
          xlink:label="Tag1704"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1704"
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        <link:loc
          xlink:href="#Tag1707"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1707"
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        <link:loc
          xlink:href="#Tag1709"
          xlink:label="Tag1709"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1709"
          xlink:to="footnote9"
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        <link:loc
          xlink:href="#Tag1711"
          xlink:label="Tag1711"
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        <link:footnoteArc
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          xlink:from="Tag1711"
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        <link:loc
          xlink:href="#Tag1720"
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        <link:footnoteArc
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          xlink:from="Tag1720"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1720"
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          xlink:href="#Tag1726"
          xlink:label="Tag1726"
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        <link:footnoteArc
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        <link:loc
          xlink:href="#Tag1727"
          xlink:label="Tag1727"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1727"
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        <link:loc
          xlink:href="#Tag1753"
          xlink:label="Tag1753"
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        <link:footnoteArc
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          xlink:from="Tag1753"
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        <link:loc
          xlink:href="#Tag1755"
          xlink:label="Tag1755"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
          xlink:from="Tag1755"
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        <link:footnoteArc
          xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote"
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        <link:loc
          xlink:href="#Tag1862"
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          xlink:from="Tag1862"
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          xlink:href="#Tag1863"
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        <link:loc
          xlink:href="#Tag1866"
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        <link:loc
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        <link:loc
          xlink:href="#Tag1977"
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        <link:loc
          xlink:href="#Tag1978"
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          xlink:href="#Tag1984"
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          xlink:href="#Tag1993"
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        <link:footnote id="footnote12" xlink:label="footnote12" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">The Company has an authorized share capital of a single class of 2.5 billion shar</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">es having a nominal value of $</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">1.00 per share. As of December 31, 20</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">2</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">3</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"> there were 1,180,536,830 shares issued. All issued shares are fully paid.</xhtml:span></xhtml:span></link:footnote>
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        <link:footnote id="footnote15" xlink:label="footnote15" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:type="resource" xml:lang="en-US"><xhtml:span style="font-size: 9pt;"><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">Mainly related to the change in the fair value of U.S. dollar-denominated Argentine bonds. For more information see note </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;"><xhtml:span style="border-left: none; border-right: none;">29</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light'; line-height: inherit;">.</xhtml:span></xhtml:span></link:footnote>
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font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">s</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> a</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> result of </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">do not include</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> non-</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cash movements due to the variations in the exchange rates used by subsidiaries with functional currencies different from the U.S. dollar</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> for an amount of $</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><xhtml:span style="border-left: none; border-right: none;">(16.7)</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <xhtml:span>202</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><xhtml:span>3</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, $</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">4.2</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <xhtml:span>202</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><xhtml:span>2</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> and $</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">25.6</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"> million for <xhtml:span>202</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><xhtml:span>1</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">.</xhtml:span></xhtml:span></link:footnote>
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font-family: 'Frutiger 45 Light';"><xhtml:span>2</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">, r</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">elated to </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#x2019; </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">cease of </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">operations. </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">For more information see note </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';"><xhtml:span>36</xhtml:span></xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">&#x201c;</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">Termination of </xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Frutiger 45 Light';">NKKTubes</xhtml:span><xhtml:span style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; 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